ProBit

ProBit is a cryptocurrency exchange incorporated in Seychelles (ProBit Global) and South Korea (ProBit Korea) and accepting traders from all over the world. The exchange offers a wide selection of altcoins, DeFi tokens, staking events, low-fee trading and other popular crypto services that are accessible via quick and straightforward email registration. 

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Korean users can participate in fiat trading too, though the platform supports South Korean Won (KRW) trading only. Besides, all fiat traders must verify their identity; however, that is not a requirement for international crypto-to-crypto traders. Overall, the platform has a great design, laudable security measures, and a professional team, which makes it one of the better altcoin exchanges worldwide.

Review summary: Key features of the Exchange

ProBit is a fast-growing exchange coming from South Korea. Its key characteristics include having a professional team, offering a great user experience with a global approach towards crypto trading, and a robust trading platform.

Other notable features of ProBit include:

• Crypto-to-crypto exchange. ProBit offers its users to trade more than 340 cryptocurrencies in nearly 600 markets, making it one of the best exchanges for the latest coins and tokens.
• Low trading fees with PROB token discounts. ProBit charges you 0.2% per trade, but there are various discounts available for loyal traders.
• User-friendly trading dashboard. ProBit is an extremely user-friendly platform that constitutes an enjoyable and pleasant trading experience.
• No forced KYC. KYC at ProBit is optional, so you can choose whether you want to reveal your identity or not.
• Secure and reliable exchange. ProBit has not been breached before, and the platform adheres to the highest security standards on its powerful 150,000 orders per second capable of processing exchange. Though ProBit Global is incorporated in Seychelles, its Korean counterpart is strictly regulated in Korea, so the team behind the exchange is trustworthy and reliable.
• ProBit Initial Exchange Offering platform. Participate in the latest token offerings via ProBit’s secure token offering platform. Besides, the exchange has regular offers to buy all sorts of coins with a discount.
• Stake and earn. ProBit’s taking lets you earn cryptocurrency just by staking them at the exchange.

All in all, ProBit is a handy trading platform for both newbies and more experienced crypto enthusiasts alike. The wide selection of coins, security, low trading fees, pseudonymous trading, staking, innovative features, and numerous crypto-related events are just a few qualities that make ProBit’s traders engaged and satisfied with its services.

Background and history of the exchange

Conceived in 2017 and launched in November 2018, ProBit is a fast-growing exchange that originated in Seoul, South Korea. Led by its CEO Huyunsu Do and CTO Steve Woo, ProBit aims to be the most global, professional, and secure digital asset exchange for all sorts of traders.

The company is currently split into two operations: ProBit Global and ProBit Korea. The first one is aimed at global crypto investors, while the latter is purely a South Korean cryptocurrency exchange.

ProBit Global is run by ProBit Global Services Limited, whose registration number is 207189. The company’s address is at Suite 9, Ansuya Estate, Revolution Avenue, Victoria Mahe, Seychelles.

ProBit Korea is run by Oceans Inc, which is incorporated at 8th Floor, 28 Teheran-ro 4-gil, Yeoksam-dong, Gangnam-gu, Seoul, South Korea. The company’s Registration Number is 262-88-00547, and the exchange’s staff can be reached via phone number 1644-5565.

The platform has grown significantly since its launch and has achieved multiple milestones on its roadmap.

ProBit Global services are open to investors from all around the globe and identify verification for global traders is optional. However, you should always be aware of restrictions in your local jurisdiction, and whether it allows trading cryptocurrency at all since there are countries that attempt to prohibit cryptocurrency holding as well as trading.

The trading platform is currently translated into 40 languages. You can use it in English, Azerbaijani, Indonesian, Malay, Czech, Danish, German, Spanish, French, Croatian, Italian, Lithuanian, Hungarian, Dutch, Uzbek, Polish, Portuguese, Romanian, Slovenian, Slovak, Serbian, Finnish, Swedish, Vietnamese, Turkish, Greek, Bulgarian, Mongolian, Russian, Ukrainian, Georgian, Hebrew, Arabic, Farsi, Hindi, Thai, Korean, Japanese, Chinese Simplified and Traditional Chinese.

If you’re unsure how to register or get started with ProBit exchange, please check out this “Ultimate Probit Beginner’s Guide” written by the exchange.

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Verification requirements and account tiers

Even though identity verification on ProBit is optional, having a verified account has additional perks like easier account recovery in case of losing a password or means of two-factor authentication (2FA) or higher 24-hour withdrawal limits. ProBit Korea users must verify their account if they want to make South Korean Won (KRW) deposits or withdrawals.

There are two key differences between verification on ProBit Global and ProBit Korea:

• ProBit Global users can complete know your customer (KYC) check up to KYC Level 2.
• ProBit Korea users can complete KYC up to KYC Level 4, which lets them invest in ProBit initial exchange offerings (IEO), as well as perform fiat (KRW) transactions.

KYC verification is unavailable to the citizens of the following countries:

• Algeria
• Bangladesh
• Bolivia
• Cuba
• Ecuador
• The Islamic Republic of Iran
• Iraq
• The Republic of Macedonia
• Morocco
• Nepal
• North Korea
• Pakistan
• Seychelles
• Sri Lanka
• Venezuela
• Cambodia

In order to complete KYC, you simply need to go to your account section and click “Verification.” The exchange will guide you through the process and ask for the documents required to complete the process.

Basic Level 2 KYC check will ask you to provide:

• Your nationality
• Basic personal information such as name, gender, middle name, and last name
• Date of birth
• Address, including city, state, province, and postal code.
• A photo of your ID or passport
• A picture of yourself holding an ID or passport

ProBit ID verification is quick but can take several days at busy times.

ProBit fees

ProBit is considered to be a low-fee exchange, though trading fees are the primary source of revenue for the platform. Its fees and discount rates are subject to change according to crypto market conditions. Other revenue fees for the exchange include listing fees, IEO fees, withdrawal fees, and other fees associated with a planned implementation of new trading products.

ProBit’s effective trading rate ranges from 0.03% to 0.2%, and you can get an additional discount for staking ProBit's native PROB tokens. The exchange has 12 membership levels, which range from VIP 1 to VIP 11. Your membership level is determined by the amount of staked PROB tokens. The default trading rate at ProBit is 0.2%.

You can also pay trading fees using PROB tokens, which grants you an extra 0.02% discount per transaction. The effective trading rate of trade mining pairs ranges from 0% to 0.198%.

Compared with other exchanges, ProBit’s trading fees are low but not the lowest. For example, Binance’s and KuCoin’s lowest tier trading rate stands at 0.1%, while Poloniex will charge you 0.125% per trade. On the other hand, centralized exchanges like Bittrex charge 0.2%, while you will pay up to 0.26% per trade when trading at Kraken. Meanwhile, Bitfinex charges its users 0.1% for market-making orders and 0.2% for taker trades. As such, ProBit is a median exchange in terms of trading fees.

As for withdrawal fees, they depend on the blockchain of the token being withdrawn. Each token listed on ProBit has a different withdrawal fee, which can be seen on its withdrawal page.

Here is a sample of withdrawal fees of some of the top cryptocurrencies at ProBit.

As you can see, ProBit’s fees are in line with the industry’s average. While they are higher compared with other crypto exchanges at a glance, ProBit offers a wide array of discounts and reward programs to ensure low fees for its loyal users.

A large number of those initiatives involve ProBit’s native PROB token.

ProBit’s PROB token

ProBit exchange has a native ProBit Token (PROB), which is a standard Ethereum ERC-20 token. According to ProBit’s whitepaper, PROB is used for:

• Trading fee discounts for Premium users (those who hold a designated amount of PROB).
• Voting rights for listing new tokens based on the amount of PROB being held.
• Increased referral bonus.
• Early access to new features of the exchange.
• Initial exchange offerings (IEOs) running on ProBit’s IEO platform.

The maximum supply of PROB is 200,000,000. The tokens are said to have the following allocation.

According to ICO data site ICOBench, ProBit’s pre-ICO took place from 5th November 2018 to 28th November 2018. Meanwhile, its ICO took place from 11th December 2018 to 12th December 2018. ICO price per 1 PROB token was USD 0.20, and the team aimed to distribute 20,000,000 (10%) of the tokens for USD 4.5 million worth of cryptocurrencies. As per ICOBench, ProBit didn’t meet its hard cap and raised USD 110,000 worth of crypto.

100,000,000 (50%) of PROB tokens are allocated to trade mining and stake mining, meaning that exchange users can mine PROB tokens while trading or staking tokens on the exchange. For qualified transactions, 80% of the trading fee based on the current market price of PROB is mined and issued to the trader as a reward. However, trade mining does not apply to transactions in which the trading fee is covered with PROB tokens. Meanwhile, stake mining lets users stake PROB tokens and earn annual yield.

The main utility of PROB is fee discount, meaning that you can get either a 10% or 20 to 50% discount (based on your membership level) when paying fees with PROB tokens. The same applies to referral bonus, as you can get up to 10% or 20-50% bonus based on your membership level when your invitees make trades on ProBit exchange.

Besides, according to the whitepaper, ProBit is running a PROB repurchase program, where 20% of the exchange’s profits are used for repurchasing the tokens at the exchange. This practice will continue until 50% of total PROB (100,000,000) have gone through the repurchase program. The repurchased tokens are locked in the cold wallet and will be used as a crisis fund to cover ProBit’s expenses in unexpected situations.

Design and usability

ProBit is an excellent platform for everyday traders who are interested in exchanging bitcoin and altcoins. It has a well-designed trading platform that is unlike other copycat exchanges that have proliferated the crypto market. Its slick platform comes with a variety of preset trading views that is likely to resonate with most of the crypto traders.

Looks aside, ProBit provides a top-tier performance trading platform that is capable of processing more than 1.5 million transactions per second, which makes using the platform a smooth and enjoyable experience.

Function-wise, the trading platform has all the typical features of a cryptocurrency exchange. It includes the following:

1. Main menu / navigation
2. Markets navigation panel
3. User’s balances
4. Market information / charts
5. Order book
6. Order placing window for placing limit, good till canceled, immediate or cancel, fill or kill, post-only, and buy or sell orders.
7. Trade feed / market history
8. User’s open orders, order history and trade history

Some seasoned traders might be disappointed they can’t place advanced orders or stop losses using the trading platform. Besides, it does not yet support other trading modes like margin trading or options. However, as per ProBit’s whitepaper, these features are coming in the future.

In terms of trading, the platform currently has three base currencies: Tether (USDT), Bitcoin (BTC), and Ethereum (ETH). Fully-verified South Korean users can also access KRW markets. ProBit supports more than 340 cryptocurrencies at the moment and is known to be one of the first exchanges to list all sorts of new and hot tokens.

Aside from trading, ProBit makes it easy for its users to navigate between different sections of its exchange, including its IEO platform, trading competitions, exclusive offers, and events.

ProBit’s IEO platform. Here, you can participate in the latest initial exchange offerings that are vetted and supported by ProBit’s team. The exchange has new offerings almost every week, meaning that you might have a chance at acquiring the hottest new tokens at its base price.

ProBit exclusive. With ProBit exclusive, you can purchase popular cryptocurrency tokens with an up to 50% discount. The amount of tokens available in these sales is limited, so you will have to plan in advance and act quick.

Trading competitions. Loyal ProBit traders can trade certain tokens and win prizes based on your performance. Mind that most of the competitions require you to have a certain amount of PROB stake to be eligible for entry.

ProBit’s staking. Aside from the regular PROB staking, you can also stake other tokens and harvest exciting yields.

• Exchange’s events. The events section of the website lists all the ongoing events on the exchange, thus making it easier to find them and participate.

All in all, ProBit provides quality service. Its platform is easy to navigate, and makes it simple to perform all sorts of operations, be it trading, staking, or participating in an IEO.

Aside from accessing the platform via the web, you can also trade with ProBit's mobile app.

Mobile app

ProBit has a mobile app which is available on all Android devices. It allows you to access the main features of the exchange, including markets, buying and selling, all digital wallets, staking, and other key features.

ProBit's mobile app. Available for Android devices only.

It makes it easy to manage your orders, send and receive crypto transactions, as well as trade on the go. The same app is available for ProBit Korea users, too. Unfortunately, the app is not available on iOS devices.

Customer support

When it comes to the customer support desk, ProBit has an extensive customer support center and frequently asked questions (FAQ) base. In case it doesn’t answer all of your questions, you can also submit an individual request to the customer support team.

ProBit’s customer support center is working from Monday to Friday, from 10:00 to 12:00 and 14:00 - 17:00 UTC, not including public holidays.

According to the contact page, you can expect to receive a response within a maximum of 14 days, though typically, the support team replies much sooner.

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ProBit's security

As with most centralized crypto trading platforms, security at ProBit is of paramount importance. The exchange has no known security incidents thus far, which is reasonable, given its relatively short operating period.

The key pillars of ProBit’s security are:

• Cold storage. ProBit keeps over 95% of user funds in its cold wallet, as offline storage is one of the best practices to prevent the loss or theft of digital assets.
• Encrypted data. ProBit is said to use the strongest encryption algorithms for storing user data. As such, private information, as well as private keys are encrypted at least several times.
• Two-factor authentication (2FA). ProBit allows its users to protect their accounts using software authentication methods like Google Authenticator, Authenticator Chrome Browser plug-in, andOTP, Enpass, Microsoft Authenticator, and Duo Mobile. Setting up a secure 2FA is considered a must to protect your account.
• Universal 2nd Factor authentication (U2F). Users can also set up and lock their accounts with hardware keys by FIDO, making it impossible to get into the account without it. U2F devices are considered to be the most secure form of 2nd-factor authentication.
• Entire session management. The exchange monitors all risky activity on the exchange and times out sessions when necessary.
• Website security. ProBit usesHTTPS (SSL) everywhere on its site. Besides, it secures the exchange from malicious attacks like SQL injection, cross-site scripting, and DDoS attacks.
• Physical software security. ProBit pays special attention to the safety of its facilities, including monitoring the server security and its management system.

As a result, ProBit is a highly secure exchange that is yet to experience a hack or a data leak. Its users can protect their account with robust security measures, meaning that you have an option to make it extra hard for scammers to drain your account. 

Nevertheless, ProBit remains a custodial exchange, meaning that you have to fully entrust it with the security of your funds. A recommended security practice is not to keep all of your funds on the exchange’s wallet and store it in a private wallet instead.

In case you’re interested in maximizing your account’s security, read this security checklist written by ProBit’s security team.

Deposit and withdrawal methods

As of today, ProBit Global supports crypto deposits only, meaning that there is no way for you to buy or sell cryptocurrencies using fiat currencies. That said, you can make a deposit in all cryptocurrencies supported by ProBit.

ProBit Korea users can make KRW deposits and withdrawals directly to and from South Korean banks. However, to unlock this feature, all Koreans must verify their identity with the exchange.

Keep in mind that ProBit does not charge a fee for making crypto deposits, but there is a small network fee for withdrawing coins from the exchange’s wallet.

The withdrawal processing time depends on the cryptocurrency being withdrawn, as well as the busyness of the network.

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Conclusion

ProBit is an exchange for traders from all over the globe. It offers everything a modern trader needs - a wide selection of coins, excellent trading platform, security, low trading fees, trading events, and much more. 

While some users might miss other popular features like margin trading with leverage, ProBit says these, as well as many more innovative features are coming in the future. As for now, regular traders might enjoy the platform as it is - a simple, easy to use and reliable way to trade all sorts of coins and tokens. Most importantly, its smooth silk user-experience will likely keep you a ProBit’s user for a long-time.