Did you know that the average turnover rate for crypto exchanges (without derivatives) is $931,000,000? Or that there are more than 600 crypto hedge funds worldwide?
The emergence of new digital currencies and the rapid development of the crypto community has inspired many optimistic forecasts about the future of blockchain-based finance. These projections have been buttressed by the introduction of countless new exchanges to the scene.
These platforms include ProBit exchange, an innovative brand incorporated in Seychelles and South Korea. The exchange accepts traders worldwide and offers a wide selection of cryptos and altcoins.
What else do you need to know about Probit? Keep reading for our full review of this up and coming curated crypto exchange.
What Is ProBit Exchange?
A global coin-to-coin cryptocurrency exchange, Probit proves incredibly discerning when it comes to the "qualified and deserving" crypto projects that it lists on its platform. The site has an order matching speed of a whopping 1.5 million orders per second.
What are some of the exchange's other benefits? They include a customizable user interface.
Customers also appreciate the exchange's emphasis on security. The platform comes with the option of a hardware security key in addition to two-factor authentication (2FA).
ProBit provides consumers with access to a wide array of DeFi tokens, altcoins, staking events, low-fee trading, and other popular crypto services. These are accessible via a straightforward and quick email registration process.
If you're a user living in Korea, you also have access to fiat trading. The current system only supports South Korean Won (KRW) trading.
What's more, fiat traders must provide additional identity verification. You won't deal with this verification hassle if you're a crypto-to-crypto trader worldwide, however.
The platform boasts an excellent design. It comes with comprehensive security measures, and its professional team makes it one of the best altcoin exchanges in the industry.
A Brief History of ProBit Exchange
ProBit dates to 2017, although the concept didn't officially launch until November 2018. It started in Seoul, South Korea, and is led by CEO Huynsu Do and CTO Steve Woo. Today, ProBit retains its vision of becoming the most professional, secure, and global digital asset exchange for crypto traders.
To better understand the company, you must know that its operations remain split between two functions:
- ProBit Global
- ProBit Korea
ProBit Global deals primarily with global crypto investors and is headquartered in Seychelles. ProBit Global Services runs this operation.
ProBit Korea handles the South Korean crypto exchange and is run by Oceans, Inc. Since its launch, ProBit has grown dramatically, achieving multiple milestones.
ProBit's Global Ambitions
For example, ProBit Global Services remains open to investors worldwide. But traders should be aware that restrictions based on local jurisdictions apply. For example, if you're in a country that attempts to prohibit the use of cryptos, you won't have the same access to ProBit as those in other nations.
Barring jurisdictional inconsistencies, ProBit remains committed to expanding into one of the most global exchanges out there today. To facilitate this vision, they've translated the platform into 40 languages. These languages include:
- Chinese (simplified and traditional)
Clearly, ProBit takes its goal of global domination seriously. No matter where you live, you'll likely have access to ProBit in a second language, if not your mother tongue.
Key Features of ProBit
What are some of the key features of Probit's approach to crypto trading on a global scale? This robust platform comes with many features consumers need to know about.
You'll also enjoy low trading fees with discounts offered when you transact in the exchange's native token, PROB. ProBit charges consumers a 0.2 percent per trade fee, but loyal traders will enjoy many different discounts available to dedicated traders.
Besides various discounts, the exchange provides users with an intuitive trading dashboard. This dashboard is highly user-friendly and makes for a pleasant trading experience.
ProBit boasts regular exchange offerings where consumers can purchase a variety of different coins with a discount. The exchange also lets consumers earn cryptos by staking them at the exchange, which represents a welcome incentive.
As you can see, there are many compelling reasons to give ProBit a whirl. This handy trading platform lends itself well to both newbs and crypto enthusiasts alike. You'll enjoy a wide selection of different coins, low trading fees, pseudonymous trading, staking, and innovative features.
Yet, you can rest assured your funds remain safe. For all of these reasons, ProBit continues to gain a following in the industry.
How to Create a ProBit Account
How easy is it to create a ProBit account? Start by navigating to the website and clicking on "Sign Up." Next, you'll fill out a brief form, check the Terms of Service box, and click "Register."
From here, you'll need to go through reCAPTCHA verification to prove you're not a robot and then verify your email. To verify your email address, copy and paste the verification code you receive and then click "Verify."
Next, head to the "Go to Login Page," where you'll need to enter your email address and password to log in. Go through the reCAPTCHA rigamarole again, and then you start using your account.
To gain access to the widest array of options, verify your identity. How do you do this? Go to your ProBit account page and complete the Know Your Customer (KYC) verification process.
KYC verification is entirely optional. Depending on where you're located, your nation may not support this form of identification.
Verification will unlock more exchange features, including the increased daily withdrawal limit. You can participate in Initial Exchange Offerings (IEOs) and trading competitions. And you can start depositing funds at ProBit.
Pros & Cons of Probit
- A wide selection of cryptocurrencies
- Low trading fees
- No forced KYC
- Professional team
- Well-designed exchange
- Limited fiat trading for global users
- No 24/7 customer support
- No iOS mobile app
- No margin trading
Frequently Asked Questions About Probit
Now you have a better idea of what ProBit is, how it started, and what it offers in terms of features. Let's take a look at customers' most frequently asked questions so that you have a thorough understanding of how the platform works and whether it's right for you.
Which Currencies Does ProBit Support?
Besides these base currencies, users will gain access to more than 340 cryptocurrencies. For this reason, ProBit has earned a reputation as one of the first exchanges to list the newest and hottest tokens on the market.
What Are Some of the Opportunities Associated With Using ProBit?
You'll find it surprisingly easy to navigate ProBit exchange. The platform is designed in different sections for ease-of-use and includes trading competitions, exclusive offers, an IEO platform, staking, and exchange events.
How do trading competitions work? Loyal ProBit investors may win prizes when trading specific tokens. Prizes are based on performance, and competitions require you to have a specific amount of PROB staked for entry eligibility.
With ProBit exclusive, users can buy popular crypto tokens with a discount of up to 50 percent. Just remember that the amount of tokens available in these sales proves limited. For this reason, you'll need to plan in advance and act rapidly.
With ProBit, you can participate in the latest initial exchange offerings. These are supported and vetted by ProBit's team. The platform has new offerings nearly every week, which means you have a chance to acquire the latest tokens at their base prices.
Besides PROB staking, users may stake other tokens. These come with the potential for harvesting exciting yields.
You'll also notice that the events section of ProBit lists all current events of the exchange. This list makes it easier to find and participate in the latest events.
Does ProBit Have a Mobile App?
Yes, ProBit has a mobile app available on all Android devices. Unfortunately, it's not currently available on iOS.
The app permits you access to the main features of the exchange. These include buying and selling, markets, all digital wallets, staking, and other essential elements.
The ProBit app also makes it a cinch to manage your orders. You can send and receive crypto transactions while trading on the go. If you're a ProBit Korea user, you'll also use the same app.
What Is ProBit's PROB token?
ProBit exchange boasts a native token known as ProBit Token (PROB). A standard Ethereum ERC-20 token, PROB, is used in the following ways:
- To trade fee discounts for Premium users (individuals holding a designated amount of PROB)
- To increase referral bonuses
- For early access to new features on the exchange
- For voting rights for listing new tokens based on the amount of PROB held
- For an initial exchange offering (IEO) that runs on ProBit's IEO platform
How much PROB is currently in circulation? The maximum supply is 200,000,000.
How Is PROB Token Circulation Designated?
Currently, the ProBit PROB token is allocated as follows:
- Ten percent private sale, pre-sale, and IEO
- 50 percent trade mining
- 20 percent 40,000,000
- 20 percent strategic reserves
From November 5th through November 28th, 2018, ProBit hosted its pre-ICO, and the ICO took place from December 11th through December 12th, 2018.
Which Discounts Will You Receive With ProBit's PROB Token?
At this point, the main utility of ProBit remains using PROB for fee discounts. This begs the question. What kinds of discounts will you enjoy when using ProBit's PROB token?
You'll get either a 10 percent or 20 to 50 percent discount when you pay fees with PROB tokens. The rate of your discount depends on the level of your membership.
As for referral bonuses, you'll receive up to ten percent or 20 to 50 percent in bonuses when people you invite to use the ProBit exchange sign up.
Does ProBit Have a Repurchase Program for PROB?
Yes, ProBit does run a PROB token repurchasing program. Currently, 20 percent of the exchange's profits go towards repurchasing tokens at other exchanges. ProBit will continue this process until they've bought 50 percent of the total PROB (100,000,000) tokens back.
Repurchased tokens are locked in cold wallets. There, they'll act as a safety valve for covering unexpected situations.
How Does ProBit's Customer Service Rate?
Users are pleased to know that ProBit has an extensive customer service support center. The site also keeps a thorough, frequently asked questions (FAQs) page designed to make navigating the platform a breeze.
What if you've got a tough question that the FAQs don't address? Submit an individual request, and you'll receive a response from one of ProBit's customer support team members.
ProBit Exchange: The Takeaway
What's the takeaway when it comes to the ProBit exchange? This exchange provides everything a modern trader needs. It includes a wide selection of altcoins, tokens, and popular cryptos.
With ProBit, you'll also enjoy an excellent trading platform that's secure, offers low trading fees, hosts regular trading events, and much more. That said, some customers miss traditional features like margin trading with leverage.
But ProBit claims these additional features are on the horizon. In the meantime, you must consider all of your options when it comes to crypto exchanges before making a decision. Check out our written reviews spanning the DeFi and CeFi industries to learn about other popular exchanges.