Cobinhood Review – Cryptocurrency Guide
Cobinhood is a cryptocurrency exchange that guarantees to offer zero trading fees. Find out everything you have to know about Cobinhood today in our review.
What Is COBINHOOD?
Cobinhood is a digital cash exchange that, as you may have speculated from the name, guarantees to steal from the rich and provide for those in require. To achieve that goal, Cobinhood guarantees zero trading fees.
Specifically, Cobinhood guarantees to offer zero trading fees for spot trading and margin trading up to 10x leverage.
At the same time, Cobinhood is developing an ICO underwriting service. Companies – including new blockchain startups and existing ventures – can launch an ICO through Cobinhood and appreciate compliance testing, security auditing, and different services.
Cobinhood has ambitious plans to offer 0% trading fees and different advantages. Here are a portion of the key features outlined by the platform:
Zero Trading Fees:
Cobinhood claims to be the world’s first cryptocurrency exchange with zero trading fees. The exchange has no fees on spot trading and margin trading up to 10x leverage.
Anchored Crypto Assets Deposit:
Cobinhood stores assets in an offline multisig vault, which requires 5 out of 8 geo-distributed hardware security modules to open. Crypto assets put away in online wallets are also “backed by insurance”, explains the official site. “Geo-distributed hardware security modules” sounds high-tech, but as far as I can advise, it’s simply ordinary multi-sig bolster with verification required from several sources around the world.
High Performance Order Matching Engine:
Cobinhood has a proprietary request matching engine that can procedure a huge number of requests in milliseconds.
Cobinhood has a goal of being “Crypto Goldman Sachs” by marketing itself as an ICO guarantor. Cobinhood’s ICO services will include due tirelessness, smart contract code review, and legal compliance reviews for ICOs.
Support For Multiple Fiat Currencies:
Cobinhood will bolster “all mainstream fiat monetary forms”, explains the official site. A portion of the specific recorded monetary standards include USD, EUR, JPY, KRW, CNY, HKD, CAD, GBP, AUD, and NTD.
Cobinhood plans to cover 98% of the total populace with its multi-language bolster.
How Does COBINHOOD’s ICO Underwriting Service Work?
ICO underwriting is one of the key services offered by Cobinhood. Here are the important features that will be produced as part of that service:
ICO Due Diligence:
Cobinhood will just guarantee promising ICOs, and the Cobinhood team will review ICOs based on project feasibility, idea curiosity, and legal compliance.
ICO Spark Program:
Cobinhood is launching its “ICO Spark” program, which will enable existing endeavors to integrate their services with blockchain technology. Through this program, Cobinhood can help a portion of today’s greatest companies launch ICOs and benefit from the universe of token sales.
All ICO tokens guaranteed by Cobinhood will be immediately tradable on the Cobinhood exchange after the ICO.
Cobinhood aimed to launch its cryptocurrency exchange platform online by November 2017. The margin trading/funding and fiat trading begun in December 2017, while the ICO underwriting service launched in Q1 2018.
Who’s Behind COBINHOOD?
Cobinhood is driven by CEO and Co-Founder Popo Chen, also known as Chen Tai Yuan. He’s a 26 year old serial business person from Taiwan.
Other key individuals from the team include Du Jun (CSO) and Pu-Chen Mao (CTO).
What Problems Does COBINHOOD Seek To Solve?
Cobinhood tries to take care of various issues among cryptocurrency exchanges and ICOs, including all of the following:
- High trading fees (a 0.20% trading expense is average among the main 30 exchanges)
- Difficulties of real-time trading (because of rate-restricted trading APIs and non-real-time transaction confirmation)
- Asset security issues (Mt. Gox, and so forth.)
- Exchanges can close down all of a sudden
- Exchanges just help a predetermined number of fiat monetary forms
- Restricted multilingual help
- Poor client service and slow KYC processing
- Low liquidity of ICO tokens
Cobinhood plans to take care of all of these issues by introducing its own particular cryptocurrency exchange while also offering its ICO underwriting service.
Cobinhood Account Signup and Verification
Creating an account on COBINHOOD is a relatively straightforward process. On the homepage, click “Create Account.” Then, round out the shape, read the terms and conditions, and snap that you agree. You will be asked to affirm you are not a robot. At that point, you can click “Join.” Go to your email account, find the message from COBINHOOD, and tap on “Activate Account.” After doing in this way, it will take you to an account confirmation page. You will get an email letting you know you have an affirmed account.
To begin the verification procedure, go to “Accounts” and “Points of confinement.” There, you will see the prerequisites for Level 1 and 2 verifications, along with as far as possible. There are no daily breaking points for crypto stores. As far as possible for Level 1 crypto withdrawals is 3 BTC, which increases to 100 BTC with Level 2. Level 1 verification is automatic, just requiring your email and password.
For Level 2 verification, you should also give your full name (which is in your passport), momentum living arrangement, citizenship, an ID, (for example, a driver’s permit depending on your nation or a passport), a selfie with your ID, FATCA, and your telephone number.
How Do You View, Deposit, and Withdraw Funds?
When you sign in, go to the upper right corner of the screen and snap “Funds” on the menu. You can see your present funds from the Withdraw or Deposit tab. This includes your total balance, monetary forms, coins, available balance, USD value, on arrange amount, and various actions. If you drift on the “Estimated Value,” you can see the full USD value.
From the “Funds” page, tap on “Store” to make a store. Pick the money and select “Store.” You will see an address that you should transfer your funds to. Make beyond any doubt you transfer the correct cryptocurrency to the best possible address. You can withdraw from the same “Funds” page but through the “Withdraw” segment. It will ask you to enter your external address to send the tokens to and the amount to withdraw before you hit “Submit.”
You can use COBINHOOD in your program or take advantage of the mobile application. There are already applications for both Android and Apple gadgets, offering the ability to use the exchange on most smartphones or tablets.
To enable traders to make an informed choice before making an exchange, the “Exchange” tab of COBINHOOD has nearly all the information you could require. There is a detailed graph showing the prices of your picked cryptocurrency pair, including highs and lows. You can also see the trade history for the pair in addition to the request books.
When you sign in, the “Trade” page will also display your requests. These include the pair, type, price, amount, and status on the left half of the page. The correct side demonstrates your balance, including what is available and the total amount. On the upper right part of the “Trade” page, you will find the intuitive area for creating a request. Pick the right tab among “Market,” “Point of confinement,” or “Stop” orders. At that point, fill in the amount of cryptocurrency you are working with. The price per coin will appear, and you can then snap “Buy” or “Offer.”
Changing the cryptocurrency pair is as basic as going to the upper left corner and hitting “Select Product” to see the drop-down menu. From that point, select the relevant tab, including BTC, COB, ETH, and USDT. When you tap on a tab, it will display the available pairs for your picked cryptocurrency. Tap on the pair you want to trade. At that point, it will take you to its dedicated trading page that includes all the information recorded above.
The interface for the work area form also includes red and green buttons. The green button demonstrates the price with the highest offer. The red button demonstrates the lowest ask. Similarly, the green button calculates your max buy amount for your current available balance. The red one calculates your max offer amount for the current available balance.
What Types of Orders Does COBINHOOD Offer?
As specified, COBINHOOD offers market and point of confinement orders. Market orders are great for those in search of a speedy trade. You simply enter your request measure and will see the market price in addition to your request’s total price. COBINHOOD takes care of market arranges immediately, so you cannot cancel them.
Cutoff orders let you pick the minimum or maximum price you will offer or buy at. Enter your request estimate and your picked price. The framework will display the total price. At that point, you can buy or offer. Remember that utmost requests may here and there be partially filled. They are also subject to adjustments in price based on market orders.
You also have the choice to favorite trading pairs by clicking on the star alongside them. You can see all your starred pairs by clicking on the tab with a star on it before the BTC tab in the “Select Product” drop-down.
One of the key features of COBINHOOD is its high-performance arrange matching engine. This is a proprietary request matching engine with the ability to deliver sub-millisecond latency while processing a great many requests. This whole framework is completely distributed, auto scalable, and highly available to deliver the most ideal trading knowledge.
As the plain first zero trading fees crypto exchange on the planet, COBINHOOD does not charge any trading fees for spot trading. There are also no fees for margin trading with as much as ten times leverage.
The withdrawal fees that COBINHOOD charges don’t profit the exchange. These go specifically to the miners and vary by cryptocurrency. At the season of writing, fees were 0.001 for BTC, 20 USD for USDT, 0.007 for ETH. This is the equivalent of 3 USD for QRC-20 tokens and the equivalent of 8.4 USD for the ERC-20 tokens.
Since COBINHOOD does not charge commission fees, it is natural to think about how it makes its money. Its benefits originate from its underwriting service. This service as of now allows it to gather five percent of the funds raised during the ICO. Following the ICO, the income originates from other underwriting services for other large ICO projects, as Kyber and Filecoin. The fees it charges for underwriting services are sufficient to run the COBINHOOD exchange and work to create and enhance its services.
What are COB Tokens?
The individuals who hold COB tokens are qualified for special benefits on COBINHOOD. If you pay with COB tokens, you can get 50 percent off the interest on a margin trading loan. You can also get tokens from ICOs that COBINHOOD endorses later on at a significant markdown. COBINHOOD plans to add more benefits for token holders later on.
What Is the COBINHOOD Referral Program?
COBINHOOD has a relatively new referral program to reward users who encourage others to join to use the exchange. When you invite companions to use COBINHOOD for trading, you get ten Daily Bonus Draw tickets for a commission. This allows you to win BTC. You and the alluded user both get the reward if the alluded user passes Level 2 Identity Verification within multi month of join.
Bonuses, Airdrops and Free Tokens
To encourage users to take advantage of COBINHOOD, the platform has a Daily Bonus Draw. Make a fruitful transaction on COBX to get a reward draw section. There is a maximum of one passage for each day. The crypto prizes are random and can include up to 1 BTC.
COBINHOOD also participates in airdrops at various points, giving you the opportunity to participate in a “COBINHOOD prized mission.” Current and future airdrops (at the season of writing) including the Bread (BRD) Lottery, LALA World Airdrop-lite, and Lympo (LYM) Airdrop-lite. You can get more information on the airdrop page of COBINHOOD’s site.
Is Cobinhood Safe?
To give security to kept cryptocurrency assets, COBINHOOD stores the greater part of these assets in an online vault with multi-signature features. It requires five of the eight geo-distributed hardware security modules to open. Crypto assets in online wallets have insurance backing.
For your security, each time you sign in from another IP address or gadget, you will find “Another Device Confirmation” message in your inbox. COBINHOOD unequivocally proposes you set up two-factor authentication. When you sign in, navigate to “Account” and then “Security.” You can pick to use two-factor authentication with Google Authenticator or SMS.
If you pick SMS authentication, you should enter a mobile number to get the one of a kind code. If you pick Google Authenticator, you should download this smartphone app so you can use it to scan a QR code and reveal your access code. Enter the code you got, at that point select “Verify.” You will then get a verification email that expects you to tap on the given link. Later on, the two-factor authentication will require a code for logging in, requesting withdrawals, and adding IP addresses.
How To Buy COBX?
While reading this review you must be wondering about how to buy COBX. However, this section will help you to know how to buy COBX. First of all, you will need to find the best exchanges to buy this coin. Well, you can check this list of exchanges to know more.
Cobinhood is a cryptocurrency exchange that aims to offer 0% fees and an ICO underwriting service. The company will accept numerous fiat monetary standards, offer full ICO underwriting, and give other powerful advantages to distinguish itself from different exchanges.
Ultimately, a cryptocurrency exchange without any fees would be ideal. However, it’s unclear how it plans to offer that, or how the exchange plans to make money.