Cryptocurrency has revolutionized the way we view and use money in the modern era. With the rise of digital assets and decentralized finance, crypto exchanges have become an essential part of the industry. Coinsbit is one of the latest entrants in the cryptocurrency exchange arena, founded in 2018. This Coinsbit exchange review will delve into the features, security, fees, and overall user experience of Coinsbit Exchange.
Registration and Verification:
Coinsbit Exchange is accessible worldwide, and the registration process is straightforward. Users can register with their email or phone number, and they will be required to provide personal information such as full name, country of residence, and date of birth. The next step is to verify the account by submitting identity documents, such as a passport or national ID card. Verification can take up to 24 hours, and once completed, users can deposit funds and start trading.
Security:
Security is a top priority for any cryptocurrency exchange, and Coinsbit has taken several measures to ensure user safety. Firstly, Coinsbit employs two-factor authentication (2FA) to secure user accounts. 2FA is a security feature that requires users to provide an additional layer of verification beyond their login credentials to access their account.
Additionally, Coinsbit stores the majority of user funds in cold wallets, which are not connected to the internet and therefore not susceptible to hacking. Coinsbit also uses encryption to secure user data, and the platform regularly undergoes security audits to identify vulnerabilities.
Trading Features:
Coinsbit offers a wide range of trading features, including spot trading, margin trading, and futures trading. Spot trading is the most common form of trading, where users buy and sell cryptocurrencies at the current market price. Margin trading allows users to leverage their trades, meaning they can borrow funds to increase their buying power and potential returns. Futures trading allows users to speculate on the future price of cryptocurrencies, providing them with the ability to hedge their risks.
Coinsbit supports over 250 cryptocurrencies, including popular ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Users can trade these cryptocurrencies against several fiat currencies, including USD, EUR, and GBP.
Coinsbit also has a feature called IEO (Initial Exchange Offering), where it allows startups to raise funds by selling their tokens to the Coinsbit community. Coinsbit conducts thorough due diligence to ensure that only credible projects are listed on its IEO platform.
Fees:
Coinsbit Exchange charges some of the lowest trading fees in the market. Its trading fee is 0.2%, which is considerably lower than other popular exchanges such as Binance and Coinbase. Additionally, Coinsbit does not charge any fees for deposits or withdrawals, which is a welcome relief for users who do not want to pay extra charges for moving their funds.
Deposits and Withdrawals:
Coinsbit supports several deposit and withdrawal options, including bank transfer, credit/debit card, and several cryptocurrencies. Deposits are credited to the user’s account instantly, while withdrawals can take up to 48 hours, depending on the withdrawal method used.
User Experience:
Coinsbit Exchange has a user-friendly interface, making it easy for both beginners and experienced traders to navigate. The platform is available in several languages, including English, Russian, Chinese, and Korean. Coinsbit has a mobile app available for Android and iOS users, which provides easy access to trading on the go.
Coinsbit Exchange has a 24/7 customer support team, which is available through live chat and email. The customer support team is responsive and knowledgeable, making it easy for users to get help whenever they need it.
Conclusion:
Coinsbit Exchange is an excellent platform for traders looking to access a wide range of cryptocurrencies and trading features. Its low trading fees, excellent security features, and user-friendly interface make it an attractive option for both beginners and experienced traders. The ability to leverage trades and speculate on the future price of cryptocurrencies through margin and futures trading adds to the platform’s versatility.
The IEO platform is a unique feature of Coinsbit Exchange that sets it apart from other exchanges. It provides startups with the opportunity to raise funds by selling their tokens to the Coinsbit community, and it also offers users access to potentially lucrative investment opportunities.
Coinsbit’s commitment to security is evident in the measures it has taken to protect user accounts and funds. Two-factor authentication and cold wallet storage are just some of the security features implemented to ensure user safety.
Overall, Coinsbit Exchange is a reliable and trustworthy platform that offers a range of trading options, low fees, and excellent security features. The platform’s user-friendly interface and customer support team make it an attractive option for traders of all levels of experience.
Frequently Asked Questions (FAQs) about Coinsbit Exchange:
What is Coinsbit Exchange?
- Coinsbit Exchange is a cryptocurrency exchange platform that allows users to buy, sell, and trade cryptocurrencies. It was founded in 2018 and supports over 250 cryptocurrencies.
Is Coinsbit Exchange safe and secure?
- Yes, Coinsbit Exchange takes security seriously and has implemented several measures to protect user accounts and funds. This includes two-factor authentication, cold wallet storage, and regular security audits.
What trading features does Coinsbit Exchange offer?
- Coinsbit Exchange offers several trading features, including spot trading, margin trading, and futures trading. Users can also participate in initial exchange offerings (IEOs) to invest in promising new projects.
What cryptocurrencies does Coinsbit Exchange support?
- Coinsbit Exchange supports over 250 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
What are the fees for trading on Coinsbit Exchange?
- Coinsbit Exchange charges a 0.2% trading fee, which is lower than other popular exchanges. There are no fees for deposits or withdrawals.
What deposit and withdrawal options are available on Coinsbit Exchange?
- Coinsbit Exchange supports several deposit and withdrawal options, including bank transfer, credit/debit card, and cryptocurrencies.
Is there a mobile app for Coinsbit Exchange?
- Yes, Coinsbit Exchange has a mobile app available for Android and iOS users, making it easy to trade on the go.
What customer support options are available on Coinsbit Exchange?
- Coinsbit Exchange has a 24/7 customer support team that can be reached through live chat and email. The support team is responsive and knowledgeable.
Absorption Costing MCQs with Answers Explanation Engineering ECE
What Is Absorption Costing?
Absorption costing, also known as the all-encompassing, all-inclusive, or comprehensive costing method, is a sophisticated and perplexing managerial accounting framework that attempts to incorporate all expenses that are linked to the production of a particular product. This method is highly intricate and involves a copious amount of calculations and analyses to arrive at the total cost of production.
Every minuscule expense, whether direct or indirect, such as raw materials, labor, rent, utilities, depreciation, maintenance, insurance, and every other associated cost, is taken into account to determine the total cost of the product. The complexity of this method is staggering, and it requires extensive knowledge of accounting principles, an understanding of manufacturing processes, and advanced analytical skills to execute.
However, despite its complexity, absorption costing is still widely used in the industry due to its comprehensive approach to providing an accurate picture of the cost of production. Moreover, under the generally accepted accounting principles (GAAP) in the United States, absorption costing is an approved method for external reporting. In contrast, variable costing is prohibited, adding to the confusion and perplexity surrounding this topic.
Which of the following costs would NOT be included in the cost of goods sold calculation under absorption costing?
a) Direct materials
b) Direct labor
c) Variable manufacturing overhead
d) Fixed manufacturing overhead
Answer: c) Variable manufacturing overhead
Explanation: Under absorption costing, both fixed and variable manufacturing overhead costs are included in the cost of goods sold calculation. Direct materials and direct labor costs are also included.
When production exceeds sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: a) Higher net income than variable costing
Explanation: When production exceeds sales, there will be more fixed manufacturing overhead costs that are absorbed into the cost of goods sold calculation under absorption costing. This results in a higher net income compared to variable costing, which only includes variable manufacturing costs in the cost of goods sold calculation.
Which of the following statements is true about absorption costing?
a) It is used for external reporting purposes
b) It is used for internal decision-making purposes
c) It is the same as variable costing
d) None of the above
Answer: a) It is used for external reporting purposes
Explanation: Absorption costing is required for external financial reporting purposes, such as on the income statement and in financial statements. Variable costing, on the other hand, is often used for internal decision-making purposes.
In a period of increasing production and sales, absorption costing will result in:
a) Higher net income than variable costing
b) Lower net income than variable costing
c) The same net income as variable costing
d) None of the above
Answer: c) The same net income as variable costing
Explanation: When production and sales increase, absorption costing and variable costing will result in the same net income. This is because there will be fewer fixed manufacturing overhead costs per unit under absorption costing, but there will also be more units sold.
