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When you’re looking for a crypto exchange, you want three things: your money to be safe, your trades to go through fast, and prices to actually move. Coinbit promised all that. But if you check its trading volume today, you’ll see something very different from the promise.
What Coinbit Actually Is
Coinbit is a South Korean crypto exchange launched in July 2018 by Axia Inc., led by CEO HyunBaek Park. It’s based in Seoul and supports multiple languages - Korean, Japanese, Chinese, and English. That sounds great for international users, especially in Asia. But here’s the catch: Coinbit isn’t the only platform with a similar name. There’s also Coinsbit, an international exchange with staking, OTC desks, and fiat support. And then there’s the CoinBit mobile app - a totally separate tool for tracking crypto prices across 4,000 coins. People mix them up all the time. If you’re looking to trade on Coinbit, make sure you’re on the right site. The wrong one won’t let you deposit or withdraw your coins.The Trading Volume Crash That Tells the Whole Story
In March 2020, Coinbit’s 24-hour trading volume hit $313 million. That’s not small. For a relatively new exchange, that was a massive spike. It looked like they were gaining serious traction. But by December 2021, that number had collapsed to $85.89. That’s a 99.97% drop. Not a slowdown. Not a dip. A near-total implosion. This isn’t just bad luck. It’s a sign that users left - and they didn’t come back. When a platform loses almost all its trading volume, it means one of two things: either no one trusts it anymore, or no one can trade on it effectively. In Coinbit’s case, it’s both. Low volume means wide spreads. If you want to buy Bitcoin, you might pay 5% more than the market price. If you try to sell, you might get 7% less. That’s not trading - that’s losing money before you even start. Compare that to Binance or Kraken, which consistently trade billions daily. On those platforms, you can move $10,000 in seconds without moving the price. On Coinbit? You’d be lucky to move $100 without a huge slippage.Security Claims vs. Reality
Coinbit says it prioritizes security. That’s standard for every exchange. But security isn’t just about cold wallets or two-factor authentication. It’s about whether users feel safe enough to keep their money there long-term. If no one is trading, why would anyone deposit? There are zero public audits, no transparency reports, and almost no mention of insurance funds or reserve proofs. In crypto, if you can’t prove your solvency, you’re just asking for trouble. Meanwhile, major exchanges like Kraken and Bitstamp publish monthly proof-of-reserves. They’re audited by third parties. Coinbit doesn’t. That’s not just a gap - it’s a red flag.
Why No One Talks About It
Try searching for Coinbit reviews on Reddit, Trustpilot, or even CryptoSlate. You’ll find almost nothing. No detailed user stories. No complaints about withdrawals. No praise for customer service. That’s unusual. Even small, flawed exchanges have at least a handful of users willing to share their experience. The silence speaks louder than any review. If people were actively using Coinbit, someone would have said something - good or bad. The fact that there’s no chatter suggests either:- Very few people ever used it
- Everyone who did, left and never looked back
- It’s not even worth complaining about anymore
What You Can Actually Trade
Coinbit lists dozens of cryptocurrencies. But listing isn’t the same as liquidity. You might see Bitcoin, Ethereum, Ripple, and even obscure altcoins like Zcash or Monero. But if no one is buying or selling them, the price you see is meaningless. It’s just a number on a screen. Real trading needs depth - buyers and sellers at different price levels. On Coinbit, the order book for most coins looks like a desert. One buyer at $30,000 for BTC. One seller at $30,500. That’s not a market. That’s a stall at a flea market. If you’re a day trader, swing trader, or even a casual buyer, you need liquidity. Without it, you’re gambling, not investing.Who Should Avoid Coinbit
If you’re looking for:- A reliable place to buy Bitcoin with a credit card
- Fast withdrawals without delays or fees
- A platform that moves with the market
- Any kind of customer support when things go wrong
What Happened to Coinbit?
There’s no official explanation. No press release. No CEO statement. Just silence after the crash. Some speculate it was wash trading - fake volume pumped up to attract users, then collapsed when the money ran out. Others think they simply couldn’t compete with bigger players who offered better fees, staking, and fiat support. Either way, the result is the same: Coinbit lost its users and never got them back. The crypto market grew by 300% between 2020 and 2023. Coinbit didn’t grow with it. It shrank. And now, it’s barely visible.Alternatives That Actually Work
If you want to trade crypto without the risk of a ghost exchange, here are better options:- Binance - Best for volume, low fees, and 500+ trading pairs
- Kraken - Strong security, regulated, great for beginners and pros
- Bybit - Excellent for derivatives and spot trading, high liquidity
- Upbit - Top choice in South Korea, regulated, high volume
- Coinbase - Simple, safe, fiat on-ramps, ideal for new users
Final Verdict
Coinbit started with promise. It had a clean interface, multi-language support, and a bold vision. But promise doesn’t pay bills. Liquidity does. Trust does. Volume does. After six years, Coinbit’s trading volume is lower than the cost of a coffee in Seoul. That’s not a minor issue - it’s a death sentence for any exchange. Don’t risk your crypto on a platform that no one else is using. If you’re looking for a place to trade, look elsewhere. There are plenty of options that actually work.Is Coinbit still operational in 2025?
Yes, the Coinbit website is still accessible, but trading volume remains near zero. Most users have abandoned it. There’s no evidence of active development, new listings, or customer support. It’s technically live, but functionally dead.
Can I withdraw my crypto from Coinbit?
There are no verified reports of successful withdrawals in the last two years. While the platform may still allow withdrawal requests, the lack of user activity and support makes it risky. If you have funds there, move them immediately - don’t wait for a potential freeze.
Is Coinbit regulated?
There is no public record of Coinbit being licensed or regulated by any financial authority, including South Korea’s Financial Services Commission. Unlike Upbit or Bithumb, which are officially registered, Coinbit operates without clear regulatory oversight, increasing risk for users.
Does Coinbit offer staking or fiat deposits?
No. Coinbit does not offer staking, yield programs, or fiat on-ramps (like USD, EUR, or KRW deposits). You can only trade crypto-to-crypto. This limits its usefulness compared to exchanges like Kraken or Bybit, which let you buy crypto directly with a bank transfer.
How is Coinbit different from Coinsbit?
Coinbit (based in Seoul, South Korea) and Coinsbit (international platform) are completely separate. Coinsbit offers staking, OTC trading, IEOs, and fiat support. Coinbit does not. Many users confuse the two because of the similar names, but they have different websites, teams, and features. Always double-check the URL before logging in.
Should I use Coinbit if I’m in South Korea?
No. Even if you’re in South Korea, better options exist. Upbit and Bithumb are regulated, have high liquidity, and offer Korean won deposits. Coinbit offers no advantage over them - only risk. Stick with platforms that are actively used and supported by local regulators.
Why did Coinbit’s trading volume collapse so fast?
The most likely reasons are poor liquidity management, lack of institutional interest, and failure to compete with larger exchanges. The spike in 2020 may have been artificially inflated. Once that momentum faded, users left because they couldn’t trade efficiently. Without users, volume collapsed - and there was no recovery.
Serena Dean
28 10 25 / 17:49 PMJust saw this and had to jump in - I had $500 stuck on Coinbit last year and barely got it out after 17 days of emails. No one replied until I threatened to post on Reddit. Don’t let this happen to you. Move your coins NOW.
Also, if you're in the US, just use Coinbase. It’s boring, but your crypto won’t vanish into thin air.
James Young
30 10 25 / 02:05 AMThis is such a weak take. Coinbit’s volume crash? Obviously fake volume from the start. Anyone who traded there in 2020 was either a sucker or a shill. You think Binance didn’t pump their volume too? Everyone does. But at least Binance has the liquidity to back it up. Coinbit? A ghost town with a fancy UI. Pathetic.
And don’t even get me started on people still using it. You’re not investing - you’re donating to a scam.
Chloe Jobson
31 10 25 / 18:02 PMLow volume = low trust. Simple as that.
Security features mean nothing if no one’s trading. Liquidity is the oxygen of crypto exchanges. Without it, you’re just staring at a digital statue.
And the lack of audits? Red flag city. If you can’t prove you’re solvent, you’re not a platform - you’re a waiting room for a bank run.
Andrew Morgan
2 11 25 / 06:52 AMMan I remember when Coinbit was popping in early 2020 like it was going to be the next big thing
Everyone was talking about it in the Korean crypto groups
Then one day... poof
No updates no news no support just this empty website with a loading spinner and a bunch of coins that nobody wants to trade
It's like walking into a restaurant that's open but the kitchen is gone and the waiters are all asleep
Still open? Yeah. Still alive? Not even close
Michael Folorunsho
3 11 25 / 00:03 AMOf course it collapsed. South Korean exchanges are a joke unless they’re regulated. Upbit and Bithumb have government backing. Coinbit? Some guy named HyunBaek Park with a website and a dream.
And you want to trust your assets to a platform that doesn’t even publish proof of reserves? That’s not crypto. That’s Russian roulette with your private keys.
Don’t blame the market. Blame the incompetence. And the fact that Americans still consider this a viable option? Embarrassing.
Roxanne Maxwell
3 11 25 / 19:02 PMI used to trade on Coinbit back when I was new to crypto. I thought the interface was so clean and the support seemed nice at first.
Then I tried to withdraw a tiny amount of ETH and it took 11 days.
I didn’t even complain - I just moved everything to Kraken and never looked back.
It’s not about being angry. It’s about protecting yourself. And honestly? I feel bad for anyone still holding there.
Jonathan Tanguay
3 11 25 / 22:02 PMOkay so let me get this straight you’re saying Coinbit is dead because volume dropped from 300 million to 85 dollars? That’s like saying your car is dead because you drove it 10 miles instead of 1000 miles
What about the fact that most exchanges have seasonal dips? What about the fact that after the 2021 crypto crash EVERYONE had volume drops? You think Binance didn’t dip? Of course they did but they had the cash reserves and brand loyalty to bounce back
Coinbit didn’t have either and that’s why it died but you’re acting like this is some unique crime when in reality this happens to 90% of alt exchanges
And you’re listing Binance Kraken Coinbase like they’re saints? Have you seen the fees on Kraken? Or the customer service on Coinbase? Or the way Binance gets raided by hackers every 6 months? Hypocrites
Ayanda Ndoni
5 11 25 / 12:36 PMYo bro I tried Coinbit last year and my withdrawal just vanished
They never replied to my ticket
I even sent them a voice note in Zulu asking for help
Nothing
Now I just use Luno
At least they answer when you call
Even if they’re slow
At least they care
Elliott Algarin
7 11 25 / 07:00 AMIt’s funny how we treat exchanges like they’re living things. We say they’re ‘dead’ or ‘alive’ like they have a soul.
But really, they’re just code. Servers. Balance sheets.
Coinbit’s code still runs. The servers are still up.
But the human trust? That’s gone.
And that’s what matters.
Not uptime. Not listings.
Just whether people believe it’s safe to be there.
John Murphy
7 11 25 / 21:31 PMI checked Coinbit last week just out of curiosity
Still has the same interface
Still lists BTC ETH LTC
But the order book for BTC has one bid at 30k and one ask at 30.5k
That’s not a market
That’s a screenshot from 2019
Wish I’d moved my coins sooner
Zach Crandall
8 11 25 / 01:46 AMAs a Canadian who has traded on over a dozen international platforms, I can say with absolute certainty that Coinbit represents the worst-case scenario of unregulated crypto infrastructure.
The absence of fiat on-ramps, the lack of regulatory compliance, the silence from leadership - these are not minor oversights. They are structural failures.
Any user who deposits funds into such a platform is not engaging in crypto investing - they are participating in an unlicensed financial experiment with no safety net.
It is not a matter of preference. It is a matter of risk management.