Coinbene Review

Coinbene Review by professional Forex trading experts the “” FX trading team, Finding out everything you need to know about the broker is in this Coinbene Review.

Coinbene Review

Coinbene sounds like an Italian cryptocurrency exchange, but in reality this is not the case. The company is based in Singapore and while it doesn’t provide much more information about itself, it is gaining popularity (at least in the Far East). Check out our full review for more details

Coinbene Advantages

A lot of coins supported– over 4- trading instruments (i.e. pairs) are present at Coinbene. Trading is done against Bitcoin, Ethereum and USDT (US Dollar Tether – a coin which has a fixed value of one dollar, but has been under some criticism due to suspicions the coins are not fully backed). That being said, a lot of the assets which one would expect are not supported.

Extremely competitive fees – Coinbene charges market makers, as well as takers 0.10% of the transaction value. This is much lower than the costs of trading as some of the major exchanges. The contemporary standard is around 0.20-0.25%.

No deposit and withdrawal fees – this exchange does not charge anything on top of the mining fees. While the ones who do, usually don’t go too high, the total lack of annoying fees is always appreciated.

Nice trading platform – Coinbene provides a web-based trading solution, which feels relatively nice. Charting is provided by TradingView, which we have nothing against. The bid/ask window is vertically arranged, which may not be to the liking of the vast of trading veterans, but is definitely a trend in the world of crypto.

Coinbene Disadvantages

Website went down during the review – this is one of our main concerns with 99% of the cryptocurrency exchanges – “What happens if the website goes down?”. The short answer is that you can’t access your trading account. The fact this happened while were making the review may simply be bad luck, but nonetheless does not leave a nice expression.

No fiat currencies accepted – Coinbene does not support credit cards, bank transfgers or other similar ways to enter the world of crypto. The companies who provide such services usually charge higher fees. Check the link below to see a list.

Little information on the company – while most of the players in the cryptocurrency space are not regulated by any financial services agency, the fact Coinbene does not give any details is slightly disturbing. Nothing is mentioned about the way they store the digital asets, or the team behind the project.

Unusual altcoins on offer – when it comes to the plethora of assets available at Coinbene, some of the usual suspects (NEO, NEM, Cardano, Dash, Monero, IOTA, Stellar and so on) are not present. The most known coins at the exchange are Bitcoin, Bitcoin Cash, Ethereum, Rupple, Litecoin and OmiseGO. Keep in mind the more exotic a coin is, the more risky trading with it is.

Leverage not available – this shouldn’t come as a surprise to those of you who are familiar with the cryptocurrency space know not many exchanges offer this. Those of you who are willing to aggressively trade some of the major coins may enjoy doing business with a forex broker.

A lot of them have started providing Bitcoin, Etherum and Litecoin CFDs. This is slightly different than trading the actual cryptocurrency in question. A CFD is a synthetic financial instrument, which only copies the price movements, without giving actual ownership to the trader.

Coinbene is a Singapore based cryptocurrency exchange. They only deal with digital assets and while some of the popular altcoins are not supported, others are. That being said, our biggest concern with Coinbene have to do with the security aspect. Their website went down during our review and while this may be simply unlucky, it leaves a bad impression. Additionally there isn’t any serious information about the company behind this project.

Even the more reputable exchanges are not as solid as some traditional financial services companies. The world of crypto is still full of fears of hacking or a trading venue simply taking all the coins and closing (what is commonly referred to as an “exit scheme”). If you want a higher level of security, the forex brokers which we mentioned earlier may be a better choice.

Instead of the cryptocurrency broker you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.

Coinbene Review Conclusion

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