What is COBINHOOD?
COBINHOOD is a crypto exchange which markets itself as being the first zero fees cryptocurrency exchange in the world.
The CEO and founder of COBINHOOD is Popo Chen who is a serial entrepreneur. Its co-founder and CTO is Wei-Ning Huang who has worked for three years at Google and has more than five years of experience in the open-source space. Among COBINHOOD’s advisors are Tony Scott, the Former U.S. Federal Chief Information Officer, and I-Cheng Liu, the Former Chairman of EasyCard.
There are zero fees for spot trading. There are also no fees for margin trading with up to ten times leverage. But the zero fee policy does not apply to withdrawals and deposits. Withdrawals charge the standard blockchain mining fees which vary depending on the cryptocurrency. Deposit fees depend completely on the sent cryptocurrency and its blockchain charges.
Similar to Binance, COBINHOOD’s COB tokens can be used to pay for withdrawal fees, which can result in a 50% discount when withdrawing. This means that you will only have to pay half the miner fee for all withdrawals if you own COB in your account to pay with.
Regarding how the exchange makes its money, the profits come from its underwriting service for those launching an ICO which allows it to collect 5 percent of the funds raised.
The flyout dashboard can be accessed from the top right of your screen, where you will find important features like your Account, Funds, and the Help Center.
COBINHOOD supports only cryptocurrency deposits at the moment but intends on offering fiat (US Dollar, Euro, etc) deposits later on.
The Accounts section in the dashboard is where the security settings are updated, such as creating a 4-digit pin and setting-up 2-factor authentication.
COBINHOOD offers support for over 70 different cryptocurrencies with new ones constantly being added to the list. The platform obviously has listed popular cryptos such as Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Monero.
Your daily transfer limits are determined by your account’s verification status. Level 1 verification allows withdrawals of up to 3 BTC every day. Level 2 lets you withdraw 100 BTC per day. A VIP level account is reserved for crypto investors that have large amounts of crypto and has no limit on all levels for deposits.
Level 1 does not require users to provide any documents while level 2 will ask for ID and phone verification. Lastly, if you living in the US you will be required to confirm your relevant tax information to COBINHOOD according to FATCA, the Foreign Account Tax Compliance Act.
COBINHOOD claims to offer a 24/7 customer support service and response times on under a day. Their website features a contact form and telegram channel if you need to communicate with them.
The website also features a neatly arranged FAQ section which comprises a large set of questions and useful answers.
COBINHOOD implements all of the standard safety procedures (SSL, multi-sig, 2FA) to secure its users’ funds. According to their official medium press release they detail their offline storage process is as follows:
“In order to access the offline wallet, 5 out of the 8 HSMs have to be confirmed. That way, if just 1 or 2 HSMs are compromised, your wallet remains secure. HSMs are also geo-distributed across different countries, further maximizing security.”
COBINHOOD is regarded to be an efficient crypto exchange as well as an underwriting service for ICO campaigns. Its most unique feature is its zero fees on transactions. The platform lists a decent number of trading pairs from which you can choose and it has a simple verification process.