Established in 2018 in Seoul, South Korea, by Huynsu Do as CEO and Steve Woo as CTO, ProBit offers a variety of cryptocurrencies, investment options with two divisions serving different markets. There is ProBit Global, which serves users from around the world, and ProBit Korea, which serves residents of South Korea in compliance with local regulations.
This is an exchange that provides multiple options for its users to make profits, it is also one of the very few exchanges that have exclusive offerings. In order for the exchange to be compliant to a certain extent, they have a KYC option procedure, whereas the procedure at ProBit Korea is much more extensive.
Pros / Cons
- Innovative Investment Options
- 100+ cryptocurrency pairs
- Good user interface
- Limited fiat currency deposits
|Deposits||Crypto, KRW (Korean Won)|
|Max. Withdrawal Limit||Depends on the verification level|
ProBit Security Review
The ProBit exchange is well secured and offers several options that are mandatory to protect your personal account. Security options include 2FA authentication, SMS notifications, UTF hardware key, and there is an optional KYC procedure that you can go through for an additional level of security. ProBit does a pretty good job of protecting users’ funds, the South Korean department is compliant with the respective market and the international one is also striving for compliance with most jurisdictions.
Where is ProBit located?
ProBit Korea is operated by Oceans Inc. which is located in Seoul, South Korea, Gangnam-gu, Yeoksam-dong, 28 Teheran-ro 4-gil on the 8th floor with registration number 262-88-00547.
Probit Global is operated by ProBit Global Services Limited is registered in Seychelles, Revolution Avenue, Victoria Mahe with registration number 207189.
The KYC at ProBit Global is optional and, compared to ProBit Korea, much simpler and less demanding. KYC at ProBit Korea includes two additional steps, but is still optional. The difference between verified and non-verified accounts is the availability of KRW (Korean Won) deposits and withdrawals and higher withdrawal limits per 24 hours. Without verification, the withdrawal limit is $10,000, while if you pass KYC level 2 for ProBit Global and level 4 for ProBit Korea, the daily limit is increased to $100,000 per day.Visit ProBit
Deposits and Withdrawals
On ProBit Global you can deposit and withdrawals of over 100+ cryptocurrencies making it one of the most jam-packed crypto exchanges. Of course, most of those altcoins are risky bets as some of them have very low daily trading volume. On ProBit Korea you can deposit and withdraw KRW (Korean Won) but only if you have passed the level 4 KYC procedure.
Cryptocurrencies available for deposits and withdrawals on ProBit:
- And more
Trading Instruments and Order types
ProBit is mainly crypto to crypto exchange where you can do Spot trading on over 100 crypto pairs. There are numerous trading pairs with BTC, ETH, USDT, and KRW that can be traded on the platform. ProBIt keeps it simplistic and has only two order types which are the mandatory Limit and Market. The lack of other more advanced order types may be a turn off for the more experienced and demanding traders out there.
Besides the main order types, you have a few additional sub-options like:
- GTC – Good Till Cancel
- GTCPO – Good Till Cancel and Post Only
- IOC – Immediate or Cancel
- FOK – FIll or Kill
The attractive side of the exchange is that it offers the exclusive sale of various crypto projects. However, in order to have access to this tool, you must have 500 PROB (the exchange native token) staked to participate.
IEO (Initial Exchange Offering)
ProBit also features its own launchpad for initial exchange offerings where you can participate and buy directly on the exchange from the IEO.
You can stake PROB the native token of ProBit and receive rewards directly on the platform. The lock period is 180 days with the more PROB you stake you will also lower the trading fee, increase the mining reward rate and the referral bonus. There are a total of 11 levels with the requirement for VIP 11 (Level) is to stake over 1 000 000 PROB which will get you a 0.05% trading fee, 100 mining reward rate, a referral bonus of 30%, and more.Visit ProBit
The user interface on ProBit is relatively nice and you can customize almost every part of it. The design is simple and aimed for everything to be clearly separated and visible. For a spot trading exchange, the UI design on ProBit is good. It is not perfect as things can be designed to be much more modern.
Otherwise, you can completely change the layout with predefined presets and choose from 3 options for the UI color. The layout can also be adjusted manually, which is positive for users who want to create a more personal trading environment. A single layout change can really change the face of the exchange by making things look completely different in the eyes of the users.
The mobile app retains all the functions that you can also find in the desktop version. The layout and the general user experience are good, while the same style is maintained. Unfortunately, the app is not available for iPhone users, it is only available on Android. With all the features and trading pairs, the app is a very good addition to the main platform.
ProBit Exchange Fees
ProBit has a trading fee of 0.2%, which can be reduced by staking PROB and/or use PROB to pay transaction fees (0.10 to 0.08%). The effective trading fee for mining pairs is 0.198%. By staking out PROB you can reduce the trading fee to 0.05% and 0.03% when paying with PROB. There are several advantages to using the platform’s native token, from which those who trade large amounts on the exchange can benefit enormously.
The daily volume is around 5000-6000 BTC, which at today’s value is about 60 million USD per day. The volume on the exchange is not very big, but it is more than sufficient to ensure secure trading and low spreads on the major cryptocurrencies pairs. The most traded pairs on ProBit are BTCKRW, SOCKRW, ETHBTC, and BTCUSD with a daily volume in the millions.
The ProBit partner program is very simple. People register via your referral link and you receive 10%. The standard percentage is 10, but it can be increased by up to 30% by using the native token on the platform.
ProBit is a good cryptocurrency exchange for spot trading, it offers some unique simple products that its users can benefit from, but there is nothing groundbreaking that sets it apart from the crowd. Otherwise, the exchange offers great value for cryptocurrency enthusiasts. ProBit offers great incentives, promotions that can be attractive but in some cases risky.