A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Cobinhood consists of four parts: general information, fees, deposit methods and security.
UPDATE 10 February 2020: This exchange has closed down for good. It was initially believed that it would open up again on 10 February 2020, but that turned out to be an untrue statement.
Accordingly, we have marked the exchange as "dead" and moved it to our Exchange Graveyard.
Cobinhood is a coin exchange registered at the Cayman Islands.
According to information on its website, it has users from more than 100 different countries.
If you need to take care of your cryptocurrency trading while on the go, Cobinhood makes it possible through the COBINHOOD Exchange App. It is available for both iPhones and Android-phones.
Cobinhood does not list US-investors as prohibited from trading, but US-investors should do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
Cobinhood Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Cobinhood:
Cobinhood Trading fees
This Cayman Island trading platform is very proud (and rightly so) for being the world’s first zero fee cryptocurrency. Wow! This is extremely competitive. Maybe it even makes this exchange the best cryptocurrency exchange site for you?
Cobinhood Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
Cobinhood charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with industry average, so they are not one of the exchanges luring you in with low (non-existent) trading fees just so they can get theirs on your way out.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading here. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here.
Cobinhood’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):