CoinsBank Card only supports two cryptos: Bitcoin and Litecoin.
The card will most likely support even more cryptos in the future.
With respect to fiat currencies, CoinsBank Card supports AUD, CHF, EUR, JPY, RUR and USD. This is a competitive selection of supported fiat currencies.
CoinsBank Card is a VISA-card, meaning that you can use it at any point of payment that accepts VISA. This is of course a great advantage, seeing that VISA is the most widely accepted card in the world (alongside MasterCard).
US-investors may also use this card.
CoinsBank focuses on their universal crypto solutions and they offer a bitcoin wallet for the cryptocurrencies that can be bought at their crypto exchange that is a leading platform for crypto traders. They offer VISA issued debit cards that link with their bitcoin platform. These cards can be used at both local stores and online.
CoinsBank also tries to help sellers with their bitcoin transactions, and they give merchants easier opportunities to get involved with bitcoin, allowing the market to open up by giving buyers more places to use their cryptocurrencies. The applications make the CoinsBank platform accessible from any desktop, tablet, or Smartphone devices that have Android or iOS systems.
Additionally, CoinsBank offers a range of base currencies that many other major bitcoin debit card providers don’t provide, including major fiat currencies like USD, EUR, GBP and RUB, popular other fiats like CHF, AUD, JPY and cryptocurrencies like bitcoin and litecoin. These currencies can be used on their plastic cards or virtual cards, depending on the user’s preference.
Regarding delivery, CoinsBank offers a surprisingly affordable delivery rate. The plastic CoinsBank cards can be shipped with airmail for a price of 4.95 EUR. This includes a tracking number. On the other hand, the DHL Express delivery cost 39.95 EUR. This provides the shortest possible timeframe for delivery.
There are six types of CoinsBank bitcoin debit card currently available for users, and these include:
CoinsBank gives users the option to customise certain features that they may not initially think about. For instance, you can link, unlink, and prioritise individual accounts to any card whenever you want. You can also choose to restrict the usage of your card to one country. You should know that verified users can set up their own daily and monthly limits for the accounts linked to their card.
CoinsBank offers six different types of cards. This means that the fees largely depend on which card you use. The Named card costs $9.95, while the No-name card costs $14.95. You also pay an additional $9.95 for card activation with a monthly fee of $1.95. It is important to note that they also charge inactive users from the second year $4.95 per month. This means that users have to pay attention to close the account at CoinsBank if they do not intend to use their services any longer.
Withdrawal fees also depend on the type of card you have. The withdrawals from ATMs cost $4.95 generally. However, they charge $9.95 on the Named-Limited card. POS usage is only free for the Named card, otherwise it costs $0.95 per transaction.
The most expensive card is the Named White card at $99.95. However, this card also offers a generally lower fee of 2.95% currency conversion rate for foreign purchases (as opposed to the 3-5% of the other types of cards).
The virtual cards cost are depending on the validity of the card, for example a card valid for 1 month costs $2.95, the 3 month card is $4.95, the 1 year card costs $9.95, and the 3 year virtual card costs $49.95. Prepaid virtual cards do not have an issuance fee, and currency conversion rate is flat 3% across all virtual cards. The POS (Point of Sale) purchases are charged between $1.49-$1.99 per transaction.
Top ups of the wallet in fiats or cryptocurrencies at CoinsBank is free. It doesn’t matter be it litecoin or bitcoin or coming from bank transfers. The withdrawal is charged at 1% for wire or SEPA transfers and 0.5% for cryptos. CoinsBank charges the card top ups at a flat rate of $4.95 fee + 2.95%, and they also allow users to fund the account with alternative payment system providers such as Perfect Money, Qiwi, Western Union, PayPal, and Webmoney with deposits and withdrawal fees between 1-5%. A trading fee of 0.5% is charged in any currencies.
CoinsBank is issued by the same company responsible for Wirex, so you may think that you will have similar issues with the mobile phone number for registering and that it will refuse your registration because of an invalid number and that you should use a number from a different network provider. However, that is not the case, and the number that was rejected by Wirex will be accepted by CoinsBank. However, there is a problem. It will take some time before you receive the confirmation code on your phone.
The following currencies are supported by Coinsbank: Litecoin (LTC), Bitcoin (BTC), Australian dollar (AUD), Japanese yen (YEN), Swiss franc (CHF), Russian ruble (RUB), British pound sterling (GBP), US dollar (USD), and euro (EUR).
Sadly, CoinsBank only provides no-name limited cards to US residents and they are not allowed to get named and virtual cards. Similarly, the following countries may only avail of no-name limited cards: Yemen, Zimbabwe, Sudan, South Sudan, Pakistan, Panama, Laos, Liberia, Central African Republic, Eritrea, Angola, Afghanistan, Venezuela, Uganda, Sierra Leone, Somalia, Nigeria, Nicaragua, Kenya, North Korea, Côte d’Ivoire, Ecuador, Algeria, Syria, Tajikistan, Rwanda, Romania, Nepal, Niger, Iraq, Indonesia, Cambodia, Congo DR, Suriname, Swaziland, Paraguay, Papua New Guinea, Myanmar, Namibia, Haiti, Iran, Belize, Congo, Paraguay, Papua New Guinea, Libya, Mali, Mozambique, Guinea, Guyana, Guinea-Bissau.
Residents of the following countries are not allowed to obtain named and virtual cards: Zambia, Zimbabwe, Venezuela, Uganda, Togo, Tokelau, Sierra Leone, Senegal, Niue, Palau, Madagascar, Mayotte, Iran, Islamic Republic of Mauritania, Guam, French Polynesia, Democratic Republic of the Congo (DRC), Ivory Coast, Cameroon, Cape Verde, Ascension and Tristan da Cunha, Belize, Yemen, Wallis and Futuna, Uzbekistan, United States, Tajikistan, Timor-Leste, Saint Helena, Samoa, New Caledonia, Nigeria, Malawi, Mali, Kosovo, Kiribati, Ethiopia, Ghana, Burundi, Cambodia, Algeria, Bangladesh, Vietnam, Western Sahara, Tunisia, Tuvalu, Syria, Swaziland, Rwanda, Palestine, Nauru, Niger, Libya, Macao, Kenya, Democratic People’s Republic of Korea, Haiti, India, Equatorial Guinea, Eritrea, Comoros, Congo, Botswana, Burkina Faso, Afghanistan, American Samoa, Turkmenistan, Vanuatu, Angola, Bolivia, Benine, Central African Republic, Chad, Cook Islands, Egypt, Guinea, Guinea-Bissau, Lesotho, Liberia, Montserrat, Namibia, Pitcairn, Puerto Rico, South Sudan, Sri Lanka, Tanzania, Tonga, Djibouti, Gabon, Gambia, Honduras, Iraq, Kyrgyzstan, Laos, Lebanon, Mozambique, Myanmar, Pakistan, Somalia, Sudan.
CoinsBank does not brag anything on its website about how secure it is, but there’s at least SSL encryption. Users’ data have basic protection from snooping or other forms of electronic data theft, and CoinsBank also has a reassuring system when logging in.
Furthermore, logging in is not the usual entering of a password and username, and you will be asked for three details to log in: your mobile phone number, password, and a confirmation code. You can’t proceed to accessing your account without the confirmation code, which is sent to you once you enter your mobile number and your password. This means that it’s not enough for somebody to know your password and username (mobile number) to be able to use your account, and they also need to get the confirmation code that you can only obtain through your mobile phone.
When using CoinsBank, you can be anonymous to a limited extent—that is if you limit your use to the no-name card service. CoinsBank conducts identity verification procedures for the rest of its services/functions. It requires users to submit documents that serve as proofs of their identity. If users are deemed to have not satisfied the required identity verification, the company reserves the right to conduct further verification procedures. It is worth noting that, on users who are residents of countries included in OFAC and FATF lists, an in-depth primary and periodic analysis may also be undertaken.
The process of adding funds is similar to how it is done with other bitcoin debit cards, which means that you just make a deposit through the Deposit interface. For the cryptocurrency accounts, just make a deposit to the address indicated, while for fiat currency accounts, deposits can be made through bank transfers, OKPay, Perfect Money, Sepa, Qiwi, or debit/credit card.
The minimum deposit allowed is from 10.00 EUR/USD to 500 EUR/USD. On the other hand, the maximum deposit allowed is from 500 EUR/USD to 5,000 EUR/USD. It is important to note that all the maximum and minimum deposit amounts are indicated in the payment method interface.