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CoinsBank

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Friday, October 9th, 2020
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A Good Fit For:

What We Like

CoinsBank, an all-in-one gateway to blockchain services, as well as an exchange service, has many beneficial features. It has a web-based trading platform that is compatible with most desktop computers and mobile devices. With a straightforward, easy to use interface, its intuitive design makes for a very user-friendly experience. 

Traders are able to both manage their orders with ease as well as oversee real-time exchange information. There is also a charting package that includes elaborate charts replete with technical indicators as well as tools for charting and analysis. Finally, safe trade is made easier by setting up stop losses and “take profit orders”. There is something for everyone, from the beginner trader to the more seasoned trader. 

What We Didn't Like

There are quite a few reasons why this company should be approached with extreme caution. First of all, there is very little background information given about the company, including on its website. On some websites, it reveals that the company is based in Belize. On others, it says that it is based in Edinburgh, Scotland. At the bottom of one of their pages on CoinsBank’s website, it lists Estonia as its location.  Besides the CEO, who has been determined to be Vitaly Andrusevich, there is no further information on him or the names of others in leadership within the company. 

What is more troubling is the amount of negative reviews against the company. For instance, Trustpilot has featured a significant number of dismal reviews that have accused the company of being an outright scam. The most common complaints listed include: the company taking money away from users, outrageous fees charged for inactivity, they have been called thieves and frauds, holding their bitcoin and cash “hostage”, and the most disturbing was from one user that reported how easily they can access your account and transfer your funds into their wallet. This same user had $800 in bitcoin withdrawn from his account without prior notification. 

 

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Marketing

Sales

Support

Pricing

Overall

Overview

Founded in April 2016, CoinsBank’s mission is to transform the blockchain and cryptocurrency industry by offering users a broad spectrum of blockchain services. According to some reports, the company is operated by CB Exchange LP, which is based in the UK. Their headquarters is listed as Suite 2, 5 St Vincent St, Edinburgh, EH36SW, Scotland, United Kingdom.  Although this company is based in the UK, it is said to be licensed under the International Financial Services Commission (IFSC) of Belize and also registered with FinCEN MSB in Belize.

Currently, CoinsBank is able to work with the following fiat currencies such as U.S. Dollars, Euros, and British Pounds. They are working to add more “acceptable” fiat currencies from around the world.

Some of their service offerings include a wallet for the storage of digital coins and debit cards so that users have direct access to their wallets, without having to use an app or any other device. Furthermore, it provides access to an exchange.

In addition, Coinsbank has developed a merchant solution, allowing e-commerce and online services to receive payments in cryptocurrencies. 

Its cryptocurrency wallet currently supports Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP). 

Some of the wallet’s most critical features are as follows:

  • Dependable and immediate deposit and withdrawal methods
  • All transactions are highly secured
  • Supports major currencies such as: Euro, US dollar, Sterling, and others
  • There is unlimited free transfer between CoinsBank account holders
  • Customer support available 24 hours a day, 7 days a week
  • A Secure mobile app
  • Two-factor authentication to boost security levels
  • Four cryptocurrencies supported: Bitcoin, Litecoin, Ripple, and Ethereum
  • Mobile app is compatible with Android and iOS devices
  • Reports and account management tools are made available on the mobile app

The CoinsBank mobile app can be used for both Android and iOS devices. It comes with the following features such as data encryption within the mobile app. This way, no one will have access to your money without your authorization. You have access to its security settings, giving you the option to configure what level of security you choose to have. You also get notifications about all transactions made from your account. You are also able to receive system notifications as well as important news. 

Moreover, security levels are heightened with its use of a robust and “reinforced log-in process. All users are required to enter their mobile phone number, a password, and a confirmation code (for 2FA). As another option, CoinsBank gives users the choice of using Google Authentication.

In order to further improve account security, users are able to set up a session time for their wallets. After this period of time expires, the system will automatically log them out. In order to spot any suspicious activity, the activity log will demonstrate the IP details of each session. A monthly limit for card operations will also be incorporated so the funds can be securely monitored.

Marketing

Potential clients interested in signing up for an account with CoinsBank can do so via their website. Once they enter the website, they are to go to the “Sign Up” tab on the right upper hand corner of that page. There, they will need to enter a password and phone number. A confirmation text will be sent via a text or phone call. They will need to enter this code and agree with their terms and conditions. From there, personal information will need to be filled out. As soon as this information is completed, the account will be set up.

Since 2016, CoinsBank has organized and hosted “Blockchain Cruise ” which is an annual  blockchain technology event held aboard a massive cruise ship. This event brings together “decision-makers” for a period of four days. There are panel discussions, networking events, and business talks. 

Honesty

As mentioned before, there are countless negative reviews by users who claimed to have been “scammed” out of their money by this company. Although the cruise brings together many influential and powerful people to speak, such as co-founder of Wikipedia Larry Sanger, on its basic level of service to its users, there seems to be a great disconnect.

Sales

There is no information to be found as to whether they have any current partnerships or any details as to how their sales staff is structured.

Support

For customer support, they have a tab on their website titled, “Support”. Here, customers can open a support ticket. 

They also feature a “Frequently Asked Questions” page, where customers have previously asked questions about their services. 

They also have a customer support team that is available 24/7. Customers must first log into their account.

Pricing

CoinsBank clearly features its price information on its website. The page is called “Deposits and Withdrawals”. 

Unfortunately, their trading fees are considerably higher than average. The trading fees are 0.5% per trade. This fee applies to both takers and makers. 

There are also deposit fees on fiat currency which 0.01% per deposit. Although deposits via Bitcoin and Litecoin are free, withdrawals will cost traders an additional fee of 0.5%. For fiat currency withdrawals, traders will need to pay a fee of 1% on all bank wire transfers.

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