CobinHood is an exchange for trading cryptocurrency. It considers itself to be a next-generation cryptocurrency platform. COBINHOOD also bills itself as the first zero fees cryptocurrency exchange in the world.
Popo Chen is the founder and CEO of CobinHood. He is a serial entrepreneur. He earned his Master’s Degree in Electrical Engineering by age 22. This platform has more than five million active users. It has earned angel investors a 20x return within a year.
His co-founder and CTO is Wei-Ning Huang. He has three years of experience at Google as well as more than five years of experience in the open-source space. His specialization is building large-scale web applications featuring demanding availability and throughput.
He was also an early crypto adopter. This led to five years of experience trading cryptocurrency plus a deep blockchain understanding. COBINHOOD’s advisors include Tony Scott, the Former U.S. Federal Chief Information Officer, and I-Cheng Liu, the Former Chairman of EasyCard.
Cobinhood Account Signup & Verification
Creating an account on COBINHOOD is a relatively straightforward process. On the homepage, click “Create Account.” Then, fill out the form, read the terms and conditions, and click that you agree. You will be asked to confirm you are not a robot. Then, you can click “Sign Up.” Go to your email account, find the message from COBINHOOD, and click on “Activate Account.” After doing so, it will take you to an account confirmation page. You will receive an email letting you know you have a confirmed account.
To begin the verification process, go to “Accounts” and “Limits.” There, you will see the requirements for Level 1 and 2 verifications, along with the daily limits. There are no daily limits for crypto deposits. The daily limit for Level 1 crypto withdrawals is 3 BTC, which increases to 100 BTC with Level 2. Level 1 verification is automatic, only requiring your email and password.
For Level 2 verification, you must also provide your full name (which is in your passport), current residence, citizenship, an ID (such as a driver’s license depending on your country or a passport), a selfie with your ID, FATCA, and your phone number.
How Do You View, Deposit, and Withdraw Funds?
When you log in, go to the top right corner of the screen and click “Funds” on the menu. You can view your current funds from the Withdraw or Deposit tab. This includes your total balance, currencies, coins, available balance, USD value, on order amount, and various actions. If you hover on the “Estimated Value,” you can see the full USD value.
From the “Funds” page, click on “Deposit” to make a deposit. Choose the currency and select “Deposit.” You will see an address that you should transfer your funds to. Make sure you transfer the right cryptocurrency to the proper address. You can withdraw from the same “Funds” page but through the “Withdraw” section. It will ask you to enter your external address to send the tokens to and the amount to withdraw before you hit “Submit.”
How to Trade on Cobinhood
You can use COBINHOOD in your browser or take advantage of the mobile application. There are already applications for both Android and Apple devices, offering the ability to use the exchange on most smartphones or tablets.
To help traders make an informed decision before making an exchange, the “Exchange” tab of COBINHOOD has nearly all the information you could need. There is a detailed graph showing the prices of your chosen cryptocurrency pair, including highs and lows. You can also view the trade history for the pair plus the order books.
Once you log in, the “Trade” page will also display your orders. These include the pair, type, price, amount, and status on the left side of the page. The right side shows your balance, including what is available and the total amount. On the top right portion of the “Trade” page, you will find the intuitive section for creating an order. Choose the correct tab among “Market,” “Limit,” or “Stop” orders. Then, fill in the amount of cryptocurrency you are working with. The price per coin will appear, and you can then click “Buy” or “Sell.”
Changing the cryptocurrency pair is as simple as going to the top left corner and hitting “Select Product” to view the drop-down menu. From there, select the relevant tab, including BTC, COB, ETH, and USDT. Once you click on a tab, it will display the available pairs for your chosen cryptocurrency. Click on the pair you want to trade. Then, it will take you to its dedicated trading page that includes all the information listed above.
The interface for the desktop version also includes red and green buttons. The green button shows the price with the highest bid. The red button shows the lowest ask. Similarly, the green button calculates your max buy amount for your current available balance. The red one calculates your max sell amount for the current available balance.
What Types of Orders Does COBINHOOD Offer?
As mentioned, COBINHOOD offers market and limit orders. Market orders are great for those in search of a quick trade. You just enter your order size and will see the market price plus your order’s total price. COBINHOOD fills market orders immediately, so you cannot cancel them.
Limit orders let you choose the minimum or maximum price you will sell or buy at. Enter your order size and your chosen price. The system will display the total price. Then, you can choose to buy or sell. Keep in mind that limit orders may sometimes be partially filled. They are also subject to adjustments in price based on market orders.
You also have the option to favorite trading pairs by clicking on the star next to them. You can view 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 order matching engine. This is a proprietary order matching engine with the ability to deliver sub-millisecond latency while processing millions of orders. This entire system is fully distributed, auto scalable, and highly available to deliver the best possible trading experience.
COBINHOOD Fees
As the very first zero trading fees crypto exchange in the world, 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 do not benefit the exchange. These go directly to the miners and vary by cryptocurrency. At the time 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 wonder how it makes its money. Its profits come from its underwriting service. This service currently allows it to collect five percent of the funds raised during the ICO. Following the ICO, the revenue comes from other underwriting services for other large ICO projects, like Kyber and Filecoin. The fees it charges for underwriting services are enough to run the COBINHOOD exchange and work to develop and improve its services.
What are COB Tokens?
Those who hold COB tokens are entitled to special privileges on COBINHOOD. If you choose to 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 underwrites in the future at a significant discount. COBINHOOD plans to add more privileges for token holders in the future.
What Is the COBINHOOD Referral Program?
COBINHOOD has a relatively new referral program to reward users who encourage others to sign up to use the exchange. When you invite friends to use COBINHOOD for trading, you get ten Daily Bonus Draw tickets for a commission. This gives you the chance to win BTC. You and the referred user both get the reward if the referred user passes Level 2 Identity Verification within a month of sign-up.
Bonuses, Airdrops & Free Tokens
To encourage users to take advantage of COBINHOOD, the platform has a Daily Bonus Draw. Make a successful transaction on COBX to get a bonus draw entry. There is a maximum of one entry per 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 quest.” Current and future airdrops (at the time 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 website.
There are also occasional competitions, such as one for BRD trading that lasted from March 9 to 19. That competition gave each user a score based on their BRD account balance times their BTD trading volume times their COB factor, which is based on how many COB they hold. Prizes were as high as 25,000 BRD for first place, 20,000 for second, and 15,000 for third. There was also a competition for ABT from February 26 to March 7 with various games that led to prizes. It even offers coding competitions, such as the one where contestants build their own COBINHOOD API clients. This competition ends on March 31 and includes giveaways of 20,000 COB in total.
COBINHOOD’S ICO Underwriting Services
In addition to functioning as a cryptocurrency exchange, COBINHOOD also provides underwriting services for those launching an ICO. COBINHOOD offers comprehensive underwriting services for ICOs. It specializes in fundraising methods that make your ICO successful. With COBINHOOD’s help, ICOs have raised 29,400 ETH, which is about $64,056,882 USD.
The underwriting services include immediate listing on COBINHOOD following completion of the ICO, so there are no liquidity issues. COBINHOOD also provides technology development such as smart contract reviewing, tech recommendations for improving the business model, and other tech related to the blockchain and ICO. It also has a team of lawyers on staff to mitigate regulatory and legal risks. The legal assistance includes counseling for ICO-related paperwork, whitepapers, participant’s identity, best practices, token usage, and more.
To make sure the ICO goes off without a hitch, COBINHOOD also includes public relations management to create headlines. This creates a positive public image and brand awareness via social media, strategic communications, and more. It also provides advertising support with a strategic approach that crafts custom strategies that target your audience while delivering the best message through the right channels. Finally, COBINHOOD includes strategic marketing communications via memorable campaigns in the form of marketing promotions plus community engagement.
Is Cobinhood Safe?
To provide security for deposited cryptocurrency assets, COBINHOOD stores most 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, every time you log in from a new IP address or device, you will find a “New Device Confirmation” message in your inbox. COBINHOOD strongly suggests you set up two-factor authentication. When you log in, navigate to “Account” and then “Security.” You can opt to use two-factor authentication with Google Authenticator or SMS.
If you choose SMS authentication, you will need to enter a mobile number to receive the unique code. If you choose Google Authenticator, you must download this smartphone app so you can use it to scan a QR code and reveal your access code. Enter the code you received, then select “Verify.” You will then get a verification email that requires you to click on the given link. In the future, the two-factor authentication will require a code for logging in, requesting withdrawals, and adding IP addresses.
Conclusion
COBINHOOD is a very good cryptocurrency exchange as well as an underwriting service for ICOs. The platform stands out for its zero transaction fees. It offers a nice amount of trading pairs and has an attractive and easy-to-use interface with a good mobile app plus a reasonably simple verification process.
COBINHOOD is a good option for those who want to take advantage of no fees, easy trading and lots of bonuses, airdrops and competitions.
It’s beginner friendly, backed by a good team and has some interesting features which differentiate it against other competing platforms. It has a “fun” feel to it, due to it’s Bonuses, Airdrops & Free Tokens you can earn. But don’t forget it’s backed by a solid founder and company and is in use by over 5 million users so it is definitely a legitimate exchange – we recommend you to check it out.
Cobinhood
Pros
- Zero Trading Fees
- Well-Designed Interface
- Good Mobile App
- Wide Range of Tokens
- Competions, Airdrops & Bonuses
Cons
- Verification Can be Slow
- No Fiat Payment Options Yet
