CoinBene: Review and Analysis of the Exchange Platform

CoinBene is a cryptocurrency exchange that offers users a simple-to-use platform for crypto-to-crypto trading. In our CoinBene review, we look at this exchange’s advantages and disadvantages by examining a variety of categories that are important for any cryptocurrency trader to consider. Is the CoinBene exchange a useful option or not? Let’s find out. 

CoinBene Exchange Key Information

CoinBene Exchange Overview

The CoinBene exchange headquarters is based in Singapore with offices also in Hong Kong, Malaysia, India, Brazil, and more. The exchange launched on November 20, 2017, making its rapid rise to a consistent top 30 exchange by 24-hour trade volume an impressive feat.

Just by doing a simple Google search for CoinBene, you’ll likely find that the site description is written in Mandarin Chinese. However, when you click on the site homepage link, you’ll probably find that the site text is actually in English. Regardless, the exchange is available in a wide range of languages that you can change at the top-right corner of the homepage. 

For people who are new to crypto or for those who would like to directly exchange between crypto and fiat, CoinBene is not the best option. It’s a crypto-to-crypto exchange only. However, if you already have cryptocurrency funds, CoinBene could certainly be a good option. 

Also, it’s important to note that CoinBene is a centralized exchange.

Reviews and Customer Support

There are a few reviews that say that the site sometimes goes down randomly and has other potential security issues. Whenever events such as site crashes happen, users aren’t able to access the site or any funds kept on the exchange. Although this is typically only a temporary issue, for many users it’s a potential concern.

The exchange does not have a customer support phone line. And, many customer reviews online state that customer support is slow to respond via email. Additionally, English language support isn’t the best. Still, CoinBene does offer a variety of customer support contact options. You can find QR codes to Telegram and WeChat support on the exchange homepage. You can also find customer support options on Twitter and Weibo.

Fee Structure for Deposits, Trades, and Withdrawals

Fees for trading cryptocurrencies are set at 0.1% across the board when using major trading pairs, which include USDT, BTC, and ETH. As of October 2018, there are 29 trading pairs for USDT, 75 for ETH, and 59 for BTC.

Like many exchanges on the market, CoinBene has a native token that you can use to reduce trading fees. CoinBene’s Coni token (CONI) cuts trading fees in half, to only 0.05%. Fees are also the same for market makers and takers. Compared to other centralized exchanges on the market, CoinBene’s fees are competitive.

What sets CoinBene apart from many competitors is that you only have to pay mining fees when you withdraw your funds. This minimal fee is a clear advantage for the CoinBene exchange over many exchanges that charge hefty fees for withdrawals, which de-incentivizes you to move your funds from the exchange to personal wallets.

Mobile App

CoinBene has mobile apps for both iOS and Android. While some people might expect this to be a given from a cryptocurrency exchange, the reality is that many exchanges don’t offer this functionality. Those that have good reviews are even rarer, and unfortunately, CoinBene isn’t an exception.

The reviews posted by mobile app users show some areas where CoinBene can improve. For instance, on Google Play, the Android app has an average of 2.7 out of 5 stars with 103 total reviews. Some reviewers claim the app is not compatible with Android 9 and/or that 2FA doesn’t work whenever they enter login details.

Additionally, the iPhone app isn’t listed in the App Store. Instead, you have to scan a QR code on the CoinBene exchange website and go through a manual install. Although this process is simple enough to do, it’s easy to question why these extra steps are even necessary. And, it may pose a possible security risk.

Geographic Limitations

The CoinBene exchange has users in over 150 countries. However, it doesn’t currently allow US investors to participate. According to the exchange website, other locations with restrictions include Cuba, Iran, North Korea, Syria, Sudan, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and China. 

Note that the exchange does conduct KYC checks on the first withdrawal of cryptocurrency funds. If you decide to use this option, make sure you are compliant with the exchange’s terms and conditions. You’ll also have to provide basic personal information (i.e. email and official identification). This process could take several days to get approval. If you’re trying to withdraw crypto from the exchange and need to quickly convert to fiat on another exchange, this is a factor to consider.

Yes, there are many crypto-to-crypto exchanges that don’t have such strict requirements. Still, once the initial KYC check is complete, you should expect any subsequent withdrawals to be processed much faster.

Partnership with John McAfee

There wasn’t much info available about partnerships with the exchange until September 2018. This is when CoinBene announced a partnership with the McAfee Alliance to “promote transparency, corporate responsibility, and self-regulation in the cryptocurrency markets.” This was seen as an important strategic partnership for CoinBene to differentiate itself from others in the cryptocurrency exchange market. Blockchain/crypto companies that are also part of the McAfee alliance include Docademic, Apollo, Ethershift, and several others.

Summary

Yes, CoinBene has some aspects (i.e. mobile app user experience and customer support quality) that need to be addressed. Still, these are common problems of many of today’s most popular crypto exchanges.

All in all, CoinBene is an exchange that does a good job at providing a market solution that addresses in on the biggest complaint of cryptocurrency traders: high exchange fees. By offering zero-fee withdrawals (except for mining fees) and low fees on trades, CoinBene continues to be successful in gaining user adoption and competing in the exchange market.

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