ProBit Global cryptocurrency exchange was developed in 2018 in Seoul, South Korea, by Steve Woo. It is one of the leading crypto trading platforms, and it offers an accessible and advanced exchange platform with a wide variety of services ranging from crypto trading to IEOs.
Compared to other exchanges, ProBit is built with high authority and unique features, and it boasts of becoming the fastest crypto exchange in the world. The platform can handle more than 1,500,000 crypto transactions every second. This ProBit Review will delve deeper into the platform features, pros and cons, fees, payment methods, supported currencies, and many more.
What Is ProBit?
To define ProBit, it is a trading platform for cryptocurrency traders. It was developed in 2018 in Seoul, South Korea. The platform supports more than 40 cryptocurrencies, and the developers are working to offer more than 100 cryptocurrencies soon and allow more users to trade on the ProBit exchange.
The platform successfully distinguishes itself from other trading exchanges by offering a global crypto-to-crypto exchange for all kinds of traders. It puts a high priority on the security of its client's funds.
They also offer a Trade Mining Service that allows users to mine the following trading pairs – BTC and USDT, ETH and USDT, BTC and KRW, ETH and KRW, ETH and BTC. Their services allow users to receive transaction fee discounts in the form of PROB, their native tokens.
All in all, the excellent and advanced crypto trading features make the platform one of the best options for both beginners and experienced traders. The Exchange highlights three main points why a trader chooses ProBit: global, professional, and secure.
How Does ProBit Work?
Comprehending how ProBit exchange works are exceptionally straightforward, and new investors can efficiently operate on the exchange. ProBit exchange allows traders to mine digital coins on the platform, which is the beauty of the exchange. To know more about how the exchange works, read the following to get an in-depth understanding of the platform:-
To start trading on ProBit, users need to maintain funds in the account. Without funds, buying and selling activities are prohibited. The significant cryptos supported on the platform are – Bitcoin (BTC), Tether USD (USDT), and Ethereum (ETH). So, a ProBit account or wallet must deposit either of these coins to start trading.
ProBit Trading
The trading dashboard on ProBit is typical, and it lists the crypto trading pairs along with price charts, price movements, order book, trade feed, and trading volume. The interface is quite interesting. Below the order book, the display shows the Buy and Sell checkboxes for placing orders. Additionally, the dashboard enables four limit orders that help investors maximize their profits and minimize losses.
ProBit Staking
Experienced traders would know how to maximize profits through staking. Staking refers to how traders can earn profits with their new cryptos on the exchange. ProBit provides multiple crypto tokens along with lockup periods. Heavy users know that staking the native token PROB will fetch staking rewards, referral bonuses, and trading fee discounts.
VIP and Exclusive Levels
Users can increase their benefits from the exchange platform through ProBit Exclusives. This feature allows users to purchase primary crypto tokens at a discount. However, users must stake at least 500 PROB and lock up the staking for 180 days to enjoy this feature. This will automatically enroll the user in the 1st level VIP Membership. There are 11 VIP levels on the platform, each level requiring more extensive PROB staking.
History of ProBit Exchange
ProBit's history dates back to 2018 when the trading platform in Seoul, South Korea by Hyunsu Do and Steve Woo. Currently, it has expanded its market to a worldwide level to become one of the most professional, global, and secure digital platforms for cryptocurrency traders.
The company has divided its operations between 2 significant functions – ProBit Global and ProBit Korea. ProBit essentially deals with global investors, and they are headquartered in Seychelles, East Africa. ProBit Korea, on the other hand, is headquartered in South Korea and is operated by Oceans Inc. ProBit has expanded its operations dramatically and achieved several milestones since its launch.
ProBit Features
ProBit is a robust platform that offers several advanced trading and security features to allow users to smooth and instant trading, buying, and selling of cryptocurrencies. As per the review, here are a few of the features ProBit investors need to know:–
Above-par Security Measures
ProBit provides its clients with three most essential security features, one of them being cold storage, where traders can store more than 95% of their digital assets. Added to this, the platform offers an encryption system that helps in keeping essential user data safely.
Exceptional Trading Experience
ProBit is designed to provide easy accessibility and utmost convenience to its users. The user interface is customizable, and users can set it based on their preferences. This means that users can view only the information that they find relevant and prevalent.
Multiple Currency Trading Pairs
The exchange supports more than 150 currencies for trading, how and it continues to invest more as the market expands.
IEO Launchpad
ProBit has its IEO launchpad that allows users to invest in new start-ups in the blockchain crypto community. It shows an in-depth review to the user before they launch crypto projects.
Staking
Users on ProBit can earn passive returns through on-platform staking.
BitUniverse Grid
This feature is one of the best things about ProBit. Users can use the app called BitUniverse to grid their trades.
FTX Tokens
The exchange platform offers more than 8 FTX leveraged coins listed.
Trading Fees
The fee structure is transparent, and the fees are relatively low, with discounts offered when a user transacts in PROB, ProBit's native token. The trading fee is 0.2% for every trade, which is lower than the global industry average.
Creating an Account With ProBit
ProBit users know how easy it is to create an account on the platform. As per the review, the registration process is hassle-free, fee-free, and takes just a few minutes to complete. Here is how new users can create an account on the ProBit exchange:-
- Go to the official website of ProBit and click Register.
- The next page will display a form to fill in with the client's name, email ID, and password. Check the boxes before entering the Register tab.
- A pop-up will appear on the screen with a checkbox saying, 'I am not a robot.' Check the box, and a vcode will be sent to the registered email ID.
- Copy the verification code, paste it into the box or simply enter the code in the box. This step will verify the user's email ID.
- Next, users need to meet the ProBit exchange KYC standards and complete level 2 KYC to start trading on the platform. To do this, fill in the verification form with personal details and upload a photocopy of any ID or passport along with a selfie holding the original copy of the passport or ID.
- Submit the documents, and level 2 KYC is complete. Users can now start trading.
Probit Fees
Trading Fees
As per the reviews, Traders on ProBit know that the platform follows a flat fee model as it does not charge different fees for makers and takers. The maker's and taker's fees are uniformly fixed at 0.20%; ProBit Global's history is slightly lower than the global industry average. But many companies today charge trading fees as low as 0.15%.
Additionally, ProBit provides trading fee rebates for the high trading volume. This means that trading fees can fall 0.05% and even lower to 0.03% for large trades made with PROB, the platform's native token.
Deposit Fees
ProBit does not have deposit fees on its platform except WBX (WiBX) that charges network fees.
Withdrawal Fees
Withdrawal fees majorly vary from one crypto to another, and they are generally fixed. For Bitcoin withdrawals on other crypto exchanges, users have to pay 0.0006 BTC as withdrawal fees, but on ProBit, the withdrawal fee is 0.0005 BTC for every Bitcoin withdrawal. This rate is slightly lower than the global industry average.
If we see the big picture, the trading and withdrawal fees are lower than the industry averages. You can also click here to get more insight into ProBit's fee structure.
ProBit Deposit and Withdrawal Methods
ProBit Global does not accept any form of deposits except crypto exchange. This means users can not buy and sell digital assets using fiat currencies. So, deposits on ProBit can only be made in cryptocurrencies.
ProBit Korea traders can make deposits in KRW (South Korean Won), but this feature is available only to those who have verified their identity on the platform. ProBit charges a 0% fee for making deposits, but network fees may be charged for withdrawing crypto coins from the wallet. The withdrawal and the processing time are based on the crypto being withdrawn and the network used to withdraw.
ProBit Accepted Payment Methods
Since ProBit does not support fiat currencies, users can make payments only with cryptos. It helps the largest selection of crypto assets, namely, Bitcoin, Tether USD, and Ethereum. So, accepted payment methods include:-
- Crypto to crypto trading.
- Crypto to fiat trading.
ProBit Supported Currencies and Countries
As per the reviews, the platform supports all countries except the following ones:-
Albania, Algeria, Barbados, Bangladesh, Botswana, Bolivia, Cambodia, Cuba, Ghana, Ecuador, Iraq, Jamaica, Morocco, Mauritius, Myanmar, North Korea, Nepal, Pakistan, Panama, Singapore, Syria, Sri Lanka, the US, Uganda, Yemen, Venezuela, Zimbabwe.
Coming to the supported currencies, the platform supports a wide range of 500 cryptocurrencies on 1000 markets which are huge compared to other crypto exchanges. The primary crypto tokens supported are Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT).
ProBit Token Details
PROB is ProBit's native token that is a standard ERC-20 Ethereum token. According to the exchange's whitepaper, PROB can be used by investors for:-
- Trading fee rebates for Premium traders who have sufficient PROB tokens in their wallets.
- Voting rights for brand new listings of tokens depending on the PROB amount being held.
- Increasing referral bonus.
- Easy and quick access to advanced features of ProBit crypto exchange.
- IEOs or initial exchange offerings that run on the IEO platform.
However, the maximum PROB supply is fixed at 200,000,000, and they have been allocated in the following ways:-
Qualified transactions will mine an 80% trading fee depending on the PROB's existing market price and issue it to the traders as rewards. Nevertheless, trade mining does not apply to those transactions where the trading fees are paid with PROB tokens. Stake mining allows users to stake PROB and earn huge yields annually. The main benefit of PROB tokens is the fee discounts.
This means users can get discounts of 10 to 50% while paying trading fees using PROB. Additionally, the whitepaper also mentions that the platform is operating a PROB repurchase system in which 20% of their profits will be used to repurchase the PROB tokens.
ProBit Token Details
PROB is ProBit's native token that is a standard ERC-20 Ethereum token. According to the exchange's whitepaper, PROB can be used by investors for:-
- Trading fee rebates for Premium traders who have sufficient PROB tokens in their wallets.
- Voting rights for brand new listings of tokens depending on the PROB amount being held.
- Increasing referral bonus.
- Easy and quick access to advanced features of ProBit crypto exchange.
- IEOs or initial exchange offerings that run on the IEO platform.
However, the maximum PROB supply is fixed at 200,000,000, and they have been allocated in the following ways:-
Qualified transactions will mine an 80% trading fee depending on the PROB's existing market price and issue it to the traders as rewards. Nevertheless, trade mining does not apply to those transactions where the trading fees are paid with PROB tokens. Stake mining allows users to stake PROB and earn huge yields annually.
The main benefit of PROB tokens is the fee discounts. This means users can get discounts of 10 to 50% while paying trading fees using PROB. Additionally, the whitepaper also mentions that the platform is operating a PROB repurchase system in which 20% of their profits will be used to repurchase the PROB tokens.
By: David Cox
Source: ProBit Review 2023: Fees, Features, History, Security, & More
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