CoinBene Review 2023

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IMPORTANT UPDATE: CoinBene has decided to permanently close services from November 31, 2021, due to “operational requirements of cryptocurrency laws and regulations in various regions.”

In the below screenshot, you can check CoinBene’s closing announcement and settlement process.

Accordingly, we have marked the platform as “closed.”

To find a reliable crypto exchange where you can start an account, check our most secure and biggest cryptocurrency exchange list, and we’ll help you to find the right platform.

Overview

The primary focus of every crypto trader is to achieve success and grow in the crypto world, and for that, they need to partner with a reliable exchange-services provider. They provide traders with an in-depth understanding of the crypto market, trading tools, resources, and all the support that they would need to maneuver the market’s volatility, CoinBene is a reliable platform that traders can count upon.

In this CoinBene review, all the important factors regarding the platform’s features, working procedure, pros and cons, etc are discussed so that it becomes easy for traders to gauge its benefits before they proceed to begin trading.

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What Is CoinBene?

CoinBene is a cryptocurrency exchange platform based out of Singapore, with active users from over 200 countries worldwide. It is a convenient, safe, professional, and reliable global digital currency exchange that provides real-time quotes for leading cryptocurrencies like Bitcoin BTC, Litecoin LTC, Ethereum ETH, and many other currency transactions.

How Does CoinBene Work?

CoinBene works much like other leading cryptocurrency exchanges by linking the buyers and sellers of bitcoin and executing trade between them. It charges a nominal trading fee which is much below the global industry average.

Quick Overview of CoinBene

• Singapore-based cryptocurrency exchange.
• Allows trading of multiple crypto pairs but does not allow fiat currency trading.
• Self Service Listing Model available.
• Easy signup process.
• Low trading and withdrawal fees.

Features of CoinBene

The CoinBene exchange offers the following core features to its clients:-

Simple Interface

The website is designed in a manner that is easy to navigate and use. The signup process is also simple and hassle-free. The platform has a dedicated section on the platform’s sidebar offering guidelines to the users on how to sign up on the platform. All these features render the CoinBene exchange user-friendly and thus allow it to gain a global standing in the crypto industry.

Compatible Mobile Application

The exchange is supported by a robust mobile app that is compatible with both Apple and Android devices and helps traders to trade on the go.

Self Service Listing

Another unique feature offered by CoinBene is the ‘Self-Service Listing model’ where interested projects or companies can complete their listing process on CoinBene themselves. CoinBene introduced this model to ensure better services with greater efficiency and more transparency. The Self-Service Listing model provides a straightforward and unique listing process for high-quality projects.

Supports Multiple Cryptocurrency Pairs

Traders registered on the CoinBene platform can trade any of their preferred crypto pairs like BTC/USDT, LTC/USDT, ETH/USDT, ETH/BTC, BCH/USDT, LTC/BTC, etc. However, fiat trading is not allowed on the platform. Traders need to deposit only cryptocurrencies to begin trading on CoinBene.

Trading View

CoinBene features an intuitive trading view with professional chart lines and trading tools that leads to a more comprehensive view and functionality of the platform.

CoinBene Review: Pros and Cons

CoinBene Account Sign Up Process

Creating a CoinBene account is very simple and relatively straightforward. To get started, users need to click on the “Sign Up” button in the upper-right hand corner of the homepage which will direct them to the relevant page displaying a registration form that needs to be filled out by the users. Users need to enter their email address and a strong password (should be alphanumeric consisting of 6 to 20 letters/numbers). As the password is created, the system will show its strength and users can adjust it accordingly. The option to sign up using email is by default, users can also sign up on the platform using their smartphones if they wish to. To do this, instead of entering the email and password, users need to click on the “Cellphone” option below the blue “Sign Up” button on the right. After this, an activation or account verification mail or SMS (in case the registration is done via a cell phone number) will be sent to the user’s registered email or phone number. Clicking on them will automatically activate and verify their account on CoinBene.

Finally, after completing all the steps, users will be able to begin trading on CoinBene.

How To Trade on CoinBene?

The trading page of CoinBene is similar to other leading cryptocurrency exchanges with the cryptocurrency pairs listed on the left side of the page. There are 3 columns dividing the total crypto pairs whether they include BTC, USDT, or ETH. Yet again, each column displays the respective coins in that pair, their values, and the percentage change.

Although below are the steps you will see while trading on CoinBene:-

USDT Pairs

On the right, users can find the market chart for the cryptocurrency pair that they have selected. Right above the graph, there is a chart displaying the current price, the reference price, 24-hour volume, and the change in percent of the crypto pairs selected. The graph resembles a candlestick chart that can hover over any point to help traders view the specific values for the open, close, high, and low points along with the specific time and date. Traders can also adjust the time intervals to 5, 15, or 30 minutes, 1 or 4 hours, 1 day, 1 week, or 1 month accordingly. There are also options to add/remove RSI, MACD, and KD. Moreover, traders can also add dozens of other indicators to the chart to update their trading strategies.

CoinBene Trading Volume

The “Settings” button on the candlestick graph lets traders change the default style to bars, Heikin Ashi, hollow candles, line, or area charts. Traders can also adjust colors, wicks, borders, scale location, override minimum tick, backgrounds, and time zones.

Below the graph, at the center of the trading page, there is a form to select the activities- whether traders want to buy or sell cryptocurrencies. The “Buy” option appears in green, while the “Sell” option appears in red. In either case, traders can enter the price and the amount they want to buy or sell, like a quarter, a half, or all of their crypto holdings. The available balance is automatically displayed immediately after this.

Buy and Sell Options Displayed

To the right of the “buy and sell”, the current orders, for both buy and sell, are displayed. Each one is labeled as Ask1, Ask2, Bid1, Bid2, and so on, and also displays the asking price and quantity listed in separate columns. Directly below this, traders can view the most recent trades that they have completed with the given cryptocurrency pair, with the current orders placed by them immediately on its left.

CoinBene Fees

CoinBene offers the following fees to its users:-

CoinBene Trading Fees

Unlike most crypto exchanges CoinBene does not discriminate between fees for the takers and makers. Instead, they charge a flat trading fee of 0.10% which is well below the industry average ( currently around 0.25%). Thus, it can be concluded that the CoinBene trading fee is very competitive.

Moreover, users can also avail a discounted trading fee if they hold a sufficient amount of “CONI” – CoinBene’s native cryptocurrency. This approach is to incentivize traders trading at the exchange to buy a large amount of the native CoinBene CONI token.

CoinBene Withdrawal Fees

CoinBene only charges a network fee when users make a withdrawal. It does not charge anything else apart from this network fee which is also much below the global industry average. There is no mention of any CoinBene withdrawal limit on the exchange website. Visit here for a better understanding of CoinBene’s fee structure.

CoinBene Deposits

The CoinBene exchange does not accept deposits in any other form except in cryptocurrencies. Thus, it becomes a bit difficult for new crypto traders who do not have previous crypto holdings. In such a case, new crypto investors who want to begin trading on this platform will first have to purchase cryptocurrencies from any other cryptocurrency exchange and then deposit them at CoinBene to begin trading.

CoinBene Coni Token (CONI) Details

“Coni” is a native ERC20 token of the CoinBene exchange with the Ticker symbol: CONI. The token has a limited supply of 1 billion tokens. It offers multiple benefits to the token holders, 40% of the exchange’s net profit is awarded to CoinBene Coni token holders every month on a weekly basis. Coni token holders are also entitled to a discount of up to a maximum of 70% on their trading fees.

Apart from these, the CoinBene coni token holders also get a guarantee deposit and enjoy rights to list their votes. Of the total 1 billion Coni tokens, 40% is held by the team, 30% is allocated for an airdrop for the exchange’s participants, 10% is reserved for marketing, and the final 10% is kept for the investor protection fund. The “team-held” portion of the Coni tokens is for feature development, technical maintenance, and upgrades for the CoinBene exchange, and for research support; these coins cannot be released all at once, instead, 10% is released a year later; 20% two, three, and four years later respectively; and 30% is to be released five years later.

CoinBene Mobile Application

CoinBene offers applications compatible with both Android and Apple devices. These applications can either be directly downloaded from Google PlayStore or Apple Store or can be downloaded via the CoinBene website by clicking on the “Download” tab on the main navigation bar. This will direct the users to a designated page with links for both- a link for the Android users, and a QR code that needs to be scanned for the Apple users. The app is very lightweight, less than 9 MB in size.

CoinBene Supported Cryptocurrencies & Countries

There is an extensive list of cryptocurrency pairs on the CoinBene platform that includes leading currencies like USDT, ETH, or BTC. Users from over 200 countries across the world have registered accounts on the CoinBene platform which is available in multiple languages including English, Chinese, Vietnamese, Portuguese, Malay, Spanish, and Korean. A CoinBene review claims that the exchange supports over 170 digital assets listed on the platform and available for trading.

Based on the cryptocurrency pairs listed on the exchange homepage, there are a total of 31 pairs involving USDT, 24 involving BTC, and 50 involving ETH. Users can also list their coins on CoinBene, which is an added advantage on the platform. However, there are some specific requirements for crypto coins to be listed on CoinBene, meeting which the users can list their coins on the exchange.

The page also outlines the events for delisting the coins. In the event of a coin being delisted from the exchange’s list of supported cryptocurrencies, it will reflect on the exchange website five days ahead and users will be given a maximum of 30 days to withdraw their assets.

CoinBene Security Features

The CoinBene exchange seems to be a very proactive and Biggest cryptocurrency exchange platform when it comes to its security. According to the various CoinBene reviews available online, the exchange has signed a strategic partnership deal with Komodo, the leading blockchain-based platform that provides scalability, security, interoperability, and adaptability to various cryptocurrency exchanges. The exchange claims to have successfully prevented over 51% of cyber-attacks and brought in huge improvements in the overall security of the entire cryptocurrency ecosystem.

Komodo uses the proprietary technology called dPoW (delayed Proof of Work) that harnesses the security offered by various Bitcoin networks. Additional security is also provided on the CoinBene platform with the use of Google Authenticator (2FA authentication), which can be downloaded both on a laptop or a mobile. Once activated, the Google Authenticator sends a code to the user’s device to verify that it is he who is trying to access the CoinBene account.

CoinBene Customer Support

Customers on the CoinBene platform can directly report to the customer service team via email that gets addressed by the support representatives within a maximum of 24 hours. However, the absence of any direct phone numbers to report customer issues is a serious drawback of the CoinBene platform and according to some CoinBene reviews, this should be addressed immediately. Otherwise, there are many other customer grievance redressal options like QR codes for Telegram and WeChat, Twitter, and Weibo on the exchange homepage.

There is also a dedicated FAQ section on the exchange website consisting of common queries raised by traders with their ready solutions.

CoinBene Review: Conclusion

Thus, CoinBene offers robust, efficient, and reliable crypto exchange services to its clients along with a plethora of benefits, like low trading and withdrawal fees. The company is also trying to make its native token Coni popular among its users by providing attractive incentives like discounted trading fees.

FAQs

Is CoinBene Safe?

CoinBene employs top-notch security mechanisms throughout its platforms- in both the web and mobile versions. Moreover, it has entered into robust technological partnerships with leading security giants like Komodo and McAfee to add an extra layer of security to protect clients’ money and funds.

How Do I Withdraw From CoinBene?

The CoinBene exchange features a very interactive and user-friendly trading interface on both the web (desktop) and mobile versions. To withdraw money, users just need to follow the on-screen guidelines by clicking on the “Withdraw” button of their “Account page”.

Is CoinBene Real?

Yes, CoinBene is 100% real with transparent features and low trading fees.

Can US Citizens Use CoinBene?

No, the US investors cannot use the CoinBene platform due to some regulatory stringencies existing in the nation that prevent crypto trading on CoinBene.