The legal status of cryptocurrencies is, for the most part, tenuous at best. Some regions of the world, such as India, are outright planning to ban the use or trading of digital tokens altogether. But look elsewhere, and it appears as though the regulators are starting to warm up to crypto. South Korea – which not too long ago was fairly belligerent towards cryptocurrencies – is now starting to open the floodgates to more adoption, which bodes good news in our ProBit review.
For those of us that don't live in the southern tip of the Korean peninsula, then we might not have heard of ProBit before. But we're here to tell you why you should, as there's a whole lot more beyond ProBit than just a marketplace for your precious crypto-assets.
Especially for us enthusiasts that like to experiment and play around with digital tokens, or if you want to try and earn as much money as possible, ProBit's exchange is worthy of attention.
ProBit is an expansive exchange with a vast sea of unique digital assets stretched out into different markets, from DeFi cryptos to leveraged tokens, with lucrative staking opportunities and exclusive sales, or bet on new up-and-comer projects with an initial exchange offering. Plus, take advantage of all that with their own native exchange token. So, how good is ProBit, and have we really been missing out? Well, read along our ProBit review to find out.
What Is ProBit?
ProBit is a Seychelles-registered exchange, which is on par for the course as many cryptocurrency marketplaces and providers are seeking havens from regulatory scrutiny. In contrast to the growing trend of decentralized exchanges, ProBit is a conventional centralized exchange. It's worth pointing out that that ProBit maintains two separate domains, ProBit and ProBit Korea. The latter was designed specifically to meet compliance with South Korean regulations.
Using ProBit, Korea does have certain restrictions against ProBit's wider offerings, which most of the world can have access to. There are separate wallets for both ProBit and ProBit Korea, as users on the latter domain (or if you're a Korean citizen) will need to complete Know Your Customer (KYC). However, trading pairs on both platforms are shared on the same order books. Nonetheless, ProBit is among the larger of the mid-field exchanges.
There are more than 1,000,000 active monthly users on ProBit worldwide, with more than 500 cryptocurrencies and over 1,000 different trading pairs and unique markets for digital assets. At the time of writing this ProBit review, the active 24-hour trading volume on ProBit's exchange is around $360-million.
A bit of that technical geekery, ProBit claims to have one of the world's fastest order matching engines, being able to process over 1.5-million transactions per second, which is apparently higher than what VISA is capable of.
How Can I Deposit to, and Withdraw From ProBit?
ProBit is a coin-to-coin exchange, meaning it doesn't support either fiat currency deposits or withdrawals. All deposits and withdrawals can only be done with supported cryptocurrencies. However, you can deposit Korean Won (KRW) on ProBit Korea. You can also trade with KRW trading pairs on ProBit Korea, as well. There are no deposit fees on ProBit, but there are withdrawal fees to pay for network resources and “gas” fees where they may apply.
As far as the trading fees go, ProBit charges a minimum of 0.2%. This is the default trading fee, which can be lowered to an effective trading fee of 0%. This depends on your “Membership” level on ProBit, with 11 different VIP tiers. With the higher tiers, you can pay as little as 0.05% in trading fees, with heaps of discounts and incentives on top of that such as paying with ProBit's native PROB tokens (more on that later in our ProBit review), through trade mining, or applying bonuses earned through ProBit's referral programs.
What Are ProBit's PROB Cryptocurrency Tokens?
Just like some other exchanges that have issued their own native cryptocurrencies to encourage their users to trade more – like Binance's BNB tokens or FTX Exchange's FTT tokens – ProBit has its own native cryptocurrency. PROB is the home-grown token of the ProBit exchange, which can also be used as a trading pair. But for the most part, it plays a pivotal role as a utility token within ProBit and allows for ProBit's users to unlock additional benefits or enjoy extra perks.
Speaking a bit more on its tokenomics, PROB tokens are worth $0.490645 at the time of writing this ProBit review. Although it's one of the smaller cryptocurrencies based on data from CoinMarketCap as valued by its market capitalization – ranked #2784 with a market cap worth around $93,117,700 – it has grown ever so steadily in price. There is a maximum token supply cap of 200,000,000 PROB.
However, ProBit has implemented a token buyback program. Profits earned by ProBit from trading fees will contribute to gradually buying back PROB tokens until its total supply on the market has dropped to 50% (100,000,000 PROB).
The current total supply as of this ProBit review is 193,995,209 PROB, with 143,995,209 PROB in circulation. The bought-back PROB tokens are then locked up in a secure emergency insurance fund managed by ProBit.
What Can You Do With PROB Tokens?
As we highlighted earlier in our ProBit review, there are a number of ways in which you can use PROB tokens to earn discounts on trading fees or to earn additional rewards. This is done by staking PROB tokens. The more PROB tokens you've staked in your wallet – upwards of over 1,000,000 PROB – the higher up the membership tiers you'll climb. For instance, while Tier 1 members would need to pay 0.2% in trading fees, Tier 11 members would pay as little as 0.05%.
But aside from just staking PROB to reduce your trading fees, you can then lower it even further by choosing to pay those fees using PROB tokens. Regardless of which membership tier you're on, you can then use PROB tokens to cut down another 0.02% from the trading fees. This is a huge bonus the higher up the membership chain you're on. For example, the already low-fee Tier 11 members need to pay only 0.03% in trading fees if they choose to pay with PROB.
But wait… There's more! ProBit users can take part in ‘trade mining' with PROB tokens, where staking 100,000 PROB tokens can see holders earn between 20% or 100% refund on their trading fees. Note, the trade mining program is scheduled to end on May 1st, 2021.
PROB tokens holders are also entitled to access exclusive services on the ProBit exchange, such as purchasing tokens for a large discount through a limited-time sale or join trading competitions to earn prizes.
What Are ProBit's Unique Features?
On the surface level, ProBit is claimed to be among the Top-20 cryptocurrency exchanges for “actual” trading volume (read: exchanges that don't take part in wash trading). It offers a large number of trading pairs – as we mentioned earlier in our ProBit review – as well as a diverse array of different cryptocurrencies. This includes trading DeFi-based tokens, such as Aave, yearn.finance, Compound, DAI, Synthetix, SushiSwap, Serum, Augur, Bancor, and more.
ProBit also offers the trading of leveraged tokens, where you can gain up to 3x market exposure on a cryptocurrency without risk of liquidation or margin calls. Powered by FTX Exchange, leveraged tokens are ERC-20 assets that can give traders increased leverage exposure on one or a basket of assets without actually needing to hold a leveraged position. For example, ETHBULL (which is a 3x long ETH token) will net you earnings of 30% if the price of ETH goes up 10%.
Mind you, a 10% drop in the price of ETH will also result in ETHBULL going down 30%. Currently, ProBit offers two leveraged tokens from FTX for trading; BTCBULL (3x long BTC) and BTCBEAR (3x short BTC). There's more to ProBit than just trading, however. For our ProBit review, here are some examples of other features and services that you can find on the ProBit exchange.
Buy Cryptocurrencies With a Huge Discount Through Exclusive Sales
Every once in a while, ProBit hosts limited-time-only exclusive sales of select cryptocurrency tokens. This is made available for PROB token holders, and they can get massive price cuts from the tokens on offer. While writing this ProBit review, ProBit is hosting an exclusive Bitcoin (BTC) sale, where you can get a 50% discount on the price of Bitcoin. The sale will only be on for another one and a half days, so you'll likely miss it by the time you're reading this.
But in short, you can buy a single Bitcoin for “just” 58,921.02659771 PROB (~28,705.75 USDT) instead of the usual price of 117,842.05319542 PROB (~57,411.50 USDT). There will also be other exclusive sales coming to ProBit's exchange in the near future. In the past, ProBit has held these exclusive sale events for other cryptocurrencies, such as Polkadot, Electroneum, MATIC, and more, with equally big discounts.
Become an Early Adopter of the Next Big Token With Initial Exchange Offerings
One catalyst for the rise of ProBit's exchange has been the introduction of initial exchange offerings – or IEOs – where new projects can start listing their cryptocurrency tokens on ProBit to raise awareness and early adoption for their platforms. This is the cryptocurrency version of an initial product offering (IPO) on a major stock exchange. Just to show how booming IEOs are, ProBit listed more than 200 IEOs on their platform, all of which were funded successfully.
Overall, there have been over 600 completed IEOs that have gone through ProBit's exchange. Aside from developers and entrepreneurs being able to easily list new tokens, users on ProBit can take part in helping to fund these projects and gain their tokens in return for becoming early adopters.
One exciting example of what's on offer through ProBit's IEO launchpad while writing this ProBit review is Moss Carbon Credit (MCO2), which claims to be the world's first green digital asset as tokenized carbon credits.
Stake to Earn Passive Rewards or Take Part in Trading Competitions.
If you're browsing around ProBit, you'll soon discover that there are more ways than one to earn and monetize your digital holdings. You can choose to stake cryptocurrencies on ProBit to earn a passive income. At the very least, you can earn a guaranteed 4% APY by staking PROB tokens. This is already higher than what a conventional savings or fixed deposit account that your bank can offer, not to mention the added benefits of using PROB tokens within ProBit.
For something that's a touch more lucrative, our ProBit Review has found two other staking campaigns, in the form of ETHPlus (ETHP) and Velas (VLX) tokens, where you can earn 36% and 20% after staking for 90 days, respectively. ProBit also offers an alternative ‘Auto Hold' service to earn additional rewards alongside staking. Right now, ProBit offers one Auto Hold campaign for holders of Tron (TRX) tokens, where they can earn up to 6% per-annum rewards.
Or, you might think of yourself as a pretty good trader and may want to try and game your skills to earn more than just trying to play the markets. In that case, you can take part in trading competitions on ProBit. Once again, this a privilege reserved for PROB token holders. You can compete in these trading competitions sponsored by a network against other traders, and you can stand a chance to win some very handsome prizes.
Exchange Tokens Efficiently With Trading Bots
Okay, trading bots aren't new, and they've been around in practically every other cryptocurrency exchange for years.
ProBit is no different and has partnered with Hummingbot to integrate its automated trading tools. With this, you can automatically set your trading account on ProBit to trade algorithmically, whether you're planning to capitalize on market-making across order book spreads or take advantage of arbitrage opportunities across multiple exchanges.
The one specialty on ProBit when it comes to the implementation of automated trading bots has been the integration of BitUniverse's Grid Trading tools. With “grid trading,” traders are essentially setting up bots to automatically create a large number of both buy and sell for a single trading pair at a time.
When the price of the tokens increases, the sell orders are executed, and vice versa. Through grid trading, traders are guaranteed to almost always buy low and sell high.
ProBit Review – Conclusion
So, how can we summarise our ProBit review? To round it all up in a quick pinch, ProBit offers users – regardless of their skill level, be it casual traders or professionals – a very easy-to-use exchange platform that is devoid of significant complexity. If you're in it just for trading, then ProBit offers more than 500 different cryptocurrencies across over 1,000 unique markets to bet your money on. Beyond that, there's a whole lot more than ProBit brings to the table, as well.
You can stake your tokens to earn safe and passive rewards, go on a spending spree with huge discounts on cryptos, build your own trading bot, or become an angel investor in an upstart network. Furthermore, ProBit's decision to mint and issue their own native exchange token is also a huge bonus for ProBit users. PROB token holders can enjoy even lower fees – from ProBit's already comparatively low trading fees relative to other exchanges – for trading, as low as 0%.
There are only two major downsides to using ProBit. For one, being a coin-to-coin exchange makes it far, far more difficult to make just a simple deposit or withdrawal with fiat. On top of that, ProBit's actual trading part of the exchange isn't as advanced and doesn't have any of the cool bells and whistles other exchanges have, such as margin trading, crypto derivatives, or futures.
If you can look past all that, then our ProBit review here has proven that yes; there are indeed many great cryptocurrency exchanges out there that aren't called ‘Binance' or ‘Coinbase.'
- The overall platform is very easy to use and navigate around, including a customizable trading interface.
- Very low trading fees compared to many other exchanges (practically zero if you've invested enough in staking PROB tokens).
- Inclusion of native tokenomics thanks to PROB cryptocurrencies, where token holders can enjoy extra access and services, as well as lower their trading fees.
- Plenty of ways to monetize your holdings, such as staking, trading leveraged tokens, or quickly and easily build your own arbitrage or market-making trading bot.
- Allows new developers to list tokens publicly through ProBit, where users can then become early adopters while those projects grow.
- No fiat on- and off-ramps (except KRW), which means that many users will need to rely on other exchanges for deposits and withdrawals.
- Does not have any advanced trading tools such as margin trading, synthetic assets, crypto derivatives, futures contracts, etc.