Hello Crypto Enthusiasts! Hope you all doing well. Today, I brought another cryptocurrency exchange review, the Probit Cryptocurrency Exchange. Is it good? How tough is the security? What have supported cryptocurrencies? Everything is going to be answered in this Probit exchange review.
This is a beginner’s guide, right? Then what are the most important facts to consider when depositing your funds on a cryptocurrency exchange? You may skip this part if you already know these facts.
You are going to deposit your funds in that exchange. Then it must be well secured. So the first thing to look at is security. Then the fees. When trading, there are two different types of fees which I will explain in the next sections.
What else? The supported currencies. This is not so important. But you know, it requires when you depositing funds or cryptocurrencies. Alright. Let’s get things started. Here’s everything I’m going to cover.
ProBit Company Overview
ProBit is a Korean based cryptocurrency exchange established in 2018. Not too old, But there are some good features to discuss. Something interesting about ProBit. Seems it has no listing fee for cryptocurrency projects. It only lists cryptocurrencies with qualified and deserving.
According to this statement on coinmarketcap.com, it only lists projects with qualified and deserving. No mentions about listing fees. It worth a look, however.
When it comes to performance, ProBit officially refers that it has a massive processing capacity of 1,500,000 transactions per second. Wow! This is so good when considering other major competitive cryptocurrency exchanges.
Also, ProBit featured on top platforms like Cointelegraph, ICO bench, and more.
You know, partnering with other companies is helping to grow authority and trust. So here are all the partners of ProBit. Thought these facts could increase the user’s trustworthiness.
Now let’s go find out the most important features of ProBit cryptocurrency exchange. After that, you will decide whether you are going to try this exchange or not.
Security Features
Cryptocurrency exchanges are basically two types. Centralized and Decentralized. Unlike centralized exchanges, Decentralized exchanges have no central authority to control it.
That means transactions happening on decentralized exchanges, have no 3rd party. Completely peer 2 peer transactions. But when looking at things on centralized exchanges, it is controlled by a central authority.
Usually, there are headquarters on centralized cryptocurrency exchanges. So ProBit is also a centralized exchange.
When comparing these two, Centralized exchanges in having a higher possibility of getting hacked. Because its everything compacted together in one piece. So the security must be tough enough to defend those hacker attacks. Well, let’s see what security features ProBit capable of.
2-Factor Authentication
This is the most rated security option most popular in cryptocurrency exchanges and wallets. Simply, It’s securing your account in the combination of your mobile. Read my article about 2FA for more info.
U2F Security Key
Basically, it’s a hardware device that can be connected to your account and setup. What this thing does is, when you log into your account, you will need the U2F Security Key to access your account in addition to the username and password.
The above features are great. But make sure you have a strong password at all. That will tighten the security of your account by one more step.
Fees
Fees are also important when you are into trading, withdrawing, and buy/sell cryptocurrencies. However, ProBit does not support buy and sell cryptocurrencies for the moment.
But it has something interesting on trading fees. ProBit has its own cryptocurrency called PROB which I completely forgot to mention. You can increase your PROB amount on ProBit to lower the trading fees while increasing your VIP rankings.
I have seen this kind of trading fee system in Binance and Kucoin exchanges. This is kind of a marketing strategy that is launching their own cryptocurrency and force users to buy that coin for the purpose of the increasing demand for that coin.
Here are the fees and benefits according to your PROB amount on ProBit.
On the other hand, withdrawal fees vary on cryptocurrencies. Here’s the full list of withdrawal fees on ProBit exchange.
Supported Currencies
I already mentioned that ProBit does not support buy/sell directly with cards. So it definitely does not support fiat currencies. But here is a thing. This is a Korean cryptocurrency exchange right? ProBit website has two different domains one for Korea and the other for global. In the Korean domain, It does support KRW as a fiat. (Korean Won)
Then what about cryptocurrencies? As I mentioned earlier, ProBit lists only cryptocurrency projects with “Qualified & Deserving”. Hmm. That reveals something.
That means at some point, The cryptocurrencies in ProBit have good vision and mission in the project basement. This fact directly affects the future of that cryptocurrency. That is my thought. Leave your ideas below.
ProBit has 4 market pairs which are USDT, ETH, BTC, and KRW (Only in Korea). With over 300 cryptocurrencies. Those all cryptocurrencies are strong enough to maintain over $100,000,000 of 24-hour volume on ProBit exchange. All the coins are listed here in the withdrawal and deposit fee section.
Features of ProBit
There are some outstanding features to take note of. Let’s see what are they and what can we do with those.
Exclusive Offers
I don’t see many cryptocurrency exchanges have these offers. What is this actually? ProBit lets users buy some cryptocurrencies with a discount. Mostly 50% off within a period of time and has a maximum allocation.
But there is a catch!
You are not eligible to get these offers as long as you don’t have at least a VIP level 1 membership which means you need to have more than 500 PROB coins. Find out more.
Trading Competitions
I have seen these competitions on major exchanges like Binance. What you can do is, Trade the desired cryptocurrency for the given time period and you will be rewarded according to your trading volume. Both buys and sells are calculated.
Initial Exchange Offerings
Unlike Initial Coin Offerings, Initial Exchange Offerings have promising cryptocurrency projects to invest in. In an IEO, token sales are manipulated by the cryptocurrency exchange.
And, IEOs are available to the exchange users. So if you are interested, IEOs are available to invest in ProBit exchange.
Staking
Means when you holding cryptocurrencies, you will get a reward for your holding. ProBit offers to stake in event vise. Each coin has a different staking period. Varies from 60 to 180 days.
Pros and Cons
Pros
1. Features. With many more features, you got a lot of things to do with ProBit.
2. A lot of cryptocurrencies. You know, people don’t trade for a single coin. Having a collection of coins is a good thing
3. The combination of fees and VIP memberships.
4. Mobile application. It’s easy to engage with the platform when it has a Mobile application.
Cons
1. No fiat currencies and payment methods supported. As a modern cryptocurrency exchange, It is one of the most needed things.
2. Poor user experience. The website seems a bit slow. This is my personal opinion and experience.
3. No margin trading feature.
Conclusion and My Experience
ProBit is a fast-growing cryptocurrency exchange based on Korea. It has some awesome features like major cryptocurrency exchanges. However, still needs some important features.
Hope the ProBit team will add those features in the future. But it’s a good exchange to trade your cryptocurrencies. Talking about my personal experience, it seemed really slow. Especially in the exchange section compared to other exchanges.
But it is worth trying because there are a lot of amazing cryptocurrency projects listed on ProBit. As a reviewer, Would I recommend ProBit for cryptocurrency beginners?
That actually depends on your learning skill. You can buy/sell cryptocurrencies on ProBit with almost no issues. Go ahead and create an account.
Alright. Above all are my opinions. But I would like to hear from you. Do you trade on ProBit? What are your experiences? Is it good for beginners? Leave your ideas in the comments below.
