Cobinhood (cobinhood.com) - review, trading volume and pairs
Apart from the fact that Cobinhood exchange operates from 2017, in a relatively short period, it has managed to develop a considerable audience of users. Cobinhood cryptocurrency trading platform is registered in the Cayman Islands. Its success is largely determined by the convenient and quite rich functionality that meets the needs of a professional trader. The main advantage is that the platform does not charge a fee for internal transactions in cryptocurrency. However, the exchange charges a commission for the withdrawal of coins. You can find the information about the size of the commission in the relevant section of the exchange website.
The company’s mission is to make trading as profitable as possible for all holders of cryptographic assets, providing market players with comfortable trading formats. Users are offered a spot trading and a margin trading with a leverage of 10X. Aside from that, the system continues to improve and develop comprehensively.
The official website of cobinhood.com was translated into 13 languages, including Russian, which makes the platform popular in Russia, Ukraine and other countries of the former USSR. For the convenience of users, developers also created mobile versions for Android and iOS.
Registration on cobinhood.com
The cobinhood.com website offers a standard registration procedure. A user should specify an e-mail, create a password, and confirm the registration through a letter sent to his/her email. When creating a trading account, the user is recommended to specify the Russian language as a priority. After activating the account, the user will be redirected to the trading platform.
Right after registration, it is recommended to fill in the fields in the «Account» category, which is located in the drop-down menu on the top right corner of the website.
Here you will find several tabs:
• Profile. In this section, you can change your password if needed. You are recommended to do this at least once every six months to protect your account from unauthorized access.
• Security. Here you are recommended to activate two-factor authentication, as well as confirm logging in via SMS. This will significantly reduce the risk of coins theft from your account.
• Limits. Unverified users can withdraw no more than 3 BTC per day. To increase the limit to 100 BTC and more, you need to pass the verification procedure. You can find the details of the procedure on the official website of the exchange.
Registration on Cobinhood is available to all users except for residents of Japan and New York. The procedure, along with the account setup, will take only a few minutes.
To deposit on the exchange, go to the «Funds» section located at the top of the website. Here you will find a complete list of cryptocurrencies. Select the desired coin and click «Deposit». After that, you will be offered a QR-address of the wallet and its tokenized version. You can safely use this address to replenish your account from your cryptocurrency wallet or through the exchanger.
Trading on the exchange
Minimum order amount on the Cobinhood exchange is 30 USD for one transaction. All trades are carried out in the «Exchange» tab. A full-fledged trading terminal, which displays the current state of trading, is available to all website users. Here you can also see the current position of the market, the size of the daily trading volume, as well as the minimum and maximum threshold of the trading price. By clicking on the «Select market» button, you can easily find the desired coin. In the very same section, you can choose the trading pair. To conduct a transaction, just click on the pair you are interested in.
On the Cobinhood website, there are 2 options of trading orders – limit and market. A limit order means that the user himself/herself specifies the desired price and indicates it in the order to buy or sell. There are also two buttons – green and red. When you click on the green button, the maximum number of coins available for purchase at the specified price is displayed. When you click on the red button, all available coins are exhibited for sale.
Withdrawal of coins from the exchange
To withdraw coins from the exchange account, you need to set the withdrawal address. This is done to reduce risks for users. To set the address, enter the «Funds» section and select «list of addresses for withdrawal». Once you have decided on the type of the coin, enter any information about the transaction in the «Label» field. This information does not affect the transaction itself but acts as your identifier. Then, in the «Address» field, specify the address of the wallet to which you plan to withdraw money. After that, confirm your decision by clicking on the «Add» button. The final money transfer is possible only after confirmation of the transaction via email. The only thing left to do is to click on «Withdrawal» in the «Deposit and withdrawal» section. Enter the number of coins you want to withdraw, and then click «Confirm».
As you can see, the withdrawal procedure is a bit more complicated than on other platforms, but you can be sure that even if an attacker gains access to your account, he/she will not be able to do anything with your money.
About the interface
Cobinhood exchange users noted some interface overload. This is true, and this platform may seem too complicated to a beginner. Meanwhile, an experienced trader will appreciate its functionality. The main disadvantage is that the user cannot customize the interface to fit his/her needs or disable unnecessary windows. Nevertheless, it is undeniable that the nature of the working panel is quite informative, as well as the fact that the exchange offers ample opportunities for technical analysis of prices.
Here are some of the tools available for users:
• The price chart
• List of orders
• Transaction history
• Trading blotter
• Trading pairs
• Fields to set orders
• Trading account balance
As you can see, the Cobinhood platform is quite specific, but for professional traders, it is quite acceptable. It is fair to mention the obvious disadvantages of the exchange, including:
• Interface overload;
• a limited number of trading pairs;
• fixed withdrawal fees.
Among the advantages, we would like to highlight the high level of security and competent support service that responds to any requests almost immediately. As it was mentioned above, zero-commission fee on all internal transactions is an undoubted pro of the platform, which makes trading even more profitable, and the market – the most liquid.