Comparison of Simpleswap vs Coinsbank [ 2024 ]

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

Your expert: Alejandro Borja

simpleswap

Simpleswap

  • Threenvest valuation: 3,5/5
  • US legal: No
  • Security: High 4,5/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

coinsbank

Coinsbank

  • Threenvest valuation: 2,5/5
  • US legal: No
  • Security: Low 2/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Main points

Fees

≈ 1,20%/2%

Earns

No

Customer service

3/5
0,20%/0,50%

Fees

Yes

Earns

2/5

Customer service


Recommended for

Beginners

Yes

Trading

No

Passive income

No

Buy and hold

Yes
No

Beginners

No

Trading

Yes

Passive income

No

Buy and hold


Comparison of fees

Rating

4.0 – Competitive fees with a focus on instant crypto swaps.
3.7 – Competitive fees with additional benefits for cardholders.

Level

≈ 1,20%/2%
0,20%/0,50%

Brief explanation

SimpleSwap’s commission structure is streamlined to cater primarily to crypto-to-crypto transactions. It charges a variable fee for each transaction, which typically ranges from 0.1% to 0.5% depending on the specific cryptocurrencies involved and market conditions. This fee is integrated into the exchange rate displayed at the time of the transaction, ensuring transparency. The platform does not impose additional fees for deposits or withdrawals in cryptocurrencies, which is a significant advantage for users looking to minimize costs. However, users should be aware of network fees determined by the blockchain of the cryptocurrency being used, which are not controlled by SimpleSwap but are necessary for processing the transactions on the respective networks.
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.

Simpleswap

simpleswap
Read simpleswap review
  • Security Methods: SimpleSwap ensures security by utilizing standard encryption protocols and security measures, safeguarding user transactions and data from unauthorized access.
  • Number of Cryptocurrencies: Supporting over 300 cryptocurrencies, SimpleSwap provides a diverse and extensive range of trading options, which speaks to its robustness and adaptability in the dynamic crypto market.
  • Trading Volume and Liquidity: Although specific numbers on trading volume aren't disclosed, the variety of cryptocurrencies supported and the platform's ability to fulfill swap requests promptly suggest a healthy level of liquidity.
  • Customer Service: SimpleSwap offers reliable customer support, which is crucial for user trust. Their support is accessible and designed to assist users with any issues or questions they may encounter.
  • Reputation and Reviews: The platform has gained positive reviews from users for its ease of use and efficiency. These testimonials build credibility and trust among potential and existing users, highlighting SimpleSwap's commitment to user satisfaction.
  • Pros
  • User-friendly interface
  • Supports many cryptocurrencies
  • No registration required
  • Cons
  • No fiat currency support
  • Limited trading features

Read simpleswap review

Coinsbank

coinsbank
Read simpleswap review
  • 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.
  • Pros
  • Supports multiple fiat currencies.
  • User-friendly interface and mobile app.
  • Offers wallet, card, and merchant services.
  • Cons
  • High transaction fees.
  • Limited cryptocurrency assets.

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Product selection

Native token

No
No

Earns

No
Yes

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

SimpleSwap Ltd
CB Exchange LP

Regulation

Not regulated
Not regulated

Year founded

2018
2016

Founder

Unknown
Unknown

Payment methods

Transfers

No
Yes

Mastercard

No
Yes

Wire transfer

No
Yes

Card

No
Yes

Comparative table

Simpleswap FEATURES Coinsbank
SimpleSwap supports flexible trading with no minimum deposit, making it accessible for casual users and beginners to start trading with any amount.
Minimum Trade
The platform offers a low minimum trade amount, making it accessible for beginners or those looking to start with small investments.
The platform operates with a straightforward fee structure but lacks the transparency of detailed fee breakdowns that might benefit users looking for cost efficiency.
Trading and Transaction Fees
CoinsBank charges higher than average fees, which could be a deterrent for high-volume traders.
Offers a wide variety of over 300 cryptocurrencies, providing users with extensive options for trading different digital assets.
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.
Supports numerous trading pairs, allowing for versatile crypto-to-crypto exchanges, though it could expand into more niche or emerging cryptocurrencies.
Crypto-to-Crypto Trading Pairs
A decent range of trading pairs is available, though not as extensive as some of the larger platforms.
While the website is user-friendly, it could improve by providing more detailed information about the company’s background and operational logistics.
Website Transparency
The platform lacks some transparency regarding team details and operational insights, which could affect user trust.
SimpleSwap focuses solely on cryptocurrency exchanges and does not provide additional financial tools like an exchange card, limiting its utility for everyday transactions.
Credit/Debit Card
Dont’ have crypto card
Provides secure storage options, though detailed information on security measures and storage capabilities could be more transparent.
Storage Offering
Excellent security measures with cold storage options that ensure the safety of digital assets.
Limited staking options and rewards are available, which could be enhanced to attract long-term investors.
Staking and Rewards
Offers some staking options, but the rewards and varieties are not as competitive as other top exchanges.
Offers a functional mobile app that is efficient and convenient for trading on the go, although further enhancements could improve user experience and features.
Mobile App and Desktop
Both mobile and desktop platforms are user-friendly and reliable, suitable for trading on the go.
Generally receives positive feedback for customer service, but could benefit from extended support hours and faster response times.
Customer Service
Provides various channels for support including live chat and email, although response times can vary.
Crypto deposits and withdrawals are supported, but the addition of fiat options and reduction of withdrawal fees would improve this feature.
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

No trading tools, primarily a swap service
Basic charting tools

Mobile APP

No
No

Security

High 4,5/5
Low 2/5

Additional features

Instant crypto swaps, SimpleSwap Earn, loyalty program
Crypto debit card, OTC trading, staking, Coinsbank wallet

Anonymity

Yes
No

Key points

Available cryptocurrencies

300+
Few, primarily major cryptocurrencies

User-friendliness

SimpleSwap features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.
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 a straightforward swapping service, making it an easy option for quick trades.
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

Global, including United States, Canada, United Kingdom, Australia, Germany
United Kingdom, Europe, United States, Canada, Australia

Best for

Best for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.
Ideal for traders seeking a secure platform with a wide range of supported cryptocurrencies and competitive fees.

Base currencies available

BTC, ETH (varies by transaction)
USD, EUR, GBP, RUB, BTC

Account

Trading

SimpleSwap is a non-custodial exchange known for its fast and anonymous transactions. It offers a wide range of cryptocurrencies but lacks advanced trading features and tools.
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

SimpleSwap is a non-custodial exchange known for its fast transactions. It supports various deposit methods, and withdrawals are processed quickly with low fees.
CoinsBank provides multiple deposit options, including bank transfers and cryptocurrencies. Withdrawals are processed quickly, with competitive fees.

Account opening process

SimpleSwap offers an easy and quick account registration process. Users need to submit personal details 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?

No
Yes

Customer Service

SimpleSwap offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.
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

SimpleSwap offers strong security with 2FA and encryption. Despite its robust security measures, the platform is not regulated by top-tier financial authorities, which could 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-analista-de-brokers.webp

Alejandro Borja

As an expert on cryptocurrency exchanges, I find SimpleSwap to be a commendable platform for those just starting with cryptocurrencies. Its straightforward and intuitive interface removes much of the complexity typically associated with crypto trading. This accessibility makes it an excellent choice for newcomers who might be overwhelmed by more advanced trading platforms. However, it’s important to note that while SimpleSwap excels in simplicity and ease of use, it may not fully satisfy the needs of more seasoned traders looking for advanced trading tools and features. For those just entering the crypto space, SimpleSwap offers a gentle introduction without the intimidating barriers to entry seen in other exchanges.
Xavier-tarraso-mascarell.jpg

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.

View all comparisons against Simpleswap

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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.

More comparatives Simpleswap and Coinsbank