Topic: Coinsbit is Legit exchange? or SCAM? (Read 1502 times)

I will try to remind you that if it may take a few months or forever for the coinsbit team to answer your ticket. You can push them on telegram if you want but you must also remember that if coinsbit was a shady exchange site. That means if there's possibility for your ticket will never be answered and you will be loosing your money.

It seems like that you will never get it. If you can take the rest to go out from this garbage exchange site and it's better rather than lose all of your litecoin. This shady exchange site was always stealing user's fund. Sometime your account might be blocked as well. I have a small amounts of ethereum that can't be withdrawn from there. As far as i know the owner of coinsbit was also a part of p2pb2b team.
Both were connecting one to the each others. Scam exchange sites that must be banned by crypto community.

Best to provide your proofs here for formalization though almost all posts here concerning this as scam site, and surfing the forum i found these 2 thread about coinsbit being scammer .

https://bitcointalksearch.org/topic/beware-coinsbit-scammers-create-their-own-investbox-yobit-style-5232300

https://bitcointalksearch.org/topic/coinsbitio-scam-exchange-ponzi-scheme-5195285

Looks like a Ponzi site like Yobit that has so much cases from users for years .

When was the last time you tried to withdraw your assets? I withdrew a few USD from there a few days ago and there was no problem. Only tech team of Coinsbit can help you to withdraw your assets. Contact with them again and again.

It is in my view a complete SCAM.

I have c. $35k of FIAT and crypto held on coinsbit.io which despite multiple attempts to transfer to other wallets or withdraw funds onto credit card or ADV cash have failed each time and their service has been abysmal. Typically they say transfer will take 3-4 hours and it then is cancelled. I contact support and they say tech. department will contact me, they do nothing and never give a valid reason or solution. Can you assist me in recovering my assets from them?

Coinsbit had a good start from day one but later I noticed some changes in customer service behaviour, I earned their airdrop tokens too and that's when I sold the tokens, it was a friend of mine that make deposit to the exchange and it never reached until we track the transaction hash and the token was already inside the exchange address, the team did nothing

I noticed the scammy behavior in coinsbit when I was participating in bounty programs, most of the bounty projects will creates news if listing on coinsbit but at the end of the day, the coin value will drop drastically, and will have volume problem which you can't sell your coin,.
I also noticed coinsbit and p2pb2b is the operated by the dna person and that both have the same poor features coinsbit has, I quickly noticed that the both exchange uses fake volume to deceive people. Stay away from it.

Attention! This exchange is a scam. I made a withdrawal more than a month ago, the funds did not arrive. Customer service is lying. Be careful, it stinks :-(

I recommend skipping them as they have a horrible reputation. They have the potential to make your project look bad, whatever it is. They're a bunch of slimebags and I wouldn't trust them with a single dollar.

Surprised they're still in business after all this time, to be honest...

Today our project got contacted by Coinsbit for listing, with some listing discounts...

OFC i will take my time and research but from what i can see, not good ...

coinsbit huh?
This is the worst cryptocurrency exchange ever.
-Fraudulent Trade Volume
-Lots of shitcoin lists
- Unprofessional can be seen from the home page alone does not look professional
-Long withdrawal process
Better not to know coinsbit than later you will regret it

That it is unsafe exchange, that is certain. I have already seen several reports on the net that are not good. I wouldn't trade on this exchange because any moment you can lose all your money

there are still a lot of fake volumes that occur on coinsbit and it is clear that the trading bot is also still active, quite badly I think many coinsbit projects that are listed on coinsbit end up in a scam, of course, this is not too good for investors who have made purchases in tokens it will be detrimental if the airdrop is you get only airdrops that have a low coinsbit price, not a scam, it's just a scam project.

It's hit or miss with them, and I would just assume you're going to lose at least half and maybe all of your coins that you deposit there. I certainly wouldn't trade there knowing there are literally hundreds of better options available. People get sucked in by their high-yield garbage tokens, deposit real coins, then have to struggle to get them back. You might be one of the lucky ones whose balances they don't disturb, but I wouldn't count on it.

Read here for more on why they are a scam: https://bitcointalksearch.org/topic/coinsbitio-scam-exchange-ponzi-scheme-5195285

I always try to avoid Coinsbit exchange. I do not trust this exchange. Because..
1. Fake trading volume.
2. Huge gap between buy and sell order.
3. High transaction fee.

I have 9.54 ltc coinsbit exchange.But my 4 ltc they stolen.I have a proof of screenshot.I contact support, no reply & block their telegram.So Do not use this scam exchange.

coinsbit was also a scam site too. I have experienced that so many people have already made a lot of accusations for coinsbit.
Coinsbit and p2p have already owned by the same scammer.

If you are actively watching the projects that have already launched its IEO on coinsbit or p2p and these projects will always become scam projects.
I guess if p2p and coinsbit were also involving in this scenario too.

Coinsbit is more or less a dumpsite exchange just as much as p2pb2b. They made of bots trading and fake volumes. Listing of an upcoming project on the exchange is like listing them inti their death traps.

Thank you for this valuable info. It really helped me and I think it's good for everyone to know today as there are many websites pretending to be legit. So we really need to check the credability of a website before giving out our identity.
https://cima2u.net/

There is no one who can help although the police at all, just make a learning to you. Your identity is very useful and you don't give it to anyone who has no good reputation especially in this market.

You will be fine if you give your identity to the trusted exchange like binance exchange, but if you are not comfortable you can chooss decentralized exchange because with it you don't need to give your identity, you are fully anynomous when using it.

Hi, can someone tell me some way to protect my identity after I gave my ID to coinsbit? I don't know if I can report it to the police as a scam, because I have no proof that it is, but I'm still worried about my identity being misused.

It is listed in coinmarketcap for me its legit but I think its better to stick with the big exchange that has good reputation in the community who have used their service

Sounds like they are actively scamming people now.

This guy's issue was never resolved, they still owe him 15 ETH.

From Facebook:





https://web.facebook.com/pg/coinsbit.io.cr/reviews/?ref=page_internal

Here's some of the complaints on Reddit:

https://www.reddit.com/r/Coinsbit/comments/cnls09/this_exchange_is_a_scam_do_not_use/
https://www.reddit.com/r/Coinsbit/comments/ew3evk/scam_exchange/
https://www.reddit.com/r/Coinsbit/comments/eqgts0/avoid_this_exchange_at_all_costs/
https://www.reddit.com/r/Coinsbit/comments/ekyw63/2000_cnb_airdrop_looks_like_a_huge_scam_to/

You can read about the scam accusation against Coinsbit here:

https://bitcointalksearch.org/topic/coinsbitio-scam-exchange-ponzi-scheme-5195285

if to trade with large funds you should avoid Coinsbit because there are still many better exchanges, I myself am still in doubt about exchanging coinsbit for alleged trading bots, but I'm also not saying this is a scam and they invited many members through the airdrop event.

You get airdrop from them, and you said it was a legitimate exchange? Is there any better evidence than that? We need to rely on a lot of details to be able to judge the credibility of exchange, so the evidence you give is not enough to draw conclusions. Besides, I also heard a lot of bad information about this exchange, users are not happy with the exchange

Coinsbit is a legit exchange because I personally know some people who benefited from their airdrops. But one thing to note is that Coinbit doesn't support many countries around the world. So do check it out first before making your mind up.

Coinsbit is a very small exchange that's why many are doubting the platform, they will have bugs and issues for sure and this makes many called the exchange names without 100% assurance of any scam info, I don't see anything wrong with this startup exchange

I can easily compare coinsbit with probit and othe small exchanges, the team are small group and they are still learning, it's going to take a while before they become on par with exchanges like stex or cryptopia but they can become successful, I won't underestimate the CNB token if I were you

for two weeks now, the account has been blocked in the support only one word (expect) the question is how much longer to wait a month, a year? There is a considerable amount on the account and I also see that it’s suspended and not the exchange!

This exchange is absolutely untrusted, shit exchange, full of fake volume. Don't go for this exchange ever, you may lose your money or get stuck! CMC shows all the fake volume openly, that's why many people still believe that these exchanges are good, but the reality is, it has a very low trading volume and there is no active trader nowadays. I went to sell a bounty coin and I learned well.

Coinsbit is not a scam, every new exchanges will have issues either with slow withdrawal or payments at times but coinsbit keeps working, I got paid and I withdraw successful, all you need is to pass KYC

before i use Coinsbit and i get payout so this is not scam as my think because i don't get any bad experience form Coinsbit

It seems you are just promoting CNB token from coinsbit exchange, how can a token from a new exchange rise up to 52$ where bigger tokens from bigger exchanges that are very active never hit that high? For example binance token ATH was 30$, i think its over exaggerated for CNB token to hit 52$ unless bitcoin hits 100k, this is reality

Hello guys, Coinsbit exchange as per my opinion is legitimate because I did my KYC before getting my airdrop then i successfully get the withdrawl of CNB on 2nd jan 2020 in my MEW wallet. To check this exchange authenticity i transfer ETH and buy BTG and i got success withdrawl. I again buy CNB and everything is running perfect but the withdraw time period is around 24 hours that's a problem. User's are not happy with their services specially the guys who did airdrops and got their CNB in exchange wallet. Coinsbit make KYC verification so lengthy that some users can't even withdraw their CNB or do the trade and some users CNB were erased by the exchange. Infact, coinsbit telegram admin are so active that apart from your technical issue queries rest they will delete all the message instantly which you can see when you chat with them in telegram. Now consbit telegram admin's don't want to take any chances related to spoilage of their exchange image. Now a days they are going through an updates to make the exchange faster and more flexible for the users. I hope they will resolve all the problems related to public dealing and make the exchange better for everyone to use.
In the current scenario CNB prices are fluctuating a lot. But CNB will jump up to 52.65$ within this year that's what i expect from CNB.

Thank you guys!     

If your goal to trade there is better to avoid coinsbit.io because there are allegations of volume washing on the exchange, if you ask because you want to follow the airdrop I think you have missed the event because it's over, so I think it's better to stay away than enter into something still gray.

its normal for an exchange to recieve bitter feedbacks from other people but it does not mean its bad already , like binance for example . some people claims that binance was bad because of fake volumes and high fees , etc but to some that uses it , they dont have problems with it  .

 if your fine using coinsbit then  just be true and state your feedback  . entrusting your kyc , is also a plus point to trust them because you said you stil got paid  .

Never trade on coinsbit before and i haven't seen or hear any scam related accusation against the exchange, what i fear about the exchange is because it's new, most new exchanges are just been created to toy with people's fund and exit scam

I have never tried to trade on Coinsbit so I can't be sure it's legit or scam but the thread created by Jollygood can be used as a reference, but I think it would be better if you did your own research.

I've heard series of bad news about this exchange called coinsbit but i never for once got into any issue while using the exchange so far, i even participated in their airdrop with KYC implemented and i did get paid

Coinsbit is a scam exchange! Be carefull!

They had 2 airdrops as I know. First airdrop was 500 usd tokens worth and 2nd 200 usd worth. I registered at the 1st and got 5000 tokens. but they were not tradable at that moment. They said that tokens will be available for trading after 1st January... But now... I dont have any tokens at the account.. they just deleted them.

This is a scam excahnge definitely

200 dollars is a very approximate price. Since the CNB coin is not yet traded. To understand how much you actually paid for referrals, you need to wait for the bidding to begin. In the meantime, it's just 2,000 CNB coins.

The digits are overwhelming and completely too good to be true. Though it's not impossible for a $200 per referral but for this kind of shitty exchange that even couldn't pay a professional web designer, it's totally BS.

Highly suggest better to stay away from amateur sites even the offer is lucrative as what you can imagine.

As you said it looks like suspicious it is somehow like a scam. Being part of the crypto enthusiast, we notice some some suspicious exchange as well as it's been also a part of the coinmarket cap. Coin market cap informations is not guarantee a legit due for the system that can't be all monitor by the authorized personnel.

Well, yes.
You're right that they probably have changed due to the monitoring of the community and they don't want to turn down their visitors. They've known for it once but I guess they've really changed for good.

No, I don't miss the scenario and if I could remember correctly it happened in the year 2016. But, what I'm trying to point out now is that they are aware that the crypto community monitor such roles and they seem not to associate with any exchange site these days as fake listing is concern. However, if you the update volume on the capital market now is usually intact with the volume you'll see on each exchange site is you go through their official site.

Negative reviews of the relative majority of cryptocurrency exchanges are very common, but I do not want to take risks and always use only the most rated exchanges.  Nevertheless, despite the fact that many exchanges have a negative rating, many traders continue to use them.

Agree, also for now they got bad reputation and that stop me to trade on them that's why I always prefer binance for safe keeping of my trading balance and I can assure that they are strong but in coinsbit maybe I will think about it since for now it's a big no and people shouldn't do any test trades using big amount since possibly they will get compromise in single instance.

They have over a million users and all exchanges are populated with bots. If there's an api, then there's going to be bots. I deposited a small amount of BTC, traded it for DOGE and was able to withdraw the DOGE. So, I would say that as of right now the exchange is legit. However, this could change at any moment. You never really know about these kinds of places. That's why it is recommended that you don't keep your funds on an exchange.

Just cause you do not hear it does not mean it is not doing it. But you are right,,, presume innocent always until proven guilty.

On the other hand, when you have to give an exchange your money, you should at least go for someone who has a lot to lost by stealing. Binance for example makes so much money they would bend over a lot before they eventually gave up and could not pay people their funds. Coinsbit has to prove itself and gain the same reputation before you can consider them in the same way.

For me its suspicious because the design is quite the same with some fake exchange . Visit p2pb2b.io you will notice it.  Actually its been months  my coin is listed but unfortunately i cant deposit in it unlike others options . I already made a research but nothing ,, there's no specific information about that exchange even feedbacks.

This airdrop program is never good. they offer too virtual prices and this will never happen to businesses that lie. they just want to take our KYC and then sell it to businesses that need it and they have huge profits. This is something commonly found in phishing businesses now and never do KYC and send it to them. Besides, Coinsbit will soon be a scam exchange when they introduce unrealistic policies and only want to profit from greedy people. This is not the action of a potential and reputable business.

You have not heard that the exchange is running away the customer's money because they almost have zero customer. That is the only reason for having a clean record. They can hardly receive a truthful review because there is almost no one who can give them that. That volume is clearly a manipulated or fake one. This exchange is populated by bots. Too high volume of an unheard exchange. Wash trading must be very rampant in this site.

Many negative feedback from users there , but i never heard the exchange is carry away their customers money.
But one thing that i know they held airdrops for 500$ worth value of their coin and ask the participant for doing KYC. But i think the real value will not reach 500$ instead of jusst under 50$, mark my words it will happen next year.

I guess you missed those times where they've been exposed to be faking out the volume of their chosen exchange. I don't know the drill on how they do that but they've known for that.
Apparently, they might have changed and they don't do it anymore, we don't know.

yes do not for the sake of hundreds of dollars worth of airdrops all people are tempted to put funds there, until now they have not changed their behavior and what is not good in it, their bad reputation should be fixed but not at all even though they actually know their stock exchange reputation is bad in this forum, why not fix, this is what to watch out for when people put money there they will disappear or cheat with your funds

This volume is completely fake  Never ever, such exchange as Coinsbit would have such a huge volume, they are doing the same wash trading garbage as p2pb2b exchange and all other analogs that were created by the same scheme.

Overvaluation in the crypto market is normal, there are businesses when the IPO also overprices their stocks. This is not so different, they just want to promote something and this is a marketing trick. In addition, it does not imply any other meaning. The fraudulent signs are that they offer lending programs with high interest rates and are alleged by some customers who have problems with transactions. IDAX is an example and you should review all the bad news about it for more experience.

That doesn't matter and the last time I checked some crypto trader are fine with the current exchange site they used. Besides, have you checked the exchange site ranking by Alexa base on the visitors and users staying on site which will make you understand what was said about the exchange site to be truth.

From my observations, Coinsbit.io are using bots and wash trades to fake bigger volume and being ahead on CMC and others.

This is personal opinion only, but I'm avoiding any exchange when I observe such practices. You could trade all these top pair in more reputable exchanges. There is no need to risk with Coinsbit.io.

From the string of accusations, we can conclude how the actual Coinsbit exchange, maybe that's what they offer in large numbers in the form of airdrops and ponzi schemes, I myself have never registered in this fight if there is already a negative feed like this.

Of course storing your crypto with this non popular exchange is a huge potential that you funds will going to be scammed or even hacked internally. Maybe the participation of the airdrop would be a good attempt just to have a test on how legit are they. I am not saying they're not going to be trusted, at least you're careful with your asset before it's too late.

Coinsbit is an exchanger, but here I advise you not to trade there because there are still many in the exchanger industry that have good quality and have guaranteed security in this case protection against user data and portfolios. Coinsbit holds airdorp for every new user and they are entitled to get free coins from coinsbit by passing the KYC verification, you should be careful not to give your real data especially to new exchangers and don't be tempted by the rate of coinsbit let alone you see harag from coinsbit at CMC, it doesn't make much sense to me. You should be careful and stay away from it, because there are many indications of scam and many threads and users talk about it.

Posting there accusations made by the people who encounter or  found and issue on coinsbit.

https://bitcointalksearch.org/topic/coinsbitio-scam-exchange-ponzi-scheme-5195285
https://bitcointalksearch.org/topic/coinsbitio-exchange-thread-bots-posting-5194551
https://bitcointalksearch.org/topic/scam-alert-list-created-by-jollygood-5146438

In addition to those claims you can use the search bar of scam accusation and you can see the listed  threads above.

And for this we can tell that we can't trust coinsbit so best for you to find a good reliable site if you want to trade safely. And also don't trust easily if they said  they will give such huge amount since for sure some of those platforms offer that is scam and that's their bait to lure people on there platform.

I don't want to say they are scams, let people have value, their site is similar to p2pb2b I think they have one founder, nothing different from the appearance of their site, as some people say here is true that they deceive many people with fake trading volume use bots like p2pb2b, so what is their purpose to do that is just to catch lots of users, even to attract their users to hold airdrops for new users by giving some CNB tokens to those who qualify, I'm not sure about their airdrop that their tokens are worth later, so my advice is avoid to trade there or save your money on that site

Maybe not a scam
But the allocation for the airdrop is what can make people think that this is a scam ! $200 for just one referral ? I think this is impossible

some people who follow the news and read information in the Reputation/Scam Accusations thread must know that coinsbit is a scam BUT not everyone has the same opinion because it's just an accusation (it could be true/false) in fact there are still many people who spread coinsbit reff links on social media to get benefits per referral, meaning that many people who believe in coinsbit (outside the forum bitcointalk). up to you, want to believe it or not is your decision but many people here advise to leave coinsbit and choose another market exchange that is trusted. I myself am neutral, because I am not a victim of coinsbit (have never experienced).

Though I didn't face any problem and I am not regular user of coinsbit exchange.But there are lot of bad reputation of coinsbit.You can take a look in this thread.
JollyGood made a topics about coinsbit and P2PB2B exchanger.
Thread link: https://bitcointalksearch.org/topic/beware-of-super-scam-p2pb2b-claim-to-be-worlds-biggest-exchange-5192497

I don't the coinmarketcap are the one to be blame for exchange fake volume listing because the last time i checked the volume showed on each exchange site is what capital market bot updated but if we are talking about coins fake listing then there's a chance that capital market may be part of the volume modifying.


You're right but only the newbies will fall for such a trick because the token they are going to give will worth nothing. Aside from that, their KYC issue is pain in the butt.

nahh, Now with this thread, it is clear that Coinsbit is indeed an exchange of fraud. The OP can see this thread clearly that their fraud is almost the same as the ponzi scheme especially with the allocation of tokens that are so large for airdrops and I think this is illogical.
Coinsbit also often manipulates volume prices that are not real what is proud of this exchange so I think there is no need to follow this exchange.

be careful with coinsbit.io because this is already indicated exchange scam. Because coinsbit is managed by the CEO of p2pb2b which has been indicated by a scam in advance.

You can see the discussion in this thread that I gave:
https://bitcointalksearch.org/topic/coinsbitio-scam-exchange-ponzi-scheme-5195285

why are youa sking this?looking for exchange to use?or just concern for others to be victimized?

i don't know this exchange and this is the first time i heard about this but checking the forum there are issues that they are facing and its about the volume activities it is not best or recommended to use.

better keep away from this one and KYC verification that will pay you hundreds of dollars?common man why would a legit exchange do that?spending big money just for KYC?no way .

I cannot say that this exchange is good or not, it is up to them, what is important is that we must be aware of the exchange, there are many negative feedbacks about this exchange so you must avoid it before it happens to you.
Using Airdrop with such huge marketing, I am actually not quite sure what Coinsbit shared in Airdrop, but it's up to you whether you want to join or not, because Airdrop is free, it's just that it requires KYC verification.

This depends on your definition of scam. But i would say that avoid in all cost, the volume of coinbit is just wash trading, and probability of an exit scam in some point is high. There's really no need to use it when you can use more reputable exchanges. If that's the only place that listed some shitcoin you are into, then maybe that tells more about the state of that shitcoin. In that case you should sell it there and move your money elsewhere.

If they ask kyc for that, it's probably not worth it.

I see some videos on YouTube where they tell people to register and they will get some tokens, but the main problem is they ask kyc, and i really can't trust all new exchange sending id and all on just for some of their tokens which may worth dust, so is really people choice.

I don't have any experience using them but I'll remind you that coinmarketcap has been known for making their records modify and pumping the volumes of the exchange they want to even it's not real.

I will advise you to always search through the forum next time before you answer people's because in other not to mislead newbies because the mentioned exchange site by the OP is been accused of taking volume list and bot trading activities. Besides, the exchange was said to be own by the owner of the p2pb2b exchange.

hello guys,
Coinsbit.io is legit exchange? or its scam?

for example, have budget for airdrop - and marketing - 150 000 000 usd?