With the sudden rise in the trading of crypto assets, it is critical to have a reliable cryptocurrency exchange for safe trading and execution of transactions. Hence, in this ProBit review, we’ll go through all of the platform’s products and do a deep dive on getting started at ProBit.
Summary (TL;DR)
- ProBit is a cryptocurrency exchange that offers a wide range of crypto pairs to trade globally.
- The operations of ProBit are split into two parts: ProBit Global and ProBit Korea.
- The trade services are available on android devices but not on iOS devices.
- The trading fees range from 0.03% to 0.2% per trade.
- The withdrawal fee for every cryptocurrency is different.
- Two-factor authentication and other security measures make it a safe and secure platform for trading crypto assets.
Table of contents
What is ProBit?
ProBit is an innovative cryptocurrency exchange based in Seychelles and South Korea. It offers a wide range of selections of crypto services, staking events, and altcoins. There are 40+ cryptos to choose from, and trade is provided in more than 600 markets globally.
However, USDT, BTC, and ETH are the base cryptocurrencies that are primarily used on ProBit. The platform can be translated into 40 languages making it easier to use for global traders.
Fiat trading is available for the Koreans through only South Korean Won (KRW) trading, which is supported on the platform. Furthermore, excellent navigation, strong security measures, and a user-friendly interface make it one of the best exchanges present.
This platform is divided into parts.
- For worldwide crypto traders the platform offers ProBit Global.
- ProBit Korea, exclusively for the Koreans.
ProBit Review: Products
- Crypto-to-crypto exchange: ProBit offers to trade in 300+ cryptocurrencies around the globe. The trading is facilitated through more than 1000 trading pairs.
- Initial Exchange Offerings (IEO): Every week, exchange offerings are provided by ProBit to the traders so that they access the tokens at the lowest price.
- ProBit Exclusive: Popular and limited cryptocurrency tokens can be acquired at half price with ProBit exclusive.
- Trading competitions: To enter such competitions, you must have a certain amount of PROB tokens. You could trade tokens and win according to your performance.
- Trade Mining: Whenever a user trades, they are offered PROB tokens as compensation. If the user stakes more PROB tokens, they will be given PROB tokens accordingly.
- Auto Hold: Tron (TRX) Auto Holding campaign is also being hosted by ProBit. Users can hold TRX to receive daily rewards in the form of TRX. Moreover, the reward rate is up to 6% per annum.
- Staking: Staking, or holding a certain amount of tokens in a staking wallet, can generate passive rewards for the traders.
Also, read Staking Crypto – An Ultimate Guide on Crypto Staking
ProBit Review: Features
The platform provides a great user experience to visitors. This is only possible because of its many exceptional features.
- Safe and reliable: It maintains extreme security standards. Furthermore, the platform provides several features to protect the digital assets.
- Professional service: Each service by this exchange is fast and user-friendly. Furthermore, a team of professionals in Seychelles and South Korea manage trades on ProBit Global and ProBit Korea.
- Optional KYC: Every user has the choice of whether to reveal their identity or not as completing KYC is not mandatory.
- PROB token discounts: It charges low trading fees like 0.2% on every trade, and discounts are also available for users using PROB tokens.
- Easy navigation: Users can easily navigate through the platform. ProBit aims to provide an excellent user experience to every customer.
How to use ProBit?
How to create a ProBit account?
Follow the below steps to create an account on ProBit:
- Firstly, visit the official site of ProBit and select the register icon.
- Secondly, fill in the necessary details and click on the register.
- Thereafter, paste the authentication code into the textbox and click on verify.
- Now, login by entering your credentials and password.
Verification on ProBit
The verification process is not necessary. Although if completed, it may open several benefits for the user like two-factor authentication, higher 24-hour withdrawal limit, access to trading competitions, and easier account recovery. However, for fiat traders, verification of identity is a must.
The users of ProBit Korea can perform complete verification up to KYC level 4. In contrast, the ProBit Global users can upgrade up to KYC level 2.
Deposit method
You can only deposit cryptocurrencies like BTC or ETH if you want to buy and sell tokens on this platform. ProBit does not accept fiat currencies like USD or EUR as of August 2021. People who don’t have cryptos to deposit have to purchase them from another platform and then deposit on ProBit.
Users of ProBit Korea can make KRW deposits if they complete the KYC verification step.
Steps to deposit funds
- Go to the ‘Wallet’ section of the ProBit account.
- Now, click on ‘Deposit’ and select the cryptocurrency you want to deposit.
- Read the highlighted section carefully. Then, copy the ‘Deposit Address.’
- Thereafter, transfer the cryptocurrency from the concerned wallet to the ProBit deposit address.
- Lastly, you can verify it from your ProBit wallet.
ProBit Trading View
Every platform has its trading view. The trading view presents a price chart of the chosen crypto and the order history as well. By looking at the trading view, you can decide if you are investing in the right asset or not.
ProBit Token (PROB)
The platform offers a native ProBit token or PROB. The PROB tokens or standard Ethereum ERC-20 tokens are the keys to unlocking many exciting features.
Benefits of HODLing PROB
There are several advantages to holding PROB tokens.
- If PROB tokens are used in trading, then it results in a low trading fee.
- An additional referral bonus is given.
- Access to exciting features of the platform.
- Users can take part in trading competitions after staking a minimum of 100 PROB tokens.
- High reward guaranteed when PROB tokens are used in acquiring Initial Exchange Offerings (IEO).
- Users holding a high amount of PROB tokens are given voting rights for listing new tokens.
- The amount of staked PROB tokens determine the membership level.
- Learn more about PROB token and its advantages here.
ProBit App
The mobile app is available on Android devices through which the traders can access the digital wallets, do staking, buying, and selling. In addition, traders can use the essential features on the mobile app like sending and receiving crypto transactions, trade tokens, etc.
However, the mobile app is not available on iOS devices.
ProBit Fees
The standard trading fee on ProBit is 0.2% per trade, but it varies to 0.03% depending upon the number of PROB tokens staked. Apart from this low trading fee, IEO fees, withdrawal fees, listing fees, and fees associated with other services are also a source of revenue for this platform.
Trading Fees
Probit trading fees are determined by the membership level, which is 12 in total. The membership level is decided by the number of PROB tokens staked.
For VIP 1 membership level, the number of PROB tokens staked should be greater than 500. This will result in a 0.19% trading fee. Similarly, for the VIP 12 membership level, the number of PROB tokens staked should be equal to 1,000,000. This will result in a 0.05% trading fee.
There is an extra 0.02% discount if a user pays trading fees using PROB tokens.
ProBit Review: Withdrawal Fees
Withdrawal fees vary for each cryptocurrency. For example, suppose that you want to withdraw BTC, then you have to pay a small amount of BTC as a withdrawal fee.
Below is withdrawal fees of few crypto assets:
| Cryptocurrency | Withdrawal Fee |
|---|---|
| Bitcoin (BTC) | 0.005 BTC |
| Litecoin (LTC) | 0.005 LTC |
| Ethereum (ETH) | 0.01 ETH |
| ZCash (ZEC) | 0.005 ZEC |
| Ripple (XRP) | 1 XRP |
Is ProBit safe?
ProBit has given it utmost importance. As a result, there have been no security issues on the platform until now. It has taken up these stringent measures to ensure that it remains that way.
- Two-factor authentication (2FA): The accounts of the users should have this setting to give extra security to their crypto assets, fiat currencies, and personal info. ProBit also supports Google Authentication.
- Offline data storage: This platform stores 95% of the user’s data offline to prevent online theft.
- Data encryption: ProBit employs one of the most robust data algorithms.
- Session management: The platforms keeps an eye on all trading activities to ensure everything goes well.
- Website security: It ensures that the website has the maximum protection that defends it from all types of attacks like cross-site scripting, DDoS attacks, and SQL injection.
ProBit Customer Support
The customer support team is present for the customers at fixed times for their doubts. Though 24 x 7 customer support is not available, the users can still post their queries if they have any. The customer support team tries to answer every question so that the customer has no further doubts.
ProBit Review: Pros and Cons
With so many features and services, ProBit contains some flaws too. At the end of this ProBit review, let us see if the advantages outweigh the disadvantages or not.
Pros
- It has low trading fees as compared to other platforms.
- KYC verification is optional.
- A professional team and management are present to monitor every activity.
- Android app is available with all the main features.
- Several offers and discounts are available.
- It offers a great user experience to its customers and has accessible navigational features.
Cons
- Fiat trading is not available to the users except the Koreans.
- Customer support is not open 24 x 7.
- No iOS app is available.
- The platform does not support margin trading.
- No lending service.
ProBit Review: Conclusion
The ProBit Exchange gives plenty of services to the user. There are more than 300 cryptocurrencies to choose from, and trading happens all over the world. In addition, staking events and trading competitions are also hosted by ProBit that gives the user a unique and reasonable opportunity to trade and get offers, discounts, and rewards.
The trading fee is low and the security measures taken up by the platform are excellent. Moreover, it is easily navigable and user-friendly. It executes more than 1.5 million transactions in a single second effortlessly. This makes it a popular choice for everyday traders.
Frequently Asked Questions
Is Fiat Trading available for all users?
Only ProBit Korea users can access fiat trading through South Korean Won (KRW) trading. Verification is a must for Fiat trading.
Is there any discount on trade fees if PROB tokens are used in paying it?
There is an additional discount of 0.02% if a user pays trading fees using PROB tokens.
Is there any mobile app available?
Yes, a mobile app is available but only on android devices. An iOS app is yet to come.
Can I deposit fiat at ProBit?
No, only cryptocurrencies are used for depositing funds.
