Coinbank Review - Czech exchange office with the largest selection of cryptocurrencies

"Buying and selling cryptocurrencies easily, quickly and safely without the need for your own wallet." That's what he writes Coinbank on your website. If you want to choose from a large number of altcoins, this exchange office is exactly right for you. It is a Czech platform that has been working smoothly since 2017. Its biggest advantages include its own stock exchange wallet, which outperforms its competitors in the Czech Republic, and a choice of more than 200 cryptocurrencies.

It is worth mentioning that you do not buy cryptocurrencies directly from CoinBank, it "only" mediates the transaction. It actually buys cryptocurrencies on world stock exchanges such as Binance, Kraken or Bittrex Coinbank Exchange has also operated an exchange since 2021 Coinbank Trader, which allows you to trade with other traders, however, the fees for this service are 1%, so compared to the competition they are very high. For example, on the Binance cryptocurrency exchange, it is possible to trade with others for a fee of 0.1 %.

Visit the exchange office

Basic information

Coinbank reviews

CoinBank is a Czech exchange office founded in 2017, with the help of which the company MipSoftware sro offers the exchange of cryptocurrencies to its Czech customers. The platform supports payments in crowns, dollars or euros, which you deposit into a merchant account by bank transfer. CoinBank does not support another payment method (except for deposit and withdrawal in cryptocurrencies).

Look no further for the CoinBank exchange office platform. It is a very simple, straightforward and pleasant user environment, where you can buy the cryptocurrencies you want without unnecessary. Even navigation in account settings and identity verification is absolutely simple, so it is also ideal for complete novices.

The strong point of the exchange office is therefore a simple web platform that does not need to be downloaded or installed. On the contrary, the disadvantage is worse exchange rates. For example, for Bitcoin, the spread between the purchase and sale price (spread) is relatively small (4.5 %), but for the cryptocurrency Ethereum it is almost 10 %.

Another great advantage is, of course, the Czech environment of online exchange and sending funds in the Czech Republic. Thus, the investor does not have to solve possible problems in foreign languages and does not have to worry about fees from his bank for conducting foreign transactions.

Visit the exchange office

Coinbank fees

In terms of the fees themselves, CoinBank can be assessed very positively.

It is free:

• deposit of funds (CZK, EUR, USD, cryptocurrencies)
• purchase and sale of cryptocurrency
• withdrawal of funds in CZK and EUR

However, the fee is paid for the selection of cryptocurrencies and results from transaction costs on global cryptobourses, which CoinBank cannot influence. This fee is not a source of income and the amount is determined by the network.

However, what should interest every customer is the difference between the purchase and sale price of different cryptocurrencies. This is determined by the current offers on world stock exchanges used by CoinBank and the CoinBank margin. Trading is never and nowhere completely free.

You will always see the current spread of selected cryptocurrencies on the home page. This seems to be probably the biggest disadvantage of CoinBank, as the spreads are relatively high here, but by Czech standards it is more or less standard and perhaps it is also one of the more advantageous options that the domestic market offers.

For example, for the most well-known cryptocurrency (BTC), on the day of writing this review, the difference between the purchase and sale price was 4.5 %, and for the cryptocurrency Ethereum, the difference was already around 10 %. In particular, some altcoins have a rather high spread. For example, in Cardano, we are talking about more than 14 %s.

Visit the exchange office

Coinbank instructions

Create an account

Registration is very easy and especially fast. It will be created in a few seconds.

Visit the exchange office

1. Enter your name, phone number and email address.
2. Create a password.
3. Verify your email address by clicking the link in your incoming email.

Then log in to your account and go to the Buy and Sell tab. Select the cryptocurrency you want to trade. Click the Buy or Sell button, depending on the action you want.

Account verification

If you deposit less than CZK 25,000 or the equivalent in another currency, including virtual ones (in the sum of deposits since the account was opened), to a client account in CoinBank, it is not necessary to verify your account. You can trade with invested funds without restrictions.

If you deposit funds in excess of the equivalent of US $ 100, you'll need to complete basic account verification (Level 1). Otherwise, the system will not allow you to resell or sell cryptocurrencies without verification. For this verification, it is necessary to upload copies of two identity documents and fill in the questionnaire. It is possible to use an identity card or a residence permit as the first document. As a second document, it is possible to upload a driver's license, passport or health insurance card. Finally, it is necessary to send a verification payment from a bank account held in the client's name. This payment must be accompanied by a message for the recipient as follows: “Verification of CoinBank.cz first name last name”. For this reason, the deposit made in the past is insufficient, as deposit payments are accompanied by another message for the beneficiary.

If you deposit funds in excess of the equivalent of CZK 375,000 in 30 days or CZK 1,000,000 since the account was opened, you must complete a higher level of verification (Level 2), where you must substantiate your claim about the source of the funds by providing a document, ie An oral or written statement asserted by the client is no longer sufficient. The system will alert you to the need for this verification and will not allow you to make another purchase or sale of cryptocurrencies. This verification may take longer to complete.

Visit the exchange office

Coinbank exchange office

The usual process of buying a cryptocurrency begins with sending funds from a bank account. With instant payments, you have your funds ready to shop in minutes within a few minutes. Then just select the preferred cryptocurrency and confirm its purchase.

You can keep the purchased funds in your CoinBank account. You have at your disposal a chart of the valuation of the development of your portfolio, indicators of technical analysis, detailed information on cryptocurrencies in your portfolio. You can also transfer funds to your own crypto wallet at any time.

The web application informs you via emails about all significant events related to trading. You can secure your CoinBank account with a so-called two-factor verification, which thus complements other security features protecting your investment.

Coinbank Trader

It provides you with a more advanced tool CoinBank Trader trading platform. It is intended especially for more experienced investors. Unlike an exchange office, it allows you to make a purchase or sale at real market prices. You can use the same e-mail and password that you created at the exchange office to log in

In the application, you have the so-called real market depth at all times, ie a list of all active buy and sell orders on the market. You can use Limit or Market orders to secure your portfolio against exchange rate fluctuations or execute a trade at the price you expect.

The limit order can be executed immediately or remain on the market for some time. With a suitable assignment, it is possible to execute trades at prices that the client anticipates or hopes could occur. The Market order is used by a client who has decided that he wants to execute his transaction immediately.

The trade fee is set at one percent of the trade volume.

Deposits and withdrawals

In order to buy cryptocurrencies, you must deposit money into your account. Bank transfer is used for this, while CoinBank supports 3 currencies: CZK, USD and EUR. Bank transfer is also used to select fiat currencies.

Visit the exchange office

Fiat currency deposits are credited to the client's account immediately after the funds are credited to the platform's bank account, this is an automated process. CoinBank has bank accounts with Fio, Equa bank and Komerční banka. In the case of sending funds from the same bank or an immediate type of payment, the funds are usually credited within a few minutes or immediately. In the case of sending by the standard type of payment and from another bank, the crediting usually takes one working day.

Cryptocurrency deposits are performed in a standard manner. The Deposits and Withdrawals section lists all the cryptocurrencies that are on offer. Find the cryptocurrency you plan to insert in the table. After clicking on the green Insert button, you will be asked, depending on the type of cryptocurrency to be inserted, on the exact amount of cryptocurrency that you will transfer to us, or on the choice of network, and then let it continue. You will be generated a deposit address of your wallet and in some cryptocurrencies also TAG / MEMO, at the same time you will receive an e-mail containing the same information.

Most cryptocurrencies are credited to the account when the cryptocurrency appears in the blockchain with the required number of confirmations. A few cryptocurrencies are attributed manually by the operator, in which case the cryptocurrency will be credited to your account a few hours after being entered in the blockchain.

Withdrawals of CZK, EUR, USD are not sent at the moment of entering the withdrawal instruction, it is not an automated process. Outgoing payments must be authorized by the operator, who authorizes them several times a day. When you send from your bank account at Fio banka, you will receive an informative e-mail that the payment has been sent.

Payments are not sent immediately, so the money will be in your bank account within two business days at the latest. In most cases, however, by the end of the next working day. The duration depends on which bank you have an account with.

Cryptocurrency selections are subject to manual review, for security reasons. Therefore, cryptocurrencies are not sent at the moment of your order. The operator authorizes withdrawals to the target wallets during working hours approximately every two hours. Outside working hours, the intervals are longer.

You will be notified by email as soon as the operator places your cryptocurrency selection in the selection queue. Within 60 minutes, the process will be completed and you will receive a second email.

Safety

The exchange office does not say much about security. Only a few people who verify your account have access to customer data. Copies of ID documents are securely stored on a server in Microsoft Azure. He uses hardware wallets to store cryptocurrencies. CoinBank recommends that users secure their account with two-factor authentication.

In addition, CoinBank cooperates with a number of institutions. In the Contact section there is a link to the extract from the Commercial Register as well as the names and contacts of the exchange office operators. In this way, we can verify that real people are behind the exchange office and that this is not an anonymous fraud.

Visit the exchange office

FAQ

Interesting events for our readers

Binance

Obchodujte se slevou až 60% z poplatků a bonusem 600 USD

Open an account Review

Phemex

Free bonus up to $ 2,500 upon registration and deposit

Open an account Review

Bybit

Free bonus up to 3650 USD after registration and deposit

Open an account Review

All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.