CobinHood exchange is a cryptocurrency exchange where users can buy or sell Bitcoin and several altcoins as well as its own cryptocurrency CobinHood (COB). It regards itself as a next-generation digital currency platform. CobinHood also claims to be the first zero fees cryptocurrency exchange in the world.
This platform accepts fiat currencies, and it also allows margin trading. At the same time, it also provides ICO underwriting services.
The CEO and founder of CobinHood, Popo Chen, is an entrepreneur who earned his Master’s Degree in Electrical Engineering at the age of 22. This platform has over five million active users. It has made angel investors a 20x return in a year.
CobinHood’s co-founder and CTO Wei-Ning Huang has three years of experience at Google as well as over five years of experience in the open-source space. He specializes in developing large-scale web apps featuring demanding availability as well as throughput. His early crypto adoption led to five years of experience trading cryptocurrency and a deep blockchain understanding. CobinHood’s advisors include Former U.S. Federal Chief Information Officer, Tony Scott, and the Former Chairman of EasyCard, I-Cheng Liu.
Setting up an account on CobinHood is relatively easy and straightforward. Once you’re on the website’s homepage, click on “Create Account.” Then, fill the form by putting in a valid email address and setting a password, check the box that indicates you agree with the terms and conditions after reading it. You will be asked to prove you are not a robot. You can then click “Sign Up.” Immediately after signing up, a confirmation email will be sent to your mailbox. Login to your email account, find the message from CobinHood, and click on “Activate Account.” You will immediately be taken to an account confirmation page. You will get an email notifying your account has been confirmed.
To start the verification process, on your account dashboard, go to “Accounts” and “Limits.” There, you will be shown the requirements for Level one and two verifications, as well as the daily limits. For Level 1, the daily limit on crypto withdrawals is 3 BTC, which rises to 100 BTC with Level 2. However, there are no daily limits for cryptocurrency deposits.
- Level 1 verification is automatic, as it only needs your email and password.
- Level 2 verification requires the user to submit additional documents including your government-issued ID (passport or driver’s license), proof of current residence, selfie with your ID and your phone number.
CobinHood offers a web-based trading platform. A mobile application is also available for both Android and iOS devices, allowing traders to use the exchange on most smartphones or tablets.
To give users insight and help them make an informed decision before executing an exchange, CobinHood has an “Exchange” tab which is equipped with as much information you need. There is a detailed graph displaying the prices of your chosen digital currency pair, including highs and lows. You can also check the trade history for the pair as well as the order books.
Once you are logged in, the “Trade” page will show your orders including the pair, price, type, amount, and status on the left-hand side of the page. The right side displays your balance, including the available funds and total amount. On the top right part of the “Trade” page, you will find the section where you can create order. Choose the tab you want among “Market,” “Limit,” or “Stop” orders. Then, fill in the amount of digital currency which you are willing to work with. The price per coin will be displayed, and you can then click “Buy” or “Sell.”
To change the cryptocurrency pair, go to the top left corner and click on “Select Product” to view the drop-down menu. From there, choose the appropriate tab, including BTC, ETH, COB, and USDT. After you click on a tab, you will be shown the available pairs for your preferred cryptocurrency. Click on the crypto pair you want to trade. Then, you will be redirected to its dedicated trading page that includes all the necessary information about the pair.
The desktop interface for the platform also includes red and green buttons. The green button displays the price with the highest bid. The red button displays the lowest ask. Likewise, the green button determines your maximum buy amount for the current available balance. The red one determines your max sell amount for the current available balance.
CobinHood takes pride in being the first zero-fee crypto exchange in the world, and so does not charge any trading fees for spot trading. Margin trading is also free of charge with as much as ten times leverage.
There are no charges on deposits. However, CobinHood charges withdrawal fees which go directly to the miners and vary depending on cryptocurrency withdrawn. This includes 0.001 for BTC, 0.007 for ETH, 20 USD for USDT.
Deposits and Withdrawals
To fund your account or make a withdrawal on CobinHood, log in to your account, navigate to the top right corner of the screen and click on “Funds.” You can see your total balance, currencies, coins, available balance, USD value, on order amount, and other actions on the Withdraw or Deposit tab.
Click on “Deposit” from the “Fund” page to make a deposit. Choose the currency and select “Deposit.” You will be shown an address to which you should transfer your funds. Make sure you transfer the right digital currency to the precise address. In order to make a Withdrawal- get to the “Withdraw” section from the same “Funds” page. It will ask you to input your external address to which the coins will be sent and indicate the amount you wish to transfer to your external wallet. Once the formalities are done, click submit and your request will be processed.
Is CobinHood Safe?
CobinHood has gained a repiutation as an excellent cryptocurrency exchange as well as an underwriting service for ICOs. The exchange remains distinguished for its zero transaction fees. It allows a vast amount of trading pairs and has an engaging and user-friendly interface with a good mobile app as well as a moderately simple verification process.
For those who want to take advantage of no fees, easy trading and lots of bonuses, airdrops, and competitions, CobinHood is your ideal exchange.