Binance Alternative: Cobinhood

If you’re looking for alternative to Binance, or just a different exchange to try out, Cobinhood fares well. In this article I will be discussing the similarities in these platforms to include: trading pairs (ex: ETH/USDT, BTC/USDT), features, fees, UX/UI, and upcoming features for both platforms.

COBX app front page

TRADING PAIRS

According to Coin Market Cap Cobinhood (COBX) has approx 121 trading pairs as of Aug 3rd 2018, while Binance does boast a more robust number of 380 trading pairs. The top 20 coins/tokens (according to Coin Market Cap) trading pairs offered by both exchanges are included in the list below:

• BTC/USDT
• BTC/ETH
• ETH/USDT
• ETH/BTC
• EOS/BTC
• EOS/ETH
• LTC/USDT
• LTC/BTC
• MIOTA/BTC
• MIOTA/ETH
• NEO/BTC
• NEO/ETH
• OMG/BTC
• OMG/ETH

FEATURES

Both platforms are planning to offer or offers USD (not USDT or other stable coin) trading pairs. You can begin depositing USD for Cobinhood currently, as fiat to crypto trading began on the 27th of July, while we expect to see this feature next quarter for Binance. Epay is the provider for Cobinhood’s fiat to crypto gateway. COBX will begin with 3 trading pairs initially, to include: USD to BTC, USD to ETH, and USD to USDT. To begin trading with fiat (USD) you will need to:

• Register for an account at Epay (verify your account accordingly)
• Verify your COBX account to KYC Level 3
• Deposit fiat currency to your Epay account
• Withdraw fiat to your COBX account
• Trade USD/BTC, USD/ETH, and or USD/USDT at COBX
• Withdraw fiat (USD) back to your Epay account

For a complete tutorial click here.

Cobinhood is also currently beta testing their margin trading platform, in which users will be able to borrow with better interest rates by holding their native token, COB, similarly to how transaction/withdrawal fees can be paid in BNB on Binance (for more info on margin trading click here). Both platforms are distributing GAS to NEO holders as well, which is a feature I’d like to see in every exchange. Similarly, both exchanges are planning to launch a DEX in the near future, which is critical to longevity as centralization is heavily frowned upon in this space. Lastly, both also have an incubator for ICO projects.

Login Security Puzzle Challenge

Security is top notch, again, at both exchanges. Both have 2FA via email and Google Captcha, while Cobinhood has it via text as well. Both also send email confirmation upon login, precautionary emails for logins from new devices, verification emails for most actions (deposit, withdrawals), and include a “puzzle piece challenge” in place of the standard captcha for initial login.

As mentioned earlier, both platforms have their own native tokens; BNB and COB. Holding either of these tokens offers their own benefits. Neither BNB or COB are fee share tokens, however Cobinhood allows for holders with a certain amount of COB tokens to receive airdrops of promotions ran with projects and allow for discounted ICO purchase prices for projects incubated with Cobinhood. Neither of these features are offered by holding BNB (although the sharp increase in value since it’s offering may be incentive enough to hold BNB). Binance users are able to vote for a Community Coin of the Month competition monthly by paying .1 BNB. By holding a larger amount you can multiply your vote up to 500 (maximum multiplier). This practice has recently come under scrutiny following Community Coin of the Month votes 6 and 8 fiascos. Cobinhood has been known to offer similar voting competitions, requiring a minimum amount of COB to be held to vote, but without the multiplier.

FEES

Fees is where we will see the similarities come to a screeching halt. Cobinhood has zero fee transactions on all trades and trading pairs, while Binance charges 0.1% on each trade (by using BNB you can save 25%). In contrast Binance has slightly lower withdrawal fees than COBX on average currently. For example:

BTC Withdrawal Fees

Binance — .0005 BTC

Cobinhood — .001 BTC

ETH Withdrawal Fees

Binance — .01 ETH

Cobinhood — .007ETH

EOS Withdrawal Fees

Binance — .01EOS

Cobinhood — .05EOS

Having zero trading fees comes with its fault, which is mainly the perceived punishment by the most popular source for market caps and exchange information, Coin Market Cap. Since Cobinhood doesn’t have any trading fees, none of their volume is taken into account by Coin Market Cap, showing it as an erroneously low volume exchange. To view the correct volume for COBX you have to select the “ALL” tab under the “24 Hour Volume Ranking” for exchanges (besides “Market with Fees” and “Markets with No Fees”).

USER INTERFACE & USER EXPERIENCE (UI/UX)

UI/UX is of course subjective, so I’ve included screenshots of each platforms mobile app (desktop screenshots are not included and can be seen by visiting their respective websites). This entire article is opinion based so I’ll share my opinion on the two. My preference is for Cobinhood’s cleaner, brighter UI. In addition to trading on COBX, you can also complete user verification levels, join airdrops/trading competitions, and more. These are features not included in Binance, but any other exchange mobile app at this time. The differences of course are fewer on the desktop exchanges of both. Cobinhood has one of the most advanced mobile applications on the market to date.

UPCOMING FEATURES

While there are plenty of exchanges, including the slew of new exchanges that have recently popped up, it’s increasingly important to weed through them to find the better options.

Binance, while also still very new, has recently acquired Trust Wallet, and are now promoting it as the official Binance wallet. Binance Labs, the incubator portion of Binance, is also forming new partnerships, most recently with Libra Credit and Cardinal Pitch Club. To visit Binance click here.

Join Cobinhood

Cobinhood has launched USD pairs (that is not only one of the most requested features, but necessary for ease for newcomers) and are planning to launch margin trading, while expanding their coin/token listings, incubating more ICOs, and offering more airdrops to COB holders. However, you will need to KYC verify to be able to use margin trading and trade in USD pairs (you won’t be able to deposit USD without it). Visit Cobinhood Exchange to explore more or to start trading with zero fees.

Join Cobinhood’s bounties and trading competition by visiting their medium page here.