Comparison of Bingx vs Coinsbank [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bingx vs Coinsbank comparison!

Your expert: Alejandro Borja

Bingx

Your expert: Xavier Tarrasó

Coinsbank

Main points

Fees

0,10%

Earns

Yes

Customer service

4/5

0,20%/0,50%

Fees

Yes

Earns

2/5

Customer service

Recommended for

Beginners

Trading

Yes

Passive income

Yes

Buy and hold

Yes

Beginners

Trading

Yes

Passive income

Buy and hold

Comparison of fees

Rating

4.0 – Competitive fees with additional benefits for social trading features.

3.7 – Competitive fees with additional benefits for cardholders.

Level

0,10%

0,20%/0,50%

Brief explanation

BingX offers a competitive and transparent fee structure that is designed to accommodate both occasional and frequent traders. The platform charges a trading fee for each transaction, which is broken down into maker and taker fees. These fees are competitively set to encourage trading activities while ensuring the platform can maintain high-quality services. The trading fees on BingX are tiered based on the user’s trading volume, which means that the more you trade, the lower your fees can be. This system is particularly advantageous for active traders who can benefit from significantly reduced costs as their trading activity increases. Additionally, BingX charges withdrawal fees that vary depending on the type of cryptocurrency being withdrawn, aligning with the network fees of each blockchain. Overall, BingX’s commission structure is built to support both new entrants to the crypto market and seasoned traders, ensuring transparency and fairness in every transaction.

CoinsBank structures its commission model to accommodate both crypto-to-crypto and fiat-to-crypto transactions. The trading fees are notably higher than the industry average, typically around 0.50% for takers, which is double the more commonly seen rate of 0.25% among various exchanges. This elevated fee structure can impact high-volume traders significantly, making it a critical consideration for anyone looking to use CoinsBank for frequent trading activities.

Bingx

Security Methods: BingX implements stringent security protocols, including two-factor authentication, cold storage of assets, and encryption technologies. These measures ensure a high level of protection for user funds and personal information, making it a trustworthy platform for trading cryptocurrencies.
Reputation and Reviews: BingX has built a solid reputation within the crypto community, backed by positive user reviews and ratings. The platform's commitment to user satisfaction and continuous improvement has garnered trust and loyalty among its users.
Transparency: BingX operates with a high degree of transparency, providing clear information about its operations, fee structure, and trading processes. This openness is crucial in building trust with users and differentiates BingX from other exchanges that might not be as forthcoming.
Trading Volume and Liquidity: The exchange boasts significant trading volume and liquidity, ensuring that trades can be executed quickly and at stable prices. High liquidity not only enhances the user experience but also establishes BingX as a reliable exchange for handling large volumes of trades efficiently.
Customer Service: Despite some delays, BingX's dedication to providing helpful and responsive customer service contributes to its trustworthiness. The platform's efforts to improve response times and expand its support capabilities demonstrate a commitment to user support, crucial for trust and reliability in the fast-paced crypto market.

Read bingx review

Coinsbank

Year Founded: Established in 2016, CoinsBank has been active for several years, providing a stable and evolving service platform in the cryptocurrency exchange market.
Customer Service: Offers a comprehensive array of customer support options including email, telephone, and live chat, ensuring that users have access to assistance whenever needed.
Security Methods: Implements robust security measures including two-factor authentication (2FA), cold storage of funds to protect user assets, and SSL encryption for data security.
Reputation and Reviews: Despite some challenges, CoinsBank has managed to maintain a mix of positive reviews particularly for its user-friendly interface and multi-functional platform, highlighting its commitment to customer satisfaction.
Regulation: CoinsBank is licensed under the International Financial Services Commission (IFSC) of Belize and is registered with FinCEN MSB in Belize, indicating compliance with certain regulatory standards.

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Product selection

Native token

Earns

Yes

NFT marketplace

Cripto/debit card

Full name

BingX Trading

CB Exchange LP

Regulation

Not regulated

Year founded

2018

2016

Founder

Elvisco Carrington

Unknown

Payment methods

Transfers

Yes

Mastercard

Yes

Wire transfer

Yes

Card

Yes

Comparative table

Bingx	FEATURES	Coinsbank
The minimum trade size is accessible for beginners, allowing small investments to start trading.	Minimum Trade	The platform offers a low minimum trade amount, making it accessible for beginners or those looking to start with small investments.
Competitive fees compared to industry standards, making it economical for frequent trading.	Trading and Transaction Fees	CoinsBank charges higher than average fees, which could be a deterrent for high-volume traders.
Offers a moderate range of cryptocurrencies, sufficient for most traders but not the most extensive.	Number of Cryptocurrencies	Offers a moderate selection of cryptocurrencies including major ones like Bitcoin, Ethereum, Litecoin, and Ripple, but lacks a wider range as seen in larger exchanges.
A wide array of trading pairs provides good options for crypto-to-crypto trading.	Crypto-to-Crypto Trading Pairs	A decent range of trading pairs is available, though not as extensive as some of the larger platforms.
Highly transparent about trading processes and fees, providing clear and easy-to-find information.	Website Transparency	The platform lacks some transparency regarding team details and operational insights, which could affect user trust.
While BingX provides a robust trading platform with various features, the lack of an exchange card limits additional spending flexibility and rewards for its users	Credit/Debit Card	Dont’ have crypto card
Offers robust storage solutions including cold storage options to secure user funds.	Storage Offering	Excellent security measures with cold storage options that ensure the safety of digital assets.
Provides staking options with competitive rewards, enhancing passive earning potential.	Staking and Rewards	Offers some staking options, but the rewards and varieties are not as competitive as other top exchanges.
Excellent user interface on both mobile and desktop platforms, ensuring a seamless trading experience.	Mobile App and Desktop	Both mobile and desktop platforms are user-friendly and reliable, suitable for trading on the go.
Good customer support with room for improvement in response times and accessibility.	Customer Service	Provides various channels for support including live chat and email, although response times can vary.
Efficient deposit and withdrawal processes with clear guidelines, but could be faster.	Deposit and Withdraw	Supports multiple deposit and withdrawal methods including bank transfers and cards; however, the high fees on certain transactions can be a disadvantage.

Key features

Analysis tools

Trading signals, technical analysis tools

Basic charting tools

Mobile APP

Security

High 4,9/5

Low 2/5

Additional features

Copy trading, margin trading, derivatives trading, BingX Academy

Crypto debit card, OTC trading, staking, Coinsbank wallet

Anonymity

Yes

Key points

Available cryptocurrencies

50+

Few, primarily major cryptocurrencies

User-friendliness

BingX features an easy-to-navigate platform with a focus on social trading. The user interface is designed to be beginner-friendly, allowing users to follow and copy trades from experienced traders effortlessly.

Coinsbank provides a straightforward and easy-to-use platform that is ideal for beginners. The interface is clean and intuitive, making it easy to navigate and execute trades.

Value for money

Delivers good value for money with competitive fees and innovative social trading features, making it a cost-effective choice for traders.

Delivers reasonable value for money with competitive fees and a wide range of supported cryptocurrencies, though it may lack some advanced features.

Countries of operation

Singapore, United States, Canada, Australia, United Kingdom

United Kingdom, Europe, United States, Canada, Australia

Best for

Suitable for both beginners and experienced traders interested in social trading and following the strategies of other successful traders.

Ideal for traders seeking a secure platform with a wide range of supported cryptocurrencies and competitive fees.

Base currencies available

USD, BTC, USDT

USD, EUR, GBP, RUB, BTC

Account

Trading

BingX focuses on social trading, allowing users to follow and copy trades from experienced traders. It offers a unique feature but has a smaller selection of cryptocurrencies compared to leading exchanges.

CoinsBank provides a secure trading platform with a good selection of cryptocurrencies. It offers additional services like a wallet and card but has higher fees compared to some competitors.

Deposit and withdrawal

BingX provides various deposit methods, including bank transfers and crypto. Withdrawals are fast and generally processed within 24 hours. Fees are low, making it user-friendly.

CoinsBank provides multiple deposit options, including bank transfers and cryptocurrencies. Withdrawals are processed quickly, with competitive fees.

Account opening process

BingX offers a simple and fast account opening process. Users need to fill in basic information and verify their identity. The process is fully digital and typically takes less than a day to complete.

CoinsBank provides a straightforward account registration process. Users need to submit personal information and verify their identity. The process is efficient and usually takes less than a day to complete.

KYC required?

Yes

Customer Service

BingX provides customer support via email and live chat. The support team is responsive and helpful, although 24/7 availability is not guaranteed, which can be a limitation.

CoinsBank provides support via email and live chat. The support team is knowledgeable and responsive, but the lack of 24/7 support may be a drawback for some users.

Security

BingX uses standard security measures like 2FA and cold storage. However, it is not regulated by top-tier financial authorities, which might be a concern for some investors.

CoinsBank employs comprehensive security measures, including 2FA and cold storage. However, it lacks regulation from major financial authorities, which might be a concern for some investors.

Which of these exchanges is for you?

Alejandro Borja

As an expert on our website, I highly recommend BingX for both new and experienced traders seeking a balanced platform. Its strong security measures and transparent trading environment provide a trustworthy space for cryptocurrency transactions. However, while the platform offers robust features, including diverse trading pairs and competitive staking rewards, potential users should note the occasional delays in customer service response times. Overall, BingX stands out as a solid choice for navigating the complexities of the crypto market.

Xavier Tarrasó

As an expert on our website, I’ve extensively evaluated CoinsBank and can confidently share my insights. For individuals new to cryptocurrencies or those seeking a multifunctional platform, CoinsBank stands out with its user-friendly interface and versatile offerings, including wallets, cards, and merchant services. However, it’s crucial to be aware of the higher transaction fees and the limited information about the team behind the scenes. These factors should be carefully considered when deciding if CoinsBank aligns with your trading and investment needs. Overall, if convenience and a variety of services are your priority, CoinsBank could be a suitable choice.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.