ProBit Review

Are you seeking a centralized cryptocurrency exchange that prioritizes security without compromising convenience? ProBit Global might be the ideal platform for you. In my ProBit review, I will delve into its key features and benefits, helping you determine if it's the right fit for your trading needs.

Along the way, let's also explore topics such as ProBit's security measures, user-friendliness, and trading fees. By the end of this, you'll have a clearer understanding of whether ProBit Global aligns with your trading goals and preferences.

Spoiler alert: at the time of writing this ProBit exchange review, the platform has limited support for advanced trading features compared to other exchanges like Binance or Bybit, which offer a wider range of tools for experienced traders.

Verdict at a glance: ProBit is a secure and user-friendly exchange with competitive fees. You may also benefit from its tiered Know Your Customer (KYC) verification system and its native utility token, PROB. However, it lacks advanced features like margin and futures and has geographic restrictions for some countries.

What is ProBit?

A Probit review wouldn't be complete without discussing its basic information first, such as its founders and the history behind the development of this product.

For starters, do you know that this platform was built in South Korea? Yes, before being known as the ProBit Global exchange, it started small in South Korea in 2018. It was co-founded by the CEO Hyunsu Do, an MBA graduate from New York University Stern School of Business, and the CTO Steve Woo, who was the CEO of Linux International Inc. in South Korea.

The platform has then expanded to serve more than three million users across 190+ countries, trading at a ProBit exchange volume of over $649 million in the last 24 hours (as of writing). The team claims that the ProBit global exchange ranking, according to its real traffic, is in the top 20. On BitDegree's real-time crypto exchange tracker, though, the ProBit global exchange ranking is within the top 150.

The exchange has now split into two operations: ProBit Global and ProBit Korea. The former aims to cater to global crypto investors, while the latter is specifically designed for South Koreans.

Besides expanding its user base, the platform has grown its functionalities from a simple exchange to adding an Initial Exchange Offering (IEO) and a margin trading feature. It also offers a staking pool and “Learn & Earn” modules that help users with crypto and trading knowledge.

Some user ProBit exchange reviews also highlight its appeal as a cryptocurrency exchange with tiered KYC, enabling them to trade various cryptocurrencies without the stringent requirement of ID verification – the first tier allows you to trade with email verification only!

Currently, you can access the ProBit crypto exchange via its website as well as its iOS and Android mobile apps. However, is it a trustworthy platform? That’s what I’ll discuss in my ProBit Global review.

ProBit Review: PROS

This section of my ProBit review will highlight the positive aspects of the platform, from its security measures to its user-friendly interface. We'll delve into the features that make ProBit a potential choice for cryptocurrency traders.

Safety and Privacy

With tiered KYC verification, the ProBit Global exchange allows users to trade cryptocurrencies without revealing their personal information. This tiered approach to KYC gains some positive user ProBit reviews, as it can be a middle ground for people who prefer to maintain privacy but want to participate in the cryptocurrency market without the hassle of KYC procedures.

The ProBit crypto exchange has two levels of KYC verification. Level 1 only requires email verification to let you deposit, trade, stake, and withdraw up to $5,000. Then, there’s a Level 2 verification that requires identity verification, similar to other centralized exchanges like Binance and Bybit. After completing Level 2, you can increase your withdrawal limit to $500,000 and get access to additional benefits, such as airdrops and Initial Exchange Offering (IEO).

The leniency in KYC verification may make people ask, is ProBit Global safe? Well, the presence of a dedicated "Privacy Policy Addendum for EU GDPR" on the platform's website indicates that they have taken steps to address the requirements of the General Data Protection Regulation. The CEX has also publicized that it has tried to make a compliant environment according to the Turkish crypto regulations.

Still, some features like trading competitions and airdrops require users to complete the KYC Level 2 by providing:

• Your nationality;
• Basic personal details, like name, gender, and phone number;
• Date of birth;
• Address, including city, state, province, and postal code;
• A photo of your passport or ID;
• A photo of yourself holding a passport or ID.

The confirmation of KYC Level 2 is typically quick but can take several days during busy times. Note that this KYC verification isn’t available to the citizens in several countries, like Iraq, North Korea, and Venezuela.

So, it's clear that the platform is compliant with privacy regulations, but it still doesn't completely answer is ProBit Global safe overall. The team claims that the platform has had zero hacking incidents since its launch. ProBit manages to achieve this by implementing standardized security methods, such as software-based two-factor authentication. This feature requires users to provide a second form of verification, such as a code sent to their mobile phone or email, in addition to their password.

Besides 2FA, ProBit supports FIDO security keys, which are physical devices that add an extra layer of protection against unauthorized access. With FIDO, users can authenticate their logins with a simple touch or a click, making it significantly more difficult for hackers to gain access to their accounts.

The ProBit crypto exchange also uses advanced encryption techniques. Personal data, including user information and wallet keys, is encrypted multiple times using industry-standard algorithms. This multi-layered system ensures that even if one layer of encryption is compromised, the data remains protected.

Additionally, ProBit Global stores a significant portion of its digital assets in cold wallets to minimize the risk of theft and unauthorized access. These cold wallets are offline storage devices that are not connected to the internet, making them significantly less vulnerable to hacking attacks.

Aside from the internal security features, the platform keeps its defenses strong by partnering with reliable third parties. For example, it works with a payment processor named Itez, ensuring secure handling of cardholder data using its Payment Card Industry Data Security Standard Level 1 certification (the highest level of compliance available within the PCI DSS framework).

Recently, ProBit has also announced its collaboration with HackenProof, a trusted provider of blockchain security solutions, to launch a new bug bounty program. A bug bounty program is one of the important factors when selecting a crypto exchange.^[1] It’s a reward-based system designed to incentivize security researchers to discover and report vulnerabilities in a platform's software or infrastructure.

ProBit Global's bug bounty program offers rewards ranging from $50 to $10,000 for critical vulnerabilities, demonstrating its commitment to maintaining a secure platform.

So, Is ProBit Global safe? Overall, the platform has implemented standardized security measures. Still, remember that no cryptocurrency exchange is completely immune to risks. For example, some user ProBit reviews reported that their assets were delisted or removed. If you decide to use ProBit Global, I recommend storing your assets on a hardware wallet like Ledger Nano X and Trezor Safe 5.

User-Friendliness

Now that we have the question "Is ProBit Global safe?" answered, you may be looking for another factor like user-friendliness. You'd be glad to know that the platform stands out in that aspect. I've tried the platform myself, and I can testify to user ProBit Global reviews - navigating through the platform is indeed a breeze, making it a suitable option for beginners.

Considered by many as a no-KYC crypto exchange, ProBit allows you to start trading only with email verification. The platform also offers social logins using a Google account or Apple ID, making it even more convenient for users to access their accounts.

Talking about the interface, the menu on the website is well-organized with clear categories and subcategories, creating a logical arrangement of elements that is easy to follow and helps users find the features they need.

When you start trading on the “Buy Crypto” page, for example, you may also notice that the input fields for the purchase amount, currency, and payment method are designed to be easily understandable and user-friendly. As I’ve tried them myself, you simply select the fiat currency and cryptocurrency, then choose a service provider – no clutter or unnecessary steps to follow (by the way, ProBit accommodates over 50 fiat currencies).

Other than the simple trading on the “Buy Crypto” page, ProBit Global has a more in-depth trading interface. By clicking on the “Exchange” menu, you can see a chart layout, order book, and trade feed, along with complex order types like limit and market orders.

One point I want to highlight in this ProBit exchange review is how the trading dashboard comes with multiple technical indicators, candles, and bars (for free). With those features, you can access a comprehensive toolkit to analyze the market without additional expenses, unlike some other platforms that charge for those tools. Best of all, you won't need to subscribe to a paid plan to access other services for market tracking.

ProBit's trading interface also comes with customizable settings. Traders can customize the layout of the trading interface to suit their preferences and style. It’s also possible to change the background and ticker color.

Another indicator that a platform is user-friendly is its support for multiple languages. ProBit Global supports over 40 languages, and the team says that they're trying to continually expand its language offerings to cater to a broader audience.

Aside from the internal features, its partnership with third-party trading bots helps improve user experience by automating tasks and providing advanced trading strategies that the platform lacks. For example, users can set up automated hourly or monthly Dollar Cost Averaging (DCA) bots to free up time and systematically invest in cryptocurrencies.

Unlock More Benefits With PROB Token

PROB token serves as the utility token of ProBit Global. Holding this token has a range of benefits and privileges within the platform's ecosystem. At the time of writing, the ProBit exchange volume for this token has reached 10,273,542 PROB, indicating a high level of trading activity and liquidity. 

One of the primary benefits I want to emphasize in my ProBit review is the trading fee discounts. Staking PROB tokens enables users to enjoy discounts on trading fees, making them more cost-effective. I’ll elaborate on this information in the fee section of my ProBit exchange review, but in short, the more PROB tokens you stake, the higher your rewards will be.

PROB token stakers also receive increased bonuses for participating in an IEO, a fundraising method similar to an Initial Coin Offering (ICO) but conducted on a centralized cryptocurrency exchange platform rather than directly to the public.

By using PROB tokens to purchase IEO tokens, stakers can enjoy a 5% discount on their investment. This means that users can not only earn staking rewards but also benefit from preferential terms and potentially higher returns when investing in new projects listed on ProBit Global. For instance, users can get 5% more Incube Chain (ICB) by purchasing the token using PROB.

Another benefit you can get is access to "ProBit Exclusive", allowing global users to enjoy savings of up to 50% on popular tokens, including BTC, ETH, and USDC.

However, the availability of these exclusive discounts is often limited to specific time periods. To maximize your savings, it's important to stay updated on the platform and understand when ProBit Exclusive offers are available as well as which tokens are included. Moreover, if you’re active on the ProBit crypto exchange’s referral program, staking PROB tokens enables you to get a higher referral bonus.

Multiple Ways to Earn on ProBit Global

Besides staking PROB tokens, the ProBit Global exchange has several earning opportunities.

One program worth mentioning in this ProBit Global review is the airdrop pass, where the platform occasionally distributes free tokens to its users. Each airdrop event typically comes with specific requirements and terms and conditions. For instance, you might need to follow ProBit's social media accounts, comment on specific posts, or purchase a certain quantity of the token being airdropped.

More importantly, ensure you sign up during the event duration through the provided link if you'd like to participate in the airdrop event. This is because several user ProBit reviews mentioned that they didn’t receive their airdrop, and the ProBit team made an announcement that those people might've missed the registration deadline or failed to meet other requirements.

Also, note that airdrop programs on the ProBit crypto exchange typically require KYC level 2, which can be a drawback for users who prefer to maintain a private account.

Other earning opportunities provided by the ProBit Global exchange are trading competitions. These events offer users the chance to showcase their trading skills and potentially win rewards. To join the trading competition, you must stake a minimum of 100 PROB and maintain that number during the competition duration.

Aside from airdrops and trading competitions, I want to mention the “Learn & Earn” modules in this ProBit exchange review. These learning resources let you get rewards by joining available courses and completing quizzes. The maximum reward per user per quiz may vary, depending on the number of correct answers or number of total quiz questions, and is indicated at the top of the page.

I might say that the number of courses and rewards offered may not be as extensive as other Learn and Earn platforms like Bitdegree. Moreover, ProBit's courses are only available for users who have completed “KYC Level 2”, which can be a limitation for users who prefer to maintain their privacy.

Did you know?

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ProBit Review: CONS

While ProBit Global offers a range of features and benefits, it's important to consider potential drawbacks before making a decision. This section of my ProBit review will delve into some of the potential downsides or limitations associated with using ProBit. From limited ID acceptance to restricted capabilities, let's explore the areas where this platform may fall short.

Lack of Advanced Features

When talking about ProBit’s offerings, it’s essential to check what the platform doesn’t offer – but fret not, I've done my research and am ready to share my findings in this ProBit review.

Well, one good side of ProBit is that it supports over 800 cryptocurrencies in more than 1,000 markets. However, unlike crypto giants like Binance, which offer a wide range of features and complex tools for trading strategies, ProBit focuses on simplicity. Differently, ProBit Global provides a user-friendly interface for basic cryptocurrency transactions in its spot market, like buying, selling, sending, receiving, and storing.

That said, ProBit's trading features, while functional, may be too limited. For traders accustomed to more comprehensive offerings, like copy and derivatives trading, you may prefer top exchanges. Bybit, for instance, offers futures, inverse perpetual, and options contracts pegged to USDC (with up to 200x leverage), among others.

Still, I want to emphasize in this ProBit Global review that the platform may remain a suitable choice if simplicity and ease of use are what you value most. It provides a streamlined experience for managing your crypto, and your assets are accessible via its iOS and Android apps or website.

Limited Customer Support

ProBit Global currently offers support primarily through its website, claiming all-around-the-clock availability. Users can submit support requests directly from the platform and receive assistance from the ProBit support team.

To submit a support request, simply select the appropriate category, such as system error or deposit, and provide a detailed description of your issue. For clarity, consider attaching relevant screenshots or videos to illustrate your problem. Once you've completed the form, click the "Submit" button.

While this web-based support system is convenient for many users, it may not be as immediate or interactive as live chat or phone support.

In addition to submitting support requests, you can also access the FAQ center on ProBit Global's website. The FAQ center provides answers to common questions and troubleshooting tips, potentially resolving your issue without the need to submit a formal request.

Geographic Restrictions

One of the potential drawbacks of ProBit Global is its limited acceptance of certain IDs issued by specific countries. This can be particularly problematic for users from regions like the USA and Singapore, where some IDs may not be recognized or accepted for KYC verification in the ProBit crypto exchange.

This limitation can have several consequences. The most obvious one is restricted access to certain features, like trading competitions and airdrops that require KYC Level 2. Singaporean citizens and residents, specifically, were added to ProBit’s list of prohibited countries starting from January 2021.

This is especially concerning given Singapore's growing adoption of cryptocurrencies and the increasing number of local users.^[2]

Note that the list of accepted and restricted IDs may change without prior notice. Based on my research, it seems that ProBit also doesn’t publicly share which countries have certain restrictions, which can create confusion and uncertainty for users.

For instance, my Android device couldn’t find its app on the Play Store, while my iPhone had difficulties signing in. Meanwhile, I didn’t find my country on the ID restriction list.

ProBit Pricing and Fees

Once you know the pros and cons mentioned in my ProBit review, let’s consider the platform’s fees. I'll discuss a couple of things:

ProBit General Fees for Trading, Withdrawal, and More

The CEX offers competitive trading fees that range from 0.03% to 0.2%, depending on your ProBit exchange trading volume and membership level.

Those are low but not the lowest. For example, Binance and KuCoin offer slightly lower default rates at 0.1% (and they can be reduced). Meanwhile, Bybit's trading fees range from 0.1% to 0.0150%, which is lower than the lowest fee on ProBit.

The default trading rate at ProBit is 0.2%. However, you can significantly reduce your fees by staking PROB tokens and reaching higher membership levels. ProBit has a tiered membership system with 12 levels, ranging from VIP 1 to VIP 11. Your membership level is determined by the amount of PROB tokens you stake – the higher your membership level, the lower your trading fees.

Plus, you can also enjoy an extra 0.02% discount per transaction by paying trading fees using PROB tokens. Simply turn on the toggle button in the “Membership benefits” section on your profile to activate this feature.

For the trading pairs included in the Trade Mining program, the effective trading rate ranges from 0% to 0.198%. This means you can potentially trade certain pairs with no trading fees at all.

Talking about withdrawal and network fees on ProBit, they can vary significantly depending on the blockchain or the token being withdrawn. Specific tokens may also require deposit fees. For instance, AAVE has a minimum withdrawal amount of 0.0709935 AAVE with no deposit fee, while FLUX doesn’t require a minimum withdrawal amount or deposit fee.

To see the exact fees for a particular token, refer to the "Deposit and Withdrawal Fees" page. Also, keep in mind that these fees can change over time, so it's always a good idea to check the latest information before making a transaction.

You may also want to compare withdrawal fees on different platforms. Some user ProBit reviews mention that this platform has higher withdrawal fees for certain cryptocurrencies than some other platforms.

ProBit Accepted Payment Methods

Another thing worth mentioning in this ProBit review is its support for various payment methods. When an exchange provides a range of payment options, it can be an indicator of a platform's user-friendliness.^[3] Available payment methods on the ProBit Global exchange include:

• Credit cards;
• Bank transfer;
• Google Pay;
• Apple Pay;
• Samsung Pay;
• UnionPay;
• Pix;
• SEPA;
• SentosaPay.

This wide array of payment options makes it easy for users to find a suitable method for their needs, regardless of location or preference.

How to Use ProBit?

Now that you have a solid understanding of ProBit's features, benefits, and potential drawbacks, let's delve into the practical aspects of using the platform. This part of my ProBit review will walk you through the step-by-step process of creating an account and buying an asset on the ProBit crypto exchange.

How to Create an Account on ProBit?

Creating an account on ProBit Global is a simple process that can be completed in a few minutes. You can do so via the website or app, but in this ProBit review, I chose to sign up via the website. Follow these steps to get started:

Step 1: Visit the ProBit Global website and click on the “Sign Up” button in the upper right corner.

Step 2: Continue by entering your email address and creating a password. Alternatively, choose to sign up with a Google account or Apple ID for a quick and convenient login process.

Step 3: Take a moment to familiarize yourself with our terms and conditions and select the relevant checkboxes. Once you're ready, hit the “Sign Up” button.

Step 4: Look for a verification email from ProBit. It will contain a code. Copy and paste this code into the designated field and click “Verify” to continue.

Step 5: To access your account, click “Go to login page”. Enter your email and password or log in with a Google account or Apple ID, then click “Log in” to sign in.

In this specific step, the platform also encourages you to download the ProBit Global app and log in on your mobile device for added convenience. There will be a QR code provided on the website that you can scan with your mobile device to quickly connect your account to the app.

By following those simple steps, you can create a ProBit Global account and start exploring the platform's features and services.

How to Buy Cryptocurrencies on ProBit?

After you create a profile, you can immediately buy cryptocurrencies on ProBit only by verifying your email or without having to fund your account (unless you purchase certain cryptocurrencies that need deposits, like BITS and BLZ).

To buy cryptocurrencies, go to the platform's "Buy Crypto" or "Exchange" page for more trading options. In this ProBit review, I'll show you the easier option: purchasing it from the "Buy Crypto" page. This is a convenient option for those who prefer a simplified buying process.

Also, I used a credit card in this guide, but depending on the provider you choose, you can use bank transfers or other online payment methods. Let’s get started!

Step 1: Navigate to the ProBit Global website and select “Buy Crypto” on the menu bar.

Step 2: Choose a fiat currency and type the total purchase amount. After that, pick the cryptocurrency that you want to buy. You can scroll down the options or search the asset using the search bar at the top of the window. Click on the “Buy” button to proceed.

Step 3: You should see a list of service providers and current prices. Choose a service provider and hit the “Continue” button to lock in the displayed purchase price. Be aware that the purchase price is automatically re-quoted every 30 seconds.

Step 4: Read the disclaimer and check the box to agree to the terms and conditions. Once you click “Confirm”, you’ll be directed to the selected service provider’s website.

Step 5: Follow the on-screen instructions provided by the service provider. Note that some service providers may require you to complete an identity check process with a valid ID on the first purchase, although the ProBit crypto exchange doesn’t require you to do so.

Mind that your first cryptocurrency purchase may take a few hours to process due to the identity verification required by the chosen payment provider. Once the process is complete, you can track the status by opening your wallet and checking the transaction history.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

To conclude everything I've discussed in my ProBit review, this is a competitive cryptocurrency exchange platform that prioritizes simplicity and user-friendliness. As a result, you may not find advanced trading features like margin and futures trading at the time of writing (the team said that they'll add more features for experienced traders).

Furthermore, the ProBit crypto exchange has several geographical locks. Users from certain countries, such as the USA and Singapore, may encounter limitations in accessing ProBit's full range of services.

If you're looking for a platform with more advanced features or broader geographic accessibility, you might consider alternatives like Binance, Bybit, or Kraken. These exchanges offer a wider range of trading options and are generally more accessible to users from various regions.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. S. Lee, G. Milunovich: 'Digital Exchange Attributes and the Risk of Closure';

2. S. Wasiuzzaman, S. L. Ahmad: 'Perception Towards Government Advisory, Perceived Risk and Willingness to Invest in Cryptocurrency';

3. O. Tounekti, A. Ruiz-Martínez, A. F. Skarmeta-Gómez: 'Users’ Evaluation of a New Web Browser Payment Interface for Facilitating the Use of Multiple Payment Systems'.