CoinBene Exchange Review: Is It Safe?
What is CoinBene?
CoinBene was developed by an elite group of major platforms in China. The three companies combined to form the biggest trading and exchange platform to offer users with high-quality digital assets in the blockchain world.
CoinBene is headquartered in Singapore, in addition to having offices in Hong Kong, Malaysia, India, Brazil, and more. The exchange was established on November 20, 2017, making its rapid rise to a consistent top 30 exchange by 24-hour trade volume an impressive feat.
The CoinBene exchange operates in over 150 countries, but for the time being, US investors are banned from participating. Its website also states that Cuba, Iran, North Korea, Syria, Sudan, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and China, are also banned from trading.
Fee Structure for Deposits, Trades, and Withdrawals
Trading fees are set at 0.1% for major trading pairs, which include USDT, BTC, and ETH.
CoinBene also has a native token, CONI, which can be used to reduce trading fees down to only 0.05%. The same fees apply for both market makers and takers. In comparison with other centralized exchanges on the market, CoinBene has very competitive fees.
Unlike many competitors, the exchange requires that you only pay mining fees when you withdraw your funds.
Is Coinbene Safe?
The exchange claims to have employed a lot of experienced developers and researchers who help that continuously maintain and upgrade the site to prevent issues with customers and downtime.
CoinBene offers additional security via Google Authenticator. After downloading the app, just click the “+” icon found in the upper-right corner, then select “enter this key” or “scan barcode.”
Google Authenticator will generate a verification code comprising on six digits. Enter the code you provided to you. Keep in mind that SMS verification codes expire after 10 minutes, while email verification codes expire after 30.
After you set up Google Authenticator, all future security actions and login attempts will ask for a new Google Authenticator six-digit code.
CoinBene strongly recommends saving the QR code or key at the time you bind Google Authenticator. This will allow you to connect the security program on a new phone in the eventuality that you lose your current smartphone or get an upgrade.
Should you forget to backup QR code or key, you can send CoinBene an email and explain your predicament. The IT department will then close the Google Authenticator that is connected to your account. At the time of writing this article, CoinBene specifically states to email [email protected] such issue was to happen.
There are currently a few reviews which state that the site experiences random downtime and has other underlying security issues. Whenever the site crashes, users cannot access their account or any funds that are stored on the exchange. Although the issue does not last for prolonged periods, for many users it’s a reason to worry.
The exchange also lacks a customer support phone line. And, many customer reviews online state that its emailing system is not at all responsive. Also, English language support still requires improvement.
Still, CoinBene does feature several options through which customers can contact support. QR codes to Telegram and WeChat support are also available on the exchange homepage, in addition to customer support options on Twitter and Weibo.
CoinBene is a fresher exchange which has risen in recent volume rankings, currently being listed as number 5 on CoinMarketCap with over $250 million in trade volume. But the exchange does have some issues to address, such as frequent downtimes and lack of transparency.