Review on Coinsbit by Ayu Anggraini
Why you should be careful about coinsbit
The Coinsbit platform is a new platform for the exchange of crypto currencies.
This platform is a crypto currency market place which was established in Estonia in 2018.
There is something interesting about this exchange that is the owner's data on his website whose authenticity is unknown and the various marketing languages used on his website that sound strange.
This exchange claims to have a high performance trading engine platform even though its ability can only process up to 10,000 trades per second. This of course is still inferior to other exchanges.
Coinsbit also offers a staking pool, investment box and p2p lending platform where you can borrow and loan out from among the traders.
In my country, this platform is only famous for providing airdrops with the lure of large value estimates to new users who have just registered and passed KYC. For example, the CNG airdrop casino game token that recently took coinsbit as a partner.
However, many users cannot withdraw money unless they complete KYC and many find KYC rejected repeatedly for a long time and the money cannot be withdrawn at all.
My personal experience in using the exchange, Last year the website was very slow and the coins that were traded didn't have decent volumes.
I never get a buyer for my coins and there is no volume.
Coin or project that has just been traded also experienced a large price decrease due to the absence of buyers and the large number of coins to be sold from airdrop .. At present the volume of coinsbit has improved but I cannot recommend it as an exchange that can be trusted by traders. I think the volume currently written on coin marketcap ($ 687,653,384) is a modified volume and consists of bot trading activities and this is ridiculous.
The movement of visitors to the website gives the real answer. Visitors to coinsbit are not as many as claimed by coinsbit to millions of customers.
.. And there are many reviews circulating on the internet about this project ia a scam. In the bitcoin talk thread, many traders say their opinions about the fake IEO launchpad, fake promotion and how coinsbit targets new investors from coin listing fees and new traders to invest in this Shady exchange. I can't conclude whether coinsbit is a scam or not, but if an exchange doesn't have transparency about the regulations and the team behind it, you have to be careful because there ia a high chance for an exit scam.
Pros
- Over 70 trading pairs has been listed on this exchange
- Continuous improvement and airdrop to get new investor
Cons
- There is no information about the regulation and the team behind (like real events in blockchain meet up etc)
- There is a lot of spelling error in the website
- Ridiculous claim about a lot of exchange aspect
