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Coinsbit: A Review of the "Failed" Platform | Fake Trading Volume, Failed Withdrawals, and High-Risk Warnings
6 months before
Summary：Coinsbit: A Ukrainian exchange has been criticized for fake trading volume, failed withdrawals, and token scams, and has been labeled a high-risk platform that is suspected of running away.
1. Summary of Evaluation Conclusions
Founded in 2018 and headquartered in Ukraine, Coinsbit once claimed to be "Eastern Europe's largest exchange." However, industry research and user complaints revealed significant falsification of trading volume and frequent withdrawal difficulties on the platform. Some IEO project tokens were even accused of being outright scams, leading Coinsbit to be considered an extremely high-risk platform, suspected of being a scam.
2. Platform Background Review
Place of registration : Ukraine;
Business model : spot trading, IEO listing, and custody;
Slogan : It once claimed that its daily trading volume was billions of dollars;
Focus of dispute : Transaction volume authenticity and user funds security.
3. Timeline of the Thunderbolt Incident
2019–2020 : Accused by multiple third-party data companies of inflating trading volumes;
2021–2023 : Users complained about withdrawal failures or delays on Trustpilot and Reddit;
2024 : IEO project tokens frequently break their issue price or even return to zero, leading to accusations of “user exploitation”;
2025 : Industry media still lists it on the "high risk list".
4. Signs of a scam/runaway model
Fake trading volume : The platform is heavily involved in fake orders, creating a false prosperity;
Withdrawal is blocked : User funds cannot be withdrawn in time;
Project scams : IEO projects generally fail and are suspected of being scams;
No strong supervision : lack of compliance licenses, in a gray area.
5. Risk Rating (BrokerHiveX Standard)
| Dimensions | Rating (0–10) | Comments |
|---|---|---|
| Fund security | 2/10 | Withdrawal issues are serious and the risks are extremely high |
| Compliance supervision | 1/10 | No mainstream regulatory license support |
| transparency | 1/10 | False data, no audit disclosure |
| User reputation | 2/10 | Frequent complaints and low trust |
| Technical strength | 3/10 | There is a trading system, but no compliance guarantee |
Overall rating: 1.8/10 (high risk suspected platform)
VI. Media and Community Evaluation
CoinGecko & CMC : Their weights have been lowered several times due to inaccurate data;
Trustpilot users : A large number of withdrawal failures and fraud complaints;
Reddit community : Lists it as a "scam exchange".
7. Investor Precautions
Avoid using Coinsbit , especially IEO activities;
Do not deposit large amounts of funds , as withdrawals are risky;
Prioritize compliant exchanges , such as Binance, Coinbase, and Kraken;
Always pay attention to negative information and stay away from high-risk exchanges.
8. Conclusion
Coinsbit, once touted as "Eastern Europe's largest exchange," has long been exposed by users and the industry. Falsified trading volume, withdrawal difficulties, and a token scam have made it an extremely high-risk platform, potentially facing closure.
Final Verdict: Coinsbit = High risk, suspected of absconding, stay away from it
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