CoinBene is a mediocre exchange, which means that it isn't bad but also not spectacular. I may satisfy the needs of a nascent trader who rarely tries anything other than spot trading, and perhaps makes some shy attempts at margin trading. CoinBene is a perfect spot for them as it has tolerable fees, an intuitive interface, and trouble-free withdrawals. But when it comes to serious trading, CoinBene doesn't cut it: the daily volume is not impressive at all while the trading options are somewhat limited. CoinBene is a '3 out 5' exchange if you ask me.
I have heard complaints from people whose trading accounts have been, allegedly, frozen by CoinBene for no particular reason. Well, this happens all over the industry because it still has a very lax regulation and the overall weak culture of communication and cooperation. CoinBene is not an exception in that matter. However, I haven't experienced any issues with this platform over the course of almost three years of trading experience. There had been some inconveniences due to the platform maintenance or whatnot, but they were insignificant.
I began my trading path on Binance, being attracted by its marketing campaign. Everything was fine, but I am the type of person who's always looking for something new, a better deal. One day, I have stumbled upon CoinBene and found out that their fees are even lower than the ones charged by Binance. 0.05% trading fee on CoinBene, if paid in platform's native token CONI, definitely trumps Binance's 0.75%, paid with BNB. One doesn't have to be a rocket scientist to figure out what I did next.
I have been using CoinBene for trading purposes quite frequently over the last year and a half, up until the emergence of the news about the hack, which occurred this spring. What bummed me out the most is not the hack itself, although it demonstrates that CoinBene doesn't take sufficient security measures. I was totally baffled by CoinBene's attempts to conceal the hack from the users by trying to clumsily present the situation as if the platform went into maintenance.
I like everything about CoinBene, perhaps except for the absence of a referral program. I am a famous crypto blogger with quite a sizable army of followers. So, referrals are one of my small sources of income. I made good money through the Binance referral, so I was hoping to get some more dough on CoinBene, but that was not meant to be. Nevertheless, this exchange has a reasonable fee scheme, excellent interface, and easy registration. Besides, there are no verification requirements for withdrawals of up to 2 BTC. CoinBene wouldn’t be my primary trading platform, but I will use it from time to time.
Although CoinBene is among the top exchanges, listed 14th after Binance by the reported trading volume, it still has some flaws to it. For instance, this exchange doesn't support the traditional payment methods like credit cards and bank transfers which makes deposit/withdrawal procedure a bit inconvenient for those who want to enter (or exit) the crypto space by that means. On the other hand, CoinBene does not impose any fees on deposits/withdrawals which kinda serves as a counterbalance. The makers/takers fee is 0.1%, by the way.
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