ProBit is a cryptocurrency exchange that delivers a secure marketplace for traders from different parts of the world. The exchange was launched on Seychelles in November 2018. The founders of the exchange are two highly experienced specialists who have implemented the best practices in the industry to make ProBit successful.
The combination of the fast trading engine along with solid security delivers a robust trading experience helping to expand the community that is growing fast organically, without extra promotion efforts. It actually started to grow before the launch of the exchange. For instance, the number of its members reached 25,000 users one month before its launch.
The aim of the exchange is to provide world-class service and sophisticated trading in major financial markets. As the platform works in different jurisdictions, it has to be location-specific and cater to the needs of users in different countries. The exchange with a customizable dashboard and multi-language support meets this challenge with ease.
The service that calls itself a C2C (coin-to-coin) exchange offers a wide array of options for users to protect their digital assets and make them feel safe as they store and trade their assets on the platform. The security protocols employed by the exchange include HTTPS and SSL for website security and entire session management that monitors inactivity and initiates time out sessions.
The exchange uses a strong encryption algorithm to protect the data, while wallets private key and privacy information are encrypted several times. ProBit also introduced the FIDO U2F security feature and two-factor authentication. 95% of all digital assets are stored on cold wallets.
Being a feature-rich exchange ProBit suits the needs of pro-level traders and those who make the first steps in the industry. There is good functionality for customization of the service. It can be hard to cater to the needs of users with varying trading habits. Knowing about it, the ProBit team decided to develop a comprehensive trading interface with a modular dashboard for support of customization. It’s possible to move and resize dashboard components the way you wish.
The sidebar can be moved to any part of the screen. There are some preset layouts to move the most relevant information for convenient use that complies with users’ trading style. It may take some time to try different models to understand the best position to place panels on the screen.
ProBit platform and technologies
There are two kinds of membership on the platform, standard and premium. The holders of premium membership get an extended list of benefits. Some of them are connected with a “trade mining service” offered on the platform that enables users to get transaction fee rebates in native tokens. The range of rebates varies.
The platform works fine across different browsers and can also serve mobile clients who use Android and iOS devices. Though the platform doesn’t offer the margin trading at the moment of writing, it plans to add this feature. New users of the exchange can participate in rewards programs.
PROB is a native token of the platform that was issued on the basis of the Ethereum platform so it’s an ERC-20 utility token. The token holders are eligible for the benefits that include voting rights, referral bonus, discounts for trading, early access to new features, etc. The company doesn’t use PROB tokens for bounty and marketing services, while 20% of exchange profits are used to buy back PROB tokens.
The traders can take advantage of convenient trading tools and a good selection of cryptocurrencies. More than 40 cryptocurrencies are offered on the platform, while over 100 are ready to be listed. A powerful engine features fast order matching capability with processing 1,500,000 transactions per second which is enough to list and support over 150 cryptocurrencies. ProBit Exchange offers advanced API access, which is an ideal variant and can enter a list of instruments for algorithmic traders.
Trading fees are equal to 0.2% for all operations, but it’s possible to lower them using the discounts that are available for loyal users. The 0.02% discount can be provided when you use PROB for transaction fees. The feature called ‘trade mining’ can help you to refund up to 100% of your trading fees. The refunded amount depends upon the PROB staking amounts. The bigger is the staked amount, the higher the reward rate is going to be. For instance, the amount of 100,000 PROB unlocks trade mining rewards completely. It means that fees are refunded by 100% and you don’t have to pay anything. Also, the members of the community who stake PROB can get a higher referral bonus.
Probit offers a referral program that allows earning numerous rewards. The referral bonus can reduce your trading fee by 10 to 30%. The referral link or referral code can be delivered to your friends in any way, even in social media.
Along with the referral bonus, the platform uses a market maker program that can be beneficial for large-volume traders. In this case, they have to pay 0% taker and 0% maker trading fees. To enter the program, the trading monthly volume should reach 100,000 USD.
The ProBit team
The founders of the exchange Hyunsu Do and Steve Woo try their best to help the platform achieve its initial goal. Hyunsu Do, CEO, previously, specialized in management, engineering, and investments. He is also savvy about the legal aspects of the fintech sphere as a result of his work for “Kim & Chang”, a famous Korean law company. Besides, he accumulated experience as a Judge Advocate Officer in the Korean Navy. Also, Hyunsu took the position of COO at B-Seed Partners, which is a seed accelerator for fintech and blockchain companies. Now his versatile experience is very helpful in business.
With the advanced technical skills of his partner Steve they make a very good team. Steve Woo who took the position of CTO previously founded Linux International Inc., South Korea, and gained much experience working as CEO in it. He is proficient in UI, Linux systems, transaction ledger systems, security, DDoS defense, and migration.