A warm welcome to another Let’s Simplify Things! post!
Today let us have a look at Coinsbit and try to simplify it.
Coinsbit is an exchange launch two years ago, specifically on August 2018.
It is registered in Estonia and governed by the local legislation rules.
Estonia is one of the pioneer countries when it comes to the cryptocurrency space and has already established rules of operation for a cryptocurrency exchange.
These regulations are similar of those you will see in a FIAT, shares, commodities and etc. exchange.
That does make it a centralised and regulated exchange with all the advantages and disadvantages that entitles!
According to CoinsMarketCap it is currently ranked 14th and that for a relatively new exchange is not bad at all!
It offers all the services you expect in a modern exchange, from spot trading, Over The Counter (OTC) to staking pools and finance products.
A very unique future is the store it runs.
Where you can buy various products using your cryptocurrencies.
There you will find, for the time being, a limited number of electronics, such as, smart phones, monitors, tablets, etc..
As for the fees, they are more or less similar to the competition.
I strongly suggest, of course, to do your own comparison of the fees structure with your current exchange!
As many exchanges do have their own native coin so does Coinsbit.
It is named CNB and you can mainly use it to pay for your transactions fees.
You can also stake it and earn a descend interest in one of the many different staking pools they offer as you can do for a variety of cryptocurrencies.
Regarding safety, they claim that they keep the majority of the assets in cold storage and they take the usual safety measures.
I’m not an expert on cyber security so I cannot comment on that.
Only thing I can say as a user is that I feel as secured as in any other similar exchange.
Not afraid for my assets, but at the same time I wouldn’t leave there a big amount for a long time ( as I wouldn’t do in any exchange to be honest ).
Finally, as for the pairs they offer, expect to find all the major stable coins and cryptocurrencies and a variety of smaller cryptocurrencies including Loopring!
LRC is available as a pair with BTC, ETH and USDT.
You will find those pairs under the new Defi section!
To summarise it, I personally look at it as a good alternative to the more famous exchanges and as a place you can trade or simply exchange various alternative coins including LRC.
Finally, before saying goodbye, I want to let everyone know that I have no sponsors, this post is not sponsored by Coinsbit or anyone else whatsoever!
You will only find my personal invitation link to Coinsbit, which I highly appreciate it if you use it!
The above reflect my personal views and by no means should be taken as a recommendation to use or not use any service or equipment whatsoever!
Please feel free to make any suggestions or comments especially on what you would like to see next being simplified!
Until the next post....
Thank you all from the bottom of my heart!
Coinsbit referral link : https://coinsbit.io/referral/32c64937-525d-4d46-95b3-ac86684235cc
CoinsMarketCap exchanges rankings : https://coinmarketcap.com/rankings/exchanges/reported/
