A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of ProBit consists of four parts: general info, fees, deposit methods and security.
ProBit is an exchange from the Seychelles that launched in November 2018. Out of all exchanges in our Exchange List, there are a few others registered there as well (e.g. PrimeXBT, BaseFEX, Remitano, DigiFinex, BitForex and Huobi). But, as you know, when it comes to crypto trading, the world is your playing field and the locality of the exchange doesn’t really matter that much.
ProBit currently offers trading in 40+ different cryptos. But, according to information on the ProBit-website, 100+ other cryptos are “ready to be listed”. We’re not entirely sure what “ready to be listed” means, but it’s probably fair to assume that the number of supported cryptos at this trading platform will increase rapidly in the near future.
On the date of first writing this review (28 June 2019), ProBit had a 24 hour trading volume of USD 30 million. This placed it on place no. 66 on the list of the exchanges in the world with the highest 24 hour trading volumes. There is of course some distance to cover before ProBit is among the top 10 or top 20 exchanges in the world. However, USD 30 million is still strong for an exchange that has only been around for 7 months. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), the trading volume according to Coinmarketcap was roughly the same (USD 25.54 million), but the place on the list was only no. 105.
ProBit also has something they call “trade mining service”, where you can mine any of the following trading pairs: BTC/USDT, ETH/USDT, BTC/KRW, ETH/KRW or ETH/BTC. Through this service, users will receive transaction fee rebates in the exchange’s native token PROB. The rebate will range from 50-110%.
ProBit highlights three things as the reasons for picking ProBit’s trading platform as the platform to trade at: it’s professional, it’s global, and it’s secure.
We have not been able to find any information that US-investors are prohibited from trading at this trading platform. However, if you are a US-investor, you should still always analyse whether your home state imposes any obstacles for your foreign crypto trading. Sometimes the exchange has opened its doors in spite of your own state prohibiting you from trading.
ProBit 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at ProBit. It feels very intuitive and helpful to us:
ProBit Trading fees
This trading platform doesn’t charge different fees between takers and makers. Instead, the exchange has a so called “flat” fee model. They offer a flat trading fee of 0.20%. The global industry average has for a long time arguably been 0.25%. Today, however, we are seeing more and more exchanges moving to lower trading fees, such as 0.10% and 0.15%. New industry averages are accordingly being established.
For the time being however, ProBit’s trading fees are still in line with industry average.
ProBit also offers trading fee discounts when you have a larger trading volume. Trading fees can become as low as 0.05% if you have a large trading volume, and even lower (0.03%) if you pay your trading fees with the exchange's native token, the PROB-token. The trading fee discounts are set out in the below table:
ProBit Withdrawal fees
Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was approx. 0.0006 BTC per BTC-withdrawal. ProBit charges 0.0005 BTC per BTC-withdrawal, which is slightly below the global industry average.
All in all, the trading fees and withdrawal fees here are in line with the industry averages.
ProBit does not accept any other deposit method than cryptos, so new crypto investors are restricted from trading here. If you don’t have any cryptos but want to start trading here, it is not overly difficult however. The process consists of two steps:
Step 1: Purchase cryptos from another exchange.
Step 2: Deposit them at ProBit.
You can do that, right?
Exchanges store a massive amounts of valuable personally identifiable info. From names to addresses, to government identification details, taxpayer ID number and a lot more. More importantly though, exchanges handle a lot of cash or crypto deposits. If the security at your exchange makes the exchange vulnerable to attacks, that means that also the cryptos or fiat currency assets you hold at such exchange might be vulnerable to attacks.
ProBit states on its website that they have 95% of all assets in cold storage, that they support FIDO U2F. They also use hardware security keys and a software-based 2FA. Needless to say, ProBit seems to take its security seriously.