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What is Coinsbit
Coinsbit is a cryptocurrency exchange based in Estonia, with offices in Ukraine and Turkey. It was launched in August 2018 and offers a variety of trading pairs for cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and many others. The platform also provides margin trading, as well as a range of other features and services.
Coinsbit has claimed to have some of the fastest transaction processing times in the industry, with a throughput capacity of up to 10,000 transactions per second. The exchange also uses a range of security measures to protect user funds and data, including cold storage for the majority of funds, two-factor authentication, and advanced encryption protocols.
In addition to its core exchange services, Coinsbit offers a range of other features, such as an ICO launchpad, a mobile app, and a referral program. The exchange has also partnered with a number of other cryptocurrency companies and projects, and has launched its own native token, called CNB, which can be used for discounts on trading fees and other benefits.
How Coinsbit works
As an exchange, Coinsbit does not have an algorithm in the traditional sense. Instead, its platform uses a number of different technologies and processes to facilitate the trading of cryptocurrencies.
At a high level, the process for trading on Coinsbit involves users depositing funds into their accounts, selecting a cryptocurrency pair to trade, placing an order (either a buy or a sell order), and then waiting for the trade to be executed. Coinsbit matches buy and sell orders according to its order book, which is essentially a ledger of all active buy and sell orders for each trading pair on the platform.
Behind the scenes, Coinsbit uses a number of different technologies and protocols to ensure the security, speed, and reliability of its platform. For example, the exchange uses a distributed architecture to ensure that its platform is highly available and can handle large volumes of traffic. Coinsbit also uses advanced security measures, such as two-factor authentication and cold storage of funds, to protect user accounts and funds.
In addition, Coinsbit uses advanced trading algorithms and analytical tools to provide users with a range of trading options and strategies. For example, the platform offers margin trading, which allows users to trade with leverage, as well as a range of order types and stop-loss features to help users manage their risk. Overall, the exact details of how Coinsbit’s platform works may be complex and technical, but the goal is to provide users with a safe, reliable, and efficient way to trade cryptocurrencies.
Does Coinsbit charge a fee
Yes, Coinsbit charges trading fees for buying and selling cryptocurrencies on its platform. The fees vary depending on the specific trading pair, the user’s trading volume, and whether the user is using the exchange’s native token, CNB, to pay for fees.
The basic trading fee on Coinsbit was 0.2% for both market takers and makers, which is a relatively standard fee in the industry. However, Coinsbit also offers various discounts for users who hold and use its native CNB token to pay for fees, as well as for users who reach higher trading volumes. These discounts can range from 5% to 50% off the standard trading fee.
Coinsbit also charges fees for other services, such as depositing or withdrawing funds, as well as for margin trading. The exact fee schedule and structure may change over time, so it’s important for users to check the exchange’s website or documentation for the latest information on fees and costs.
How to use Coinsbit step-by-step guide
Here’s a general step-by-step guide on how to use Coinsbit:
- Register for an account: To get started, go to the Coinsbit website and click on the “Registration” button to create an account. You’ll need to provide your email address, a password, and other personal information as part of the registration process.
- Verify your account: After registering, you may need to go through a verification process to confirm your identity and comply with local regulations. This may involve uploading a government-issued ID, proof of address, or other documentation.
- Deposit funds: Once your account is verified, you can deposit funds into your Coinsbit account. Click on the “Deposit” button and select the currency you want to deposit (such as Bitcoin or US dollars). Follow the instructions to complete the deposit, which may involve sending funds from an external wallet or bank account.
- Choose a trading pair: After depositing funds, you can choose a trading pair to buy or sell. Coinsbit offers a wide range of trading pairs, such as BTC/USD, ETH/BTC, or LTC/USDT. Select the trading pair you want to trade and click on the “Trade” button.
- Place an order: To buy or sell a cryptocurrency, you’ll need to place an order on the Coinsbit platform. You can choose from various order types, such as market orders, limit orders, or stop-limit orders, and set the amount you want to buy or sell. Make sure to review your order before submitting it.
- Wait for the order to be executed: Once you place an order, Coinsbit will match it with other orders on the platform and execute the trade. This process may take a few seconds or longer, depending on the current market conditions and the volume of trading on the platform.
- Withdraw funds: After trading, you can withdraw your funds from Coinsbit by clicking on the “Withdraw” button and selecting the currency you want to withdraw. Follow the instructions to complete the withdrawal, which may involve transferring funds to an external wallet or bank account.
Keep in mind that this is a general guide and the exact steps and details may vary depending on the specific trading pair, features, and services offered by Coinsbit. It’s always a good idea to read the platform’s documentation and policies carefully, as well as to practice safe and responsible trading practices.
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