I think, everybody at least heard of such cryptocurrency exchange as COBINHOOD. It definitely attracted a lot of attention during the announcement of its ICO. The cornerstone advantage of this exchange is that it charges no trading fees. Sure thing, such an offer aroused the interest of lots of traders and crypto enthusiasts. Everybody was concerned how the exchange is going to gain profit from this kind of trading and how is going to be ensured volatility of the market, as well as its price formation.
Although COBINHOOD’s ICO went very well as it collected 45,254 ETH (~13,200,000$ at that time), the launch of its activity wasn’t that successful as it ought to be. The exchange couldn’t attract the required number of traders. I think, mostly because of the scandal that took place during its ICO. If I am not mistaken, project’s CEO Popo Chen was accused of selling COB tokens with 150% discount to pre-ICO participants. Despite the fact that he later apologized, the reputation and trust to this project have already been lost.
This situation definitely had a negative impact on the development of the exchange. Since its launch, very few traders joined it and the platform couldn’t attract significant capital. Today the majority of people refuse to join COBINHOOD because it has very low trade volume.
After the first bad start, the COBINHOOD team took some time to analyze its mistakes and now came back with interesting and beneficial offers aiming to increase the number of its traders. And to say honestly, the volume of trades slowly but surely started to grow. Moreover, I initiated a discussion on Bitcointalk to find out the opinion of people who are already trading on it, and, although I couldn’t find a lot of them, those who answered, expressed their satisfaction with the services of this exchange.
- Zero Trading Fee. In order to maximize trader’s profits, COBINHOOD charges no fees for trading on its platform.
- Secure Deposit. COBINHOOD stores the vast majority of the crypto assets deposits in an offline multi-signature vault, which requires 5 out of 8 geo-distributed hardware security modules to open. Furthermore, crypto assets stored in online wallets are backed by insurance.
- High-Performance Order Matching Engine. COBINHOOD's proprietary order matching engine can process millions of orders with sub-millisecond latency.
Since COBINHOOD has no trading fees, it charges a little bit higher withdrawal fees. But, personally, I can’t see anything aggravating in these terms. If you are trading with no trading fees, then you can afford to spend a little more on withdrawal commissions. If you are investing significant amounts and have good trading skills, then won’t even notice these fees.
So, COBINHOOD’s withdrawal fees are following: 0.001 for BTC (0.0005 BTC at Binance), 0.007 for ETH(0.01 ETH at Binance), 20 USD for USDT(7.8 USDT at Binance), the equivalent amount of 8.4 USD for ERC-20 tokens and the equivalent amount of 3 USD for QRC-20.
COBINHOOD has three levels of withdrawal limits. The first level gives you the opportunity to withdraw up to 3 BTC a day without the need to undergo verification. I have to mention that it is even better than Binance allows (2 BTC).
The second level requires full verification and opens the possibility to withdraw up to 100 BTC a day.
The third level is VIP. COBINHOOD doesn’t give any explanations concerning its terms, but I think it is subject to negotiations with the administration of the exchange and is granted on the personal agreement.
Before making deposits at COBINHOOD, you should know that it is not an area for those who like to trade small amounts. The minimum trading amount per transaction is equivalent to 30$ and the maximum – 1 million dollars. Thus, if you’ll have less than equivalent to 30$ you won’t be able to place a trading order. Always keep that in mind in order not to get in a situation when you won’t be able to use your assets.
The founders of the exchange claim that they earn profit from providing services like Underwriting ICOs. Every company and startup can use its services to launch and conduct a successful ICO. COBINHOOD provides its client-companies with immediate token-listing, assistance in technology development, public relations management, strategic marketing communications, advertisement support and legal assistance. And must admit, COBINHOOD team really knows what they are doing. They are real professionals, who provide comprehensive ICO underwriting services, specializing in fundraising tactics to make ICO successful.
The competence of this team prove results of its activities. Since the launch of COBINHOOD, it raised 129,400 ETH (~53,528,898$). Quite impressive! Recently COBINHOOD helped CyberMiles to conduct their ICO and their fundraising and marketing strategy turned out to be so successful that it out its tokens in just 48 hours. CyberMiles raised 84,146 ETH (~30,000,000$).
Currently, COBINHOOD is patronizing MoxyOne ICO, the company aiming to solve the issue of cryptocurrency – fiat exchange forever. And it almost collected its softcap.
Looks like using COBINHOOD is a good idea to hold an ICO, especially if you promote an innovative and important product to modern market. A significant advantage is that after ICO the company tokens will automatically be listed at COBINHOOD exchange, and the token holders and bounty contributors will be able to sell and buy received tokens of the above-mentioned project at reliable, secure and mobile cryptocurrency exchange, not at some obscure exchanges as EtherDelta, ForkDelta, Yobit, etc.
After the unsuccessful start COBINHOOD has developed and taken various steps to attract new clients to its platform in order to solve the issue of low trading volume. It launched a lot of interesting promotions and beneficial offers.
First of all, COBINHOOD created Candy Machine, which rewards traders for the accomplishment of trading tasks. In order to use Candy Machine user has to receive tickets to spin it. The quantity of spins depends on the number of available tickets.
There are two ways to receive these tickets. First, you can receive 1 ticket daily for making a trade (placing buy/sell, market/limit order in any trading pair). At the Airdrop Center you can find the available trading missions and accomplish it, as they are not that complicated. Second, you can receive tickets for Candy Machine when you bring your friends to COBINHOOD. In this case, you and your friend receive a ticket.
Participating in the spinning of Candy Machine you can win BTC.
Completing simple trading missions at the Airdrop Center users can earn not only Candy Machine tickets but also take part in Airdrop of the coin that is required to be traded in the task.
At the same time, COBINHOOD holds separate Trading Contests. When listing new tokens and not only in that case, COBINHOOD suggests trading contests, like Binance. But despite Binance, at COBINHOOD winning the contest is more realistic and easier.
Recently Lympo, Bread, and ArcBlock trading contests have finished. Currently, new trading contests are available for following coins: CrowdGenie, Datawallet, and Bodhi. For example, Datawallet trading contest prize pool estimates 1,350,000 DXT. The winner will receive 600,000 DXT (today ~18,000$), 2nd place – 300,000 DXT (~9,000$), 3rd place – 100,000 DXT (~3,000$), 4th-10th place – 50,000 DXT/each (~1,500$). As we can see COBINHOOD makes quite profitable offers.
Currently is still available Codinghood Contest, in which the exchange will distribute 20,000 COB in total for the best and most creative ways of using the COBINHOOD API.
In order to increase its trade volume and client base, COBINHOOD offers an interesting Referral program.
If you invite 1 friend to the exchange and he creates a new account and makes his first deposit, you both receive 1 Candy Machine ticket each, with the chance to win BTC. If your invited friend passes second level verification, each of you receives 10 Candy Machine tickets.
Having analyzed all the features and multiple beneficial offers of COBINHOOD exchange, I came to a conclusion that, although at the moment it has low trading volume, it makes all the necessary and right steps to change this situation and increase its customers base by rewarding its loyal users, who help them develop the exchange.
Personally, I am not confused about the volume of this platform, as for me the most important thing in the choice of exchange is its reliability and security. And as far as I can see, it has all these features.
I think, that trading on COBINHOOD can be very profitable in long-term and invest significant amounts. In this case, you won’t even notice its withdrawal fees.
I created an account at this exchange long ago but didn’t make any deposits yet because currently, I don’t have any free assets. But as soon as I get it, I will definitely start trading at COBINHOOD. Currently, it is a good place to trade Tron, Ethereum, Bodhi, Lympo, CrowdGenie, and Cobinhood without trading fees, as these coins have the highest rates of trading volume.