ProBit is a relatively small cryptocurrency exchange. It does some things very well — such as basic crypto trading and initial exchange offerings (initial coin offerings that are safer for investors) — and some things not at all. Though U.S. investors can easily access the ProBit platform, make sure your state allows full access. Read our full ProBit review to see if this crypto exchange is right for you.
Top perks
Ability to join IEOs for brand-new projects
ProBit has a unique alternative way for investors to access coin debuts. A few years ago, initial coin offerings (ICOs) were popular, but they lost their luster when the Securities and Exchange Commission decided to regulate them. Fast forward a few years, and crypto projects are using initial exchange offerings (IEOs) to raise funds. With an IEO, a cryptocurrency exchange runs the coin sale. This route has become more popular for many reasons, including the thorough review process of the project’s white paper, less-strict regulations, and direct crowdfunding access.
ProBit’s native token, PROB, provides a lot of value
Heavy ProBit users should consider buying and storing the utility token PROB on the exchange to receive trading fee discounts, staking rewards, and referral bonuses. The referral bonuses range from 10% to 30% of the referred person’s trading fees, depending on how much PROB you stake (pledging not to use a certain amount of a coin or token for a certain time). The more you stake, the higher your referral bonus. The site states the lowest amount you must stake to get the 30% bonus is 100,000 PROB, which as of this writing, amounts to $24,000.
Exclusives: Discounted, early access to established coins before ProBit listing
ProBit has an “Exclusives” program that lets investors buy established coins at discounts before they list on ProBit. This is completely different from its IEO feature — Exclusives grants early, discounted access to coins that already trade on other exchanges and are coming to ProBit soon — a neat feature.
Alternatives to consider
For an easy-to-use mobile app for iPhone and Android: Coinbase is the largest crypto exchange in the U.S., and its robust, easy-to-use mobile app is a big reason for that success. It’s available for both Android and iOS. Quick mobile access to your digital assets is a critical need in the fast-moving cryptocurrency world.
For a secure centralized exchange: Kraken is one of the most established crypto exchanges available and boasts that it’s never been hacked. It features around 60 coins with a fully functional crypto exchange with low fees and advanced trading tools such as margin. It’s U.S. based with different levels of identity verification for extra account security.
How ProBit works
You need to deposit funds into your ProBit account before you can buy and sell tokens. The main assets that can be traded on ProBit are coins that pair with Bitcoin (BTC), Ethereum (ETH), or Tether (USDT), so you need one of the three to start.
ProBit trading
ProBit’s platform has a typical trading dashboard. It lists coin trading pairs on the left side of the screen, a chart that shows price movement and trading volume in the center, and the “order book,” or trade feed, on the right side. Beneath the order book are “Buy” and “Sell” boxes to place orders. The dashboard allows four kinds of limit orders to help traders minimize losses and maximize profits.
ProBit Staking
Staking is a way to earn profits with your unused coins on an exchange. ProBit offers a lot of different tokens and lockup periods. The rewards vary based on the token and lockup length. Heavy ProBit users should consider staking the ProBit utility token PROB to receive trading fee discounts, staking rewards, and referral bonuses.
ProBit Exclusives and VIP Membership Levels
To benefit from ProBit Exclusives, which lets you buy established coins at a discount before they list on ProBit, you must stake a minimum of 500 PROB. You must agree to lock up that staking amount for 180 days, and this also automatically enrolls you in the first level of VIP Membership.
As of this writing, there are 11 VIP levels. Each level requires a larger number of staked PROB, and has lower exchange fees than the lower levels.
ProBit Wallet
The exchange has a native wallet, only accessible by downloading the wallet app separately to a desktop. We could not find a mobile digital wallet app for ProBit on Android or iOS app stores.
Fees overview for ProBit
ProBit has a fee schedule that looks more complicated than it really is. The more PROB you lock up on the exchange, the higher your VIP level and the lower your fees. The minimum amount of staked PROB to kickstart lower fees is 500 with a 180-day lockup. ProBit also offers an extra 0.02% discount when you pay fees using PROB. ProBit has a separate fee schedule for deposits and withdrawals that’s different for every coin. On a brief review, all the coins had nominal withdrawal fees.
Additionally, the vast majority of tokens have zero deposit fees. Around 10 have a deposit fee ranging from 0.05% to 10.0% of the total amount loaded onto ProBit. But three coins — Kabosu, Safelight, and SafeBLAST — are subject to a hefty fee of 36% of the deposit amount, with no explanation of what happens to those fees.
What could be improved
Doesn’t offer lending services or borrowing against your stored coins
This is a major drawback of ProBit compared to other exchanges. ProBit allows you to earn rewards when youstake tokens, which in theory lets ProBit lend them and earn fees. But it doesn’t currently offer any lending services — a basic function of exchanges.
It seems that ProBit recognizes this gaping hole in its services and is working to offer lending services through its site. In late 2020, ProBit announced an agreement with EasyFi, which is working on a range of lending options such as personal loans, microlending, margin financing, payday loans, and more. However, ProBit gave no timeline for when these services might be available.
Can’t make direct deposits from a bank
ProBit Exchange does not currently support deposits of fiat currencies such as USD or EUR. The main assets that can trade on ProBit are coins that pair with Bitcoin (BTC), Ethereum (ETH), or Tether (USDT). If you don’t hold one of those supported cryptocurrencies in a digital wallet or other crypto exchange, you have to get some before you can use the ProBit site.
No iPhone app
As of this writing, there is not an app version of the exchange or wallet available in the iPhone app store. They’re only accessible via Android phone or desktop computer. Though Android users represent more than 70% of the global mobile market according to Statista, it still doesn’t make sense to leave out the huge number of iOS users.
Is your cryptocurrency safe with ProBit?
Accessing the ProBit desktop requires two-step verification with a mobile device and a separate email address. As an extra layer of security, it also supports multi-factor authentication apps such as Google Authenticator and Enpass. ProBit also uses hardware security keys and says it keeps more than 90% of assets offline in cold storage.
ProBit also recently announced that in March 2020, it received the Information Security Management System (ISMS) certification, which requires a rigorous security evaluation in which many aspects of the platform are closely audited. The site also offers a handy tip sheet to help users take extra security steps.
