Is ProBit a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether ProBit is a good crypto exchange to start trading with. In this article you will learn whether ProBit is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker ProBit
The ProBit exchange has been providing traders with services for buying, selling, and storing crypto assets since 2017. The list of currencies is constantly expanding. At the moment, over 800 altcoins can be traded on the exchange, as well as Bitcoin and the exchange's proprietary token called PROB. The number of traders registered on ProBit Global is over 3 million, a third of them are active market participants who trade through this exchange regularly. In addition to trading cryptocurrency pairs, ProBit offers solutions for passive investors such as staking, algorithmic trading, and an affiliate program.
| 💰 Account currency: | BTC, ETH, XRP, and other cryptocurrencies |
| 🚀 Minimum deposit: | ₿0.0005 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | 0.03-0.2% |
| 🔧 Instruments: | Over 800 cryptocurrencies and tokens |
| 💹 Margin Call / Stop Out: | No |
ProBit Pros and Cons
👍 Advantages of trading with ProBit:
•the size of the minimum deposit is available even to a novice trader and it is just ₿0.0005 (BTC);
•competitive trading commissions;
•a functional trading platform with the ability to place both market and limit orders of various types;
•a wide variety of digital assets available for transactions;
•no deposit and withdrawal fees from the exchange;
•several options for gaining passive income;
•the opportunity to reduce trading commissions and increase the size of the referral bonus through the use of the exchange's token.
👎 Disadvantages of ProBit:
•margin trading is unavailable;
•exchange doesn’t allow withdrawal of earnings in fiat currencies;
•slow speed of support service;
•lack of online chat on the site and in trading applications.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for ProBit Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. ProBit offers traders the following conditions.
| 💻 Trading platform: | Proprietary developed mobile applications and web terminal |
| 📊 Accounts: | Standard |
| 💰 Account currency: | BTC, ETH, XRP, and other cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Bank transfer (SEPA and SEPA Instant, UK Faster Payments, PIX), credit cards, cryptocurrencies |
| 🚀 Minimum deposit: | ₿0.0005 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | 0.03-0.2% |
| 🔧 Instruments: | Over 800 cryptocurrencies and tokens |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | No |
| ⭐ Trading features: | The platform supports trading with bots |
| 🎁 Contests and bonuses: | Discounts on the purchase of premium tokens, trading competitions |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of ProBit commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The standard trading commission on the ProBit exchange is 0.2% of the transaction amount for both the tokenizer and the maker. However, its clients can reduce the number of fees if they participate in the staking of native PROB tokens or pay them the exchange fee. Depending on the number of PROBs involved, a client is assigned a status from VIP 1 to VIP 11. For example, the trader, who deposited 500-3000 PROBs into his wallet, gets VIP 1 status, which gives him a 10.5% discount on the commission. Thus he will pay the exchange not the standard 0.2%, but 0.19%, and in the case of payment using the PROB token, he will pay 0.17%. The lowest commission threshold on ProBit Global is 0.03%. ProBit doesn’t withhold deposit or withdrawal fees, but payments are made with the withholding of network fees.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.2% of the transaction amount = $2 per trade volume of $1,000 | There is a fee for transactions in a blockchain |
Investment programs of ProBit
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. ProBit offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The exchange provides several solutions for passive income. Here you can earn through staking and the referral program. Also, ProBit supports automated trading (without human intervention) through the connection of various bots such as DCA, Hummingbot, Grid, etc. All bots are produced by third-party developers, which are not affiliated with ProBit Global. Hummingbot is available in demo mode.
Passive income via staking
Staking is the process of storing a certain amount of tokens in an e-wallet. The result is the account owner receives income in the form of a percentage of the number of funds frozen. Like most exchanges, ProBit pays remuneration for storing certain cryptocurrencies. The list is periodically updated, and the current offers can be found on the official website in the Stake section. Placed tokens are blocked by the exchange for the period specified in the offer, during which they become unavailable for any use (exchange, withdrawal, or trade).
The terms of remuneration at the time of this review:
Lucretius (LUC): 30 days — 80%, 60 days — 100%, 90 days — 120%;
VELAS (VLX): 30 days — 18.25%, 60 days — 19.16%, 90 days — 20.07%.
Special conditions apply to PROB token holders. They don’t receive a storage fee, but they can increase the referral bonus to 30% and reduce the trading commission to 40%. There are no minimum and maximum investment amounts for staking. There is also no limit on the total amount of remuneration. The money is paid after the expiration of the lock-in period specified in the contract.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
ProBit’s affiliate program:
The referral program carries a remuneration from 10 to 30% of the trading commission of connected users. The amount of charges depends on the status of the referral.
Initially, all clients are assigned the status of a Standard account, which provides a minimum percentage of the referral bonus. A total of 12 fiats are available. To upgrade the status, the trader must deposit 500 PROB into the wallet for further storage under the staking program. To get a 20% bonus, a trader must deposit at least 8,000 PROBs, and to get 30%, you must deposit at least 100,000 PROB.
Conclusion. Is ProBit good for beginners?
The ProBit cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, ProBit could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.