The Complete Guide to the ProBit Exchange

• Founders and Leaders
• ProBit: A Look at First Glance
• How to Register on ProBit
• Know Your Customer
• Deposits and Withdrawals
• Trading Interface
• How to Trade on ProBit
• Trading Fee
• Locations Served
• API
• Security
• Mobile App
• Listing and IEO Registration
• Customer Service
• Conclusion

No other exchange has skyrocketed to prominence such as ProBit. A Korean-based crypto exchange, the platform has gained a lot of popularity in the Asian nation and abroad. Established in 2018, the exchange almost immediately faced regulatory issues when the Korean Government decided to ban Korea-based exchanges to cater for traders outside its physical borders.

A technologically adept nation that boasts some of the largest tech firms in the world (LG, Samsung etc.), cryptocurrency has made a large penetration in the country. The move by the government was to mitigate the individual financial crisis people faced due to high volatility, speculation and the outflow of black money beyond the country through digital tokens. In order to keep servicing its clients, ProBit decided to rebrand the exchange as ProBit Korea and create a near clone of the exchange that would let international users trade on the platform. ProBit Global was thus born.

Founders and Leaders

ProBit was the brainchild of Hyunsu Do. A man of many talents, Do holds a bachelor's degree in electrical engineering from Seoul National University, is a practicing lawyer (a bar member and cleared his law degree from Judicial Research and Training Institute of the Supreme Court of Korea) and holds an MBA in Finance from New York University’s Stern School of Business. Do also is a certified Chartered Financial Analyst.

In an interview at the end of 2019, Do explained how he learned about blockchain and cryptocurrency while he worked in his country’s top law firm.

“From my experiences of working as a lawyer in a top law firm in Korea, I learned about the potential that the blockchain technology holds to change our economy and society. I thought it was a huge opportunity and did not want to miss it. Also, crypto-assets are the core of blockchain technology and eco-system. However, there is still a lot to improve in the existing crypto exchanges so I decided to embark on a goal of creating a next-generation crypto exchange capable of providing the crypto world with the most efficient and convenient market place.”

Professional Experience

• Republic of Korea Navy: Do joined the legal arm of the Korean Navy in April 2001 and served as a legal council for three years till March 2004.
• Kim & Chang: After his stint in the military legal system, Do joined Kim & Chang as an Associate, working there for nearly 6.5 years from April 2004 to July 2010.
• PineBridge Investments: Do spent just three months in the investments firm as a Summer Associate.
• Kim & Chang: Returning to his previous law firm after completing his summer program, Do was offered a partner position and he stayed in the law firm for just one month shy of six years (July 2012 to May 2018)
• ProBit Exchange: During his time at law and investment firms, Do learned first hand the value and worth blockchain brought to the global financial system. With his knowledge of the financial and legal systems, he saw an opportunity to give crypto traders a platform that would be everything they needed. ProBit was established in June 2018 and Hyunsu Do has been its CEO ever since.

Steve Woo

Another Korean fellow from the Seoul National University, Steve Woo holds a Computer Science Degree. His experiences include setting up the South Korean arm of the Linux International Inc., working as its CEO. He has more than two decades of experiences in the software industry, ranging from developing software for the open-source Linux system, cyber security, digital financial systems and developing user interfaces. He teamed up with Do and using his expertise in the digital realm, was instrumental in setting up the ProBit exchange. He has been its Chief Technical Officer since its inception.

Ronald Chan

Following the government’s decision to stop foreigners from taking part in the crypto revolution of South Korea, ProBit was quick to launch its international version, ProBit Global. The Global version is led by Ronald Chan. Chan holds a number of certificates, his first one being a Bachelor of Business Administration in International Trading from Singapore Management University where he also secured the International Business Fellowship.

Chan then went on to get a Master’s Degree in International Business and Finance from Hochschule Augsburg, where he was in the top-five percent of his peer group. During the Master’s program, Chan also attended a remote Executive Course in Big Data Specialization from John Hopkins Univesity’s Advanced Academic Programs. Chan also did a Specialist Course on Bitcoin, Blockchain and Cryptocurrency Technology from Princeton University.

Professional Experience

• Allianz: As a Blockchain Consultant based in Germany, Chan developed different insurance cases for the leading financial service firm. It was during this time that Chan completed his Master’s degree and wrote his thesis, Blockchain Effects on Insurers & Reinsurers. Chan joined Allianz in 2016 and left it before a year.
• Workforce Singapore: Working in the position of a Strategic Planning, Chan worked from March 2017 to March 2018. During this time, Chan was a member of the data team responsible for collecting and analysing information for different policy making and scientific projects. Chan also developed a user interface for the Minister and Permanent Secretary.
• Huobi Global: Chan stepped into the realm of content creation when he switched over to Huobi Global crypto exchange and was the Head of Blockchain Content in Multimedia. From March 2018 to October 2018, Chan connected with different projects and did interviews for the exchange’s YouTube channel. He also was leading a group of international writers that created web content for the exchange.

ProBit Exchange: Chan joined ProBit as its Director of Strategic Planning in October 2018 after leaving Huobi. During his tenure, he was able to secure more than 200 projects’ Initial Exchange Offering (IEOs) through Probit. Chan was also quick to forge new alliances with strategic and key partners to make the exchange ever more profitable. After the South Korean law prohibiting non-citizens from using local exchanges, ProBit Global was created at the end of March 2020 and Chan was promoted to lead the global arm as its CEO. Chan has been the CEO of ProBit Global since.

ProBit: A Look at First Glance

In only a couple of years, ProBit has shot to major prominence and has been able to gain the confidence of its users. The exchange offers a world-class service and security of funds. ProBit boasts one the fastest trade matching engines in the world of crypto trading, with the ability to execute 1.5 million trades a second. This means that there’s never a moment where buying and selling is slowed down, much less stopped. The exchange also knows that as a platform where large values of crypto assets are held, bought and sold, it is always a target for hackers. To ensure that the assets are kept safe, the exchange holds 95% for its assets in cold storage, disconnected from the network. The cold storage is further protected by Two-Factor Authentication, hardware security key and other security protocols.

The trading dashboard and interface is customisable, giving users the ability to set the interface according to their needs, whether novice or advanced traders. To give the users maximum chance of trading and making a profit, the exchange has more than 600 tokens listed on the exchange, with trading pairs in excess of 400.

The services and trading options are the reason that the exchange today stands among the top crypto exchanges around the world. In a mere two years, the exchange today trades more than $8 million USD in daily volume and, according to CoinMarketCap, stands at number 38.

How to Register on ProBit

To start trading on the ProBit exchange, potential users and traders must first sign up. To do that, they need to head over to the official ProBit website and click on the Register button on the top right.

On the registration page, users will need to enter their email address. This email address will be considered as the official email for the user, with all communications being routed through it and the email being considered as the username of the trading account at the same time. Below the email field, users will find the password one. This is where the users will need to enter their preferred password for their account. The password will need to be entered again further below. Since the password isn’t visible while being entered, there’s always a risk of a wrong character being entered. Entering the password again can help identify if an incorrect character has been entered.

There is an option for users to enter any referral codes they might’ve received. Referral codes are pretty normal in the crypto trading sphere. Existing users can get more traders on board by offering them a code through which they can sign up. Using a referral code gives the original trader different advantages and discounts. Depending on the promotional program being run, this can also mean discounts or other surprises for the new user. So if anyone has received a referral code, they should enter it here.

Further down the page, users will need to acknowledge that they have read the Terms of Use and the Privacy Policy of the ProBit exchange. This is a mandatory requirement as these terms and policies are defined by the exchange are a binding for users in order to trade on the exchange.. Violation of these can lead to suspension of the trading account, legal inquiry and even removal of the account itself. Once the user has clicked in the check box, the registration process can proceed. The user must next click the big blue Register button to do so.

After the register button is pressed, a pop up will appear with a reCAPTCHA. This is a international method used online by many websites to give tasks that only humans can perform, in order to defeat bots. Normally, the user only needs to check the I’m not a robot option but occasionally the security check may ask for the user to identify different pictures from a 3x3 collage.

Email Verification

Once the user has identified him or herself as a human in the registration process, Probit will send out an automated email to the address the user had entered at the start of the registration process. The email will contain a confirmation of the newly created user account and there’ll be an activation code presented.

Back on the registration page, the user will find that another page has been loaded where the exchange will be asking the user to enter the very code that has been emailed. Users can simply type in or copy the code from the email and paste here. Upon clicking the Verify button, ProBit will check the code entered against the one created in its database and when matched, the user will be told that the trading account is active.

However, to enter the account, the user needs to go to the login page and enter the username (the email used for the registration) and the password credentials.

Know Your Customer

Although users of ProBit can start trading immediately on account creations, they might face some limitations placed on their profit-making ambitions, such as low withdrawal limits and the inability to take part in the IEOs offered. To unlock the higher-level options, users will need to verify themselves under Know Your Customer (KYC) and Anti-Money Laundering (AML) regulation of the exchange. KYC is not mandatory on the ProBit exchange and although most users will find that their day-to-day needs of trading are being fulfilled without it, we recommend that KYC be done as soon as possible. ProBit keeps on offering different promotions, IEOs and trading competitions that are accessible only for verified users. Users caught off guard might find themselves losing an opportunity they might regret not grasping.

To be verified, users need to login to their ProBit account. The default page users see after logging in is the My Page. This is an overview of the user account from where the trader can start any account-related activity desired. On the My Page menu, users will find the Verification option in the drop-down menu. By default, users will next see Step 1. This means that the user hasn’t had any verification checks done as of yet. Clicking it will take the user to view their verification status. For users who haven’t had any verification, they’ll find the details of the first step required of them for the checks, where they’ll see that there is no ongoing application for verification. On the right of the details, there is a button that says Start Submission Process. The user will need to click it to start their verification.

The verification application will open up below, where there’ll be a number of details the user will need to enter. This includes personal data, such as nationality, first middle and last name; gender; date of birth, address and city; state or province and postal code.

Apart from this, the ProBit exchange will also ask for scanned images of government-issued documents that can be used to identify the user. Currently the only options are an ID card or a passport. A selfie image is also required, with the user holding the ID document that was uploaded before close to their face.

When the data is entered and the pictures uploaded, the user can simply press the Submit button to send the KYC information to ProBit. The verification process typically takes a few hours to complete as the exchange verifies the information given. Once the information is verified successfully, the user is informed through an email. Users can also go to the verification page to see the status of their application.

Korea VS Global KYC

Global users are limited to only two levels of KYC, Level 1 as unverified and Level 2 KYC verified. The exchange doesn’t have any further option for KYC unless the user is a South Korean citizen. The higher level 3 and 4 KYC verification requires the user to have a Korean passport to proceed.

Features of KYC

With the KYC done, users will have the following options made available to them:

• IEO Token Withdrawal: Users will be able to withdraw any tokens they might have bought or traded during IEOs.
• Increased Token Withdrawal Limit: While the ProBit doesn’t have much limitations in depositing tokens, it does have limitations placed on withdrawals. Unverified users can withdraw $10,000 worth of assets in 24 hours, while verified (Level 2) can get up to $100,000.
• KRW Withdrawals: For South Korean nationals who complete KYC to Level 4, they are able to withdraw funds in the Korean Won (KRW) fiat to their banks.

Countries Not KYC Supported

ProBit prides itself on offering a crypto trading experience to the whole world. As seen in the registration process, a user from any part of the world can register, open a ProBit account and start trading.

However, the ProBit team seems to understand that there are many countries around the world that don’t allow their citizens or financial institutions to deal with cryptocurrencies. As such, there are a few nationalities that the exchange will accept as Level 1 traders, but KYC will not be possible for enhanced trading. The citizens not allowed KYC are from Algeria, Bangladesh, Bolivia, Cuba, Ecuador, Islamic Republic of Iran, Iraq, Republic of North Macedonia, Morocco, Nepal, North Korea, Pakistan, Seychelles, Sri Lanka, Venezuela, and Cambodia.

The list does not contain all countries where crypto or traditional financial dealings are restricted. In fact, readers will find an irony that residents of Seychelles are also on this list -- a country that is crypto-friendly with many projects and exchanges registered there, yet its citizens can’t be Level-2 verified with ProBit.

Deposits and Withdrawals on ProBit

Users need to have their ProBit accounts funded before they can start trading. Currently, the exchange doesn’t have any support for fiat currencies and only cryptocurrencies can be deposited. There’s also no instant buy or over-the-counter option for users to buy crypto for trading either. Therefore, users of ProBit must first get their hands on a supported cryptocurrency. There are a number of P2P exchanges such as LocalBitcoins.com and Remitano.com that can be utilised for such a purpose. The thing to remember is that these P2P exchanges normally deal only in the top cryptocurrencies like BTC, ETH, XRP, LTC, etc., so these are the only options new traders have.

Users will find the first option of Wallet on the top navigation panel. Clicking on it, the page will list all details of the assets held in the account, such as the token name, how much balance is available, the total balance (this includes open trades and locked amounts such as staked ones). For users to better manage and understand their assets, each cryptocurrency is also represented in its USDT equivalent value.

Depositing Cryptocurrency

If the user already holds crypto (or buys through a peer-to-peer exchange), they can deposit their assets on the exchange wallet easily. To deposit, users can either scroll down to their specific cryptocurrency or they can use the search function to go to it directly. On the right side of the screen, next to where the wallet displays the USDT equivalent value, users will find the Deposit button. Each cryptocurrency has its own dedicated one. Clicking the relevant one will take the user to that token’s deposit data.

Users will be presented with a long string of characters that is the wallet address. They must enter this address in the wallet from where the tokens are to be sent from. Each cryptocurrency has its own unique method of creating user wallet addresses (or public keys). Traders must ensure that the address they are copying is for the same cryptocurrency network they want transferred over. ProBit makes sure that users are aware by not letting them copy the address unless they check a little option below it that explicitly states that the address is for the specific token. Entering an address for another token can cause the tokens to be lost forever. ProBit does, however, offer a recovery option if the users contact the exchange in regards to entering the wrong address, but the chances of getting one’s money back are very low once it’s been sent to the wrong wallet.

Incorrect Deposit Recovery

If an incorrect deposit has been made, ProBit can be contacted for recovery of the tokens. To initiate the process, a ticket must be raised containing the following information:

• Full name
• ProBit username (the registered email address)
• The token name
• The quantity of tokens deposited
• The deposit address that was used accidently.
• Transaction ID
• A screenshot of the transaction from the originator application, software or wallet. Blockchain explorer screenshots are not accepted.
• Image of the ID that was used in the KYC program with the last seven digits hidden
• A selfie image of the user while holding a page that displays the current date and the words ProBit deposit not received while holding the ID document.

For recovery of ARDOR, EOS, BTO, XRP, XLM, STEEM, XMR, NEM, NUVO with the wrong destination tag, memo or message, ProBit doesn’t charge and takes around five days to recover. Listed ERC20-compatible tokens are recovered automatically, while there is no guarantee of ERC20 tokens not listed on the exchange. The unlisted token recovery also carries a 300 USDT or BTC equivalent charge, regardless of successful recovery or not. ETH recovery carries the same charge. All other deposits carry a USDT 1,000 or equivalent BTC charge and the exchange offers no guarantee on the recovery of the tokens.

Withdrawals of Tokens

Where there are deposits, there are withdrawals too. ProBit allows users to withdraw their assets and profits from the exchange in easy steps. To begin withdrawal, users must head to their wallet page and this time, look on the right to the Deposit button to find the Withdrawal option.

Clicking the withdrawal button will make the exchange show the user withdrawal options. The user will be presented with a field where the destination wallet address has to be entered. Like the deposit explained above, the address entered must be correct. An incorrect address can lead to the assets being lost forever. The second field is where the users enter the amount of tokens they wish to withdraw. On entering this, the third field of withdrawal fee will automatically be filled with the involved fee. Each token listed on ProBit has a fee for withdrawal, along with a minimum amount that can be withdrawn. To find out the limits for their assets, users can visit the Deposit and Withdrawal Fee page.

After the user has entered the right destination address, the amount of tokens to be sent and is comfortable with the fee being charged, he or she can press the Withdraw button to initiate transfer. Depending on the network type and load, the transfer can take anywhere from a few minutes to many hours.

Trading Interface of the ProBit Exchange

The ProBit exchange has been designed with the global user in mind. The exchange carries six different layouts with another option of placing the side bar. This results in a dozen unique combinations of the interface that can be selected by users to best suit their needs. There are a total of six sections of the layout that are moved around in the interface. In any combination of interface settings, they all perform their own functions at all times.

Trading Graph

Normally centred in the trading panel, the trading graph can have a sideline position, but it still takes the centre stage, speaking metaphorically. The graph is a typical candlestick graph that was pioneered by Japanese rice traders. The candlestick graph is very simple, but contains a wealth of information. Each stick in the graph represents a certain timeline. By default, ProBit has a candlestick graph where each stick represents the passing of thirty minutes. The universal colour coding is used, with green representing the half hour where the price overall has increased and red where the price has fallen. Thin lines protrude from the top and the bottom, the top ones called the head and the bottom ones the tails. Heads represent the max level where the price had reached during the time of the stick and the tails represent the lowest value achieved.

Using these, traders can understand the price movements of their assets and predict how it will proceed in the future. A good trader can use this information to buy low and sell high to generate profits. Depending on how deep the user wants to view the chart, he or she can adjust the time represented by the candlesticks, ranging from one minute to up to a month.

Trading Pairs

Each asset on the ProBit exchange is listed against either BTC, USDT, ETH or KRW (Korean Won, only available for South Korean residents). Of the 600 plus tokens, users have the option to trade 400 ones in the spot trading option. All of these are listed in this section. Users can select their preferred pair here.

A trading pair is a financial instrument with which users can trade. It consists of two cryptocurrencies, the first one being the quoted and the second as the base. The quoted currency is represented in a value in terms of the base pair. For example, a LINK/BTC pair will have LINK as the quoted currency and BTC as the pair. If the value quoted is 0.001, this means that the price of one LINK price is 0.001 BTC. A trader who wants to buy LINK using the BTC pair can spend held Bitcoin to trade for LINK. If the user wishes to sell the LINK, the trader will get BTC for it.

The right selection of the trading pair is essential for a user and this section allows the trader to jump from one trading pair to another to perform trades with ease. For the benefit of the traders, each pair also has more information that can be used to determine if a trade needs to be done or not. The information includes the price in US Dollars, the percentage of price movement in the last 24 hours and the amount traded in both values of the quoted currency and its US Dollar equivalent. Selecting a pair will make the whole trading interface adjust to show all relevant data for the pair.

Order Book

All trades placed on the exchange are placed in the Order Book. The book consists of two parts, the top one showing the latest sell orders and the bottom one buy orders with the last traded price sandwiched in between.

The order book shows data such as the price demanded, the amount of the order and the total value of the order. The order book is used by traders to learn the trend of buy and sell price demands. ProBit has one of the fastest trade matching engines that can execute 1.5 million orders every second.

Trade Feed

The Trade Feed gives live data on the latest trades that are executed on the exchange. The order book only shows orders that are open. As soon as they are executed, they are removed from the order book. Looking at the order book, a user can only make predictions based on the open orders, not the executed ones. This is where the Trade Feed comes in. A user can look at the past through this and understand how the trades have been moved.

The Trade Feed gives information on the price of the last trades, the amount of the asset and the time when it was executed. This time stamp is very important as this can help in determining how quickly and recently the orders were executed.

Buy and Sell Order

This section is where users place their buy and sell order. Like the Order Book that shows buy and sell orders separately, this section is also divided in two parts. The one on the left is the buy order area and the right one is the sell one. To make sure that users don’t get confused, the standard red colour is used for sell and the green is used for the buy option.

ProBit has two main types of order, the Market and Limit. These orders types allow users to place strategic trades to generate profits. Limit orders are further divided into advanced and complex order types such as Good ‘Til Cancel, Good ‘Til Cancel and Post Only, Immediate Or Kill and Fill Or Kill.

Order History

Each order that the user places is recorded in the Order History section. The orders are divided in three distinct areas:

• Open Orders: All orders that are placed in the Order Book and aren’t executed are present here. Information of open orders include the market, type of order, price requested, total amount of order, how much of it is filled (in case of partial filling), total value of order and the time the order was placed.
• Order History: This contains all the order history of the trader, regardless of the order being complete or not. The information displayed here is the same one that the Open Order displays, such as the type of order, price requested etc.
• Trade History: All completed trades are placed here. A user can view this tab to get a good overview of the trades that were successfully completed. This only contains information related to the market, price of the order, amount of the order, total value of the order, the fee involved and the time when the order was executed.

How to Trade on ProBit

Users can place buy and sell orders on the trading interface with ease. After the user has selected the trading pair, they can head over to the Order section. ProBit allows two different kinds of trades to be placed.

Market Order

A Market Order allows users to buy or sell their preferred asset at whatever the current price is. When it comes to buying, users can only enter the total number of the quoted asset they wish to procure and press the Buy button. The order is matched against any sell order that another user is willing to part with the required asset against the market price. Since the user has no say over the price of the asset, there is no data field to enter that in this order type.

Similar to buy, the sell Market Order is executed in the same manner, but this time the user is selling the quoted asset against the base currency. The required amount to be sold is entered and the Sell button is clicked.

Limit Order

Limit Order lets the user have a bit more control over the trade that is to be executed. This time, the user can not only define the amount of the order, but the price of the asset that is required, too. Users can employ the four types of Limit Order variations further to have a fine-tuned control:

• Good ‘Til Cancel: The most plain type of a Limit Order, GTC orders are placed in the order until it is completely filled, or manually cancelled by the user. In case of a partial fill, a cancellation will only return the funds that have not been traded so far. The completed portion of the order remains as a successful trade.
• Good ‘Til Cancel and Post Only: A variation of the GTC, the Good ‘Til Cancel Post Only Limit Order creates an order that is only executed as a maker. If there is already a matching order in the Order Book, that order is ignored by the trading engine and seeks out another, thereby letting go of the taker order. This order, however, seems contradictory to the nature of trading fees at ProBit since the exchange doesn’t have a taker-maker fee model.
• Immediate Or Kill: When users want an execution of the trade immediately at the price requested, but don’t want the order to linger in the Order Book as an open order if partially filled, IOK Limit Order is used. As soon as the price matches with the order, it is executed. Any partially left order is cancelled and returned to the user.
• Fill Or Kill: An inverse of the IOK, Fill Or Kill is a Limit Order that is only executed in its entirety. The order will never be filled partially.

To execute any of the above Limit Orders as a buy, a trader must enter the price at which he or she wants to acquire the quoted currency and then enter the amount of crypto desired. Just above the price field, the user will find a small drop-down menu. Clicking it will bring all of the above mentioned Limit Order variations. The user can select the one that best suits the strategy and then click the Buy button.

In the case of a sell order, the same data is entered, such as the price desired and the amount of quoted crypto needed to be sold off for the base currency. Selecting the variation and pressing the Sell button is all the trader needs to do.

Trading Fee

ProBit generates its income in trading by charging a small amount per trade to the users. This fee is used to cover the exchange’s expenses such as keeping the exchange operational and paying employee salaries. Many other exchanges that encourage their users to trade more by giving them lower fees when they reach a certain traded amount over a period, but not ProBit. Instead, the exchange only uses the amount of PROB token (the exchange’s own token, used as a medium of exchange) staked to determine users’ trading fees. Users also get a further discount in trading fee if they use PROB to pay for it.

Normally, crypto exchanges have a different fee level for makers and takers. A maker is a trader who adds liquidity to the exchange by placing an order in the books, while a taker is the one who accepts the order. ProBit simplifies this by creating a single fee structure that is applicable to both takers and makers.

As the amount of staked PROB rises, users also get a higher bonus for trades done by their peers who are invited using their unique referral code.

Locations Served

Launched in 2018, ProBit is a South Korea-based exchange that offers top of the line services to its users. Almost immediately after its launch, the exchange faced a dilemma as the South Korean government decided to ban non-residents from accessing cryptocurrency exchange services. This was done to counter the explosive ICO mania that was sweeping the world. Non-licensed securities and speculative tokens without any backing were being bought up in a frenzy by traders, only to find their hard earned money being lost in bad investments. Furthermore, the censorship free and anonymous nature of cryptocurrencies also posed a corruption and money laundering challenge. Crypto friendly, but hard on violation of the law, the government decided to control the flow of cryptos.

The ban meant that non-South Korean users would have to abandon the exchange and look for alternatives. Rather than let the users go, ProBit decided to create a global exchange that would be just like ProBit, but designed to cater for international clients. The Korean version remains dedicated to the Asian nation.

Like many other exchanges that declare themselves to be a part of the global servicing industry, ProBit has no restrictions to the countries or jurisdictions it serves. Users from all over the world can register on the exchange and start trading. However, there are certain limits that the exchange has imposed.

Users can be from any part of the world, as long as they are KYC Level 1. For users who wish to have expanded access to the services offered by the exchange, they can go for a Level 2 or higher. Level-2 KYC, unfortunately, is restricted. Users from Algeria, Bangladesh, Bolivia, Cuba, Ecuador, Islamic Republic of Iran, Iraq, Republic of North Macedonia, Morocco, Nepal, North Korea, Pakistan, Seychelles, Sri Lanka, Venezuela and Cambodia can’t verify their documents owing to the legal limitations imposed by their governments. Similarly, Level 3 and 4 are only available to South Korean residents.

The limits defined by the levels are luckily suitable for many users. The exchange already offers a comparatively good withdrawal limit for Level 1 users. The only drawback is that users of this level won’t be allowed to withdraw their IEO tokens. The users can always exchange their tokens for other currencies and withdraw though.

API

Many traders use advanced techniques and tools for their trading. ProBit offers a customisable trading interface that fulfils the needs of many. However, there are pro users who require a higher level of service and more bells and whistles. A more customised interface that suits their need can be a reason, perhaps they wish to connect automated trading bots to get that edge they need in the fast paced crypto trading sphere.

To assist these traders, ProBit offers the ability to connect Application Programming Interfaces (APIs) to the exchange. APIs are basically programs that create a whole new interface environment that allows two or more programs to interact and connect with one another. Using APIs, traders can remotely connect their trading bots to their ProBit account without the need to log in and automate their trading process.

Registering API Keys

APIs require two separate keys to connect to the source (in this case, the ProBit exchange). One is called the API Key, which identifies the exchange to which the API has to connect and the other is the Secret Key, which is the password.

To set up the API keys in ProBit, users need to head over to their My Page first. There is an API tab on the top navigation which users need to click and access to go to the API Management page. Here, the user should first enter a name or an alias for the keys. Since the API keys are very long strings of alphanumeric characters, it can become difficult for traders to identify different keys they might have generated. Giving the keys a name makes them easy to identify in the future.

The user doesn’t have much else in the way of creating the API apart from clicking the Generate button. The API keys will be generated for the user. These are shown only once so the user needs to make sure that these are copied down somewhere safe.

There are three different access options for API keys generated on ProBit:

• Read-Only: This allows the API to only pull data from the exchange of the user account. The user can’t execute any order remotely. This is also the default setting of API keys
• Trading: When this option is selected, users will be able to access their trading options and use bots to set advanced trading strategies.
• WIthdrawal: Traders will be able to withdraw their tokens if this setting is selected.

Since the default setting for API keys is Read Only, users will need to head back to the API Management page, select the API key and then use the Edit button to change the permissions.

ProBit also has added a layer of security by limiting the wallets where the cryptocurrencies can be withdrawn. When the Withdrawal option is selected, users will find a Manage Withdrawal Address tab on the page. Users can add the wallet address they prefer and the API keys will lock that in. This means that even if the keys are compromised and someone else gains access to the account, that person won’t be able to withdraw the funds.

Security

ProBit has one of the most secure trading platforms out there. The exchange takes a number of precautions to make sure that user assets are kept safe at all times. According to the exchange, 95% of all assets on the platform are stored in cold storage. Cold storages are hardware-based wallets that can be disconnected from the internet and the blockchain network. Even if the wallet private and public keys are compromised, the hacker will not be able to access the tokens inside the wallet unless and until the hardware is connected to a computer that is online and synced with the network.

The exchange also supports software-based Two-Factor Authentication for users. Users are also able to install a FIDO Universal Two-Factor Authentication and even a hardware-based Security Key. Users can set up a software based 2FA with ease. In the My Page section, users will find the Two-Factor Authentication option. Clicking it will give the users a page where they have the option to set an OTP or U2F hardware key.

Software-Based 2FA

Clicking the Enable button for OTP will start the process for a software based 2FA. By default, users will be presented with the option to install Google Authenticator app. This app creates rolling OTPs which have limited life and expiry, ensuring that every time the app is used, a new code is generated. Once the Google Authenticator app is selected and the Next button clicked, the user will be presented with a 16-digit recovery code.

Google Authenticator, when installed, binds itself to the mobile. In case the mobile is lost or not usable, the app will need to be installed on a new device. This code is required to recover the binding of the app with ProBit. Since the recovery code is for the mobile app, users are advised to note down the code and save it somewhere apart from the mobile itself as if the mobile is lost, the codes will be lost too.

Once the codes are saved, the user can proceed by pressing the Next button. Now the user will be presented with a QR code. The user now should access the Google Authenticator app on the mobile and scan the QR code. Once this is verified, the user will need to enter the 16-digit recovery code, the newly created OTP and the email used to login to the ProBit account as authentication.

The last step that ProBit requires is for the user to confirm the process by accessing the email sent to the user’s registered address. Once this is done, the exchange will bind all actions the user makes to be verified through the 2FA. This includes making changes in the settings and withdrawing funds.

U2F Binding

For a Universal Two-Factor binding, users can head to the 2FA registration again and this time, enable the U2F Hardware Key option.

For this option to be enabled, users must be in possession of a hardware-based device that can act as key storage. The device should be connected to the computer from this step onwards to be bound. If the device has a physical button or a biometric scanner, the user must use this to activate it. The ProBit exchange will communicate with the device and set it up automatically. Once it is activated and bound to the platform, ProBit will send an email to the user as a confirmation.

The email will contain an authorisation code that the user will need to enter in the ProBit platform U2F registration. The user has a total of 10 minutes to enter the code before it expires. In case the code is not entered in the allotted time, the user will need to begin the binding process all over again.

Once the hardware key is registered successfully, the user will need to connect it to their computer every time it is required.

ProBit Mobile App

Any business in the modern world today can’t survive without an online presence and for a business that is purely online, mobility is key. ProBit, as a complete online platform, also has a mobile app for its users. This makes it easy for traders to buy and sell crypto assets from the ease of their mobile, regardless of where they are in the world. All they require is an internet connection to get their app online.

For an exchange that is very active in offering services to its users, the exchange strangely only offers only an Android app. The lack of an iOS-based app means that there is still a large number of users who are denied the mobility. The Android app can either be downloaded from Google Play Store or from the direct APK link provided by the crypto exchange.

The app on the Play Store has a 4.2 rating from nearly 2,500 reviews. The app has been downloaded more than 50,000 times since its launch and was last updated in August 2020. The latest negative reviews are mostly related to the last update, where connectivity issues seemed to have been an issue.

Listing and IEO Registration

With more than 600 cryptocurrencies and tokens available for staking and trading on the platform, ProBit offers one of the widest selections of crypto investment options for traders. The exchange offers crypto projects from all over the world the chance to get their tokens listed on the exchange. The platform also gives upcoming projects the opportunity to be exposed to a greater number of investors if they wish to do a token launch.

For both cases, the exchange has a dedicated Google Form that the project must fill out. The form asks for the following information:

• Email address
• Name of applicant
• Country of resident
• Telegram ID (official admission are listed in the form and only they contact applicants.)
• Project Name
• Project Website
• Token Ticker
• Smart Contract Address
• Utility or Security Token
• Listing or IEO
• Acknowledging that IEO or listing may incur fee
• Declaration that all data provided is authentic.

When the application is submitted, it is reviewed by the exchange and if the project is found to be inline with the platform’s rules, one of the officials mentioned in the form by ProBit will make contact with the project lead.

Customer Service

To help the users of its trading platform, ProBit has a well-established Customer Service program. There are four main ways for a user to connect with the exchange to resolve their issues:

• Contact Us: Available at the top right and the bottom left of the main page, the Contact Us gives people two different options. Registered users can raise an issue and the exchange will contact them through their registered email address. For new users and who have yet to register, they have a dedicated contact point that leads to a request submission where the person can write out the details of their issue.
• Frequently Asked Questions: ProBit has a detailed FAQs section where they have categorised a wide range of articles in easy to access method. Anyone who can’t find their issues listed at first glance can always use the search function.
• Announcements: ProBit uploads different announcements from its side regularly on a dedicated page which are categorised in News, Events, Listings, Publications and Maintenance.
• Social Media: Users can also interact with ProBit representatives and other users through different social media channels. Users can interact on Telegram, Twitter, Facebook, LinkedIn, Medium and others.

Policies

Apart from this, the exchange also carries a detailed Terms of Service document that spells out all the liabilities between the user and the exchange. A thorough reading of this document can be very helpful to users to get an understanding of what they’re signing up for. The exchange also has a comprehensive Privacy Policy that states how the information generated from the user’s side will be handled and shared in case of a legal inquiry by any law enforcing authority.

Location

ProBit is a legally incorporated entity in South Korea as a financial service provider. The global website only declares the Company Registration Number as 207189. A look at the LinkedIn profile gives a bit more information, with the location of the exchange as 30, Teheran-ro 8-gil, Gangnam-gu, Seoul 06240, KR.

Conclusion

ProBit is a relatively new exchange with only a couple of years of history. The short existence however, is not something by which the platform should be judged. ProBit offers a wide variety of tokens to trade, numbering more than 400 pairs and 600 plus tokens when staking and other investment ones are considered. The base pairs, however, leave something to be desired. With only USDT, BTC, ETH and South Korean Won (only for Korean residents) available, this limits and hinders the trading and profit making possibilities of users.

The exchange caters to nearly every country in the world as long as the users stay at KYC Level 1. The limits are high enough for the average trader. ProBit’s customisable interface is also a plus point, allowing users to set their screen as they see fit.

Since the exchange is new, its mobility is a main drawback. Only an Android version of the mobile app is available and the latest update seems to have a couple of bugs that need to be resolved. There is no announcement from the platform if they are interested in or planning to develop an iOS version. Based on Apple devices, the app would be able to cater for current iPhone users who are forced to rely on using the exchange through their computers.

Overall, the exchange is a sound platform with a good security level that offers ample opportunities for traders to buy and sell cryptocurrencies.

Cryptocurrencies are highly speculative and volatile digital assets. Users are advised to make careful and sound judgements on any investments. Only invest the money that you are comfortable with losing.