The rapid growth of cryptocurrencies around the globe managed to create a whole new industry in the world economy, and the main aim of this industry is to serve the crypto market. One of the crucial services without which the crypto trading industry can not exist is obviously cryptocurrency exchange because if someone wants to buy or exchange some crypto, he should be able to find a place where they can do it.
Nowadays there are already hundreds of different crypto exchanges which provide different crypto transactions. And recently one of those crypto exchanges gained a lot of attention, and it was the ProBit exchange.
This platform became popular because of its great policy on the initial offerings and an incredible collection of trading pairs. The platform is based in Seoul, South Korea, and has two different versions, ProBit Korea and ProBit global. And in this article, we will concentrate our attention on the ProBit global and what it can offer for traders, so if you are in search of a new platform or just thinking about investing in crypto this article will help you.
Let us start from the general overview of the Probit exchange. This cryptocurrency exchange was founded in Seoul, South Korea back in 2017. With time Probit Exchange gained popularity in Korea where it works through the Probit Korea platform and contrary to the ProBit global in this version you can engage not only in crypto to crypto exchange but also you can buy crypto for fiat currencies.
Despite the fact that global ProBit is a bit restrictive and does not allow trading with fiat currencies it still managed to gain popularity due to great initial exchange offerings.
ProBit provides its clients with a wide range of services connected to crypto investment. But of course, the main service on which ProBit is concentrated is a cryptocurrency exchange. The platform provides the possibility to exchange more than 1 thousand pairs of crypto. It is also interesting that the platform provides its own price charts, however, due to the fact that they may seem to be complicated for new users they also gave a possibility to use usual charts.
Speaking of the restrictive nature of ProBit we must say about liquidity, which is not great because market orders are allowed for only a shortlist of pairs and trading volume is also not so impressive.
Initial exchange offerings
From all of the services that ProBit offers initial exchange offerings definitely stand out as the most interesting, also not all other exchanges have such features. You can easily find IEOs through the dedicated section on the webpage of ProBit. The main aim of this section is to sell new cryptocurrencies projects to sell their first coins or tokens to the public. Inside this section, you can easily navigate because each IEO has its own proper page which describes all conditions of offers.
Also, besides providing crypto traders with crypto exchange operations and IEOs ProBit global is one of the platforms that provide staking services. This service allows clients to quickly and easily stake their coins in support of a favored project, and in exchange, users get staking rewards. Staking is a very flexible feature, users can choose the number of coins that they want to stake, the time period during which coins would be locked up. Moreover, users get all the tools that can help them evaluate rates for every asset that they can support via staking.
Another service that has to be mentioned in our ProBit review is the mobile app. Nowadays, it is hard to imagine a handy trading platform without a mobile app, and ProBit also gives you the possibility to buy digital assets on your smartphone. ProBit mobile app allows you to access all the services that are available in the browser version. The only downside of this mobile app is the fact that it is available only on Androids, so if you have an iPhone you have to use the browser version.
One more advantage of ProBit is the great level of security, which is proved by the fact that the platform was not hacked before, so if you decide to open a ProBit account it would be safe. Also, it is important to mention that ProBit global services are provided by the same team of developers that provide ProBit trading in Korea, and it means that this team is reliable because all financial platforms in Korea are strictly regulated.
Besides strict regulations, the security of this platform is guaranteed by the policy of ProBit which aims for the top level of security. And to accomplish this aim ProBit utilize several interesting technical features.
The first feature is the cold storage of funds. Because it is always safer to keep digital assets in an offline wallet, ProBit claims to store more than 95% of the assets of clients in a special Probit wallet which can be described as offline storage.
The second feature that is worth attention is the encryption of data. ProBit uses only an advanced encryption algorithm in order to store the data of its clients. Also, to protect valuable data ProBit use hardware security keys which are available for users.
Two-factor authentication is another way of protecting the data used by ProBit. and it is also available for all users of the platform. And if you have a relatively big amount of crypto on your account you have to use two-factor authentication.
Also, in order to provide top-level security ProBit utilizes 24/7 monitoring of the trading activities. It allows detecting a risky deal timely and stopping it if it’s necessary which can prevent big losses and breaches of data.
The site itself is also very secure because it uses HTTPS (SSL) protocol. In addition, we can say that the company also pays a lot of attention to the physical security of its servers and other facilities.
As a result of employing all these security measures, ProBit can be considered a secure platform. However you should remember that even the most secure sites can be breached, so we do not advise you to store all your crypto deposits on the platform, it is better to have the bulk of your savings in your private wallet.
Another interesting crypto trading feature that ProBit offers is exclusive deals. Such deals allow users to buy popular crypto assets with discounts of up to 50%. In every deal, there are only a limited number of tokens available for users, so when you get a notification about such a deal you have to act quickly.
Among other more conventional ways of acquiring crypto assets ProBit also has a feature called trading competition. During such competition traders have to buy and sell certain crypto, and based on the performance of each trader, ProBit may award the best of them with some prizes. However, it is important to mention that this competition requires you to have some PROB tokens in possession in order to play.
As we have already mentioned above, ProBit global on contrary to ProBit Korea does not allow trading with any fiat currencies, however, it supports the largest number of crypto on the market as well as a huge number of trading pairs.
In our ProBit review, we have already mentioned Token Prob in the context of getting reduced fees that ProBit charges from its clients. However, this ProBit token can offer more than that. For example, holders of ProBit token can receive voting rights which can be used in case if there is a question about listing new tokens. Also, token PROB can be used to open early access to new features that usual people cannot use yet. In addition, PROB holders can receive an increased referral bonus, this bonus also depends on your membership level, which in turn depends on the amount of PROB that you have.
Another thing that ProBit and all other crypto exchanges are unfortunately trading fees. However, compared with other platforms, ProBit has relatively low trading fees, which can be described as below global industry average with a default fee of a mere 0.2%. Also, ProBit adopted a policy of trading fee discounts. But, contrary to other trading platforms, ProBit affords discounts not for the high or very high exchanges, but for users who have staked PROB, which is the exchange’s native token. Discount is available for traders who have managed to stake 1.000.000 PROB, it may seem to be a lot, but it is worth it because when the discount is applied the final fee is just 0.05%
Also, when speaking about trading fees we must say that ProBit also has a trade mining service, which in some way compensates users who have been staking PROB. The scheme is simple, the more PROB you have staked the more of them you would earn during the trading.
Here, it is important to mention that trade mining with PROB can lower your trading fees in different percentages, and the final result depends on the amount of PROB that you have managed to collect. In general such policy can be described as a way of promoting ProBit’s native token.
Furthermore, ProBit does not have any deposit fees, with one small exception with WBX.
Unfortunately, ProBit has some withdrawal fees, but they are not very big for either ProBit global users or ProBit Korea users. Also, the exact numbers of withdrawal fees would depend on the crypto that was used in the transaction.
Design and functionality
The design is also a very important feature for centralized exchanges because it allows them to bring new clients and to satisfy old ones. And in terms of a good design ProBit is doing pretty well. The trading platform is very well-designed and user-friendly, ProBit trading view allows clients to observe changes on the market in a very pleasant way. What is most important is the fact that ProBit’s design stands out among the designs of most crypto projects on the internet.
Speaking about the functionality of the platform we must say that it is astonishing. Because the platform somehow manages to process more than one and a half million transactions per second and not only processes but does it in a way that allows smooth and pleasant operation of the platform without constant crashes or slowing down operations. In addition, we can say that the ProBit app has also a very good-looking design.
However, the functionality of the platform has some cons, some users are not satisfied with the fact that they do not have a possibility to place advanced orders or that they can not easily stop losses. Also, at the time when we are writing the article ProBit does not allow margin trading on the platform, however they promised that such a feature will be added in the near future.
Also, we can say a few words about the navigation on the platform and in our humble opinion, it is solid. Users can easily navigate between all the sections of the trading platform, including exchange, IEO, event, customer support, and others.
How to deposit and withdraw from ProBit
As we have mentioned above several times, the global version of ProBit crypto exchange allows only deposits in crypto, so fiat trading, as well as all the conventional methods of buying crypto for fiat, are off the table, with the exception of people who live in South Korea. However, you can make deposits in more than 1.000 cryptos supported by the platform, and you will be charged only a small amount of network fees.
Speaking of withdrawals, the process is very easy and depends on the type of cryptocurrency that you want to relocate, as well as on the type of wallet.
In general, ProBit is available for users in any country across the world. However, residents of some countries do not have access to KYC. And this feature is necessary if you want to have access to such functions of ProBit such as IEOs. Or if you want to increase your withdrawal limits beyond 10 thousand dollars per day. It is important to mention that the US is on the list of countries in which citizens do not have access to KYC.
Despite the fact that verification is not required if you want to trade on the platform, however, having a verified ProBit account may unlock some advantages for you. For example, it is much easier for holders of verified accounts to recover their digital assets in case if the password was lost or if there is some problem with two-factor authentication. Also, verified users can have higher withdrawal limits. Here, it is important to mention that fiat traders in Korea must verify their accounts if they want to engage in fiat trading.
The verification process for the global traders is simple, they just have to provide the following information:
- Name and surname
- Scan copy of a passport or an ID
- Selfie of a user holding an ID or a passport.
Usually, the whole process takes 30 minutes at maximum, however, on some days it can be several hours.
Customer support at ProBit
Traders, from global crypto investors to new ones are constantly experiencing different troubles on the trading platforms, and ProBit is not an exemption, therefore it is extremely important to have adequate and user-friendly customer support. And in the real of customer support Probit has some problems.
Users report that it is almost impossible to receive good customer support on this platform, especially when the problem in question concerns the misplacement of funds. Probit also has a Telegram channel with moderators, but it doesn’t help to enhance the level of customer support.
The only positive thing that we can say about customer support at ProBit appears to be a FAQ section, which answers almost all common questions and helps to solve the most common problems with the platform.
In the conclusion, we can say that despite the problems with customer support, fiat trading, absence of margin trading, and a few more minor problems. Still, ProBit is a platform that is definitely worth the attention of seasoned traders as well as newcomers to the market, this positive conclusion is mostly based on PROB token discounts, referral bonuses, low ProBit’s trading fees, security, and useful design of the platform.
Frequently asked questions (FAQ)
Can US citizens use ProBit exchange?
In short yes, every US citizen is able to use the ProBit platform in order to buy and sell crypto. It is not prohibited by the law, as well as the platform itself did not close from Americans. However, you have to remember that the US is on the list of countries, residents of which have restricted possibilities on the platform, and some of the features of ProBit are closed to Americans.
Where is ProBit exchange based?
The answer to this question is not so simple, because in general ProBit remains to be a Korean platform. However, if the Korean version of the platform is indeed registered in Seoul, the global version has its seat on Seychelles. However, it should not be a problem because the team of both platforms is based in Korea.
What are the safest Cryptocurrency exchanges?
It is actually rather hard to say which cryptocurrency exchange is the safest one because all of them have strong and weak sides. One service can be great in encryption but at the same time bad in the physical security of its servers and vice versa. In any case, it is better to store your assets in your private wallet.