There are only a few exchanges in the market that have witnessed growth levels in a short time that other exchanges would have taken years. And, ProBit is one of them.
ProBit has been popular among users even before its launch, securing memberships of over 25,000 users one month before its launch. And, is still growing at a rapid pace.
It seeks to distinguish itself from other exchanges in the market with its advanced features and functionalities, providing traders with robust trading experience.
Let’s have a detailed review of ProBit and check what factors make it a great platform.
ProBit is a Seoul-based crypto exchange platform launched in November 2018 by Hyunsu Do (CEO) and Stevie Woo (CTO), the two experienced specialists in the blockchain industry.
It is a global coin-to-coin exchange with a strong presence in around major financial hubs globally. It is particularly known for its wide array of cryptocurrencies support and superior trading performance.
The combination of a fast trading engine and solid security architecture has helped it to build an advanced and most professional platform. As the platform operates in multiple jurisdictions, it offers region-specific services and caters to the varied needs of users in different countries.
One of the unique features of ProBit is, the exchange lists only qualified and deserving blockchain projects to support the growth of the cryptosphere.
Supported Coins and Trading Pairs
As mentioned, ProBit supports a wide array of coins and trading pairs. It offers trading in over 150 cryptocurrencies and several hundreds of trading pairs.
However, Bitcoin, Ethereum, Tether (USDT). EOS and ProBit Token (PROB) coins serve as market currencies. The PROB is the native token of ProBit and is an ERC20 utility token.
ProBit features a highly intuitive and user-friendly platform and uses state-of-the-art technology to offer superior trading performance. It is available in both web and mobile platforms.
The platform has a trading speed of 1.5 million trades per second, which makes it one the fastest exchanges in the world.
Despite being a feature-rich platform, it has a very easy to handle trading interface which is suited for both professional traders and beginners. The platform’s dashboard is modular and the layout can be rearranged as per the user’s choice to easily analyze the trades.
Speaking about the trading interface, it offers a pretty decent view that includes charting solutions from tradingview.com, order book, trade feed, order form, and a window where you can check your order status/history. Overall, it feels very intuitive and is very easy to use.
Platform Trading Fees
ProBit has the lowest trading fee among its competitors and follows a flat-fee pricing structure. The effective trading fee ranges from 0%~0.2%.
Users are also offered a discount on trading fees when paid using PROB token. For this, it implements a tiered membership system that consists of the “Standard” level as the base level and multiple premium levels depending on the amount of holding.
Standard members get an additional discount of 10%, whereas premium members get a 20-50% discount.
Concerning deposit and withdrawal fee, ProBit doesn’t charge any deposit fee but withdrawal fee differs with every coin. The withdrawal fee for BTC is 0.0005BTC.
The trading fee of trade mining pairs ranges between 0%- 0.198%. Also, users can enjoy a referral bonus of up to 30%.
ProBit gives the highest priority in making its platform one the safest in the world. There are several security protocols in place to provide a secure trading environment. It includes HTTPS, SSL, and a strong encryption algorithm to protect website data. It also monitors the inactivity time of users and initiates time-out for sessions.
For asset security, it has a strong security mechanism in place to protect user’s funds. More than 95% of the user’s funds are stored in offline wallets or the so-called cold wallet. Also, it supports FIDO U2F hardware security keys and requires Google 2FA. The hardware keys provide superior protection, yet at the same time, they are very easy to use.
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Utility of ProBit Token (PROB)
The main usage of PROB token is to pay for trading fees but its usage is not limited to just trading fee discounts. It offers many benefits to users such as voting rights, higher referral bonuses, and early access to new platform features.
The PROB token also plays a key role in the trade mining process. The trade mining process is a feature that refunds users with 20-100% of their trading fees. For every trade at the ProBit platform, PROB worth 80% of the value of trading fees based on its market value is mined and rewarded to users.
The supply of PROB token is hard-capped at 200 million and will serve as a backbone for the ProBit ecosystem.
How to Register at ProBit?
The registration process is super easy and can be completed within minutes. The following are the steps involved until the start of trading.
Click on the Register button on the top right corner of the website. Now, fill-up the form providing your email address, create a password and click on “Register” to move to the next step. Fill the six-digit code sent to your registered email id to successfully set up your account.
Set up your Account
Setting up your account is very important to secure your account. Go to the profile section to set-up your account as per your preferences. Here you need to set the language, time-zone, add-you mobile number for setting-up OTP based verification, Google 2FA, and you also need to enable U2F hardware key.
You need to complete the KYC Level 2 verification (identity verification) to access all the features of ProBit that includes staking and upgrading your membership.
Add Balance to your Wallet
Go to the “wallet” section present in the menu to add funds to your account. Select the cryptocurrency you want to add and proceed accordingly.
For Korean residents, ProBit allows the option of fiat (Korean WON) deposit and withdrawal.
After successfully adding a crypto balance to your wallet, click on the “Exchange” to start your trading journey.
In case of any issue, you can raise the issue to their customer support team. You can raise a support ticket mentioning the details of the issues faced. The reply is often given within the hour of raising the ticket.
Apart from this, there is an extensive list of FAQ, where you can find answers to commonly faced issues and about its services. All the latest news and listing in the ProBit platform are updated in the announcement section of the website.
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Conclusion: Is ProBit Safe?
Yes, ProBit is a completely safe and transparent global crypto exchange platform. With its ability to provide location-specific services, ProBit has managed to fill the void where other global exchanges lack this flexibility.
With its unique product offerings, ProBit stands out from other day trading cryptocurrency exchanges and has also ensured unmatched customer service.
Let’s have a look at some of the pros and cons of ProBit.
- Safe and secure trading platform
- Supports a wide array of coins and trading pair
- Available in both mobile and web platform
- Lists deserving crypto projects
- Lowest trading fee
- Reward programs
- Suitable for both beginners and professional traders
- Good customer support
- Need to complete KYC verification to access all exchange services
ProBit offers you a very rich trading experience in the evolving crypto trading segment and is one of the highly recommended exchanges.
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