How to Trade on Coinsbit Crypto Exchange?

What is a Crypto Exchange?

Before we learn about Coinsbit, let us understand “what is a crypto exchange” and “how does it work''. An online marketplace that facilitates the buying, selling, and trading of cryptocurrencies is referred to as a cryptocurrency exchange. It allows the investors to trade cryptocurrencies in the exchange for fiat money or digital currencies. A digital wallet is also provided by a crypto exchange to users to store their funds or digital currency in electronic forms. There are many crypto exchanges i.e. Coinbase, Binance, Kraken, Coinswitch Kuber, Bitbns, etc. In addition to trading tools and services, a crypto exchange provides users with services such as a list of tokens, order book, market history, price chart, and performance history.

What is Coinsbit?

Established in 2018 Coinsbit is one of the largest peer-to-peer crypto trading platforms in the world, with a wide presence in the European continent. Registered in Estonia, the Coinsbit crypto exchange was launched in mid-2021 for Indian users. Along with buying and selling crypto coins, Coinsbit provides fiat-to-crypto and crypto-to-crypto trading to users in India and other hundreds of crypto markets. With the highest 24-hour trading volume of $1.6 billion, Coinsbit was named the best crypto exchange at Asian Blockchain Life 2019.

Available in English, Hindi, and Russian language, Coinsbit offers trading in over 100 different cryptocurrencies. Having its own token CIN, Coinsbit supports transactions in currencies including INR, USD, EUR, KZT, UAH, RUB, and TRY.

Features of Coinsbit

Some of the important features of Coinsbit that make it stand out among other crypto exchanges in India are:

Staking Pools

One of the unique features of Coinsbit is that it allows small investors to merge their tokens to increase staking power, and dedicate their resources to the development of the blockchain. This helps them earn passive income as a percent of reward on the number of tokens they have invested.

Escrow Principle

To ensure guaranteed receipt of cryptos or funds, Coinsbit uses the Escrow method of transaction, in which funds are kept in a third-party account known as Escrow until the transaction is complete, providing a layer against scams and frauds.

Shopping

The investors are now able to shop using cryptocurrency or digital funds in their exchange. Coinsbit allows its users to use their cryptocurrency to shop at some of the largest online brands in India and other markets.

Over-the-counter (OTC) Desk

To facilitate institutional investors with a high-volume trade of cryptocurrency, Coinsbit has launched OTC Desk services in India. In such transactions, an OTC Desk works as a dealer for investors looking for bulk trade. OTC Desk facilitates the two parties to execute crypto-to-crypto or fiat-to-crypto trade involving high volumes.

How Does Coinsbit Work?

You need to open an account on Coinsbit and complete document verification to start trading, buying, and selling crypto through the steps below:

Create An Account

Go to Coinsbit’s website or mobile app to create a trading account. Click on the Sign-Up tab shown at the top right on the home page and enter your personal details i.e. name, email address, phone number, etc. Then, open the email that you mentioned during signing up and click on the link received to confirm your email id.

KYC Verification

Verification of your trading account is necessary as mandated by the government of India. To complete the KYC verification, log in to your Coinsbit account and go to the verification page. Insert your PAN and Aadhaar (National ID) number along with uploading a scanned copy of the same. Click the Submit button once you have attached all the documents to proceed.

Protect Your Coinsbit Account

Being one of the safest crypto exchanges in the world, it provides multiple advanced security features to the users to protect their funds.

Cold Wallet Storage

Ensuring protection from unauthorized access and cyber-attacks, Coinsbit stores 95% of its digital assets and funds in cold storage wallets. The cold wallet is offline storage that gives protection from online vulnerabilities to users.

Web Application Firewall (WAF)

Coinsbit is among a few crypto exchanges that use WAF security to secure your trading accounts from potential hack attempts and malicious programs on the web.

2AF Security

Along with PIN protection, Coinsbit provides an additional layer of protection to your account even if someone knows your password. After entering your login password/PIN, 2AF security asks you to enter a 6-digit authentication code to verify your credentials. To activate 2-step authentication on your account, you need to download the application Google Authenticator from Play Store or App Store. To enable the 2AF security go to the Settings under the Security section of Coinsbit and open the QR code scanner on the Google Authenticator app to verify the account. You can also enter the authentication code manually in the field shown on the screen to complete the process.

How to Trade on Coinsbit?

After completing document verification and security setting, you are all set to add funds to your digital wallet to begin your trading journey.

Deposit Money

You need to deposit funds in your Coinsbit wallet to initiate trading on your account. Under the wallet section of the Coinsbit app or website, click on the Deposit option and enter the amount you want to add. Select the mode of payment (wire transfer or credit card) in the next window and insert the payment credentials to complete the transfer. Including INR, it supports USD, EUR, TRY, UAH, KZT, and RUB. 

Place Orders

Once the funds are added to your wallet, you can start trading, buying, and selling the cryptocurrency and make money. To place an order, go to the Buy Crypto tab on the left top of the home page. Click on the Trade tab and select the token you want to buy. You can see the price chart and previous performance of the token you choose on the screen. Now tap on the Market section on the left side of the page and choose the amount equivalent to which you want to buy or sell crypto. Now click on the Buy or Sell Tab next to confirm the order.

Trading and Withdrawal Charges

Transaction charges are among important factors while choosing a cryptocurrency exchange, as it makes a significant impact on the profits in the long run. A crypto exchange charges a percentage of the value of the trade order as a trading fee. Coinsbit charges 0.236% (including takers and makers) of the order value per transaction, which is at par with the average industry fee. For crypto withdrawal, Coinsbit charges 0.0001 BTC on withdrawing BTC. It does not charge on deposit of crypto, whereas it takes a 0.8% fee for USD deposits.

Conclusion

Now that you are aware of how to trade on Coinsbit, we suggest you read more about the trading strategies and top crypto exchanges before making a smart investment decision. You may go through our crypto guide to further enhance your understanding of cryptocurrency to direct your investment towards better returns.