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CoinsBank Wallet Review 2020: Fees, Pros, Cons and Features

Created in 2016, CoinsBank is a crypto platform supported by a company known as CB Exchange LP and has licensing from two regulators.
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Author: Nica SJ
Last Updated: 18 June 2020
We do not believe that CoinsBank is the best wallet on the market. Keep on reading to find out which wallet we recommend.

CoinsBank wallet is an all-in-one cryptocurrency platform that includes crypto wallet support among other services. Our CoinsBank wallet review will examine the wallet’s features and help you determine whether it is the safest option out there.

 

On this Page:

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Coinsbank Wallet Recommended?

    ❌While it is true that CoinsBank has remarkable strong point, we would not recommend it. One area in which it falls short is regulatory compliance. The platform is licensed under IFSC and FinCEN, Belize. However, the fact that both of these regulators are overseas limits their scope of influence over its operations. In this regard, the eToro wallet stands out as one of the few crypto wallet service providers with licensing from multiple regulators, in every jurisdiction where it operates as you can see in our full eToro review.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here.

    What is Coinsbank Wallet?

    What is CoinsBank wallet? CoinsBank is a crypto platform supported by a company known as CB Exchange LP and has licensing from two regulators. These are the International Financial Services Commission (IFSC) of Belize and FinCEN Belize.

    It was founded in April 2016 and has its headquarters in the UK. But it is not licensed by the Financial Conduct Authority (FCA) or any other UK regulator. Prior to this, it was known as BIT-X and primarily offered Bitcoin debit card services. Though it has retained many of its previous features, it currently seeks to act as an all-in-one gateway to crypto.

    CoinsBank wallet compatibility

    CoinsBank is available on a mobile user interface and is currently compatible with iOS and Android.

    What wallet type is Coinsbank?

    • Mobile
    • Multi-currency
    • Web-based

    What cryptocurrencies does the Coinsbank wallet support?

    CoinsBank currently offers support for the following cryptocurrencies:

    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin

    It also supports a number of fiat currencies including:

    • US dollar (USD)
    • British pound sterling (GBP)
    • Russian Ruble (RUB)
    • Japanese Yen (JPY)
    • Australian dollar (AUD)
    • Swiss franc (CHF)

    What fees does Coinsbank wallet have?

    CoinsBank Wallet Fees:

    • Sending funds to other wallet users – free
    • Trading – 0.5% flat rate
    • Withdrawals – 0.5%
    • Withdrawals via bank wire – 1%
    • BTC and LTC Deposits – free
    • Fiat currency deposits – 0.01%

    How to open your Coinsbank Wallet account

    To get us started, here is all you need to know about how to open a CoinsBank wallet:

    Step 1: Download the CoinsBank app from Apple AppStore or Google Playstore.

    Alternatively, you can download it from the official Coinsbank site by going to “Mobile” and clicking on “Download for Android/iOS.” A third option is to go to the official site and click “Sign Up” on the top right corner of the screen. For illustration purposes, we will take you through a step-by step guide of the third option.

    Step 2: Once you click on Sign Up, you will get a prompt to enter your mobile number and password.

    After doing that, agree to the terms of service by ticking the box and then click on “Create Account”

    Step 3: After this, you will get a six-digit code on SMS; enter it into the “Confirmation” box and then click “Confirm”

    Step 4: You may want to verify your account so as to get access to various services on the platform. For this, go to the dashboard and click “1 Next” under “Verify Your Profile”

     

    Step 5: Fill out the required details on the form and then click “Update Verification Request”

    Congratulations! That is how to open a wallet on CoinsBank.

    How do I add cryptocurrencies to Coinsbank Wallet?

    In order to start using the services, you need to figure out how to add currency to CoinsBank wallet. Here is what you need to do:

    Step 1: On the dashboard, select “Your Accounts” and then click on “Deposit”

     

    Step 2: Choose the currency you want to deposit from the drop-down menu under “To Account” and then enter the amount

     

    Step 3: Choose the desired payment method, enter your phone number and then click “Deposit”

    How to send payments on Coinsbank wallet

    Next, we will find out how to send payments on Coinsbank wallet:

    Step 1: Log in to your wallet and on the dashboard, click “Accounts”

    Step 2: Select the cryptocurrency you want to send from the list

    Step 3: Enter the payment details (receiving address and amount)

    Step 4: Confirm that the details are correct and click “Send”

    How do I receive payments on Coinsbank wallet?

    Whenever you want to receive a payment on CoinsBank, here is what you need to do:

    Step 1: Find your CoinsBank wallet address for the cryptocurrency in question.

    To do this, open your app and log in and then navigate to the “Accounts” section on the dashboard

    Step 2: Select the desired account page and then click the QR code

    Step 3: Send the wallet address via email or other convenient method to the counterparty

    How safe is Coinsbank Wallet?

    Related image

    CoinsBank has set a number of security measures in place to secure user funds:

    Multi-Level Authentication

    During log-in, users have to provide three levels of details. These include your mobile phone number, a password and a confirmation code. The confirmation code serves to provide two-factor authentication (2FA) for users. It is sent to your phone when you attempt to log in and it’s mandatory so as to allow access to the account.

    Google Two-Factor Authentication

    CoinsBank also allows the option of using Google 2FA in place of the aforementioned confirmation code during log in.

    Session Time

    You can set a session time for your wallet which automatically logs you out after the period expires.

    SMS Authorization Notifications

    This is an optional feature using which you can receive an SMS every time there is a log-in on the wallet.

    Activity Logs and Monthly Limits for Card Operations

    If you suspect that there is someone else using your account, the activity log will show you IP details of every session. These include country, IP address, browser and operating system used. Similarly, you can set a limit on card usage to minimize risk in case of a malicious attack.

    In view of the above CoinsBank safety measures, the provider has room for improvement with regards to safety. Given the prevalence of malicious and phishing attacks in the crypto industry, it cannot be said to be the safest crypto wallet out there.

    Among the measures that the provider has overlooked is the importance of regulatory compliance in the jurisdiction where the company operates. eToro sets a great example in this regard as it is fully regulated in every country where it has made inroads. Currently, it has licensing from:

    • Cyprus – Cyprus Securities and Exchange Commission (CySEC)
    • UK – Financial Conduct Authority (FCA)
    • US – Financial Crimes Enforcement Network (FinCEN)
    • Europe – Markets in Financial Instruments Directive (MiFID)

    Coinsbank Wallet Pros and Cons

    Let us now consider the top CoinsBank Pros and Cons:

    Pros:

    • Supports multi-currency accounts with major fiat currencies and a number of cryptocurrencies
    • Unlimited free fund transfers between CoinsBank users
    • All-in-one platform for crypto storage, trading and transactions
    • Licensed in Belize
    • Supports a lot of payment options

    Cons:

    • Supports a limited number of digital currencies
    • Not regulated in its region of operations (registered offshore)
    • Identity verification eliminates the option of anonymous use
    • High 0.5% flat fee for trading (industry average is 0.2% to 0.25%)
    • Only Bitcoin and Litecoin are available for trading
    • Same fee for takers and makers
    • Expensive rates for deposits and withdrawals

    Coinsbank Wallet vs. other wallets – how does it compare?

    eToro Commits To Better Future Growth with Delta AcquisitionCoinsbank wallet vs. eToro

    • Security

    Coinsbank is a fairly secure platform that has made efforts to make their wallet safe for customers to store their crypto on. However, eToro is one step ahead and that is probably due to the fact that it is regulated. Thanks to that, it has to follow strict regulations and that includes, having up to date and sophisticated security measures to prevent hackers from stealing funds from users’ wallets.

    • Coins supported

    Coinsbank only supports Bitcoins and Litecoins whereas eToro supports 5 cryptocurrencies, including those two. That means that if you ever wish to make your wallet more varied, you will be able to do it on eToro, but not on Coinsbank.

    Coinsbank wallet vs. Hodly

    • Functionality

    Just like Hodly, Coinsbank is a multi-functional crypto platform with options for trading, crypto storage and transacting. But CoinsBank has an upper hand in that its trading and exchange features are more advanced than Hodly’s. Hodly, on the other hand, offers support for more cryptocurrencies.

    • Ease of Use

    Hodly has one of the most user-friendly interfaces of all crypto platforms, especially when compared to CoinsBank. It thus offers an intuitive experience even for new users who may not be experienced in the industry.

    Coinsbank wallet vs. Atomic wallet

    • Private Key Storage

    On Atomic wallet, personal information such as wallet private keys are stored by the user and not the service provider. CoinsBank falls short in this regard as the service provider is the custodian of all sensitive information including private key CoinsBank wallet.

    • Easy and Cost-Effective Crypto Exchange

    Thanks to the use of Atomic swaps, Atomic wallet provides easy and budget-friendly crypto exchange services. In contrast, CoinsBank has a much higher exchange rate, approximately double the standard market rate.

    Conclusion

    Overall, a thorough assessment of the above wallets reveals that eToro is a much better option than the rest. Not only does it have better features, but it also offers users a higher level of safety. By virtue of the fact that it operates under regulatory oversight, it adheres to stringent security requirements. More importantly, in case of an unforeseen event, users can turn to the authorities and recover their investments.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download CoinsBank Wallet?

    You can download CoinsBank wallet from Google PlayStore for Android devices or Apple AppStore for iOS devices.

    My CoinsBank wallet froze; what should I do?

    The simplest solution would be to uninstall the app from your device and download the latest version afresh and install it. Use the previous details to log in to your account.

    How do I reset my CoinsBank password?

    If you have forgotten your CoinsBank password, simply click on the “Forgot Password” tab that appears on the log in page. This will send verification details to the email address you used to register the account. Enter the details and then set a new password for your account.

    What forms of identification does the CoinsBank verification process require?

    You can use either a valid passport or government issued identification card to verify your account. Additionally, you need to provide a proof of residence in the form of one or more utility bills that are no older than three months.

    Why doesn’t CoinsBank support more cryptocurrencies?

    CoinsBank is very selective in its choice of cryptocurrencies to support. Few coins in the market meet all the required criteria. But the team is always on the lookout for new cryptocurrencies to add once they meet the rigorous requirements.

    Can I trade cryptocurrencies on my CoinsBank wallet?

    Yes, you can. Log in to your account and click on trading to select the cryptocurrencies and fiat currencies you want to trade in.

    How can I withdraw funds from my CoinsBank account?

    To withdraw funds from CoinsBank, you can send them to your CoinsBank wallet address.

    Can I use my CoinsBank mobile app to trade?

    Yes. You can download the mobile app to your device and trade as well as access other functions on the platform.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Nica is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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