Exceeded

Score

0123456789.01234567890123456789
/10

COINBENE

Vanuatu

|

5-10 years

MSB License|

Suspicious Overrun|

Medium potential risk|

https://www.coinbene.com/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

Russia 2.42

Better than 98.87% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

The WikiBit Score of this exchange is lowered because of too many unresolved complaints!
Influence
C

Licenses

FinCEN

FinCENExceeded

MSB License

Exchange Info

More
Company Name
COINBENE
Phone of the company
--
Customer Service Email Address
support@coinbene.com

WikiBit Risk Alerts

2
Previous Detection 2024-03-29

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000166591196), please be aware of the risk!

The number of the negative comments received by WikiBit have reached 4 for this Exchange in the past 3 months, please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

Github

Related Docs

All Corps

New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

By company

No data

User Reviews

More

11 ratings

Participate in evaluation
Mai Ka
The user interface of the cryptocurrency Brilliant Coin is not user-friendly, quite complicated. And the transaction fees are too high!
2024-03-13 11:35
1
0
FX1091261388
The trading interface of Manbi is very user-friendly and convenient to use. However, I have noticed that their customer service response is a bit slow and needs improvement. Overall, it is worth investing in.
2024-01-30 12:18
3
0
snazii
CoinBene provides a platform for buying, selling, and trading various cryptocurrencies against both other cryptocurrencies and fiat currencies. It supports numerous trading pairs, allowing users to engage in the trading of popular cryptocurrencies
2023-11-22 02:50
6
0
snazii
Coinbene is just different, and sometimes different is better
2023-11-06 12:30
1
0
FX2032817821
Love trading 满币 tokens! Their price volatility provides a great opportunity to earn. The innovative blockchain tech they have is truly revolutionizing.
2024-03-23 10:53
5
0
叙白
I set stop loss at 3002 but my account was liquidated for two times.
2021-09-24 16:07
0
0
wang60679
It asked me to deposit $349905 again and pay the tax. I found it was a scam.
2021-09-09 14:04
0
0
BIT3954508199
The price of the coin dropped sharply from $90 to $0.50 after changing platform. It continued to cheat people.
2021-09-09 09:31
0
0
请和我握手
The withdrawal took a long process.
2021-08-30 14:20
0
0
BIT1380964195
Originally, people advertised that 100usdt will be given but later, the agent said his superior absconded and the 100usdt will be cancelled.
2021-03-12 19:35
0
0
한때 일찍이
Registering to send 100u is completely a scam and deceptive to register!
2021-03-08 08:35
1
0

Note: COINBENEs official site – https://www.coinbene.comis currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this exchange.

Founded 2017
Regulation FinCEN exceeded
Supported Cryptocurrencies 170+
Fees 0.1% for both maker and taker
Funding Methods Cryptocurrencies
Customer Service Live chat, e-mail, Telephone, Social media and FAQ

COINBENE Overview

Founded in 2017 in Singapore, CoinBene is a cryptocurrency exchange platform that offers a wide range of 170+ tradable digital assets, catering to both novice and experienced traders. With a diverse selection of cryptocurrencies, tokens, and stablecoins, users have the opportunity to explore various investment options. The platform prioritizes security measures to protect user funds and personal information, although there is room for improvement in transparency.

Additionally, CoinBene has faced certain regulatory limitations, including exceeded FinCEN license and not accepting clients from the United States. These factors, alongside the lack of fiat deposits, could potentially impact the platform's global reach and appeal to a wider audience.

COINBENE's home page

Pros & Cons

√ Pros × Cons
• Numerous tradable cryptocurrencies • FinCEN exceeded
• Wide range of products and services • Not accept clients from the US
• Low trading fees • Cryptocurrency funding only
• Multiple customer support channels • Insufficient security measures

Pros Revealed

• Numerous tradable cryptocurrencies

CoinBene's impressive array of 170+ tradable cryptocurrencies offer users diverse investment opportunities in the dynamic crypto market.

• Wide range of products and services

Except for cryptocurrency trading, CoinBene also offers traditional digital assets trading like tokens and Stable Coins to broaden its product spectrum.

• Low trading fees

CoinBene's low trading fees with 0.1% only for both maker and taker provide users with cost-efficient options for engaging in crypto trading, ultimately benefiting both novice and experienced traders.

• Multiple customer support channels

CoinBene's availability of diverse customer support channels, including live chat, email (support@coinbene.com), telephone, social media (Twitter and Facebook), and a comprehensive FAQ section, ensures that users have multiple avenues for seeking assistance and resolving queries efficiently.

Con Revealed

• FinCEN exceeded

CoinBene's exceeded FinCEN regulation status (license no. 31000166591196.) raises questions about its commitment to adhering to comprehensive anti-money laundering standards.

• Not accept clients from the US

The exchange's decision not to serve clients from the US due to obligations imposed by the US legal regime regarding companies that deal with US investors limits its user base and potential market reach.

• Cryptocurrency funding only

CoinBene's exclusive reliance on cryptocurrency funding methods may inconvenience users seeking diverse transaction options.

• Insufficient security measures

Except for Google Authenticator Integration and Partnerships with Top Security Providers, CoinBene's security measures could be further enhanced by offering industry-level 2FA and cold wallet.

Regulatory Compliance

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, COINBENE reportedly holds an exceeded MSB License from the Financial Crimes Enforcement Network (FinCEN) with the license no. 31000166591196.

exceeded MSB License

Is COINBENE Safe?

COINBENE has implemented several security measures to enhance the safety of its platform and user funds. Below measures are taken but not limited to:

Partnerships with Top Security Providers

Coinbene collaborates with industry-leading security providers such as Komodo to enhance their defense against hackers and cyber threats. The strategic partnership with Komodo helps prevent up to 51% attacks, bolstering overall security and reducing vulnerabilities.

• Google Authenticator Integration

Through the integration of Google Authenticator, an app which generates time-based one-time passwords (TOTPs) that are sent to users' devices for verification during login, Coinbene ensures that only the legitimate user gains access to their account.

While COINBENE has taken proactive steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.

Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.

Trading Markets

In the CoinBene exchange, users have several trading options that go beyond cryptocurrencies, each offering unique features and opportunities:

Fiat Currency Trading: This feature allows users to trade major fiat currencies along with cryptocurrencies. Traders can directly exchange traditional currencies, like the US Dollar or Euro, for cryptocurrencies or vice versa. This option is especially beneficial for those looking to convert their fiat holdings into digital currencies or cash out their crypto investments back into traditional currency.

Futures Trading: CoinBene provides futures trading, where participants engage in contracts to buy or sell a particular asset, such as a cryptocurrency, at a predetermined future date and price. This form of trading enables users to speculate on the future price movements of various digital assets, offering the potential for significant profits. However, it's important to note that futures trading is more complex and requires an understanding of market trends and inherent risks.

Over-The-Counter (OTC) Trading: The OTC trading option on CoinBene caters to large-volume trades, allowing them to be executed without substantially impacting the market price of the cryptocurrency involved. This is particularly advantageous for institutional investors or individuals with significant capital, who intend to carry out large trades. In OTC trading, transactions are conducted directly between parties, providing a level of privacy and flexibility not typically found in standard exchange trades.

Each of these trading options on CoinBene caters to different needs and preferences of traders, ranging from straightforward fiat currency exchanges to more complex futures trading and discreet, high-volume OTC transactions.

Cryptocurrencies Available

COINBENE positions itself as a leading cryptocurrency platform by offering an extensive array of more than 170 tradable cryptocurrencies. This remarkable selection empowers users to explore a diverse range of digital assets, catering to various investment strategies and preferences. Among the multitude of options, COINBENE includes some of the most popular and widely recognized cryptocurrencies in the market:

Bitcoin (BTC)

Ethereum (ETH)

Ripple (XRP)

Cardano (ADA)

Polkadot (DOT)

Chainlink (LINK)

Stellar (XLM)

Tether (USDT)

Cryptocurrencies

How to buy Cryptos?

To buy cryptocurrencies on CoinBene, a cryptocurrency exchange, you'll need to follow several steps, typically common across most platforms:

Account Registration and Verification:First, you'll need to sign up for an account on CoinBene. This usually requires providing your email address or phone number and creating a password. After signing up, you'll need to verify your account. This verification, known as KYC (Know Your Customer), often involves submitting identification documents such as a government-issued ID or passport, and sometimes proof of your address.

Secure Your Account:It's important to secure your account for safe trading. This often involves enabling two-factor authentication (2FA), which adds an extra layer of security beyond your password.

Deposit Funds:To start trading, you need to deposit funds into your account. This can be either fiat currency (like USD or EUR) or cryptocurrencies. If you're depositing fiat currency, follow the platform's instructions for bank transfers or other available payment methods. For crypto deposits, select the cryptocurrency you want to deposit, generate a deposit address, and then transfer funds from your external wallet to this address.

Buying Cryptocurrencies:Once your funds are deposited and confirmed, you can start buying cryptocurrencies. Navigate to the trading or exchange section on CoinBene, select the cryptocurrency pair you're interested in (for example, BTC/USD for Bitcoin and US Dollars), and place your order. You typically have the option to place a market order (buying at current market prices) or a limit order (setting a price at which you're willing to buy).

Managing Your Cryptocurrencies:After purchasing, your cryptocurrencies will be stored in your CoinBene wallet. You can keep them there, use them for further trading, or transfer them to another wallet.

Withdrawal:If you want to withdraw your funds or cryptocurrencies, navigate to the withdrawal section, select the asset you wish to withdraw, and follow the instructions to transfer it to an external wallet or bank account.

Remember, investing in cryptocurrencies involves risks, so it's important to make informed decisions and understand the platform's terms and conditions. Additionally, always ensure that you comply with local regulations and tax obligations related to cryptocurrency trading.

Other Services

CoinBene, in addition to its trading options, also offers services such as liquidity management and marketing services, which play a crucial role in enhancing the trading experience and supporting the broader ecosystem of the exchange:

Liquidity Management: This service is vital for maintaining a healthy and efficient trading environment. Liquidity management on CoinBene involves ensuring that there is enough volume on the platform for traders to buy and sell assets without causing significant price fluctuations. Good liquidity is essential for minimizing the spread (the difference between the buy and sell prices) and ensuring that orders are filled quickly and efficiently. This service benefits both regular traders and institutional clients, as it provides a more stable and reliable trading environment.

Marketing Services: CoinBene's marketing services are designed to support projects and tokens listed on the exchange. These services can include promotional activities to increase the visibility and awareness of these projects among the exchange's user base and potential investors. Marketing services might encompass social media promotion, feature articles, email campaigns, and other marketing strategies to help projects gain traction and visibility. This is particularly beneficial for new or lesser-known projects seeking to establish a presence in the competitive cryptocurrency market.

By offering these additional services, CoinBene aims to create a more robust and dynamic platform, not just for trading cryptocurrencies but also for supporting the growth and development of digital asset projects and ensuring a smoother trading experience for all users.

Fees

COINBENE applies various fee structures for different transactions:

Fee Type Fee Details
Trading Fees Flat fee of 0.10% for both takers and makers
Tiered Discounted Fees Users holding sufficient CONI may enjoy lower trading fees; 50% off within 1 year, 20% within 2 years, and 10% within 3 years
Withdrawal Fees Network fee only charged for withdrawals; no additional charges
Deposit fees Free

These fees ensure the proper functioning of the platform and services while providing transparency to users regarding the costs associated with their transactions involving both fiat currency and cryptocurrencies.

In summary, COINBENE's fee system is designed to be transparent and user-friendly which showcases commitment to providing accessible and straightforward pricing for a variety of trading and staking options.

Funding Methods

As of August 2023, CoinBene's funding options are exclusively centered around cryptocurrency deposits, with fiat currency deposits not being offered on the platform. This approach is in line with CoinBene's specialization in the cryptocurrency trading arena, catering to users who are primarily focused on digital asset transactions. However, the absence of fiat deposits may limit accessibility for those seeking to convert traditional currency.

Compare to Other Cryptocurrency Exchanges

Exchange COINBENE Huobi Coin Estate
Fees 0.1% 0.2% 0-550 yen
Cryptos Available 170+ 700+ 6
Website https://www.coinbene.com/ https://www.huobi.com/en-us/ https://j-himalaya.co.jp/

COINBENE

CoinBene offers a cryptocurrency-exclusive trading platform that could appeal to users looking for a specialized environment for digital asset transactions.

Huobi

Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.

Coin Estate

For a seamless and secure crypto experience, Coin Estate offers a user-friendly platform equipped with a variety of funding methods, making it an ideal choice for both beginners and experienced crypto users.

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

Is Coinbene good for you?

Deciding if CoinBene is right for you involves weighing its strengths and limitations. On the positive side, CoinBene offers a vast array of over 170 cryptocurrencies, which is great for those seeking a wide selection of digital assets. The trading fees are relatively low at 0.1%, appealing to cost-conscious traders. Additionally, the platform provides various services, such as liquidity management and marketing support for digital asset projects.

However, there are some drawbacks to consider. CoinBene's regulatory status with FinCEN has been exceeded, which might raise concerns about compliance and security. The platform also limits its user base by not accepting clients from the United States. Furthermore, its exclusive focus on cryptocurrency funding could be restrictive for those who prefer using fiat currencies. Finally, while CoinBene has taken steps to enhance security, such as partnerships with top security providers and Google Authenticator integration, there's room for improvement in this area.

In summary, CoinBene could be a good choice if you're seeking a wide variety of cryptocurrencies and low trading fees, and if you're comfortable with the current level of security measures. However, if regulatory compliance and a broader range of funding options are crucial for you, you might want to explore other exchanges.

User review

User 1:

“CoinBene's variety of cryptocurrencies is impressive, giving me plenty of options to trade. The interface is user-friendly, making navigation smooth. However, their customer support response time can be slow at times, leaving me hanging when I needed assistance. The security measures seem robust, and I appreciate their emphasis on privacy. Yet, I wish they had more transparent fee structures. Overall, a solid exchange for crypto enthusiasts.”

User 2:

“Trading on CoinBene has its pros and cons. On the plus side, their platform offers a wide range of cryptocurrencies, giving me flexibility in my trades. However, I've had mixed experiences with customer support – sometimes responsive, other times not so much. The security measures are commendable, but clearer fee structures would be helpful. Speed-wise, deposits are quick, but withdrawals can take a bit longer. It's a decent exchange, but improvements in customer service and fee transparency could enhance the experience.”

Frequently Asked Questions (FAQs)

Frequently Asked Questions (FAQs)
Q 1: Is COINBENE regulated?
A 1: Yes, it holds an exceeded MSB License from the Financial Crimes Enforcement Network (FinCEN) with the license no. 31000166591196.
Q 2: Can you trade NFTs on COINBENE?
A 2: No.
Q 3: Is COINBENE a good crypto exchange for beginners?
A 3: No, its not a good crypto exchange for beginners due to its exceeded regulation status and insufficient security measures.
Q 4: At CoinBene, are there any regional restrictions for traders?
A 4: Yes. CoinBene does not US investors due to regulatory reasons because of the obligations imposed by the US legal regime regarding companies that deal with US investors.
Q 5: Can you trade stable coins on COINBENE?
A 5: Yes.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.