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.
|Headquarters||Seoul, South Korea|
|Supported Fiat Currencies||Yes|
|Supported Countries||Worldwide with few exceptions|
|Minimum Deposit||No with some exceptions|
|Transaction Fees||Depends on memebership level|
|Withdrawal Fees||Depends on Currency & Payment Methods|
|Customer Support||Submit a Request and FAQ Section|
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.
ProBit Platform Interface
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.
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.
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.
ProBit Exclusive Levels
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 is a robust platform that offers several advanced trading and security features to allow users to smooth and instant trading, buying, and selling 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 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.
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.
Users on ProBit can earn passive returns through on-platform staking.
This feature is one of the best things about ProBit. Users can use the app called BitUniverse to grid their trades.
The exchange platform offers more than 8 FTX leveraged coins listed.
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.
ProBit Review: Pros and Cons
|No KYC requirements.||Unresponsive customer support.|
|Well-designed user interface.||Lacks margin trading.|
|Low trading fees through PROB.||Restricted fiat trading.|
|Access to IEOs (initial exchange offerings).|
|Multiple trading pairs.|
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 verification code will be sent to the registered email ID.
- Copy the verification code, paste it in 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 passport or ID.
- Submit the documents, and level 2 KYC is complete. Users can now start trading.
ProBit Registration Process
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.
ProBit does not have deposit fees on its platform except WBX (WiBX) that charges network 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 Supported Cryptos
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 exchanges 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 (PROB)
A document on ProBit briefly discusses the API (Application Programming Interface) functionality. Users can limit the API essential function by registering their withdrawal address on the API.
How to Register an API Key?
Traders can visit the API management tab from the API setting on the platform and generate a key for API. Enter the API key and enter the Generate tab to authenticate the key. Users can also set permissions to their API key. The first API key generated is Read Only. The API supports trading, withdrawal, and read allowance. To change its properties, click on the Edit tab and save.
ProBit Mobile App
ProBit does offer a mobile app, but it is available only for Android users. The application allows traders to access all the main features of ProBit, including buying, selling cryptocurrencies, staking, digital wallets, and other essential elements required for trading. The app also allows users to manage trade orders. Users can send and receive cryptocurrency transactions even while they are trading on the go. The mobile app can also be accessed on a desktop computer.
ProBit Mobile App
ProBit Security and Privacy
Every cryptocurrency exchange owns massive databases, including personally identifiable information like names, addresses, government ID details, and many more. So, exchanges must maintain high-level security and privacy measures on their platforms. ProBit claims to allow users to store 95% of their assets in cold wallet storage. Additionally, the exchange supports FIDO U2F and hardware security keys. It promises to keep a safe environment for its traders, and they can store crypto in their offline wallets. The privacy features are also excellent on ProBit as the exchange uses several encryption methods to protect its clients’ details and private keys. The 2-factor authentication system using the Google Authenticator makes the wallets safer and keeps the funds away from hackers.
ProBit Customer Support
As per the ProBit reviews, ProBit offers extensive service to its customers and several FAQs (Frequently Asked Questions) base. Traders can also reach the platform by placing a request to the support team. The customer support operates all day except Saturday and Sunday. It opens at 10:00 to 12:00 and 14:00 – 17:00 UTC and remains closed on public holidays.
ProBit Customer Support
ProBit Review: Conclusion
To sum up this ProBit review, if you are looking for the best crypto exchange in the world, ProBit should be in your top 5 list. It offers advanced features for all modern traders, an impressive user interface and trading exchange, low trading fees, high levels of security and privacy, and many more. However, it does not offer margin trading, but the platform promises to bring in innovative features in the future.
How to Deposit/Withdrawal on ProBit?
To deposit/withdraw on ProBit, follow the steps mentioned below:-
- Log in to your ProBit account.
- Select Wallet.
- Click on Deposit or Withdrawal.
- Enter the coin name you want to deposit/withdraw.
- For deposits, Copy the deposit address. Don’t forget to check the note below the deposit address. Note that the deposit may take some time to reach after the transaction is complete because of network confirmations.
- Note that a minimum amount of withdrawal is required for withdrawals, and the exchange charges withdrawal fees.
What Are ProBit Tokens and Their Benefits?
ProBit token is ProBit’s native token, and they are known as PROB. PROB can be used for earning referral bonuses, staking rewards, and trade fee discounts.
Is ProBit Wallet Safe?
Yes, ProBit prioritizes the safety of its clients’ information and funds on the exchange. ProBit offers cold storage to secure information in which traders can store 95% of their funds in an offline wallet. Additionally, the 2-factor authentication protects its clients’ accounts from fraudsters and hackers.
Can US citizens Use ProBit?
No, US citizens can not trade on ProBit.
Is ProBit a Legit Exchange?
Though ProBit is a South Korean trading exchange, ProBit Global is headquartered in Seychelles. The platform is entirely regulated and legitimate in Korea, so the development team who work for the platform is reliable and trustworthy.
Note: ProBit Reviews are not to be considered an endorsement or investment advice of any kind. Investors are requested to seek independent financial advice and carry out their research before trading on exchanges.