CoinBene is one of the newest cryptocurrency exchanges to make its way up the ladder thanks to its incredible 24-hour trading volumes as of late. Currently, the exchange is ranked 7th on CoinMarketCap (by adjusted volume), with a market cap of $217,304,774.
Launched on November 20, 2017, the exchange is based in based in Singapore, but it has various other offices in Hong Kong, Malaysia, India, and Brazil.
Supported cryptocurrencies
A big part of what makes CoinBene an attractive solution is its extensive list of crypto pairs. At the time of this writing, CoinBene supports close to 200 trading pairs, the most common of which are BTC/USDT, EOS/USDT, ETH/USDT, QTUM/USDT, and LTC/BTC. A full list of the exchange’s trading pairs can be found on the Active Markets section on CoinMkarketCap.
Trading on CoinBene
The exchange page on CoinBene is very similar to that found on most other platforms of this sort. The interface is modern-looking, and the layout is a typical one with the crypto pairs listed on the left side of the main window, and a set of complete market charts for the specific crypto pair on the right. Users are also provided with information such as current price, reference price, the change of price, and the 24-hour volume.
CoinBene Coni Token
Just like most modern crypto exchanges, CoinBene has its own crypto token. The Coni token brings forth a lot of benefits for its token holders, including up to 70% discount on trading fees and 40% of the platform’s net profits being awarded to the holders every month.
Coni is, in fact, an ERC-20 token with a total volume of exactly 1 billion. Out of the 1 billion, 40% is held by the team, %30 is allocated to participants in airdrops, and 10% is reserved for marking options.
CoinBene Fees
For major trading pairs involving BTC, ETH, and USDT, the fees are set at 0,1%. Using the Coni token, fees can be cut down in half to 0,05%. Another advantage is the fact that the fees are the same for both market makers and takers. CoinBene has a unique fee system that ensures traders only have to pay mining fees when they withdraw funds. Interestingly enough, CoinBene does not list the exact fees charged when making withdrawals.
Mobile App
One of the main advantages of CoinBene is the fact that it makes it services readily accessible to users on the go via its mobile apps for both iOS and Android platforms. While the Android one can be installed directly from the official Google Play Store, iOS users are required to undergo a manual installation via QR scan code.
Geographic limitations
CoinBene has been designed to available worldwide and, currently, the exchange has users from over 150 countries. However, it does not accept traders and investors from US, Cuba, Iran, North Korea, Syria, Sudan, Bangladesh, Bolivia, Ecuador, China, and Kyrgyzstan.
Is CoinBene safe?
In terms of security, CoinBene is regarded as being a fairly safe cryptocurrency exchange. One of its main security features involves the use of Google Authenticator. What’s more, the exchange has not suffered any major attacks or hacks since it was launched, which is a very good thing. However, many users have reported the website crashing on multiple occasions, making the funds unreachable.
Conclusion
CoinBene is a very compelling crypto exchange and has a lot of things going for it including a decent list of supported coins, extremely competitive fees, no deposit and withdrawal fees (apart from the mining fees), and a modern and useful trading platform.
Conversely, the exchange does not support fiat currencies, and it doesn’t have some of the more advanced features that other crypto exchanges have (such as leveraged trading).
Featured image: Coindoo