Cobinhood Exchange: Review – Complete Guide
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Currently, there are myriads of cryptocurrency exchange platforms that have not only made the impossible possible but have created new investment opportunities for all. Cryptocurrency trading is not as small as most people think. On the contrary, digital currency trading volume exceeded the forex trading volume in August 2017. It was foreshadowed by the increase of the digital currency market cap by $103 billion between January and July 2017. That’s an impressive 1,600% increase in just 6 months. However, for digital currency traders, the most significant problem lies in finding a credible exchange platform. Most exchange platforms face problems such as high trading fees, poor customer service, infrastructure issues and the risk of a shutdown without warning. Cobinhood attempts to challenge the status quo and introduce a revolutionary exchange platform that is trader oriented.
What is Cobinhood?
Cobinhood is a next-gen exchange platform that seeks to solve problems encountered by other cryptocurrency exchange platforms such as cybercrimes, costly transaction and trading charges, and infrastructure server downtimes. Other than offering exchange services, it also offers underwriting services for new ICO start-ups that need a helping hand into the new blockchain platform. New enterprises that take advantage of these service provided by Cobinhood enjoy services such as security auditing, compliance testing, solved ICO token liquidity, among other services.
The following products make its underwriting service comprehensive.
After the successful conclusion of ICO, your tokens can be listed on the Cobinhood exchange altogether avoiding liquidity issues from the beginning.
Cobinhood will provide practical technology support, reviews, and recommendations on all matters ICO and blockchain related. It will help get your technology on track as soon as possible and in an efficient manner.
It will use its own team of lawyers to help you mitigate through the murky waters of legal and regulatory risks by ensuring smooth navigation through matters paper-works, white papers, token usage and ICO best practices.
Cobinhood will create custom strategies specifically tailored to capture the target customers through the use of proper channels and in the budget range.
It will help create brand awareness through building concrete social media relationships aimed at generating positive public perceptions.
Cobin hood will ensure that it uses marketing campaigns such as relevant promotions and community engagements that will help maintain, build and retain customer loyalty.
What’s unique about Cobinhood is that it offers free margin and spot trading to ensure that the trader enjoys maximum profit and market liquidity. Cobinhood was founded in 2017 by the current CEO, Chen Tai Yuan, who was the original founder of 17 Media. He is mostly recognized as Popo Chen. Wei- Ning Huang is Cobinhood’s CTO and co-founder. Other notable names within the team include Tony Scott and I-Cheng Liu who are both advisors. The company is currently located in Taiwan and intends to serve the interest of traders on a global scale.
As stated earlier, Cobinhood features zero fees for spot or margin trading. It is exactly what sets it apart from other digital exchange platforms that charge high trading and transaction fees. However, as much as Cobinhood does not charge any fees, there are withdrawal fees involved. They are different for each cryptocurrency and Cobinhood does not get any financial gain from the withdrawal fee as it gets sent to the miners who help with maintaining the network. The withdrawal fees are as stated below:
|$8.4||Rest of the tokens|
Deposit fees incurred will depend on the service provider you decide to use.
Anyone can have an account at Cobinhood. To get started, you need an email address and a solid password. Once you get set up, your account automatically acquires a level 0 access. Level 0 access has no deposit limits. To be able to access higher withdrawal limits, you need to get KYC verification. More information is needed as you go further on the levels.
- For Level 1 KYC (Know Your Customer) verification, you will need to provide the following details in order to get authorized for the level. These include your full name, country or nationality, birth date and a phone number. Once approved, you will receive an email notification indicating that you have been upgraded to level 1. At level 1, there are no deposit limits. However, there is a daily withdrawal limit of 3 BTC. The limits are applied on a daily basis rather than monthly. Verification for both level 0 and 1 usually takes a few minutes or maximum 24 hours if there is a need for manual verification.
- Level 2 KYC verification is only available to level 1 verified customers. In order to upgrade to level 2, you will need to have the following details, a phone number, a valid ID, current place of residence, citizenship, full name, FATCA( for US residents).There are no deposit limits for this level. Daily withdrawal limits for this level are 100 BTC. Verification for level 2 may take a few days. However, if there is an influx of new applicants, the process may take longer than normal.
Cobinhood Special Features
There are two main special features that make Cobinhood such a delight to investors and traders. They are:
- Secure crypto assets deposit
All crypto-assets will be stored in an offline multisig vault that will need 5 out of 8 geo-distributed hardware security modules to open. Furthermore, any crypto-assets stored online will be insured in case anything happens.
- Order Matching Engine
Cobinhood offers a one of a kind order matching engine that can process millions of orders in milliseconds with minimal latency. It makes high-frequency trading possible in real time which is a welcome improvement compared to other crypto-exchanges.
Is Cobinhood Safe?
The overall majority of users have positive feedback concerning the Cobinhood exchanges platform. Most seem to like its services and have good things to say about Cobinhood. Majority of the negative feedback comes from issues such as time delays and lags during deposit or withdrawal. Such feedback will include comments such as “Slow and awkward interface, they take your money quickly but Withdraw time is ridiculously long. Have been waiting 2 days”. The rest term it as a Cobinhood scam and are waiting for when reality reveals its ugly head and majority of traders lose their money. Other than that, Cobinhood seems like a pretty awesome exchange platform.
According to Cobinhood, they offer customer support services online 24/7 via their app or website. They claim to respond to inquiries within 24 hours. Positive feedback above already shows proof of this. However, a majority of the reviews are good and, therefore, one can only assume that the few complaints were from customers with high expectations. Cobinhood tends to respond to consumer inquiries within a day or so.
How to use Cobinhood
- Open an account.
- Click sign up and head on over to your email address to verify and activate your account.
- Log in to your account with your credentials and then create two-factor authentication to boost the security of your account.
Cobinhood Review Summary
The platform is easy to use and beginner-friendly. Furthermore, it has ensured that it has provided a majority of its information in various languages with the most language being used in English.
Pros of using Cobinhood
- No deposit or trading fees.
- The platform supports the use of fiat currency.
- Margin trading is available.
- High-frequency trading is possible.
- Online crypto-assets are insured.
Cobinhood is a pretty solid exchange platform that rises above the rest with its unique features and advanced solutions to problems that plague other cryptocurrency exchanges. It’s worth the try.
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