Review on CoinsBank by Japheth Ayuba
CoinsBank Exchange Platform Appears To Be Abandoned By Traders
The CoinsBank crypto exchange platform is àlso one of the services provided by the Plethora of other crypto services it provides. This exchange platform is easily accessible on the CoinsBank mobile application and the exchange rate are not really favourable.
The number of crypto pairs supported on the CoinsBank exchange for trading is very low totalling 6 in number which indicates that there is a low number of users on this platform. Checking through the price chart of Litecoin, the higher bid and ask orders were placed at $142 and $145 respectively. As you can see, the margin is very wide, making the exchange not to useable. Every trade comes with a 0.5% flat trading fee which means, both makers and takers pay the same fee for trades made. This can be considered very high even when compared to the industry's average, it is actually double.
Among the best features of this exchange is it's user interface which is easy to use and easy to swap crypto coins. The fact that the exchange platform supports Fiats pairs allows easy withdrawals to the local banks, although it comes with a KYC verification requirements.I don't really know why the exchange platform has been abandoned generally, probably due to its fees and low pairs, but I expect more in the future.
Pros
- Their interface is quite easy to use and its exchange platform is easily accessible on the CoinsBank mobile wallet application
- It supports Fiats which makes withdrawals easy to banks
Cons
- Their trading fees are exuberantly high and should be worked on as it even exceeds the industry's average (double of it exactly)
- The exchange platform is currently abandoned by traders
- Margin or differences between bid and ask is very wide
- The exchange platform supports few pairs
