Cobinhood is the world’s first zero-fee cryptocurrency trading platform. The company offers a variety of services to its users, including margin trading, market making, and ICO listing.
Cobinhood is a cryptocurrency exchange that has been around for over two years. The company has made some changes to their platform recently, which led to the shutdown of the service in 2018.
In this post, we’ll look at Cobinhood, an intriguing new cryptocurrency exchange. This article will compare Cobinhood to other exchanges, as well as walk you through the process of creating an account and trading. Continue reading for our Cobinhood review.
The World’s First Cryptocurrency Exchange with No Fees
Cobinhood’s main selling point, and the reason they stand out in the crowded crypto exchange industry, is that they don’t charge any fees on any transactions. Most exchanges charge a modest fee each time you swap one cryptocurrency for another. Cobinhood is unique in that it allows for limitless free exchanges.
This is a significant advantage for Cobinhood. Not only will you receive more crypto in each trade, but you’ll also be able to switch back if you make a mistake dealing and avoid losing money on costs (of course, you might still lose out due to the volatility of cryptos). This makes Cobinhood a fantastic option for individuals who are just getting started in the world of crypto trading, as well as more experienced traders who are weary of paying fees on a high number of transactions.
It’s a big win for Cobinhood, and at the time of writing, they’re the only exchange that operates on a zero-fee basis.
Of course, Cobinhood needs to earn money somehow, so fees for withdrawing cryptos from Cobinhood wallets to other wallets outside of the exchange will continue to apply.
A Wide Range of Alternative Cryptocurrencies
Cobinhood provides a variety of intriguing altcoin to ETH or BTC pairings in addition to standard currencies like Bitcoin and Ethereum. Cobinhood is definitely worth a look if you’re seeking to diversify your portfolio. In addition, since the business seeks to extend its crypto base, the number of coins and pairings it provides is continuously growing.
As a result, Cobinhood has a larger selection of cryptocurrencies than Coinbase. However, it lacks the scale of Binance, which remains the market leader in the cryptocurrency space. You may also be shocked to find certain common pairings absent, such as Litecoin and Bitcoin or Dash and Bitcoin.
Having said that, Cobinhood offers a diverse range of combinations. If you’re looking to invest in a certain cryptocurrency, don’t assume Cobinhood has it. In this regard, they may not be the best exchange for more daring altcoin explorers.
Fiat Currency Pairings in US Dollars
When it comes to fiat currency trading, Cobinhood has you covered if you have access to US dollars. You may deposit and withdraw up to $15,000 each day, which you can then trade for different cryptos. There are four US Dollar pairings available at the time of writing: USD and Ethereum, USD and Bitcoin, USD and Tether, and USD and COB (Cobinhood’s own currency).
So, if you’re an American or have access to dollars, this is fantastic news since Cobinhood is basically a one-stop shop for all of your crypto requirements.
For those of us on the other side of the Atlantic, however, the lack of support for Euros or Sterling is a barrier. If you wish to trade crypto but don’t have dollars as your main fiat currency, you’ll need to purchase Bitcoin or Ether elsewhere and put it into your Cobinhood wallet. Furthermore, you will be unable to purchase COB without first purchasing Bitcoin or Ether and then exchanging it for it. This is inconvenient since some Cobinhood services, like as margin trading, demand that a user have a specific quantity of COB. Hopefully, as Cobinhood expands its worldwide footprint, they will be able to incorporate more fiat currencies in the future.
Even more dramatically, owing to legal problems with Cobinhood’s license, if you are Japanese or have Japanese citizenship, you will be unable to utilize it at all. However, since Japanese financial authorities are especially harsh on cryptocurrency in general, this is a frequent issue for exchanges.
Initial Coin Offerings (ICOs) and Airdrops
One of the most intriguing aspects of Cobinhood for those more experienced in the realm of crypto trading is that it has a specialized mechanism for managing Initial Coin Offerings and Airdrops inside its ecosystem. They provide the industry’s first end-to-end ICO solution, which makes it simpler for developers to launch their new coins on Cobinhood.
This implies that if you’re searching for new projects to invest in, Cobinhood will almost certainly have some intriguing tokens to offer in the near future. Furthermore, since the whole ICO takes place inside the Cobinhood ecosystem, all you need is COB tokens and an account to participate.
The difficulty of purchasing new currencies puts many beginner investors off ICOs, thus Cobinhood may be a game changer here, attracting a new generation of investors to initial coin offerings.
Apps for iOS and Android by Cobinhood
The Cobinhood exchange is now available on your smartphone and tablet, in addition to your browser. You can trade on Cobinhood from anywhere thanks to their free app, which is accessible on both the Apple Store and Google Play.
Now is the time to get the iOS app!
Download the Android App!
Cobinhood is a platform for trading.
- There are no trading costs.
- Trading from cash to crypto in US dollars
- BTC, ETH, LTC, TRX, IOTA, Monero, 0x, and more cryptos are available.
- Deposit options include Epay through bank transfer, Payeer, Perfect Money, Advcash, and Fasapay for crypto and fiat.
Go to the site and click the sign up button in the upper right corner. This prompts you to enter your email address and a strong password in a box. You should choose a password that is at least 10 characters long and contains a combination of digits, upper and lowercase letters, and wildcards (!, £, $, percent, and so on). It’s also a good idea to use a unique password for this, one that you haven’t used for any other online account.
You’ll notice a second checkbox after the normal terms and conditions checkbox in the image of the sign-up page, where you must affirm that you don’t live in New York State or Japan. This has to do with Cobinhood negotiating to ensure that they are completely lawful in all places where they are utilized. Cobinhood has said that they are attempting to reach an agreement with the respective governments, so if you reside in any of these locations, keep an eye on the news as these restrictions may be eased in the future.
A verification email will be sent to you as soon as you join up. After you click the link in the email to validate your email address, you’ll be sent straight to the main trading page after a brief wait. If you’ve used other exchanges, you may be amazed at how quickly you can get started compared to Binance or Coinbase. Although you can now view the trading page, there are still several steps to do before you can begin trading crypto and fiat currencies.
Although you may start trading at this point, it is strongly suggested that you set up two factor authentication at this time (2FA).
How Do I Enable Cobinhood’s Two-Factor Authentication?
Two-factor authentication is a security feature that adds an additional layer of identity verification to your login. It’s prevalent in many online sites when password security isn’t strong enough. This usually entails entering a phone number, and when logging in, you’ll be asked to input a code that you’ll get by text.
Cobinhood protects your account with two-factor authentication. When you log in, you give a cell phone number to which they may send a pin number. This guarantees that even if hackers get your password, they will still need your phone to have access to your account.
Cobinhood, on the other hand, takes a step farther and requires you to show evidence of identification as well. This is a frequent occurrence with cryptocurrency exchanges, and it is part of the continuing fight to prevent cryptocurrencies from being used for money laundering and tax avoidance.
If you complete all of these steps, your account will be promoted to level 2, allowing you to withdraw up to 100 BTC every day.
You must upgrade your account to level 3 in order to deposit fiat money with Cobinhood. This means you must not only complete all of the level 2 checks, but also submit evidence of residency and proof of income or source of money.
You’ll need to fund your Cobinhood account before you can begin trading. To accomplish this, go to the Wallet section. Depending on whether or not you already have bitcoin, there are two methods to get started trading from here.
If You Already Have Crypto, Here’s How to Get Started
If you already have cryptocurrency, type its name into the search box at the bottom of the wallet screen. This will open the wallet for that specific cryptocurrency, if Cobinhood supports it. Now it’s time to make a deposit.
When you press the deposit button, the deposit address and a QR code will appear. Depending on whose wallet you’re transferring crypto from, you may use either to deposit. You need absolutely click “Copy the Address” if you aren’t using the QR code – Attempting to retype the address may result in problems. Any error in the wallet address may result in the crypto you transfer being permanently lost. As a result, it’s also a good idea to double-check the address before sending. To be extra safe, send a little amount of crypto to the address first to make sure it works. After that, if all goes well, you may donate a greater sum.
Also, make sure you’re sending the correct kind of cryptocurrency to the correct wallet – if you send anything else to that address, it won’t function and you’ll risk losing it.
Starting Out: If All You Have Is A Fiat
If you don’t currently have any cryptocurrency to trade with, you’ll need to deposit a fiat currency into Cobinhood and then exchange it for the cryptocurrency you want. Cobinhood now only accepts US dollars (USD) as a fiat currency, so if you don’t have access to dollars, you’ll have to purchase your crypto elsewhere and then send it in (take a look at all our guides on how to buy cryptocurrency).
To deposit US money into your Cobinhood account, you must have your account validated at level three, as previously stated. Once you’ve done so, you’ll be able to send a bank transfer to your US dollar wallet.
Once you have dollars in your account, you may exchange them for Ethereum or Bitcoin, which you will want to do in order to get access to all of Cobinhood’s more intriguing altcoins. Below, I go through the trading process in more depth.
Using the Cobinhood mobile app, you may purchase cryptocurrency.
Using a few small layout changes, depositing with the Cobinhood app is quite identical to what I described before. You go to the coin of your choosing by selecting wallets at the bottom of the screen.
After you’ve chosen your coin, click “deposit” to get a page with your wallet address and the option to show the QR code. Always be cautious while copying down the address since any error may result in a loss of money.
What Is The Best Way To Trade On Cobinhood?
So, you’ve got some cryptocurrency or US dollars and want to start trading. Here, I’ll show you how to locate a match and then conduct the transaction step by step.
What Is The Best Way To Choose The Right Trading Pair?
Go to the top left of the trading page and click “choose product” to see the possible pairings for whichever currency you’re trading. This displays a table with all of the current currency pairs that are available. You may see Tether (UDST), US Dollars (USD), Bitcoin (BTC), Cobinhood’s own currency COB, and Ethereum pairings (ETH).
There’s also a search box up top, so if you’re searching for a particular cryptocurrency, you can look it up and see what pairings are available.
There’s also the ability to “favorite” certain combinations. On this dropdown table, these pairings will show beneath the star symbol. A smart idea is to store all of your favorite combinations here and mark them as favorites so you don’t have to go to them every time you want to trade.
What Is The Best Way To Buy And Sell On Cobinhood?
Select the exact combination you wish to trade after you’ve discovered it, and the trading screen will now show you the price and market performance for that specific pairing. You may purchase or sell this specific pair on the right hand side of the page, under the exchange tab.
For the ETH/BTC pairing, for example, you will input the quantity of ether you want to exchange. If you choose BUY, you will exchange this quantity of ETH for the same amount of BTC. When you click SELL, the transaction is reversed, and you exchange bitcoin for that amount of ETH.
When you input a quantity, you’ll get an estimate of how much it’s worth in US dollars, which is helpful for getting a feel of how much the numbers you’re working with are worth. It may be difficult to get a sense of the worth of cryptocurrencies, so this is a great addition that helps you comprehend your choices better.
When you click purchase or sell, an order is placed. In the open orders area of the trading interface, you can keep track of all your current orders. The transaction will be completed in a short time, depending on current processing speeds and the amount of your order, and you will have the new coin accessible for trade.
Remove yourself from the Cobinhood Exchange
Once you’ve set up two-factor authentication, you’ll be able to withdraw from Cobinhood. Return to that section of the article for additional details.
Return to the Wallet section if you wish to withdraw cryptocurrency or US cash from Cobinhood. Withdrawing is a breeze; just use the search feature to locate the cryptocurrency you want to withdraw, then click the withdraw button.
If this is your first withdrawal, you will be required to provide the address of the wallet into which you want to transfer your cryptocurrency. However, after you’ve input this the first time, you won’t have to re-enter the address every time.
If you don’t input the address properly, your money may be lost.
You may scan the QR code for your withdrawal wallet if you’re using the Cobinhood mobile app, which is a smart method to prevent accidentally copying out your wallet address. All you have to do is click the QR code button on the wallet address box’s side. After that, you’ll be asked to provide the Cobinhood app access to your camera. Simply aim your camera at the QR code and wait for it to be approved after that.
Top Tip: If you’re not planning on using them for trading, it’s a good idea to transfer significant quantities of bitcoin from exchange wallets to a safe, offline wallet known as cold storage as a precaution. This is much more secure than storing them on an exchange.
It should be noted that although Cobinhood does not charge fees for trading, it does charge fees for withdrawals. Before you make a withdrawal, these costs are shown on the withdrawal screen.
Cobinhood is a well-considered alternative to the main exchanges. Because there are no trading costs, it stands out in the market and is an obvious option for traders who trade often and in big quantities. Additionally, the end-to-end ICO offering is appealing to people who want to join in on the ground floor of new crypto ventures.
However, the fact that it presently only accepts US dollars as fiat money is a significant problem that may deter European investors from joining. Furthermore, while having a great portfolio of cryptocurrencies, the number of trading pairs accessible is still much less than on Binance.[ratings]
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The sequoir crypto review is a cryptocurrency trading platform that was created in 2018. It is an exchange that allows users to trade cryptocurrencies with other users.
Frequently Asked Questions
Is COBINHOOD legit?
COBINHOOD is a legitimate exchange that you can trust.
Where is COBINHOOD based?
COBINHOOD is based in Singapore.
How to withdraw money from COBINHOOD?
You can withdraw your crypto assets to your wallet by clicking on the Withdraw button in the top right corner of our website.
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