Probit Review

Read this full review to find out how to use Probit, what is the PROB Token, how to make a deposit in Probit, how to trade in Probit and much more.

Main location: Seychelles

Company: ProBit Global Services Ltd

Web address: Probit.com

Daily volume: 103.774.350 USD

Decentralized: No

Transfer types: Crypto Transfer

What is 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. 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, that makes it one of the better altcoin exchanges worldwide.

Additional Probit Data

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 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.

Main Features about Probit

Crypto-to-crypto exchange. ProBit offers its users to trade more than 500 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.

No forced KYC. KYC at ProBit is optional, so you can choose whether you want to reveal your identity or not.

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.

User-friendly trading dashboard. ProBit is an extremely user-friendly platform that constitutes an enjoyable and pleasant trading experience.

Secure and reliable exchange. ProBit has not been breached before, and the platform adheres to the highest security standards on its powerful 1,5 million 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.

Main Probit Products

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.

What is the Token “PROB”?

ProBit exchange has a native ProBit Token (PROB). 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 main utility of PROB is fee discount, meaning that you can get either a 10% or 20 to 75% 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 20-30% bonus based on your membership level when your invitees make trades on ProBit exchange.

How to use Probit

Next we will analyze step by step how to use Probit and perform an operation on the exchange.

How to Register at Probit?

- To register simply navigate to the Probit homepage and click “Register”.

- You will then be asked to enter a minimal amount of personal information such as your email address and password, you will also be asked to accept the terms and conditions of the company.

- After you fill in the required fields, click “Register”, you will get a pop-up, check the “I am not a robot” box.

- A verification code will then be sent to your email address. Copy the code and paste it at the provided box and verify.

- Once the verify is clicked, your Probit account is ready to be used.

How to Deposit Funds at Probit?

Now that your account is activated, you'll need to add funds to your account if you wish to buy or sell any cryptocurrencies.

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.

- First go to the "Wallet" tab and click on the “Deposit” option.

- On this page, you will see all of the cryptocurrencies available for trading on Probit. To make the deposit, you must first select which cryptocurrency you want to deposit and then be shown your unique deposit address.

- Next, you need to copy the deposit address. The easiest way to do this is to click on the automatic copy icon to the right of the deposit address.

- Now you need to go to your external cryptocurrency wallet and transfer the number of Bitcoins you want to send to your Probit account. It is very important that you send the coins to the correct Probit deposit address. Make sure you double-check the address after copy and pasting it.

- Once you have submitted your cryptocurrencies to Probit, wait for the transaction to process and you’ll be ready for trading.

How to Placing a Trade in Probit?

Now that you have funds in your account, let's go on to show how to trade in Probit.

Probit offers us an intuitive interface to do our operations, and it is very easy to use for new users in the crypto world as well as for more experienced users.

- Firstly, go to the tab and click on "Exchange".

- When entering the trade panel, we go to the section of other cryptocurrencies and we will look for the currency that we deposit to make the trade, we will also look for the pairs that interest us to make the change. For example, if we want to exchange Ethereum, we will look for pairs by their codes such as ETH/BTC, ETH/USDT, etc.

- After you have chosen the pairs you want to trade, you will click on them and it will direct you to the trading screen of the chosen pairs.

- Below is a chart showing the market information for the pairs you chose, along with the entire order book and trading market. But we will focus on the buying and selling section found in the lower right corner of the panel.

-To create a buy or sell order in Probit we can do it in 2 different ways; such as limit order and market order.

For this example we will choose the BTC/USDT pairs.

Purchase example.

- Limit Order: We go to the Limit order tab and set the price (in USDT) at which we want to buy the BTC and the amount we want to buy, then we will click on “buy”.

After that, your limit order will be placed on the Order book.

You can scroll left to view and manage your open orders. The limit order will only execute if the market price reaches your limit price. If the market price doesn’t reach the price you set, the limit order will remain open.

Sale example.

- Market Order: We go to the Market order tab and in this case we only establish the amount of BTC that we want to sell and click on the “sell” button.

After that, your market order will be executed.

Since market orders are executed right away, your market sell order will match the cheapest limit sell order available on the order book.

How to Make a Withdrawal in Probit?

Now that you know how to deposit cryptocurrencies and you also know how to trade on Probit, it is very important to know how to withdraw the profits you get when trading. So let's show you how to do it.

- To make a withdrawal, go to the “Wallet” tab and click on the “Withdraw” option.

- When entering this page, you must first select the cryptocurrency you want to withdraw and then you will be shown a box to complete your withdrawal information.

- Next, you must enter the destination address of the cryptocurrency you chose and finally you must enter the amount you want to withdraw.

- After having placed all the requested data, click on “Withdraw” and wait for the transaction to complete.

- Withdrawals of funds in Probit are normally fast and generally take no more than 20 minutes to reach your destination wallet. However, if the network is busy, it could take longer.

Final Conclusions

Cleary, ProBit is an exchange that’s worth your time. That’s all thanks to its advanced features and worldwide coverage. More importantly, with ProBit, you can trade on any pair of your choice. The best part is that you don’t have to worry about hacks or breaches since the platform takes extra precautions to protect its clients. ProBit hasn’t been hacked before, but you should always be on your guard with a cryptocurrency exchange.

ProBit also has its token that comes with discounts and other perks when you are trading or holding the token on their platform. That’s an opportunity that every trader would like to take advantage of. All in all, whether you are a newbie or an advanced trader, there’s something for you on ProBit.

Whether you decide to use the platform or not, at least now you know how to use Probit, and you should easily be able to deposit, trade and withdraw funds.