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Probit crypto exchange review and features

ProBit crypto exchange review and features

  • 18 March 2022
  • 65 View

ProBit crypto exchange is founded in Seychelles (ProBit Global) and South Korea (ProBit Korea), accepting traders from all over the world. The exchange offers a wide variety of altcoins, DeFi tokens, staking events, fee-free trading, and other popular cryptocurrency services accessible via quick and easy email registration.

ProBit crypto exchange advantages and disadvantages

Advantages

  • Low trading fees
  • Wide range of cryptocurrencies
  • No forced KYC
  • Well thought out exchange Professional team

Disadvantage

  • Limited fiat trading for global traders
  • Margin trading is not possible
  • No 24/7 customer support
  • The iOS mobile app is not available

Korean users can also participate in fiat trading, although the platform only supports South Korean Won (KRW) trading. Also, all Fiat dealers must verify their identity; however, this is not a requirement for international crypto-to-crypto traders. Overall, the platform has a great design, commendable security measures, and a professional team, making it one of the better altcoin exchanges in the world.

Review Summary: Key Features of the ProBit crypto exchange

ProBit is a fast-growing exchange from South Korea. Key features include a professional team that offers a great user experience with a global approach to crypto trading and a robust trading platform.

Other notable features of ProBit crypto exchange include:

  • Crypto-to-crypto exchange. ProBit crypto exchange offers its users trading in more than 340 cryptocurrencies in almost 600 markets, making it one of the best exchanges for the latest coins and tokens.
  • Low trading fees with PROB token discounts. ProBit will charge you 0.2% per trade, but there are various discounts for loyal traders.
  • User-friendly trading dashboard. ProBit is an extremely user-friendly platform that presents an enjoyable trading experience.
  • No forced KYC. KYC at ProBit is optional, so you can choose whether or not to reveal your identity.
  • Safe and reliable exchange. ProBit has not yet been breached, and the platform adheres to the highest security standards for its powerful 150,000 orders per second capable of processing exchanges. Although ProBit Global is incorporated in Seychelles, its Korean counterpart is highly regulated in Korea, making the team behind the exchange trustworthy and dependable.
  • ProBit Initial Exchange Offering platform. Participate in the latest token offerings via ProBit crypto exchange’s secure token offering platform. Also, the exchange regularly offers all types of coins at a discount.
  • Bet and earn. Earning ProBit allows you to earn cryptocurrency simply by using it on the exchange.

All in all, ProBit is a handy trading platform for both newbie and seasoned crypto enthusiasts. A wide range of coins, security, low trading fees, pseudonymous trading, staking, innovative features, and numerous crypto-related events are just a few qualities that keep ProBit traders engaged and satisfied with its services.

Background and history of the ProBit crypto exchange

Conceived in 2017 and launched in November 2018, ProBit crypto exchange is a fast-growing exchange that originated in Seoul, South Korea. Led by CEO Huyunsu Do and CTO Steve Woo, ProBit aims to be the most global, professional, and secure digital asset exchange for all types of traders.

The company is currently divided into two operations: ProBit Global and ProBit Korea. The former caters to global crypto investors, while the latter is a South Korean-only cryptocurrency exchange.

ProBit crypto exchange is operated by ProBit Global Services Limited whose registration number is 207189. The company’s address is Suite 9, Ansuya Estate, Revolution Avenue, Victoria Mahe, and Seychelles.

ProBit Korea is operated by Oceans Inc, registered on the 8th Floor, 28 Tehran-ro 4-Gil, Yeoksam-dong, Gangnam-gu, Seoul, South Korea. The company’s registration number is 262-88-00547 and the exchange’s employees can be reached at 1644-5565.

The platform has grown significantly since its launch and has reached several milestones on its roadmap.

ProBit Global’s services are open to investors from all over the world and identity verification is optional for global traders. However, you should always be aware of the restrictions in your local jurisdiction and whether cryptocurrency trading is even allowed, as there are countries that attempt to ban cryptocurrency holdings and trading.

The trading platform is currently translated into 40 languages. You can use it in English, Azerbaijani, Indonesian, Malay, Czech, Danish, German, Spanish, French, Croatian, Italian, Lithuanian, Hungarian, Dutch, Uzbek, Polish, Portuguese, Romanian, Slovenian, Slovak, Serbian, Finnish, Swedish, Vietnamese, Turkish, Greek, Bulgarian, Mongolian, Russian, Ukrainian, Georgian, Hebrew, Arabic, Farsi, Hindi, Thai, Korean, Japanese, Simplified and Traditional Chinese.

Verification Requirements and Account Levels

Even though identity verification is optional on the ProBit crypto exchange, a verified account has additional benefits like easier account recovery in case of password loss or the possibility of two-factor authentication (2FA), or higher 24-hour withdrawal limits. ProBit Korea users need to verify their account if they wish to deposit or withdraw in South Korean Won (KRW).

There are two main differences between verification on ProBit Global and ProBit Korea:

  • ProBit Global users can complete the Know Your Customer Check (KYC) up to KYC Level 2.
  • ProBit Korea users can complete KYC up to KYC Level 4, which allows them to invest in ProBit Initial Exchange Offerings (IEO) and conduct fiat transactions (KRW).

KYC verification is not available to citizens of the following countries:

  • Algeria
  • Bangladesh
  • Bolivia
  • Cuba
  • Ecuador
  • The Islamic Republic of Iran
  • Iraq
  • The Republic of Macedonia
  • Morocco
  • Nepal
  • North Korea
  • Pakistan
  • Seychelles
  • Sri Lanka
  • Venezuela
  • Cambodia

To complete KYC you simply need to go to your account section and click on “Verification”. The exchange will walk you through the process and ask you for the necessary documents to complete the process.

The Basic Level 2 KYC Check will ask you to provide:

  • Your nationality
  • Basic personal information such as name, gender, middle name, and last name
  • Birthdate
  • Address, including city, state, province, and zip code.
  • A photo of your ID card or passport
  • A picture of yourself with an ID card or passport
  • ProBit ID verification is fast but can take several days at busy times.

ProBit crypto exchange

The ProBit is considered a low-fee exchange, although trading fees are the platform’s main source of income. Fees and discount rates are subject to change based on crypto market conditions. Other exchange revenue fees include listing fees, IEO fees, withdrawal fees, and other fees related to a proposed implementation of new trading products.

Also, ProBit’s effective trading rate ranges from 0.03% to 0.2%, and you can get an additional discount if you stake ProBit’s native PROB tokens. The exchange has 12 membership levels ranging from VIP 1 to VIP 11. Your membership tier is determined by the number of PROB tokens wagered. The standard trading rate at the ProBit crypto exchange is 0.2%.

You can also pay trading fees with PROB tokens, which gives you an additional 0.02% discount per transaction. The effective trading rate of trade mining pairs ranges from 0% to 0.198%.

Compared to other exchanges, ProBit’s trading fees are low, but not the lowest. For example, Binance and KuCoin’s lowest trading rate is 0.1%, while Poloniex charges you 0.125% per trade. On the other hand, centralized exchanges like Bittrex charge 0.2%, while when trading on Kraken you pay up to 0.26% per trade. Meanwhile, Bitfinex charges its users 0.1% for market-making orders and 0.2% for taker trades. As such, proBit crypto exchange is a mid-range exchange in terms of trading fees.

Also, Withdrawal fees depend on the blockchain of the withdrawn token. Each token listed on ProBit has a different withdrawal fee which can be seen on the withdrawal page.

ProBit’s fees are within the industry average. Despite being higher compared to other crypto exchanges at a glance, ProBit offers a wide range of discounts and rewards programs to ensure low fees for its loyal users.

ProBit’s PROB token

The ProBit crypto exchange has a native ProBit token (PROB), which is a standard Ethereum ERC-20 token. According to ProBit’s white paper, PROB is used for:

  • Trading fee discounts for premium users (those who own a certain amount of PROB).
  • Voting rights for listing new tokens based on the amount of PROB held.
  • Increased referral bonus.
  • Early access to new exchange features.
  • Initial Exchange Offerings (IEOs) executed on ProBit’s IEO platform.
  • The maximum supply of PROB is 200,000,000. The tokens should have the following assignment.

According to ICO data site ICOBench, ProBit’s pre-ICO took place from November 5, 2018, to November 28, 2018. Meanwhile, the ICO was held from December 11, 2018, to December 12, 2018. The ICO price per 1 PROB token was $0.20, and the team aimed to distribute 20,000,000 (10%) of cryptocurrency tokens worth $4.5 million. Also According to ICOBench, ProBit has not hit its cap, raising $110,000 worth of crypto.

100,000,000 (50%) of PROB tokens will be allocated to trade mining and stake mining, which means exchange users can mine PROB tokens while trading or staking tokens on the exchange. Also For qualifying transactions, 80% of the trading fee is mined based on the current market price by PROB and issued to the trader as a reward. However, trade mining does not apply to transactions where the trading fee will cover with PROB tokens.

The main benefit of PROB is the fee discount, which means you can get either a 10% or 20-50% discount (based on your membership level) when paying fees with PROB tokens. The same goes for the referral bonus as you can get up to 10% or 20-50% bonus depending on your membership level when your invitees trade on the ProBit crypto exchange.

ProBit Design and usability

ProBit crypto exchange is an excellent platform for everyday traders interested in bitcoin and altcoin exchanges. It has a well-designed trading platform that differs from other copycat exchanges that have heavily proliferated the crypto market. Also, Its nifty platform comes with a variety of preset trading views that will likely resonate with most crypto traders.

Apart from that, ProBit offers a top-notch performance trading platform, capable of processing more than 1.5 million transactions per second, making using the platform a smooth and enjoyable experience.

Functionally, the trading platform has all the typical features of a cryptocurrency exchange. It includes the following:

  • Main Menu / Navigation
  • Markets Navigation Pane
  • User Balance
  • Market Information / Charts
  • Order book

The order submission window for placing limit, good-until-canceled, instant or cancel, fill-or-kill, post-only, and buy or sell orders.

  • Trade Feed / Market History
  • User’s open orders, order history, and trading history

Some experienced traders might disappoint that they cannot place pre-orders or stop losses through the trading platform. Also, it does not yet support other trading modes like margin trading or options. However, according to ProBit’s white paper, these features will be available in the future.

In terms of trading, this platform now has three base cryptocurrencies: Tether (USDT), Bitcoin (BTC), and Ethereum (ETH). Fully verified South Korean users can also access KRW markets. ProBit currently supports more than 340 cryptocurrencies and is known to be one of the first exchanges to list all possible new and hot tokens.

Also Trading aside, ProBit crypto exchange makes it easy for its users to navigate between different sections of its exchange, including its IEO platform, trading competitions, exclusive offers, and events.

ProBit’s IEO platform

Here you can participate in the latest initial exchange offerings, reviewed and endorsed by the ProBit team. Also, The exchange has new listings almost every week, which means you might have a chance to grab the hottest new tokens at the base price.

ProBit exclusive

With ProBit crypto exchange exclusively you can buy popular cryptocurrency tokens with a discount of up to 50%. The number of tokens available in these sales will limit, so you need to plan and act quickly.

Trading competitions

Loyal ProBit crypto exchange traders can trade specific tokens and win prizes based on their performance. Keep in mind that most competitions require you to have a certain PROB stake to qualify to enter.

ProBit staking

Besides regular PROB staking, you can also stake other tokens and reap exciting returns.

Exchange events

The events section of the site lists all of the exchange’s ongoing events, making it easy to find and attend.

All in all, ProBit offers quality service. The platform is easy to navigate and makes it easy to conduct all types of operations, be it trading, staking, or joining an IEO.

In addition to accessing the platform via the web, you can also trade using ProBit’s mobile app.

ProBit Mobile Application

ProBit has a mobile app available on all Android devices. It allows you to access the main functions of the exchange including markets, buying and selling, all digital wallets, staking, and other important functions.

It makes it easy to manage your orders, send and receive crypto transactions, and trade on the go. The same app is also available for ProBit Korea users. Unfortunately, the app is not available on iOS devices.

ProBit Customer service

When it comes to customer service, ProBit has an extensive customer service center and database of Frequently Asked Questions (FAQ). If not all your questions will answer, you can also send a custom request to the customer support team.

Also, ProBit’s customer support center is open Monday through Friday, 10:00 AM to 12:00 PM and 2:00 PM to 5:00 PM UTC, excluding public holidays.

The security of ProBit crypto exchange

As with most centralized crypto trading platforms, security is of paramount importance at ProBit. Also, The exchange has no known security incidents to date, which is reasonable given its relatively short operational history.

The main pillars of ProBit security are:

  • Cold storage. ProBit keeps over 95% of user funds in its cold wallet as offline storage is one of the proven methods to prevent loss or theft of digital assets.
  • Encrypted Data. ProBit uses the strongest encryption algorithms to store user data. Therefore, both private information and private keys will encrypt at least multiple times.
  • Two-factor authentication (2FA). ProBit allows its users to protect their accounts with software authentication methods such as Google Authenticator, Chrome browser plugin Authenticator and OTP, Enpass, Microsoft Authenticator, and Duo Mobile. Setting up secure 2FA will consider a must to protect your account.
  • Universal second-factor authentication (U2F). Users can also set up and lock their accounts using FIDO hardware keys, making it impossible to access the account without them. U2F devices will consider the most secure form of 2nd-factor authentication.
  • All session management. The exchange monitors all risky activities on the exchange and terminates sessions when necessary.
  • Website Security. ProBit crypto exchange uses HTTPS (SSL) throughout its website. Also, it protects the exchange from malicious attacks like SQL injection, cross-site scripting, and DDoS attacks.
  • Physical Software Security. ProBit crypto exchange pays special attention to the security of its facilities, including monitoring server security and its management system.

Deposit and Withdrawal Methods

As of today, ProBit Global only supports crypto deposits, which means you have no option to buy or sell cryptocurrencies with fiat currencies. However, you can deposit all cryptocurrencies supported by the ProBit crypto exchange.

ProBit crypto exchange Korea users can make KRW deposits and withdrawals directly to and from South Korean banks. But, to unlock this feature, all Korean traders must verify their identity with the exchange platform.

Keep in mind that ProBit does not charge a fee for crypto deposits, but there is a small network fee for withdrawing coins from the exchange’s wallet.

Conclusion

ProBit is an exchange for traders from all over the world. It offers everything a modern trader needs – a wide range of coins, an excellent trading platform, security, low trading fees, trading events, and much more.

While some users may miss other popular features like leveraged margin trading, ProBit says these as well as many more innovative features are coming in the future. For now, regular traders could enjoy the platform as it is – a simple, easy-to-use, and reliable way to trade all types of coins and tokens. Most importantly, the slick Silk user experience means you’re likely to remain a ProBit crypto exchange user for a long time.


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One response to “ProBit crypto exchange review and features”

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