CobinHood Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this CobinHood Review.
CobinHood is a crypro exchange, where users can buy or sell Bitcoin, and many altcoins along with own cryptocurrency Cobinhood (COB). Fiat currencies are accepted on this platform and it also offers margin trading. At the same time, Cobinhood also provides ICO underwriting services.
What makes this exchange stand out among its competitors is that it does not charge any trading fees for spot trading. It claims that its revenue comes from providing underwriting services for large ICO projects. CobinHood collects 5% of the funding raised from the ICO as an underwriting service fee.
Like most crypto exchanges, this one also uses two-factor authentication, which can be easily activated upon registration, or at a later stage. To deposit or withdraw fiat currencies to or from your CobinHood account, your account needs to be verified.
Allegedly, Cobinhood stores the vast majority of the crypto assets in an offline multisig vault.
– No trading and deposit fees
While not charging fees on deposits is not uncommon, most exchanges charge trading fees, mamounting to around 0.2% of each trade. That is why the zero trading fees offer by CobinHood is really attractive.
– Cash accepted
Another benefits of this exchange is that it allows you to buy Bitcoin or other coins directly with cash. Currently, CobinHood accepts US dollars but plans to support EUR, JPY, KRW, CNY, HKD, CAD, GBP, AUD, and NTD in the future.
– Margin trading available
Leverage is a must in the world of forex trading, however, most cryptocurrency eachanges do not support this option. Unlike them, CobinHood offers leverage up to 1:10, which is definitely an advantage. You can also chack out what forex brokers have to offer ibn terms of leveraged trading in Bitcoin and other coins.
– Advanced Trading platform
CobinHood’ s web-based platform has two interfaces – a Standard one, as well as an interface with advanced tools powered by TradingView. Mobile apps are also available.
– Many altcoins offered
At CobinHood one can trade in Bitcoin, Ethereum, many ERC-20 tokens, such as Tron, EOS, 0x, Golem, BAT, etc. Currently, there are more than 50 pairs actively traded on the exchange, including its own token, COB. You can get up to 50% off margin trading loan interest when you pay with COB tokens.
– High withdrawal fees
CobinHood charges pretty salty withdrawal fees. Withdrawals in Bitcoin are charged 0.001 BTC, those in Ether with 0.07, and those in other cryptocurrencies involve a fee of $8.4.
– No wallet available
The exchange has not developed its propriety wallet and recommends Mist, MyEtherWallet, and Metamask inhstead. Besides, it advises usersnot to use any exchanges wallets to send ETH to their address (such as from Coinbase or Bitfinex), which is quite inconvenient.
– Minimum and maximum order size
Although a minimum trade size of $30 is not much, it is still a limitation of sorts. On the other hand, the maximum trading amount per transaction on the exchange is US 1million.
Allegedly located in Taiwan and the US, CobinHood offers trading in many cryptocurrencies with zero trading fees and accepts US dollars. It also offers ICO underwriting services and margin trading option.
Like most corporate entities in this sector, CobinHood is not regulated, which involves certain risks, including increased level of counterparty risk. On the other hand, some of the forex brokers, which offer trading in Bitcoin an other digital assets, are properly licensed and overseen by the respective financial agencies.
CobinHood Review Conclusion
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