Ibinex exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Ibinex offers you a secure way to buy, sell and exchange Bitcoin using your credit card, although it hasn’t been indicated by the company as to whether they are looking to expand this to include other popular cryptos such as Ethereum or Polygon.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Unavailable |
| Ethereum (ETH) | Unavailable |
| Ripple (XRP) | Unavailable |
| Solana (SOL) | Unavailable |
| Dogecoin (DOGE) | Unavailable |
| Polkadot (DOT) | Unavailable |
| Polygon (MATIC) | Unavailable |
| Cardano (ADA) | Unavailable |
| Litecoin (LTC) | Unavailable |
| Tether (USDT) | Unavailable |
In contrast, OKX lists over 350 cryptos on its platform, while Kraken offers more than 210. However, compared to its competitors, Ibinex offers a fast way to buy Bitcoin at an average processing time of just three minutes.
Payment methods
You can deposit and withdraw in CAD.
| Payment method | Limits |
|---|---|
| VISA | Requires KYC verification, ID check and a selfie |
| MasterCard | Requires KYC verification, ID check and a selfie |
| Apple Pay | Requires KYC verification, ID check and a selfie |
| Samsung Pay | Requires KYC verification, ID check and a selfie |
| Google Pay | Requires KYC verification, ID check and a selfie |
| Bank transfer | Requires KYC verification, ID check and a selfie |
Bitstamp requires KYC verification to buy Bitcoin or other cryptos but doesn’t allow the creation of personal accounts for corporate or commercial purposes. The company asks you for proof of identity, which can be a drivers license, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
Similarly, Crypto.com requires KYC checks to buy Bitcoin or other cryptos by requesting proof of residential address, a selfie and a picture of your government-issued ID or passport. For proof of address, you can provide a utility bill, correspondence from a government department or statement letters issued by a bank or authorized insurer. You also need to undergo KYC verification to deposit crypto to your Crypto.com exchange wallet.
CashtoCode eVoucher
You can’t fund your Ibinex account with a CashtoCode eVoucher as this isn’t offered at Ibinex.
Trading fees
Ibinex doesn’t explicitly outline its fees, however on its Terms and Conditions page, the company does state that each conversation service transaction is subject to transaction fees, as well as other associated fees such as commissions, bank charges, wire transfer charges, clearing house charges and network fees.
There are two options when buying Bitcoin using a credit card, both of which come with differing rates of processing fees that aren’t fixed. The more Bitcoin you buy, the cumulatively lower processing fee you pay and vice versa. For example, there is an extortionately high processing fee of over 67% to buy just $50 worth of Bitcoin but when purchasing $5,000 BTC, this rate falls to around 6% which is significantly lower.
Buying Bitcoin
| Offer | Fee |
|---|---|
| $100 for 0.00191339 BTC | 36.61% |
| $250 for 0.00616926 BTC | 18.24% |
| $1,000 for 0.02744860 BTC | 9.06% |
| $50 for 0.00049469 BTC | 67.22% |
| $150 for 0.00333152 BTC | 26.41% |
| $200 for 0.00475009 BTC | 21.31% |
| $500 for 0.01325786 BTC | 12.12% |
| $2,000 for 0.05580647 BTC | 7.53% |
| $5,000 for 0.14091262 BTC | 6.61% |
| $10,000 for 0.28273561 BTC | 6.31% |
| $20,000 for 0.56625902 BTC | 6.15% |
Staking
Staking is unavailable at Ibinex.
Is Ibinex exchange safe?
As an Over-the-Counter (OTC) exchange, Ibinex has been in operation since 2018, although they don’t specify how many customers they’ve amassed in total. Ibinex has an array of security measures in place that offer a high level of security for users, from running a bug bounty program to using data encryption for all account information.
A relatively high percentage of users (65%) rate Ibinex with five stars on Trustpilot, which is a strong indicator of safety, in addition to their Virtual Currency Service license and Digital Exchange Currency Provider registration with AUSTRAC.
The majority of reviews discuss round-the-clock customer support, a well-designed interface and a seamless trading experience. The exchange itself has not been linked with any known scams or scandals but does provide a disclaimer on its platform addressing how some clone sites have been contacting customers to request their financial information. Ibinex firmly states that they only have one official phone number and they’ll never request financial information from you over the phone.
| Trustpilot | 4 star |
The most common issues raised are related to a lack of information around currency pricing, with one user even alleging that the Ibinex site has crashed multiple times. However, people praise them for fast deposit and withdrawal processes and great customer support.
Security
Ibinex has an extensive range of security measures in place such as data encryption for user information and bug bounty programs. What’s more, Ibinex’s servers reside in secure cages under armed guard and CCTV surveillance, while their reserves remain full and are mostly kept offline in geographically distributed cold storage.
| Safe coins storage | 95% of deposits are kept offline in geographically distributed cold storage. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Ibinex. |
| Information security | Ibinex notes that all account information is encrypted at both a system and data level. Users need to verify their accounts through KYC identification checks in order to secure transactions and mitigate the risk of money laundering. |
| Platform security | Ibinex’s servers reside in secure cages under armed guard and CCTV surveillance, with physical access and code deployment being monitored. |
| Network security | A security team is in place to test network systems by running bug bounty programs that leverage the expertise of the broader security research community. |
In comparison, all customer funds held on Bitstamp are backed 1:1 in custody, while all crypto and FIAT are stored separately from corporate assets. Moreover, 95% of crypto is securely stored offline in bank-grade Class III vaults and custodians hold insurance for client assets in cold wallets, which reduces the potential of cybercrime. The exchange is highly regulated with over 50 licenses globally, such as the coveted BitLicense from the New York Department of Financial Services (NYDFS) and over 180 of their staff members perform compliance, legal, risk, security and internal audit functions. They even have a Bitstamp Board Risk and Audit Committee in place.
Furthermore, Crypto.com has industry-leading measures in place which have been tested and audited by Kudelski Security. The company holds any assets you deposit onto the platform within institutional-grade reserve accounts, where 100% of all user crypto assets are backed 1:1. Transactions are protected by biometric multi-factor authentication, while their software uses source code analysis tools. They were even the first crypto company in the world to receive ISO 22301:2019, ISO/IEC 27701:2019 and ISO/IEC 27001:2013 certification, which is the highest level for both NIST Cybersecurity and Privacy Frameworks, as well as SOC 2 standards.
How to start trading at Ibinex exchange?
Registration
You need to create an account in order to register with Ibinex and this can be done by:
- Inputting your email address and creating a password in order to start the process.
- You then need to verify your email address.
- After verifying your email address, you have to add your phone number but this isn’t verified through a SMS text message.
- You are then redirected to a dashboard that asks you to specify how much Bitcoin you want to purchase.
- Once you decide how much Bitcoin you want to buy and agree to the processing fee, you can click “Continue” which takes you to a new page for KYC verification.
- Upon successful registration and passing verification, access to all functions of the site are available to you.
KYC
After filling in your account details, you need to go through KYC verification. This process is only required after you’ve specified exactly how much Bitcoin you want to buy and selected a currency. If you agree to the processing fee, you are then required to complete identity verification.
You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie.
Customer support
Ibinex offers an array of options for users, with round-the-clock customer service support through their live chat function which operates 24 hours a day, 7 days and is available to anyone regardless of your geographic location.
| Live chat | 24/7 live chat available globally. |
| Phone support | +44-7-8888-74454 Undisclosed hours of customer service operation. |
| cs@ibinex.com | |
| FAQs | Unavailable |
Despite it being standard protocol for most crypto exchanges across the world, Ibinex lamentably doesn’t provide an FAQs page so customers don’t readily have access to this information. However, this is compensated for by the fact that they offer a 24/7 live chat service so you can ask your questions there.
Conclusion
Ibinex is recommended to users who are looking for a speedy way to buy Bitcoin using a credit card, as the process is known to take only three minutes. But there is a limited number of payment method options and only one crypto available to buy, sell or exchange, making the service less inclusive.
But if you don’t mind this, Ibinex can still be a great option if you’re looking for a highly secure crypto exchange with extensive security measures in place, which is a major differentiating factor and unique selling point (USP) for the platform. Ibinex could improve its service by offering an FAQs page for users and expanding its crypto product offering list.
Alternatives of Ibinex
- Low trading fees
- Staking program
- Tradeview feature
- Top-rated mobile app
- Phone support available
- Modern interface
- Low number of cryptos
- Limited number of payment methods
- VISA debit card with spending rewards in crypto
- Staking program available for 22 different cryptos
- Online Crypto.com University with educational resources for traders
- Trading fee discounts
- Top-rated mobile app
- High fees unless you use CRO in trades
- Limited payment method options
- No customer phone support
- Coinbase Advanced Trade service with a plethora of features
- FDIC-insured balance protection of up to $250,000
- Low minimum deposit required to begin trading
- Coinbase Learn site with educational content for traders
- Top-rated mobile app
- High transaction fees
- Low number of cryptos available for staking
- No customer service live chat function
Bitstamp offers over 70 different cryptos including some of the most popular ones such as Ethereum, Tether, Dogecoin and Polygon. The company’s FAQs page is broad and divided into categories such as deposit options, account management, withdrawal options, trading options, staking and security. A majority of users speak of low trading fees, a seamless mobile app and the ability to earn rewards through crypto staking. However, Bitstamp doesn’t offer a live chat function but you can call their customer support team 24 hours a day, 7 days a week.
Crypto.com has a useful Help Center which operates much like an FAQs page, where users can find answers to multiple questions related to the app, wallet, VISA card and exchange. For example, if you want to know how to apply for a Crypto.com VISA card, you can click on the category for a step-by-step article on how the process works. Each category provides a date for when it was last updated which is handy for users who are seeking up-to-date information on how to manage their Crypto.com accounts. Crypto.com also lists over 250 cryptos on their product list and many users praise them for low fees, strong security measures, visa and cashback rewards and the ability to earn interest on crypto.
Coinbase offers a whopping 200+ cryptos on their site which rivals many other leading crypto exchanges in quantity. The company’s FAQs page is also broad and divided into numerous categories such as account functions, API, security, spot trading, margin trading, leveraged tokens, deposit and withdrawals. A majority of users speak of customer service and login issues while some have even gone as far as to allege that the company has stolen customer funds.
FAQs
Yes, because Ibinex has been in operation since 2018 and there haven’t been any serious issues recorded with them. The exchange has developed a good standing with community members due to great customer support services and positive user experiences.
Ibinex processes refunds though XSHOP which can cancel the transaction or debit your other payment methods. Any refunds are at XSHOP’s discretion and they can refuse to process a refund for reasons including failure to pass KYC processes or risk of financial crime.
They accept Mastercard and VISA but it’s not apparent whether they are currently working to enlarge the choice of cards available for users.
Yes, all your account information at Ibinex is encrypted at both a system and data level.
Ibinex only appears to charge a processing fee which appears on the purchase dashboard when you attempt to buy Bitcoin using a credit card. The processing fee itself is not fixed and is cumulatively reduced if you buy higher amounts of Bitcoin.
Specification: Ibinex exchange review
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