CoinsBank.com Debit Card Review
CoinsBank is an all-in-one gateway to blockchain services. With the wallet, prepaid bitcoin debit card and bitcoin exchange CoinsBank offers complex services to their bitcoin clients for both sellers and buyers. Whether it is shopping online or at a local store, it is as easy to send money as clicking on a button or sending an email with the CoinsBank bitcoin debit card.
Although there is no ’About’ section on the website but luckily their Linkedin profile is honestly updated. CoinsBank is new to the industry as it has been only launched in 2016. CoinsBank launched with their universal crypto solution on April 4th, 2016 in connection at the Money 2020 Europe event in Copenhagen. Their headquarter is based in Edinburgh in the United Kingdom.
The dannish CEO, Ronny Boesing has plentiful experience in the cryptocurrency world, has been founded exchanges himself. CoinsBank has a very complex ownership structure. The coinsbank.com site is operated by CB Exchange LP, a UK company registered in 2015 where the general partners and the limited partners are both offshore companies. The financial services are provided by XBIT LTD that is registered at Belize.
CoinsBank tries to be in the centre of the bitcoin community by organizing events featuring industry experts and competitors. In October, 2016 they hosted a conference in Turkey where they brought together industry representatives at a resort for two days. The first event was such a success that they immeditately organized another one in mid 2017, when the CoinsBank blockchain event will be held on a cruise ship.
CoinsBank on Social Media:
- Twitter: https://twitter.com/coins_bank
- Facebook: https://www.facebook.com/coinsbankofficial
- Linkedin: https://www.linkedin.com/company/10576495
CoinsBank provides universal crypto solutions. They offer a bitcoin wallet for the cryptocurrencies that can be purchased at their crypto exchange that is a leading platform for crypto traders. This digital money can then be spent with their VISA issued bitcoin debit cards online or at local stores. The applications makes the CoinsBank platform accessible from PC, smartphone or any mobile devices running on Android and iOS systems. They also provides solutions for merchants to accepts bitcoins at their online or offline shops.
The wallet is perfectly united with the CoinsBank bitcoin debit card. The CoinsBank bitcoin debit card allows instant conversion between major fiat currencies like USD, EUR, GBP and RUB, popular other fiats like CHF, AUD, JPY and cryptocurrencies as bitcoin and litecoin. The cards can be virtual or plastic ones based on the user’s request.
The plastic CoinsBank cards can be shipped with airmail for a price of 4.95 EUR which includes a tracking number. The DHL Express delivery cost 39.95 EUR, which provides the shortest possible timeframe for delivery.
There are six types of CoinsBank bitcoin debit card available for users. The No-name card is for clients who wants to keep their privacy as much as possible. The cash withdrawal is limited to 2000 USD, online spending at 30 000 USD. A sub-type, the No-name Limited card is available for all residence in any country (including the United States and India), but the limits are very low, as the card turnover is maximized in 300 USD, although users may order unlimited number of cards from this type. However from other types of cards are not allowed for citizens of the US, India, many countries in Africa and Middle-East.
Verified users may choose from two cards with lower fee schedule. One is the Name card, which is issued personally to users who are residents of non-restricted countries. The cash limit is 2000 USD, but there is no limit for online purchases. The other option is the Named White card, which offers the same limits but lower commission rates for a higher one-time card price.
The verification process is based on proof of identity and proof of residence. There are certain levels the clients can pass during the verification process when their limits become higher and higher at each card type.
The virtual cards can be issued within 5 minutes and valid from 1 month up to 3 years with a limit of 2000 USD on online purchases. There is also another option, the Virtual Prepaid card that can be preloaded with 100-2000 USD.
CoinsBank offers several additional feature linked to the client’s account. It is possible to restrict the usage of the CoinsBank card to one country. Individual accounts can be prioritized, linked and unlinked to a card at any time. Daily, monthly and card limits can be set by the users themselves on any the platform directly or within the apps.
CoinsBank also offers a bonus of daily cashback for the money spent with their card. For every cent spent with the CoinsBank bitcoin debit card the platform rewards users with 10 satoshi daily.
Fees and Pricing Schedule
The fees at CoinsBank is depending on the type of card users order. No-name card cost 14.95 USD, Named card is 9.95 USD. Card activation costs additional 9.95 USD. The monthly fee is 1.95 USD. They also charge inactive users from the second year 4.95 USD per month, so users must pay attention to close the account at CoinsBank if they do not intend to use their services any longer.
The withdrawals from ATMs costs 4.95 USD generally, but they charge 9.95 USD on the Named-Limited card. POS usage is only free for the Named card. Otherwise it cost 0.95 USD per transaction. Currency conversion rate is between 2.5% and 5%.
The Named White card cost 99.95 USD but there is no additional fee, except for 3.95 USD per transaction at ATM withdrawals and the 2.95% currency conversion rate which is applied for foreign purchases.
The virtual cards cost are depending on the validity of the card. A card valid for 1 month costs 2.95 USD, the 3 month card cost 4.95, the 1 year card is 9.95 USD. The 3 year virtual card is charged at 49.95 USD. Prepaid virtual cards does not have an issuance fee. The POS purchases is charged between 1.49-1.99 USD per transaction. Currency conversion rate is flat 3% across all virtual cards.
Top ups of the wallet in cryptocurrencies or fiats at CoinsBank is free be it bitcoin or litecoin or coming from bank transfers. The withdrawal is charged at 0.5% for cryptos and 1% for wire or SEPA transfers. CoinsBank charges the card top ups at a flat rate of 4.95 USD fee + 2.95%. They also allows users to fund the account with alternative payment system providers such as Webmoney, PayPal, Western Union, Qiwi and Perfect Money with deposits and withdrawal fees between 1-5%.
CoinsBank charges 0.5% trading fee in any currencies.
CoinsBank User Experience
On the blue platform of the CoinsBank website is very easy to navigate. All information is available within just a few clicks. The crypto exchange prices are visible on the top of the site and are within reasonable bid-offer ranges. The site have charts showing real time exchanges rates, provides analytics tools to help analyzing crypto prices.
Users appreciate CoinsBank’s services pretty much. Only one topic is opened in bitcointalk.org forum on issues experienced with the wallet, but everyone is defending CoinsBank services and seems to be happy about the platform. In case of any problems, CoinsBank Support is reachable via a ticket system operated on their platform.
CoinsBank offers an all-in-one crypto solution with wallet, crypto exchange and multiple versions of debit cards. Beside the major currencies, the services are also available for other fiats like RUB, CHF, AUD and JPY. There are six different possibilities to choose from based on account verification level. Although this is a good option for users and the service structure can be tailored to everyone’s need, but the fee structure is very complex and the overall price schedule is above average.
- all-in-one crypto provider with wallet, exchange and bitcoin debit card
- beside major fiat currencies USD, EUR, GBP, the card is available in RUB, CHF, AUD, JPY currencies too and enables litecoin accounts too
- many card possibilities based on verification level
- complex and not transparent ownership and firm structures
- free shipping is available only for premium users
- high fees apply on POS and ATM