Coinsbit is a centralised cryptocurrency exchange platform that provides a wide range of digital assets trading services. It was launched in August 2018. The exchange is headquartered in Estonia and has quickly become a popular choice for traders looking to buy and sell cryptocurrencies. Since its launch, Coinsbit has experienced significant growth and has quickly established itself as one of the leading cryptocurrency exchanges in the world. According to CoinMarketCap, as of March 2023, Coinsbit has a 24-hour trading volume of over $2.5 billion, making it one of the top 30 cryptocurrency exchanges in the world.

Coinsbit has also received recognition for its security measures. The exchange uses advanced security protocols, including two-factor authentication (2FA) and biometric authentication, to protect users’ accounts and funds. In addition, Coinsbit stores the majority of its funds in cold storage wallets that are offline and inaccessible from the internet, providing an added layer of security.

One of the standout features of Coinsbit is its low trading fees. The exchange charges a flat fee of 0.2% per trade, which the industry average. This makes Coinsbit an attractive option for traders looking to minimise their trading fees and maximise their profits.

Coinsbit also offers a wide range of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, and many more. The exchange supports over 100 trading pairs, providing traders with plenty of options for diversifying their portfolios.

QBT is now listed Coinsbit. This is a major milestone for Queenbots, a big step towards our goal of making DeFi accessible to a wider group of people. 

WIth QBT now available on coinsbit, users can easily trade and acquire the token, further opening them up to many benefits of the Queenbots ecosystem.

This blog will take you through the process of navigating on Coinsbit exchange.

Creating an Account on Coinsbit

Creating an account on Coinsbit is a straightforward process. Here is a step-by-step guide on how to do it:

1. Go to the Coinsbit website: The first step is to visit the Coinsbit website, which is www.coinsbit.io. You can do this on your desktop or mobile device.

2. Click on the “Sign Up” button: Once you have accessed the website, click on the “Register” button located on the top right corner of the homepage. This will take you to the registration page.
3. Fill in the form: On the registration page, you will be asked to provide your email address, password, and verification. Make sure to use a strong password and keep it safe. The verification is a simple captcha.
4. Verification process: After submitting your registration form, you will receive a verification email from Coinsbit. Click on the verification link in the email to confirm your account. If you did not receive the verification email, check your spam folder.
5. Two-factor authentication (2FA): Once you have successfully verified your account, you will need to enable two-factor authentication (2FA) for added security. You can do this by downloading the Google Authenticator app and scanning the QR code provided by Coinsbit. This will generate a unique code every time you log in, making it much harder for hackers to gain access to your account.
6. KYC Verification: You will also be required to complete KYC (Know Your Customer) verification by providing your personal information, such as your full name, date of birth, and address. You will also be asked to upload a copy of your government-issued ID, such as a passport or driver’s license. This is a standard procedure for most cryptocurrency exchanges and is designed to prevent money laundering and fraud.
7. Account activation: After completing the KYC verification process, your account will be activated, and you can now start trading on Coinsbit. You can deposit funds into your account using a variety of payment methods, including bank transfers and credit/debit cards.

Buying and Selling on Coinsbit

Now that you have created an account on Coinsbit, you can start buying and selling digital currency on the platform. Here is how to do it:

1. Deposit funds: The first step is to deposit funds into your Coinsbit account. You can do this by clicking on the “Deposit” button located on the top right corner of the dashboard. Select the currency you want to deposit, such as USD or INR, and follow the instructions. You can deposit funds using bank transfers, credit/debit cards, or cryptocurrency transfers.
2. Choose the cryptocurrency you want to trade: Once your funds have been deposited, click on the “Trade” button on the top menu and select the cryptocurrency you want to trade. Coinsbit supports a wide range of digital currencies, including Bitcoin, Ethereum, Litecoin, and many others. QBT currently has one trading pair, QBT/BUSD,  and therefore you’ll need to have BUSD in your account before buying QBT.

3. Choose the trading pair: After selecting the cryptocurrency you want to trade, choose the trading pair. For QBT, you can choose QBT/BUSD. This will determine the exchange rate and the value of the trade.
4. Place your order: Next, you can place your order by choosing either a market order or a limit order. A market order is an order to buy or sell a cryptocurrency at the best available price, while a limit order is an order to buy or sell a cryptocurrency at a specific price. For example, if you want to buy QBT at a specific price, you can set a limit order for that amount. Once you have placed your order, click on the “Buy” or “Sell” button to execute the trade.
5. Monitor your order: Once you have placed your order, you can monitor it on the “Open Orders” tab. This will show you the status of your order, including whether it has been filled or not. You can cancel the order at any time if you change your mind or want to adjust the price.
6. Withdraw funds: If you want to withdraw your funds, click on the “Withdraw” button and select the cryptocurrency you want to withdraw. Enter the amount you want to withdraw and follow the instructions. You can withdraw funds using bank transfers, cryptocurrency transfers, or other payment methods.

Coinsbit is a reputable cryptocurrency exchange platform that offers a variety of trading services for digital assets. Creating an account on the platform and buying or selling digital currency can be done with ease by following the steps provided in this guide. However, it is crucial to conduct your own research and fully comprehend the potential risks involved in trading cryptocurrencies. As with any investment, it is important to exercise caution and make informed decisions. By doing so, you can make the most of the opportunities presented by the cryptocurrency market while minimising the risks involved.