{"id":624287,"date":"2023-05-11T11:26:03","date_gmt":"2023-05-11T11:26:03","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=624287"},"modified":"2024-01-16T14:29:26","modified_gmt":"2024-01-16T14:29:26","slug":"ibinex-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/ibinex-exchange\/","title":{"rendered":"Ibinex exchange review"},"content":{"rendered":"\n
4.8<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>Ibinex\u2019s offering is linear in the sense that you can only buy one crypto, Bitcoin, with a credit card but the process is fast at just under three minutes. The Estonian-based exchange is still fairly new and has a limited product catalog so it's not easy to compare with other exchanges but one advantage is the excellent quality of customer service. Ibinex also excels in its security measures, with a team specifically dedicated to safeguarding customers.<\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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1.8<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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3.2<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.9<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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4.9<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.4<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • High levels of security\r<\/li>
  • Easy withdrawal to your bank or PayPal account\r<\/li>
  • 24\/7 live chat available globally\r<\/li>
  • Well-designed interface that supports multiple languages\r<\/li>
  • Average rating of 4.2 on Trustpilot<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Only one crypto in the product list\r<\/li>
    • Limited number of payment method options<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      Ibinex offers you a secure way to buy, sell and exchange Bitcoin using your credit card, although it hasn\u2019t been indicated by the company as to whether they are looking to expand this to include other popular cryptos such as Ethereum or Polygon. <\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Unavailable<\/td><\/tr>
      Ethereum (ETH)<\/td>Unavailable<\/td><\/tr>
      Ripple (XRP)<\/td>Unavailable<\/td><\/tr>
      Solana (SOL)<\/td>Unavailable<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Unavailable<\/td><\/tr>
      Polkadot (DOT)<\/td>Unavailable<\/td><\/tr>
      Polygon (MATIC)<\/td>Unavailable<\/td><\/tr>
      Cardano (ADA)<\/td>Unavailable<\/td><\/tr>
      Litecoin (LTC)<\/td>Unavailable<\/td><\/tr>
      Tether (USDT)<\/td>Unavailable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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. <\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      You can deposit and withdraw in CAD.<\/p>\n\n\n\n

      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      VISA<\/td>Requires KYC verification, ID check and a selfie<\/td><\/tr>
      MasterCard<\/td>Requires KYC verification, ID check and a selfie<\/td><\/tr>
      Apple Pay<\/td>Requires KYC verification, ID check and a selfie<\/td><\/tr>
      Samsung Pay<\/td>Requires KYC verification, ID check and a selfie<\/td><\/tr>
      Google Pay<\/td>Requires KYC verification, ID check and a selfie<\/td><\/tr>
      Bank transfer<\/td>Requires KYC verification, ID check and a selfie<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Bitstamp requires KYC verification to buy Bitcoin or other cryptos but doesn\u2019t 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.<\/p>\n\n\n\n

      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. <\/p>\n\n\n\n

      CashtoCode eVoucher <\/h2>\n\n\n\n

      You can\u2019t fund your Ibinex account with a CashtoCode eVoucher as this isn\u2019t offered at Ibinex.<\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      Ibinex doesn\u2019t 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.<\/p>\n\n\n\n

      There are two options when buying Bitcoin using a credit card, both of which come with differing rates of processing fees that aren\u2019t 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. <\/p>\n\n\n\n

      Buying Bitcoin<\/p>\n\n\n\n

      Offer<\/th>Fee<\/th><\/tr><\/thead>
      $100 for 0.00191339 BTC<\/td>36.61%<\/td><\/tr>
      $250 for 0.00616926 BTC<\/td>18.24%<\/td><\/tr>
      $1,000 for 0.02744860 BTC<\/td>9.06%<\/td><\/tr>
      $50 for 0.00049469 BTC<\/td>67.22%<\/td><\/tr>
      $150 for 0.00333152 BTC<\/td>26.41%<\/td><\/tr>
      $200 for 0.00475009 BTC<\/td>21.31%<\/td><\/tr>
      $500 for 0.01325786 BTC<\/td>12.12%<\/td><\/tr>
      $2,000 for 0.05580647 BTC<\/td>7.53%<\/td><\/tr>
      $5,000 for 0.14091262 BTC<\/td>6.61%<\/td><\/tr>
      $10,000 for 0.28273561 BTC<\/td>6.31%<\/td><\/tr>
      $20,000 for 0.56625902 BTC<\/td>6.15%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      Staking is unavailable at Ibinex. <\/p>\n\n\n\n

      Is Ibinex exchange safe?<\/h2>\n\n\n\n

      As an Over-the-Counter (OTC) exchange, Ibinex has been in operation since 2018, although they don\u2019t specify how many customers they\u2019ve 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. <\/p>\n\n\n\n

      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. <\/p>\n\n\n\n

      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\u2019ll never request financial information from you over the phone.<\/p>\n\n\n\n

      Trustpilot<\/td>4 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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. <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      Ibinex has an extensive range of security measures in place such as data encryption for user information and bug bounty programs. What\u2019s more, Ibinex\u2019s 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.<\/p>\n\n\n\n

      Safe coins storage<\/td>95% of deposits are kept offline in geographically distributed cold storage.<\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at Ibinex.<\/td><\/tr>
      Information security<\/td>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. <\/td><\/tr>
      Platform security<\/td>Ibinex\u2019s servers reside in secure cages under armed guard and CCTV surveillance, with physical access and code deployment being monitored. <\/td><\/tr>
      Network security<\/td>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. <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      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. <\/p>\n\n\n\n

      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. <\/p>\n\n\n\n

      How to start trading at Ibinex exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with Ibinex and this can be done by:<\/p>\n\n\n\n

        \n
      1. Inputting your email address and creating a password in order to start the process. <\/li>\n\n\n\n
      2. You then need to verify your email address. <\/li>\n\n\n\n
      3. After verifying your email address, you have to add your phone number but this isn\u2019t verified through a SMS text message. <\/li>\n\n\n\n
      4. You are then redirected to a dashboard that asks you to specify how much Bitcoin you want to purchase. <\/li>\n\n\n\n
      5. Once you decide how much Bitcoin you want to buy and agree to the processing fee, you can click \u201cContinue\u201d which takes you to a new page for KYC verification. <\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through KYC verification. This process is only required after you\u2019ve 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. <\/p>\n\n\n\n

        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. <\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        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. <\/p>\n\n\n\n

        Live chat<\/td>24\/7 live chat available globally.<\/td><\/tr>
        Phone support<\/td>+44-7-8888-74454
        Undisclosed hours of customer service operation.<\/td><\/tr>
        Email<\/td>cs@ibinex.com<\/td><\/tr>
        FAQs<\/td>Unavailable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Despite it being standard protocol for most crypto exchanges across the world, Ibinex lamentably doesn\u2019t provide an FAQs page so customers don\u2019t 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. <\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        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. <\/p>\n\n\n\n

        But if you don\u2019t mind this, Ibinex can still be a great option if you\u2019re 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.  <\/p>\n\n\n\n

        Alternatives of Ibinex<\/h2>\n\n\n\n