I've been wondering the same thing.
I've never used it before, but from cmc it has quite a good daily volume there. But since I have a far better exchanges to use, I keep ignoring coinsbit. When I checked their market. It seemed kinda odd, looks like a price manipulation. Perhaps that's the reason why they have such volume. And full of bots. It's on my ignore list for now. Avoid using them would be better.
Topic: About Coinsbit Exchange. - page 4. (Read 1614 times)
It is possible that there are no issues with deposits and withdrawals, but for sure this exchange is full of bots and in my opinion a very large majority of volume is fake.
The problem with exchanges faking volumes is that they very likely have very low actual coin reserves, which means that whenever someone withdraws a decent chunk of coins, chances are that you can't withdraw at all.What these exchanges do is block your account and ask you to submit all sorts of documents they keep rejecting until they have enough to allow you to withdraw your funds. It's one big shitshow that people shouldn't bother with.
I have no evidence that this exchange is doing this, but I am watching tokens listed there and I'm 100% sure that their prices are manipulated. It would also not be a surprise for me if Coinsbit, due to lack of funds, did tricks with blocking withdrawals under the excuse of verifying the authenticity.
As I wrote before, I totally don't trust this exchange.
Absolutely no reason to use their platform. There are safer alternatives such as Bittrex and Binance. You can take a look at JollyGood's threads[1][2] for more details.
[1] https://bitcointalksearch.org/topic/beware-of-super-scam-p2pb2b-claim-to-be-worlds-biggest-exchange-5192497
[2] https://bitcointalksearch.org/topic/mods-requesting-bans-for-coinsbit-sock-puppets-5190706
It's a very valid Infonya, I agree there are many more better exchanges like Binance, Bittrex, Coinbase, and others Perfect for crypto-exchange investments. People are tempted by coinsbit because there is a CNB Airdrop event, thus becoming confident with the exchange. Many issues circulate about fraud on the exchange. [1] https://bitcointalksearch.org/topic/beware-of-super-scam-p2pb2b-claim-to-be-worlds-biggest-exchange-5192497
[2] https://bitcointalksearch.org/topic/mods-requesting-bans-for-coinsbit-sock-puppets-5190706
It is possible that there are no issues with deposits and withdrawals, but for sure this exchange is full of bots and in my opinion a very large majority of volume is fake.
The problem with exchanges faking volumes is that they very likely have very low actual coin reserves, which means that whenever someone withdraws a decent chunk of coins, chances are that you can't withdraw at all.What these exchanges do is block your account and ask you to submit all sorts of documents they keep rejecting until they have enough to allow you to withdraw your funds. It's one big shitshow that people shouldn't bother with.
Personally, I totally don't trust this exchange and I won't deposit there even 1 satoshi. It is possible that there are no issues with deposits and withdrawals, but for sure this exchange is full of bots and in my opinion a very large majority of volume is fake. If you want to use it for a single transaction, it probably won't be a problem, but if you want to trade there, I strongly advise against it.
Do anyone know what will they do with people ID if we joined the airdrop? , i regret to myself i was doing KYC for the airdrop before doing research about the exchange first.
The market looks active and the interface looks luxury so i think that was safe but actually they're not based on people testimonial in this thread
The market looks active and the interface looks luxury so i think that was safe but actually they're not based on people testimonial in this thread
They collecting IDs for KYC verification but I don't know what will they do. If this exchange is scam I'm sure they are collecting those ID's to sell on black market or maybe they use it to scam more people or use those IDs to register to other platform or exchanges that requires ID verifications. If they are registered with your IDs they can do anything like exchange tinted or stolen Bitcoin.
Other use of your ID's can be used to make a VCC they will use the information from your ID to bind it to VCC which they can use for IM or CPA marketing and abuse the free $100 Google and bing ads.
This is what I think they will do with people's IDs. There's no exact reason why they collecting ID's but for legit exchange, they just require KYC to make sure they are dealing with real people and to avoid money laundering.
We hope they are using bots for just making their exchanges looks big in volume, and it's just part of their marketing strategy. Because many people already joined their airdrops and doing KYC with real ID because the rewards looks so promising 500$ worth of Coinbit's token if i wasn't wrong.
So many IDs that they can take advantage of for doing scams or crimes.
This is very new in my view because i have token "IOUX" and it was listed on this exchange but i can't deposit in it and i don't know why. The volume might be fake also because there's a second exchange wherein my token listed but the volume were very low than the volume of that exchange . What i mean had big difference which is very suspicious in my opinion because the design itself as well seems not from professional unlike other legit exchanges.
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Most of those new exchanges hardly even finds it to survive because it become difficult for them to get volume, and those new exchange that tried as much as possible to fake volume still would not get much attention needed because people have really learnt their lessons, and these lessons has made them wise to only pay attention to exchanges that are ranked the best in the market of which I think binance is number one of them, though there are so many exchange too that are really good such as kraken exchange, kucoin exchange, Coinbase and the rest of them all. This exchange that op mentioned, I am not even very sure if they will survive at all for any people no longer go for new exchange but the already existing ones for security sake. 
Do anyone know what will they do with people ID if we joined the airdrop? , i regret to myself i was doing KYC for the airdrop before doing research about the exchange first.
The market looks active and the interface looks luxury so i think that was safe but actually they're not based on people testimonial in this thread
The market looks active and the interface looks luxury so i think that was safe but actually they're not based on people testimonial in this thread
They collecting IDs for KYC verification but I don't know what will they do. If this exchange is scam I'm sure they are collecting those ID's to sell on black market or maybe they use it to scam more people or use those IDs to register to other platform or exchanges that requires ID verifications. If they are registered with your IDs they can do anything like exchange tinted or stolen Bitcoin.
Other use of your ID's can be used to make a VCC they will use the information from your ID to bind it to VCC which they can use for IM or CPA marketing and abuse the free $100 Google and bing ads.
This is what I think they will do with people's IDs. There's no exact reason why they collecting ID's but for legit exchange, they just require KYC to make sure they are dealing with real people and to avoid money laundering.
I have been seeing the airdop of this exchange ongoing for quite sometimes now. I decided to make some few research and it turns out that this exchange has so many scam tag on it. One can't really decipher now if its true or not, but for the mean time i think every crypto users should becareful with ths exchange untill they clear their name of every scam tag associated with them
Do anyone know what will they do with people ID if we joined the airdrop? , i regret to myself i was doing KYC for the airdrop before doing research about the exchange first.
The market looks active and the interface looks luxury so i think that was safe but actually they're not based on people testimonial in this thread
I find p2pb2b to be shady and i didnt expect that they are correlated with Coinsbit in that case then i wont consider for this exchange to be a good choice.
Yeah, it's really hard to find a new good quality project and exchange now days.
don't believe in exchanging there but for free airdrop 50/50 trust 
Hahaaha... Well said brother, you earn my salute...
I think OP is just conducting a survey, if how many people are satisfied with the platform services.
No it's not like survey or something, i just asked because many new exchange are coming now days. And of course you can not trust them all. So for my trade and asset security i wanted some opinion from experience people whom know about that exchange. That's all.
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There is no doubt Binance is a top level exchange and i trade there couple of times though. The main fact is it's too much difficult to get listed a new coin in binance or top quality exchange. Specially those projects which are not able to gain much fund in their token sale. So that's why they are searching some new medium/low quality exchange for their token/coin. I have many tokens which is not get listed on binance, so sometimes you have to choose a different way for trade, doesn't matter you like it or not.
I have been seeing the airdop of this exchange ongoing for quite sometimes now. I decided to make some few research and it turns out that this exchange has so many scam tag on it. One can't really decipher now if its true or not, but for the mean time i think every crypto users should becareful with ths exchange untill they clear their name of every scam tag associated with them
I really feel wonder who trade on these shit exchanges
Noobs who are attracted by the airdrops they offer, and noobs generally think high volume means a lot of people are using that exchange, while the reality is that the majority of the volumes are fake.who make the volume high?
The exchange.... simply by having their automated trades be repeated 24/7 without a penny of real money being spent. It's nonexistent money they just print out of thin air and that's what they generate volume with.Ok, coins bit has fake volume, but I don't think it's all volume is fake, at least 20% volume is real!
20% is waaaaay too much still.... 20% over $500 million is still $100 million in volume, no way they generate that much volume. I would be surprised if even 2% of their volume is real. 
As far as I know, this exchange has recently conducted the distribution of coins which are coins of the exchange, which cannot be sold or withdraw something to be done.
I don’t see any reason to use this exchange for trading or for some other purposes, because there are a lot of time-tested good exchanges with real volumes on the market.
To not offer new exchanges, for starters it takes some time to understand whether these exchanges are legitimate, users quickly understand such issues.
But judging from the second post in this topic, it becomes clear that this exchange does not deserve any attention.
I don’t see any reason to use this exchange for trading or for some other purposes, because there are a lot of time-tested good exchanges with real volumes on the market.
To not offer new exchanges, for starters it takes some time to understand whether these exchanges are legitimate, users quickly understand such issues.
But judging from the second post in this topic, it becomes clear that this exchange does not deserve any attention.
A good trader won't trade on these shit exchanges! I really feel wonder who trade on these shit exchanges, who make the volume high? Ok, coins bit has fake volume, but I don't think it's all volume is fake, at least 20% volume is real! People should avoid such fake bot volume exchange! I used this exchange only to sell my bounty tokens, nothing else!
To be honest i dont have yet try this coinsbit exchange but i always heard on my friend that this exchange is legit and part of top 50 exchange, but right now i am not trying to used it because i am still more confident on using top exchange like binance and hitbtc i feel more safe.
First reason why I would not use them is because they don’t fall within the top 10 exchange that we have in the market and which is my own strict policy to use any exchange that fall within that range because one really should be very careful with exchanges as some of them have very high volume because they are artificially created and when you use their platform for trading is when you realized this, but then, it would have been too late for you to move your money out of the exchange because of the fee they will charge you for doing so.
I prefer to just use exchange like binance and huobi for this. That is not to say that this exchange may not be great, they might be great, but I just would not use it for some personal reason which I don’t even know anything about them.
I prefer to just use exchange like binance and huobi for this. That is not to say that this exchange may not be great, they might be great, but I just would not use it for some personal reason which I don’t even know anything about them.
I wonder why this exchange and p2pb exhchange has so good reputation on coinmarketcap.
It showed us a very big volume daily, maybe coinmarketcap should consider trading bots, or they have to banned the bad reputation exchanges in the community, so people won't get tricked and trade their assets there
It showed us a very big volume daily, maybe coinmarketcap should consider trading bots, or they have to banned the bad reputation exchanges in the community, so people won't get tricked and trade their assets there
Coinsbit doesn't seem much of a transparent exchange to me. In a I usually avoid these less popular exchanges, no matter how good it seems to be at face value, things can easily get messy with them. Loss of funds is inevitable. There are other better and more reputable exchanges out there that should provide your needs very well.
Coinsbit exchange is not good at all, their IEO launchpad is shit, invest box is a ponzi scam scheme, this exchange is full of fake volume. Actually, I haven't seen any positivity of this exchange! So, everyone should avoid this exchange as we have plenty of good exchange already.
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