ProBit — the new exchange in town (Review) If you’re reading this article, it’s probably because the Hackernoon community gave me a voice. The Hackernoon community is growing and now in crowdfunding mode, do participate and be a proud supporter of Hackernoon shares. Hacker Noon Introduction While the bears are wreaking havoc in the cryptocurrency market, the projected annual revenue of Coinbase will be around $1.3 billion whereas Trading giant Binance is expected to generate nearly $1 billion as profits. Even a medium range exchange like Upbit and Bithumb are generating revenues worth $35 to $70 million. For an exchange, revenues are generated as commissions on trades, appreciation and depreciation of its crypto holdings, listing prices, withdrawal fees etc. Irrespective of the fact that trading volume has dipped from $20 Billion to $11 billion, the business model is still lucrative and has attracted in new players throughout the year. The latest entrant to the lot is ProBit Exchange. Recently ProBit was featured in website and was rated high on the ico category. As per the White paper Probit is aiming to be faster than Visa with TPS of 1.5 Million Transcation. I felt to have a look at the new project and to understand whether it has the clout to take on giants like Binance and Coinbase? newsbtc.com (Disclaimer: ProBit Exchange is a brand new start up launched by New Generation Investors. I have not invested neither I hold any tokens in this Project. This article is not intended as investment advice. It is just my opinion about ProBit Exchange. As always DYOR) Issues with the current Exchanges Platform Speed In any trading, speed is the key. In the initial days, most of the new exchange will not have problems with speed. But once the new registration grows, it slowly starts to affect the performance of the exchange. The snail speed affects the overall user experience and creates a wrong impression in the user mind. Poorly Designed UI’s Its important for any exchange to have a friendly and free-flowing interface for the trading purpose. The better the design, the better experience of trading. Bad Customer Service. Since crypto markets are catering to a worldwide audience, it’s essential to have a good team who supports the customer when they face an issue around the clock. Most of the time it takes days or even weeks to get a revert on a query which leaves the investors in the dark. Security The most important factor of a cryptocurrency exchange is its security. Since these days even the top-rated exchanges are getting , It is essential to have a state of the art security to protect users fund. hacked ProBit Solution As per the Whitepaper, ProBit all set to create a trading platform keeping in mind Speed, Security and a very user-friendly interface. The platform will be able to process 1,500,000 transactions per second, which will give its users a substantial advantage in the market. Coming to the security part, 1️⃣ ProBit will be storing 95% or more of digital assets in cold wallets deterring any hacks. 2️⃣ All Data to be encrypted with the most robust encryption algorithm. 3️⃣ ProBit will support both FIDO U2F hardware security as well as 2FA ProBit will be introducing a comprehensive interface which is designed to be very user-friendly. It will be featuring a modular dashboard will full customisation option. Apart from the above points, ProBit will be providing users with a wide array of coins and tokens on the market and options of abundant trading pairs. The platform is expected to feature about 150 or more cryptocurrencies and several hundred trading pairs. It will also be having trading features like Limit trades (GTC, IOC, FOK, Post only order), Market trades and Stop limit trades. Roadmap Currently, Probit is in the public sale mode, and platform launch is expected to be on last week of November. In the initial stage, the platform will be featuring 150 or more cryptocurrencies along with several hundred trading pairs. The Team !! The ProBit Team is lead by Co-founders Hyunsu Do(CEO) and Steve Woo (CTO). The Management Team is well supported by other team members who brings in rich experience from the world of Blockchain as well as Management TOKEN(PROB) Similar to all other exchange tokens, PROB is the utility token issued by ProBit Exchange. PROB will be an ERC-20 token running on Ethereum blockchain with a fixed supply of 200,000,000. PROB will serve as the backbone for the ProBit ecosystem. The primary usage of PROB is to pay for fees on the ProBit exchange. Apart for that, holders of PROB will also be able to gain benefits on Discounts on trading fees as per tier( Standard, Sapphire, Emerald, Ruby and Diamond) Voting rights for listing new tokens Early access to new features Higher referral bonus( 10% to 50%) ProBit Ecosystem — Future Plans By the Whitepaper and Roadmap, as the platform matures, ProBit will be featuring the following options 🎫 For traders with a limited amount of crypto assets, Probit will provide the option of margin trading to add more leverage and help them to realise more value to their assets. Margin Trading: 🎫 — Crypto is in its nascent stage. As the market matures, the new currency will be coming in to picture. Probit will be ensuring to keep the trading pairs updates as per the market trends More currency pairs 🎫 In future ProBit will be supporting ICO launch, which will be including ICO end to end service. ICO Marketplace Platform: 🎫 ProBit is also mulling on the idea to launch both index and future trading service. It will help the traders to view Probit as a one-stop trading platform providing an excellent trading experience. Index and Futures Trading: My Take There are around 227 exchanges currently offering trading services and we can see more players entering the market. The market is still evolving, and traders are always looking for platforms which can provide them with better security as well a wholesome trading experience. ProBit rightly fit the bill with low trading fees, hundreds of trading pairs, unparalleled transaction speed, robust security and a sleek looking interface. As a reviewer, I feel Probit scores in two main aspects. Zero Listing fees — Which will attract more community driven coins as well as new ICO projects(Since ICO market is broken, it will be a big relief to new projects) The robust security features which ensure investors fund are well protected(95% or more of digital assets will be stored in cold wallets deterring any hacks. However, ProBit is entering a domain which is already dominated by likes of Binance, Huobi, Coinbase etc. Still, crypto is in the early stage and has enough space for new players to leave their mark. One of the factors that made Binance a super success is the mobile app which works like a charm. ProBit has a great web interface ( ), and if ProBit can give the same smooth experience in mobile versions, they can quickly gain industry trust and be an instant hit. demo ver From an investment opportunity, exchange tokens represent a low-risk investment in the current market( Looking at the past performance of Exchange tokens like BNB, HT etc). If ProBit can keep up with the set milestones and vision, I don’t see any reason for the industry to accept ProBit as another excellent trading platform. To try the demo of the interface, please visit demo.probit.com For more details, you can visit. Website: . www.probit.com Twitter: https://twitter.com/ProBit_Exchange Telegram: https://t.me/ProbitEnglish
