Probit Review
The advancement of technology has had a significant impact on the banking business. Over the last year, there has been a spike in global interest in cryptocurrencies. The world is constantly rushing forward and presenting new opportunities. As a result, the development of the ProBit platform will enable the use of this new technology while also providing a dependable and creative cryptocurrency exchange. Even though there are numerous copycat exchange platforms on the market, this platform has differentiated itself and offers a secure digital asset for experts and traders alike. ProBit created a fantastic trading engine to give a robust and efficient trading experience. ProBit will be the most competitive trading platform for digital assets due to its excellent trading pairs and liquidity. This Probit Exchange review will teach you about the tools built into the exchange to assist traders in determining and analyzing the best deals to make. Multilingual customer support, configurable dashboards, and future expansions like ICO platforms and margin trading are among these characteristics.
ProBit is a high-performance trading platform built with cutting-edge technologies. When compared to competitors, its matching engine enables transactions at a rapid pace. It is capable of processing at least 1,500,000 transactions per second. Its processing is dependable and quick, giving consumers an unfair advantage in the market. Solid security is another crucial aspect that differentiates ProBit from other digital asset trading platforms. Given this, the three major aspects of ProBit security are data storage with a strong encryption method, digital asset storage in a cold wallet, and FIDO U2F dedicated hardware security keys on the platform. The ProBit.com website will also use security techniques such as website security and session management. In addition to the security requirements mentioned above, ProBit imposes various security requirements on the server regarding physical software and management systems.
The ProBit trading system will enable a wide variety of professional trading options, including market trades, stop limit trades, and limit trades. Furthermore, additional types of items and trades will be added to the platform in the future. ProBit aims to give customers a wide range of market tokens and coins and excellent trading pairs. The platform supports five coins: Bitcoin, Tether, Ethereum, EOS, and ProBit Token. The ProBit token is used as a medium of exchange on the platform. It offers various services on the exchange platform, such as higher referral benefits, early access to new features, trading fee savings, and voting rights for launching new tokens and other activities. ProBit will feature a tiered membership structure for users, with standard and premium users.
| Legal Name | Probit Exchange |
| Headquarters | Gangnam-gu, Seoul |
| Exchange Type | Centralized |
| Year Founded | 2018 |
| CEO | Ronald Chan |
| Deposit Methods | Cryptocurrency |
| Trading Fees | Maker: 0.20%/ Taker: 0.20% |
| Fiat | No fiat currencies supported |
| Supported Cryptos | 150+ coins including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and more |
| Customer Service | Email, Phone |
| Trading Options | Spot Trading, Margin Trading |
Overview of ProBit
Probit, a global coin-to-coin cryptocurrency exchange, is extremely picky about the “qualified and deserving” crypto projects it lists on its platform. The site has a record-breaking order matching speed of 1.5 million orders every second. What are some other advantages of the exchange? They have a user interface that may be customized.
Customers enjoy the exchange’s attention on security as well. In addition to two-factor authentication, the platform includes the option of a physical security key (2FA). ProBit connects customers to a diverse range of Defi tokens, staking events, altcoins, low-fee trading, and other major crypto services. These are accessible through a simple and quick email signup process.
If you live in Korea, you can also trade in fiat currency. The current system only supports trading in South Korean Won (KRW).
Furthermore, fiat merchants are required to offer extra identity verification. However, if you are a global crypto-to-crypto dealer, you will not have to deal with this verification trouble.
The platform is beautifully designed. It has extensive security measures in place, and its expert team ranks it as one of the top altcoin exchanges in the market.
ProBit Exchange’s Brief History
ProBit was founded in 2017. However, the concept was not officially launched until November 2018. It was founded in Seoul, South Korea, by CEO Huynsu Do and CTO Steve Woo. Today, ProBit is committed to its goal of becoming the most secure, professional, and global digital asset exchange for cryptocurrency traders.
To gain a better understanding of the company, you need to be aware that its operations are still divided into two functions:
- ProBit Global
- ProBit Korea
ProBit Global is based in Seychelles and primarily serves global crypto investors. ProBit Global Services manage this operation.
Oceans, Inc. manages the South Korean crypto exchange ProBit Korea. Since its inception. ProBit has expanded rapidly and reached numerous milestones.
ProBit’s Key Features
What are some of the important advantages of Probit’s worldwide approach to crypto trading? This comprehensive platform includes a plethora of features that customers should be aware of.
The exchange offers over 340 cryptos in approximately 600 marketplaces to consumers. With so many alternatives, ProBit is one of the top exchanges for new tokens and coins.
You’ll also benefit from minimal trading fees, with reductions available when you use the native token of the exchange, PROB. ProBit charges traders a 0.2% per trade fee, but dedicated traders will benefit from various incentives.
In addition to different discounts, the exchange offers users an easy-to-use trading dashboard. The dashboard is extremely user-friendly and provides a pleasurable trading experience.
ProBit features regular exchange promotions where customers can get a discount on several different coins. Customers can also earn cryptos by staking them on the exchange, which is a great incentive.
As you can see, there are numerous compelling reasons to use ProBit. This user-friendly trading platform is ideal for both newcomers and crypto experts. You will benefit from a diverse range of coins, pseudonymous trading, low trading fees, staking, and unique features.
You may, however, rest certain that your funds are secure. For all these reasons, ProBit is gaining traction in the industry.
ProBit Services
- Trading Crypto to Crypto
ProBit’s key service for global users is its crypto-to-crypto exchange, which allows for trading across nearly 1,000 distinct trading pairs.
It provides price charts and popular Tradingview-based charts, offering customers the option of a more familiar experience. Liquidity appears to be poor, with significant spreads and little order book depth in most of the markets I examined. Only the BTCUSDT, ETHBTC, and ETHUSDT markets accept market orders, while most other trading pairs only accept limit orders – a somewhat limited functionality.
- IEOs
ProBit has hosted hundreds of IEOs to date through its dedicated IEO area, which assists emerging projects in selling their project tokens to the general public.
Each IEO has its page, including project information, token pricing, terms and conditions, and other information.
- Staking
The exchange also has a staking component, allowing users to swiftly and conveniently stake coins for recognized projects to staking incentives. This requires little technical knowledge, allowing users of all skill levels to gain rewards through staking.
Users can compare staking details and predicted rates for each “stakeable” asset and choose their lockup period and number of coins to stake.
- Android Mobile App
The ProBit Exchange software displays market data clearly and concisely. It also has configurable buttons for completing buy and sell trades on the fly for both limit and market orders. It is accessible on Google Play as well as the Apple iStore.
ProBit provides a mobile app that can be downloaded and installed through Google Play, App Store, or by downloading and installing the apk file from the following link: https://www.probit.com/en-us/download-app.
Payment Methods and Currencies
ProBit’s global exchange does not accept fiat currencies, making it a cryptocurrency-only exchange. However, it supports one of the most diverse collections of trading pairs and cryptocurrency assets available on the market.
- Major cryptocurrencies like BTC, ETH, BNB, USDT, and others.
- Recently issued IEO tokens
- A section for Defi tokens.
- FTX tokens are leverage tokens.
Deposits and Withdrawals Fees
ProBit does not charge any deposit fees, except WiBX (WBX), which charges network fees. As with most exchanges, withdrawal fees are charged to offset network transaction costs.
Trading Fees
ProBit features a competitive default trading fee of 0.2 percent for even the smallest traders when it comes to trading costs. Unlike most exchanges, which reduce costs for higher-volume traders, ProBit reduces fees in tiers based on a user’s staked balance of the exchange’s native token, PROB. When staking 1,000,000 PROB tokens, a user can earn a fee of 0.05 percent.
It’s also worth noting that ProBit features a “trade mining” feature that rewards users in PROB tokens when they make transactions. The more PROB tokens a customer has staked, the more PROB they will earn for their trades.
How to Create a ProBit Account
How simple is it to open a ProBit account? Begin by going to the website and clicking on “Sign Up.” After that, you’ll fill out a simple form, check the box next to the Terms of Service, and click “Register.”
From here, you will have to complete the reCAPTCHA verification to prove that you are not a robot and then verify your email. To verify your email address, copy / paste the verification code you receive and click “Verify.”
Then, proceed to the “Go to Login Page,” where you must enter your email and password to log in. You must go through the reCAPTCHA process once again before you can use your account.
Know Your Customer (KYC) Verification
Verify your identity to obtain access to the different options available. How do you do this? Complete the Know Your Customer (KYC) verification process on your ProBit account page.
KYC verification is entirely optional. Depending on where you live, your country may not recognize this kind of identification.
Verification will grant access to more exchange services, such as a higher daily withdrawal limit. You can take part in Initial Exchange Offerings (IEOs) and trading competitions. You can also begin depositing funds at ProBit.
Is ProBit safe?
ProBit was founded in 2017 and is headquartered in Seoul, South Korea. Over time, the company was divided into two branches: ProBit Korea and Global. Different enterprises operate each of these branches. Moreover, the platform has turned into one of the world’s most successful exchanges
ProBit is available in over 40 languages, making it accessible to people in every country. More pertinently, it is one of the world’s most secure platforms. ProBit security places a premium on providing a secure environment for its users.
With this platform, you can now store your assets in cold storage, also known as offline storage. That is one of the best ways to keep cryptos safe from breaches and hackers. Furthermore, ProBit stores data using one of the most resilient algorithms available.
ProBit protects its customers’ personal information and secret keys with several encryption methods, taking their privacy to the next level. With the new 2FA security, you can now create private encryption to your wallet using Google Authenticator. As a result, your wallet is more secure against hackers and security breaches. The security of exchange is one thing. You are also responsible for good security. Always withdraw your funds to a cold storage wallet when you’re not trading with it.
Supported Countries
The exchange platform accepts users from all over the world. However, Know Your Customer (KYC) must perform specific duties like withdrawing tokens purchased from an IEO or increasing daily withdrawal limits from the default maximum of $10,000.
What Is ProBit’s PROB token?
The exchange platform has a native token called ProBit Token (PROB). PROB, a common ERC-20 token, is being used in the following ways:
- Fee discounts for users with premium accounts (traders holding a particular amount of PROB)
- To increase referral bonuses
- For early access to new exchange features
- For voting privileges to list new tokens is dependent on the PROB held
How much PROB is currently in circulation? The maximum supply is 200,000,000.
Customer Support and Reviews
On its website, ProBit includes a useful FAQ section that seems to answer the most common questions users may have concerning the exchange.
However, ProBit has only 18 reviews on Trustpilot when it comes to online reviews – a very small number for an exchange that claims to be so popular. These reviews have a “poor” rating of 2.4 stars on average.
Although this is a small sample size, most platform reviews are one star, with several customers complaining about a lack of customer support. According to these reviews, traders are unlikely to receive effective support (or any support at all) if something unexpected happens on the exchange, particularly with regard to misplaced funds.
Their Telegram channel seems to be very active, with many users expressing similar concerns. Unfortunately, despite the presence of several ProBit moderators in the group, support appears to be fairly limited there as well.
Opportunities Associated with Using ProBit?
You’ll find it surprisingly easy to navigate the ProBit exchange. The platform is divided into categories that include unique offers, staking, trading competitions, the IEO platform, and exchange events for simplicity of use.
How do trading competitions work? When trading certain tokens, loyal ProBit investors could win prizes. Prizes are awarded based on performance, and competitions necessitate you to have a certain amount of PROB invested in entering.
Users can get up to a 50% discount on popular crypto tokens with ProBit unique. Just keep in mind that the number of tokens accessible in these sales is restricted. For this reason, you’ll need to plan and act rapidly.
ProBit allows you to participate in the latest initial exchange offers. ProBit’s team backs and verifies them. The platform adds new offerings virtually every week, allowing you to purchase the most recent tokens at their entry prices.
Besides PROB staking, users may stake other tokens. These have the potential to deliver impressive yields.
You’ll also notice that the events section of ProBit lists all current events of the exchange. This list makes it easy to locate and participate in the most recent events.
Pros
- More than 150 cryptocurrencies are available on the exchange.
- It is available in a mobile version.
- An amazing translation service with over 30 languages is now available.
- It offers constant rewards programs to new users.
- Trading fees equal 0.2% and offer discounts if you pay with PROB.
Cons
- To participate in the events, you must complete the 2-factor authentication process.
- It does not have margin trading.
- ProBit does not support any other deposit method besides cryptocurrency.
- To be qualified for most of the events, the user must have at least 100 PROB tokens.
Conclusion
ProBit appears to feature one of the industry’s most diverse portfolios of crypto assets and trading pairings. However, its real liquidity and usage seem to be significantly lower than what you’d expect from a “top-20” exchange, as ProBit claims.
Because ProBit is a crypto-to-crypto marketplace, it may be better suited for customers who already hold crypto and are planning to buy new and riskier tokens such as those from less well-known initial exchange offerings (IEOs).
ProBit has a low reputation score for its lack of customer support, which is a common complaint across all review and supports channels.
Overall, ProBit provides the opportunity to buy new or lesser-known coins, but it should not be used with many of your assets.
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