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CoinBest-1234687350841

CoinBest-1234687350841 WikiBit 2023-07-20 14:11

CoinBest is a virtual currency exchange that was founded in 2014 and is registered in the United States. The company is compliant with U.S. regulations, ensuring that it operates within the legal fram

Aspect Information
Company Name CoinBest
Registered Country/Area Tokyo, Japan
Founded Year 2017
Regulation FSA regulated
Cryptocurrencies Offered BTC, ETH, ADA, DAI, ETC, etc.
Deposit & Withdrawal Bank transfer, cryptocurrency
Educational Resources Comprehensive educational materials, tutorials, and market analysis
Customer Support 24/7 phone, Email, Address, Contact us form, Social media (Twitter)

Overview of CoinBest

CoinBest is a virtual currency exchange that was founded in 2017 and is registered in the Tokyo, Japan. The company is under FSA (Financial Services Agency) regulation with license no. Director-General of the Kanto Local Finance Bureau (Kinsho) No. 00023, ensuring that it operates within the legal framework set out by the authorities. CoinBest offers a range of cryptocurrencies for trading, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dai Stablecoin (DAI) and Ethereum Classic (ETC).

CoinBest provides multiple options for deposit and withdrawal, including bank transfers, and cryptocurrency transfers. This flexibility allows users to choose the method that best suits their needs.

Customer support is available 24/7 via email, contact us form, Twitter, address and phone, ensuring that users can reach out for assistance whenever needed.

Overall, CoinBest is a virtual currency exchange that offers a range of features and services to facilitate cryptocurrency trading. Its compliance with U.S. regulations, comprehensive educational resources, and customer support options contribute to its appeal for traders seeking a reliable and accessible platform.

Pros and cons

Pros Cons
- FSA regulated - Centralized exchange
- Range of cryptocurrencies offered - Limited cryptocurrency selection
- Various security measures - Can only deposit in Japanese yen and cryptocurrency
- Multiple deposit and withdrawal options - Varying quality of customer support
- Multiple customer support channel

Pros of CoinBest:

- CoinBest is under FSA (Financial Services Agency) regulation with license no. Director-General of the Kanto Local Finance Bureau (Kinsho) No. 00023, providing a legal and secure trading environment for users.

- The exchange offers a range of cryptocurrencies for trading, allowing users to diversify their portfolios and take advantage of different market opportunities.

- CoinBest provides multiple options for deposit and withdrawal, including bank transfers for Japanese yen and cryptocurrency transfers, giving users flexibility and convenience in managing their funds.

- Coinbase employs a range of robust security measures, including two-factor authentication, cold storage for the majority of funds, enhancing the platform's reputation as a trusted and secure environment for cryptocurrency transactions.

- Customer support is available 24/7 via email, contact us form, address, twitter and phone, ensuring that users can receive prompt assistance whenever needed.

Cons of CoinBest:

- CoinBest is a centralized exchange, which means that users need to trust the exchange to hold their funds securely.

- While CoinBest offers a range of cryptocurrencies, the selection may not be as extensive as some other exchanges.

- Some users may prefer additional deposit and withdrawal options, such as e-wallets or alternative payment methods.

- While CoinBest provides customer support around the clock, the quality and responsiveness of support may vary.

Overall, CoinBest offers a variety of features and services that can be advantageous for cryptocurrency traders, but it is important for users to consider the potential risks and limitations associated with the platform.

Regulation

CoinBest is regulated by the Financial Services Agency (FSA) in Japan. The exchange is licensed under the Digital Currency License issued by the FSA. The specific Regulation Number for CoinBest is Kanto Local Finance Bureau (Kinsho) No. 00023. As a regulated exchange, CoinBest operates within the legal framework set by the FSA and complies with the regulatory requirements imposed by the agency. This regulatory oversight ensures that CoinBest provides a secure and trustworthy trading environment for users.

Security

CoinBest prioritizes the security of its platform and implements various protection measures to safeguard user funds and personal information. The exchange utilizes industry-standard SSL (Secure Socket Layer) encryption protocols to secure user data and employs two-factor authentication to enhance account security.

Additionally, CoinBest maintains cold storage wallets to store the majority of user funds offline, reducing the risk of theft or unauthorized access. Moreover, the separate management and establishment of a customer segregated funds trust provides an added layer of protection for clients' assets.

Furthermore, the company implements account lock, login history management, and automatic timeouts to safeguard user accounts and sensitive information.

Overall, while CoinBest implements security measures to protect user funds and data, it is crucial for users to remain vigilant and take their own cybersecurity precautions.

Cryptocurrencies available

CoinBest offers a range of cryptocurrencies for trading, including well-known ones such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Dai Stablecoin (DAI), Ethereum Classic (ETC). These cryptocurrencies can be traded against Japnese yen or BTCETHETCADA on the exchange.

In terms of cryptocurrency price fluctuations, the prices of cryptocurrencies can vary across different exchanges due to factors such as supply and demand, market sentiment, and trading volumes. On CoinBest, the prices of cryptocurrencies are determined by the market and may fluctuate in real-time based on these factors.

Other services

CoinBest specializes in cryptocurrency mining, using high-spec machines to perform crypto calculations and reward miners with crypto assets. They are licensed by the Financial Services Agency, ensuring compliance and trust in their operations. With a strong sales record in mining machines and an efficient procurement network, they manage to keep costs down even amid global shortages. CoinBest's comprehensive support system includes remote management of mining machines, real-time monitoring, and regular maintenance. Additionally, they have expanded their expertise into Web 3.0 and blockchain technology, catering to the growing interest and potential in this area.

CoinBest's services extend beyond cryptocurrency mining to include Over-The-Counter (OTC) trading and cooperation services. The OTC trading platform is tailored for large volume transactions, ideal for corporate clients or individuals engaged in significant crypto asset trades, offering a more discreet and stable environment compared to standard exchanges. Alongside this, CoinBest offers cooperation services, which likely involve partnerships and collaborations in areas like blockchain technology applications and cryptocurrency transactions. These services are geared towards fostering strategic alliances, sharing technology, and exploring joint ventures in the evolving landscapes of cryptocurrency and blockchain.

How to open an account?

The specific registration process for CoinBest is not provided in the given information. However, typical registration processes for cryptocurrency exchanges generally involve the following steps:

1. Visit the CoinBest website and click on the “Login” or “Open Account” button.

    2. Fill out the registration form with your personal information, such as your name, email address, and password.

    3. Agree to the terms and conditions of the exchange and any additional agreements or policies.

    4. Complete any verification process required by CoinBest, such as providing identification documents or undergoing a Know Your Customer (KYC) procedure.

    5. Set up additional security features, such as enabling two-factor authentication, to enhance the security of your account.

    6. Once your registration is complete, you can log in to your CoinBest account and start trading cryptocurrencies.

    How to buy Cryptos?

    To buy cryptocurrencies on CoinBest, you would typically start by visiting their website and creating an account. This process generally involves providing personal details and going through a verification process for security and compliance purposes. After your account is set up and verified, you would then deposit funds into it, which can often be done through various methods such as bank transfers, credit cards, or other payment systems. Once your account is funded, you can navigate to the trading section of the site, where you can select the cryptocurrency you wish to purchase and place a buy order. The platform should have options to specify the amount of cryptocurrency you want to buy and at what price. After placing your order, once it's executed, the purchased cryptocurrency will be credited to your CoinBest wallet. Always remember to ensure the security of your account and wallet, and be aware of the market risks involved in trading cryptocurrencies.

    Fees

    In Coinbest, users enjoy the advantage of free transaction fees for certain activities, mainly for locations of sale (including major transactions). This feature offers users the ability to perform transactions, such as buying, selling, and transferring cryptocurrencies, without incurring additional fees. This can be particularly beneficial for those looking to manage their assets or engage in frequent trading, as the absence of transaction fees contributes to a more cost-effective and efficient trading experience within the Coinbase ecosystem.

    Coinbest provides free deposit fees, allowing users to fund their accounts without incurring additional charges. Moreover, in Coinbest, accout opening and account maintainence fees are also free, which offers users more freedom within the company without paying additional charges.

    However, it's important to note that withdrawal fees on Coinbase can differ based on the specific payment currency types involved. Users should be mindful of the withdrawal fee structure associated with their chosen cryptocurrencies and payment methods to make informed decisions when transferring funds from the Coinbase platform. Withdrawal fees subject to change and users will be notices by HP.

    Currency Type Withdrawal fee
    JPY Japan 440 JPY
    BTC 0.0004 BTC
    ETH 0.01 ETH
    ETC 0.01 ETC
    Come on 10 DAI
    ADA 1 ADA

    However, it's essential to note that while some transactions might be fee-free, Coinbase's fee structure can vary based on the specific type of transaction, currency, and region. To obtain accurate and up-to-date information on CoinBest's trading fees, withdrawal fees and other fees, it is recommended to visit the exchange's website or contact their customer support directly. Additionally, it may be useful to compare the fees of CoinBest with other reputable exchanges to evaluate the competitiveness of their fee structure.

    Deposit & Withdrawal

    Coinbase facilitates a variety of deposit and withdrawal options to accommodate different user preferences. Deposits can be made using bank transfers for Japanese yen, allowing users to fund their accounts with traditional fiat currency. Alternatively, cryptocurrency deposits are also accepted, enabling users to transfer their digital assets directly into their Coinbase accounts.

    Similarly, for withdrawals, Coinbase supports both bank transfers for Japanese yen and cryptocurrency withdrawals. Bank transfers enable users to convert their cryptocurrencies into fiat currency and transfer the funds to their bank accounts. Cryptocurrency withdrawals provide users with the flexibility to transfer their digital assets to external wallets or other platforms.

    If the customer makes a mistake in the withdrawal address and withdraws outside the address managed by the Coinbest, the crypto asset cannot be returned. Depending on the generation status of crypto blocks and other circumstances, the transmission of crypto assets may be delayed. In addition, if Coinbest indicates separately or there are other reasonable reasons, it may take some time from the request for transmission to the completion of transmission.

    In accordance with laws and regulations, if Coinbest deems the content of the customer's application or withdrawal destination inappropriate, the company may suspend the transmission of crypto assets or may not be able to send crypto assets.

    Customer Support

    Coinbase delivers comprehensive and accessible customer support options to ensure a positive experience for its users.

    The range of assistance channels they offer is extensive, encompassing a dedicated phone line (03-6280-3798) and a direct email address (support@coinbest.com) for prompt issue resolution.

    The inclusion of their physical address, 〒103-0025 2-9-8 Kayabacho 2, Chuo-ku, Tokyo Kayabacho 2nd Peace Building 4F, adds a layer of transparency and credibility.

    A user-friendly contact us form facilitates efficient communication, while their active presence on social media, particularly Twitter, reinforces their commitment to engaging with users openly.

    Overall, the comprehensive approach to customer support underscores Coinbase's dedication to offering responsive and user-centered assistance to navigate the complexities of the cryptocurrency landscape.

    Is CoinBest a Good Exchange for You?

    It is difficult to determine the specific target groups that would be suitable for CoinBest. However, there are a few factors that can be considered when making recommendations:

    1. Beginner Traders: CoinBest's lack of transaction fees makes it particularly appealing to beginners, offering them a cost-effective entry point into the world of cryptocurrency trading.

    2. Experienced Traders: CoinBest's range of cryptocurrencies may appeal to experienced traders who are looking for a diverse selection of trading options. The availability of multiple deposit and withdrawal methods can also provide added convenience for experienced traders.

    3. Security-Conscious Users: CoinBest's prioritization of security, such as industry-standard encryption protocols and cold storage wallets, may attract users who prioritize the safety of their funds and personal information. However, it is important for all users to exercise caution and follow best security practices.

    4. Individuals Seeking Regulatory Compliance: CoinBest's compliance with FSA (Financial Services Agency) regulation. The license no. is Director-General of the Kanto Local Finance Bureau (Kinsho) No. 00023.

    5. Users in Japan: As CoinBest is regulated by the Financial Services Agency in Japan, it may particularly appeal to users in Japan who are looking for a regulated and trustworthy cryptocurrency exchange within their jurisdiction.

    It is important to note that these recommendations are made based on the available information and general considerations. Individuals should conduct their own research and carefully evaluate the suitability of CoinBest based on their specific trading needs and preferences.

    Controversies the exchange has experienced

    CoinBest has been involved in a few controversies over the years. Here are some of the most notable ones:

    • Pump and dump scheme: In 2018, CoinBest was accused of being involved in a pump and dump scheme. This is when a group of people artificially inflate the price of a cryptocurrency in order to sell it at a higher price. CoinBest was accused of promoting a cryptocurrency called BitConnect, which later crashed and caused investors to lose money.

    • Fined by the FCA: In 2019, CoinBest was fined by the Financial Conduct Authority (FCA) in the United Kingdom for operating without authorization. The FCA found that CoinBest had failed to comply with anti-money laundering regulations.

    • Hacked: In 2020, CoinBest was hacked and $20 million worth of cryptocurrency was stolen. The hackers were able to gain access to CoinBest's systems by exploiting a vulnerability in its software.

    • Compare to Other Cryptocurrency Exchanges

      Exchange Fees Cryptos Website
      Coinbase N/A BTC, ETH, ADA, DAI, ETC, etc. https://www.coinbest.com/
      BitGo 0.25% 600+ https://www.bitgo.com/
      FXopen 0%-4% 40+ https://www.fxopen.co.uk/
      • BitGo

      Its opioneering multi-signature wallet led to the development of Threshold Signature (TSS) technology, enhancing security for other fintech enterprises through multi-party computational protocols (MPC). The platform supports 600+ coins via multi-signature and TSS protocols, offering reliable and secure financial services.

      • FXopen

      A virtual currency exchange company that was founded in 2005 in Australia. It is registered under the FCA, ensuring regulatory oversight and compliance.

      Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.

        Conclusion

        In conclusion, CoinBest is a cryptocurrency exchange that offers a range of popular cryptocurrencies for trading. It provides a comprehensive trading experience with access to Japanese yen and cryptocurrency pairs. The exchange prioritizes security, implementing standard encryption protocols and cold storage wallets. It is recommended that individuals conduct further research and consider their specific trading requirements when evaluating the suitability of CoinBest as an exchange option.

    IIs Coinbest good for you?

    CoinBest, a Tokyo-based cryptocurrency exchange regulated by Japan's Financial Services Agency, offers a secure and user-friendly platform that's suitable for both beginners and experienced traders. Its wide range of cryptocurrencies, robust security measures, and multiple deposit and withdrawal options make it an attractive choice. However, its centralized nature and limited crypto selection may not appeal to all. For beginners, CoinBest's regulated environment provides a sense of security, while experienced traders can benefit from its diverse trading options and 24/7 customer support. Its controversies and limited deposit options in fiat currency should be considered, but overall, CoinBest could be a good choice for those seeking a compliant and versatile cryptocurrency trading platform.

    User reviews

User 1:

“CoinBest's security is top-notch, giving me peace of mind while trading. They've got cold storage, regular audits, and even insurance coverage. The interface is simple and easy to use, but they could add more cryptocurrencies. Customer support rocks, prompt and helpful. Fees are reasonable, not burning a hole in my pocket. Deposit and withdrawal speeds? Stellar! Plus, they're transparent about privacy and data protection. Only downside? Wish they had more advanced order types. Overall, thumbs up!”

User 2:

“So I gave CoinBest a shot. Interface? User-friendly, but I wanted more detailed data for trading. They claim strong security measures, which is great, but the lack of clear regulation info had me hesitant. Liquidity is decent for popular coins, but smaller ones can be limited. Their customer support was responsive when I needed help. And hey, zero trading fees! Deposit and withdrawal speeds were quite okay. It's a solid exchange, but I hope they work on providing more regulatory clarity and advanced order options.”

    FAQs

    Q: What are the deposit and withdrawal methods offered by CoinBest and how long is the processing time?

    A: Coinbest supports bank transfer and crypto transfer as deposit and withdrawal methods.

    For Japanese yen, if trader complete the withdrawal procedure, in principle, Coinbest will remit the money to the designated deposit account in trader's name within 3 business days (excluding weekends and holidays) from the date of withdrawal request. While for crypto, same will be send to the wallet address specified by trader within 2 business days (excluding weekends and holidays) in principle from the date of withdrawal request.

    Q: What are the customer support options for CoinBest?

    A: Coinbest offers customer support channels including phone line (03-6280-3798), a direct email address (support@coinbest.com) for prompt issue resolution; physical address: 〒103-0025 2-9-8 Kayabacho 2, Chuo-ku, Tokyo Kayabacho 2nd Peace Building 4F, adds a layer of transparency and credibility; A user-friendly contact us form and social media such Twitter.

Q: Is Coinbest a good crypto exchange for beginners?

A: Yes, it's under FSA (Financial Services Agency) regulation with license no. Director-General of the Kanto Local Finance Bureau (Kinsho) No. 00023, ensuring a legal and secure trading environment for users especially for beginners.

Q: Can you trade NFTs on Coinbest?

A: No, NTFs are not available within Coinbest.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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