CoinBene is one of the many newer cryptocurrency exchanges designed to make it easier for those around the world to trade their crypto assets in a secure, trustworthy manner. The platform is relatively straightforward to use, offers a range of trading pairs, and has a familiar exchange interface like those of other trading platforms, so there is not a learning curve for new users.
CoinBene is open to users around the world and offers several different languages, making it possible for most people to use the website in a language that they are fluent in, if not a native speaker. The default language is Chinese, but you can also change the website to English, Portuguese, Vietnamese, Malay, Spanish, or Korean.
The address for CoinBene is located in Singapore at 1 Coleman St., The Adelphi. As such, it is reasonably safe to assume that the exchange platform is based out of Singapore.
Read on as we review this new Cryptocurrency Exchange.
The design of CoinBene is simply designed to deliver the most essential information users need to utilize the platform and follows the look of other similar exchanges such as Kucoin and Binance. The main navigation bar has categories for the exchange, to download the APP, the guide FAQ, and information about Coni. In the upper right-hand corner, you find the expected options for logging in or registering for an account. To the right of this, you can change the language for the platform.
Below the main navigation bar, there are links to helpful information, such as “What is Coni?” and “Operations Guide Introducing.” Right below this, you can see some of the latest announcements. Immediately below this is the part of the homepage most users will be interested in: the current listings for various coins.
The cryptocurrency pairs are divided into three different tabs depending on whether they involve USDT, ETH, or BTC. Each row displays the name of the cryptocurrency, the symbol in a pair, the last price, the reference price, the percent change, the change in numerals, the 24-hour trading volume (in the given cryptocurrency), and the operation (which is almost always “Trade”). There is no option to change the method of sorting the cryptocurrencies by price or change as with other platforms, so you must view them in the order listed. However, there is a search function in the immediate top-right corner of the listings to make it easier to find your chosen pair. If you choose, you can click on any point of a given crypto pair’s row and be taken to the exchange page to trade it.
CoinBene Account Signup
Creating a CoinBene account is relatively simple. Start by selecting “Sign Up” in the upper-right corner of the homepage. This will bring you to the relevant page where you will see a form to fill out with your email address and chosen password. The option to sign up using your email is the default, but you can also sign up with your cellphone if you prefer. To do this, do not fill out the form with your email and password. Instead, click on “Cellphone” below the blue “Sign Up” button and on the right.
You must create a password that is between six and 20 digits, including letters and numbers. As you create the password, the system will tell you its strength, so you can adjust if necessary. Now, go to your email account, where you will see a message for email verification. Click the included link to verify your account. Then, you are ready to start trading.
To deposit funds into your CoinBene account, start by logging into your account. On the left side of your account page, you will see your email address and settings. Click on settings and ensure you have double verification set up, meaning that both your email and cellphone are set.
Go back to the left of the screen; below “Settings,” you will see a heading for “Assets.” The second option below this heading is “Deposit.” Click on the link and then select the token you wish to deposit from the dropdown menu near the top of the page. You will then see a deposit address, both listed out and as a QR code.
Use either of these to deposit the desired amount of coins by sending them to the address. The deposit should appear in your “Deposit Records” on the same page. Just be sure to only deposit the crypto-coin you specify since each altcoin will have its own address. If you accidentally send cryptocurrency to an address designed for another crypto, the funds will be lost and CoinBene will not be responsible for this. The “Withdraw” option is directly below “Deposit” under “Assets.”
CoinBene supports an extensive list of cryptocurrency pairs. They all involve USDT, ETH, or BTC. Because of the range of pairs, you will find support for all the most popular cryptocurrencies, as well as some you may not have heard of. Based on the pairs listed on the homepage, there are 31 pairs involving USDT, 50 involving ETH, and 24 involving BTC.
It is also possible to apply to list your coin on CoinBene, with a link to relevant information at the bottom of the homepage. There are specific requirements for coins to be listed, including a project with a landed application (or applications) and advanced technology, to have a well-maintained community that is widely promoted and active, to be well-regulated with no political risk, and to disclose the project’s details and progress in a timely manner, such as the developing plan and whitepaper. The page with the requirements also has a link to a Google form to complete the listing application.
It is also possible for coins and trading pairs to become delisted. The same page outlines the situations in which this can occur, such as if the project team is dismissed; the project violates local regulations and laws; the project fails compliance risk management; the team is unable to solve any security or technical issues in a timely manner; or CoinBene (or others) detect fake, inauthentic, or inaccurate information or fraud. If a coin or pair is delisted, CoinBene will post this planned delisting a minimum of five calendar days ahead of time, and users will have 30 days to withdraw assets.
How to Trade on CoinBene
The exchange page on CoinBene is similar to those from other platforms, meaning that you will find most information exactly where you expect it to be. On the left side of the page, you will find all the cryptocurrency pairs listed, once again divided by whether they include USDT, ETH, or BTC. There are three columns displaying the coin in the pair, the value, and the percentage change.
To the right of this, you will see the market chart for the cryptocurrency pair you have selected. Right above the graph, you will see the current price, the reference price, the change in percent, and the 24-hour volume. The graph itself is a candlestick chart with the ability to hover over any point to view specific values for the open, high, low, and close, along with the specific date and time. You can change the time intervals to five, 15, or 30 minutes; one or four hours; or one day, week, or month. There are also options to add or remove MACD, RSI, and KD. You can also add dozens of indicators to the chart to help you with your trading strategy.
The settings button on the candlestick graph lets you change the style to bars, hollow candles, Heikin Ashi, line, or area charts. You also can adjust colors, borders, wicks, scale location, override minimum tick, scales, backgrounds, and time zones.
Below the graph and in the center of the page, you will see the form to buy or sell the cryptocurrency in question, such as BTC in the case of BTC/USDT. Buy appears in green, while sell is in red. In either case, you can enter the price and quantity or choose to buy or sell a quarter, half, or all your crypto (USDT for buy and BTC for sell in this case). The available balance is displayed immediately below this. When you enter the price in USDT and quantity in BTC (in this example), the amount in USDT is automatically displayed.
To the right of the buy and sell forms but still directly under the chart, you will see current orders, both for buy and sell. Each is labeled as Ask1, Ask2, etc. or Bid1, Bid2, etc. and has the asking price and quantity listed in separate columns. Directly below this, you can view the most recent completed trades with the given cryptocurrency pair and to the left of that, you can see your orders.
Note that there is a low trading fee of 0.1 percent in the quote currency per transaction.
CoinBene allows the option of additional security via Google Authenticator. Start by downloading the application for Google Authenticator on your smartphone, via either the Google Play store or the Apple App Store. You can also find download links to this application on the “Guide FAQ” page on CoinBene. Once the application is on your phone, click the “+” icon found in the upper-right corner, then choose to “enter this key” or “scan barcode.” You can then either manually enter the key within the image on the “Guide FAQ” page of CoinBene or scan the QR code.
Google Authenticator will create a verification code that is six digits long. Enter the code you are given. Remember that SMS verification codes will expire in 10 minutes, while email verification codes expire in 30. Google Authenticator codes expire in just 30 seconds. If you run into issues, try synchronizing the times on your computer and smartphone. After setting up Google Authenticator, all future security actions and login attempts will require a new Google Authenticator six-digit code, which changes every 30 seconds.
If you sign up for Google Authenticator, CoinBene strongly suggests saving the QR code or key at the time you bind Google Authenticator. This will make it possible to connect the security program on a new phone if you lose your current smartphone or get an upgrade. If you don’t have this backup QR code or key, you can send CoinBene an email and describe the situation. The IT department will then close the Google Authenticator link to your account. At the time of writing, CoinBene specifically states to email firstname.lastname@example.org if this occurs.
CoinBene Coni Token
Coni, or the CoinBene Token, is the crypto token of the exchange. Coni has multiple benefits for token holders, including 40 percent of the platform’s net profit being awarded to Coni holders every month and, eventually, on a weekly basis. Holders of Coni will get discounted trading fees of up to 70 percent. There will also be a guarantee deposit and listing vote.
There is a total volume of 1 billion that will never be increased, and Coni is an ERC20 coin. Of the total Coni, 40 percent is held by the team, 30 percent is allocated for an air drop for participants, 10 percent is reserved for marketing, and the final 10 percent is for the investor protection fund. The “team-held” portion of Coni is for feature development, technical maintenance plus upgrades for CoinBene, and research support. These coins will not be released all at once. Instead, 10 percent will be released a year later; 20 percent two, three, and four years later; and 30 percent five years later.
There are currently CoinBene applications for both Android and Apple. Instead of finding the application in the relevant application stores, you can download it via the CoinBene website from the “Download APP” page on the main navigation bar. This will take you to a page with links for both, a link for Android, and a QR code to scan for Apple.
CoinBene charge a flat 0.1% on trades made on their platform, the fees are charged in the trade currency. For example if you buy or sell Bitcoin with USDT, then they will collect this fee from both sides of the trade. They only charge the fee for completed trades, so if you placed an order which is not fully matched or you cancel part of it, the fees will only apply to the completed part.
CoinBene does not directly list the exact fees charged when making withdrawals, they state the following :
“CoinBene will collect the blockchain transaction fee from users when apply to withdraw and pay to the blockchain miners for their confirmations. Blockchain Fee will be collected in the same currency which user intend to withdraw. For ERC20 tokens or other tokens based on smart contract, Coinbene will still collect the same currency which user withdrawing.”
CoinBene is a newer exchange which has shot up the rankings of exchanges by volume, currently it is listed 6th on CoinMarketCap with over $300 million in trade volume. This is remarkable, and undoubtedly down to their CONI token – Users will receive 100 percent of their trading fees back in Coni. Holders of the token will then be rewarded with a percentage of the exchange’s trading fees.
As far as the exchange itself goes, it’s simple, clean and easy to use and follows a similar design and layout to other exchanges. Of course, it is a centralized exchange so you will need to exercise caution when trading there – never hold large balances, make your trades and withdraw back to your own wallets.
I would like to see more transparency on the exchange, there is no clear information about the company behind it, their terms and conditions mention the company name as “CoinBene Limited Vanuatu”.
Ultimately, I can’t see a major reason to recommend using CoinBene unless you want to collect the CONI tokens, it does list a few smaller coins you might not find elsewhere but for trading more popular ones you will be better off sticking to larger more established exchanges such as Binance.