Coinbe Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Coinbe Review.
Coinbe Review
Coinbe (formally Beatcoin) is a Polish exchange that generally offers offers both fiat-to-crypto and crypto-to-crypto trading. Unfortunately, its fiat operations are temporarily suspended due to regulation issues.
Coinbe Advantages
Fiat currencies generally supported, several payment methods accepted
Generally, Coinbe supports several “traditional” currencies: PLN, USD and EUR. Working with fiat currencies is an advantage as it allows investors buy Bitcoin directly with cash (or cash out their coins), using convenient payment methods such as bank wire transfer. Coinbe supports bank wire payments, as well as Dotpay, Homepay, and of course, blockchain transfers.
Unfortunately, as we said in the beginning, fiat services at Coinbe are temporarily suspended.
Many coins available for trade
Coinbe has listed many altcoins, including Ethereum, Ripple, Litecoin, Dogecoin, EOS, Dash, Bitcoin Cash, NEM, Monero, Lisk, Waves and others. Although its cryptocurreny portfolio is not as extensive as those of, say, Binance, it is quite solid for a rather small local exchange.
Besides, wallet service is also available at Coinbe.
Security
Coinbe claims that it keeps all funds in cold wallets. These wallets tend to be more secure since private keys are stored offline and are less vulnerable to hacks.
Coinbe Disadvantages
Relatively high fees
The trading fees at Coinbe are higher than what we are used to seeing at other exchanges. Those who don’t trade in large volumes are charged with 0.3% per trade, while many exchanges charge 0.1% – 0.2%. For example, trading fees at major Polish exchange EasyCoin have a maximum of 0.16%.
Besides, Coinbe charges deposit & withdrawal fees, and has set minimum withdrawal amounts (see the table in the beginning).
Trading only against BTC (currently)
As trading in fiat currencies is temporarily suspended, PLN Markets on Coinbe’s platform are not open and one can only trade the listed cryptocurrencies against Bitcoin.
Focus on Poland
Obviously, Coinbe targers mainly local investors, as its website and platform are available only in Polish. Most exchanges are more globally oriented.
Margin trading not available
Coinbe does not offer leveraged trading, which is not unusual for a crypto exchange. Perhaps most exchanges do not provide leverage as cryptocurrencies tend to be much more volatile than the established traditional ones. If you need some leverage, Polish exchange BitMarket offers ratios of 1:4. Forex brokers are also an alternative, as many of them offer trading in Bitcoin CFDs with even higher leverage levels.
No anonymous trading
ID verification is required at Coinbe, which means that its clients are not able to trade anonymously, which was one of the initial ideas of Bitcoin.
Trading platform too basic, no mobile apps
Coinbe’s trading platform is web-based and easy to use, but lacks any advanced features. Its charting is very basic, there are no technical analysis tools, nor mobile apps.
A Polish crypto-exchange, Coinbe offers trading in quite a lot cryptocurrencies. It seems to target mainly local novice crypto traders, as its platform is very simple and generally it works with fiat currencies. However, the latter service is temporarily suspended, after in mid-February, 2018, the Polish Financial Supervision Authority (KNF) issued warnings against two major Polish cryptocurrency exchanges. These are BitBay and Abucoins, and KNF said that they don’t have licenses for providing payment services and/or issuing electronic money.
In Poland, as in most countries, there is no specific legislation regulating cryptocurrency exchanges, but apparently they fall under the Payment Services legislation. The company operating the Coinbe exchange, Beatcoin.pl Sp. z o. o., is registered in Poland, but is also not regulated. If you wish to trade Bitcoin and other altcoins with a regulated company instead, check out a list of forex brokers that are duly licensed by the respective financial watchdogs.
Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
Coinbe Review Conclusion
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