Coinbene Review- Scam Broker Complaint

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Coinbene Scam broker Review by Fraud Brokers

Overview 

Coinbene is a name that is quite well known in the crypto industry. It is a crypto exchange company that is based in Singapore but is operated by the Chinese. In this article, we will objectively look at the good and bad about the company, and decide whether it has any scammy traits. Coibene offers really reduced fees for trading and also it makes use of its own token that goes by the name of Coni. Coni has at times been reported with really high exchange trading volumes. The exchange is available in more than 150 countries. The company seems to suggest that it deals in over 170 digital assets. And has seemed to gain quite a bit of popularity in at least the Far East side of the world.

 

About Coinbene

Looking at their own native ERC20 token, that goes by the name of Coni; It is limited to a total supply of 1 billion tokens. The holders of this token are entitled to 40% of the profit with exclusive discounts of up to 70% on the trading fee and various other benefits. The exchange has some really competitive fees. For instance it charges its market makers and takers only point 0.1 % of the transaction value. This is quite lucrative as it is much lower than the market average of about .2 5%. Also the company does not charge any deposit or withdrawal fees. While the companies that do charge also charge very small nominal fees, it is always nice if a company does not charge you anything. The company uses an in-house built web based trading platform which is quite user friendly. 

 

It is when we start looking into the origins and the leadership of the company that things start to get a little murky. It’s not uncommon to see that companies in the crypto domain not having enough information about themselves published. But it is highly alarming when a company has absolutely no information about its location or its licensors or the team behind the project. Another issue that has been reported about the company is that the website often goes down without any explanation. While it does not charge any withdrawal or deposit fee it also misses out in terms of the payment options. Coinbene does not support credit card or wire transfers. This restricts people who do want to invest but only have these payment options and haven’t yet started using online wallets. It does not come as a surprise as it is common in the cryptocurrency domain, that leverage offered is nowhere to be seen on the website.

The Verdict

While their native token has been some great heights on various exchanges, reports suggest that a lot of its data is fudged. And the numbers are inflated to attract users to the exchange. There has also been other news that has made the company infamous like allegations of sexual harassment against the CEO, who has conveniently excused himself from social media. Also there have been reports of security concerns with users suggesting that their login credentials are at risk. Given this information, we suggest investors to be cautious when investing.