Cobinhood is this a scam? Review and Customers Reviews

The current status of Cobinhood’s operations remains unclear, as the 2021 cryptocurrency reported closing and checking all account balances from Jan. 10 to Feb. 9. But since Feb. 10, Cobinhood has been largely inactive.

Cryptocurrency exchange Cobinhood appeared on the electronic coin market in 2017. The developers of the platform have many years of experience in cybersecurity, information and blockchain technologies; they used all their knowledge to create a universal service with reliable protection, user-friendly interface and flexible trading conditions. The platform has a zero commission for internal transactions. Traders approve of its functionality, which is constantly being improved and supplemented with new features.

And still, is Cobinhood a scam or a reliable platform, convenient for beginners and experienced traders, allowing to withdraw funds in the required amounts in a short time and earn on margin trading? A detailed review of the platform provides answers to these and a number of other questions.

Cobinhood crypto exchange is popular among traders due to its user-friendly interface, zero commissions, and gradually growing list of tokens. Registration and verification on the site cobinhood.com take place in standard mode. To create a personal account on the platform, it is very important to come up with a complex password, as it is one of the ways to protect the personal data that the client entrusted crypto exchange. It usually takes 24 hours to verify the user’s information and confirm his account.

Verification consists of two stages (the third is planned to be launched soon) and the first of them takes place through the trader’s e-mail, where he receives an email with a link, which he should follow by clicking on the “Activate your account” button. After that the trader goes to the exchange to his personal account. In the account, you can see three tabs: “Personal Information”, “Security”, “Finance”. In the first of these you can change your password. The second contains the security settings – in this section connect the two-factor authentication through Google Authenticator. If you go to the third tab, you can see the current limits on financial transactions. If verification is confirmed, you are allowed a single withdrawal of more than 3 Bitcoins. The maximum suggested withdrawal per day is 100 Bitcoins.

After successful completion of the registration and verification processes, you can proceed directly to familiarization with the interface of the service, it is presented in almost all languages of traders working here, including Russian. The beginning of the examination of the options is the terminal, which is located in the “Exchange” section. All useful information for transactions is available here: coin charts, history of transactions, popular currency pairs with trading dynamics for the last day, account balance.

It is possible to customize a cryptocurrency exchange’s coin chart according to your preferences. For example, you can choose indicators RSI, MACD, Volume, moving averages EMA, set the time frame from one minute to one month. The terminal can be switched to one of the two modes: advanced or TradingView. The latter option suits those users who are used to viewing the information on trading in the standard form. The setup of exchange rates (i.e. tables of limit orders to buy and sell coins) is made through the order log, where it is possible to round prices, using one of the two buttons – “Plus” or “Minus”. If you want to add a currency pair to the “Favorites” category, where the user can enter everything he or she needs to have on hand to work with the platform, just click on the “star” icon to the left of the tickers (abbreviated names of currency pairs).

For convenience, on the right side of the site there is a log of orders, divided into three sections. Between requests to buy (are in the first section) and sale (are located in the third section) the spread is specified. The register is kept in an open mode, the information in it is ordered and submitted in the form of a ladder scheme, where it is easy to find the list of current orders and their parameters.

On the panel of the operation order form, the client selects its type – it can be limit, market, stop order or stop limit. Market orders are not subject to cancellation, as they are executed instantly. A limit order allows you to specify the highest or lowest price to sell or buy a cryptocurrency. It can be redeemed incompletely and varies depending on the value of other bids in the market. Stop orders are closed when the price rises to the level specified by the user. Due to the fact that they are executed as market orders, price slippage may occur. The stop limit is closed at the highest value after reaching the level of the stop price specified when filling the order. If the market value of a crypto-asset fluctuates too quickly, such order may not be executed. The speed of application processing is very high – more than one million operations are checked and closed within one second.

The commission of the exchange for internal transactions is zero, but for the withdrawal of electronic coins from the platform you will have to pay a small percentage of the transfer amount. The amount of fees in such cases depends on the type of cryptocurrency. Transactions are limited by a minimum and maximum threshold – the amount of funds to be withdrawn should range from 30$ to 1 million USD. In addition, there are restrictions on the amounts of client accounts – there should always be kept at least 1$ (this is quite enough for internal transactions). The trader, in case of shortage of his own funds on the account, can always use the platform service “leverage”, with the size of the loan, which the exchange will allocate up to 10x, that is ten times the amount given to the client as collateral. Any of the cryptocurrencies registered on the platform is available for purchase or sale (the whole truth about cryptocurrency here). The creators of the project plan to gradually add to the listing not only tokens, but also precious metals, futures and other assets.

Platform specialists help clients launch ICOs. Projects proposed by users will be immediately supported by the exchange. In addition, the service will assist in every possible way in promoting the startup, provide recommendations on the integration of technologies aimed at improving the business model proposed by the platform participant. The client can count on other practical support from the company and legal advice. The exchange connects the underwriting service or the so-called guarantee of payments in case of financial losses. It ensures the implementation of this function by promoting promising ICOs after a thorough analysis of projects and screening out hopeless or dubious ones.

Users can apply to expand the list of traded coins on the site, can offer their crypto-asset to the administration. It will be listed on the platform, if it is supported by the owners of the internal currency of the exchange – COB. Such an investment allows them to become participants in the loyalty program. The cost of one vote – 1 COB, it can be given for any electronic coin offered by traders. Voting takes place in several rounds, and the start of the voting procedure begins after the receipt of the initial payment from the user who applied for adding a coin to the account of the exchange. This amount is not refunded to him, even if the coin does not make it to the list of cryptocurrencies traded on the platform (learning to trade cryptocurrencies here). The crypto-exchange has several other features. For example, for the convenience of traders launched a mobile application, functioning on iOS and Android platforms. In addition, the client can earn good money with the help of a referral program.

 

Deposit and withdrawal

Deposits and withdrawals are made in the site section cobinhood.com “Deposit and Withdrawal”, which opens when you click on the “Wallet” button. To understand the procedure for moving finances to and from the exchange is not difficult, just follow the instructions of the platform. You need to understand the following:

• The site has two stages of restrictions on deposits and withdrawals, and a third is planned to be launched soon. The limits depend on the passed stages of verification.
• The first verification category is assigned to each registered user after he gives his date of birth, name, country of residence and phone number. He will be able to enter any amount of cryptocurrencies without any limits. At the same time, he will be allowed to withdraw no more than 3 Bitcoins per day.
• When the client passes to the second step of verification, it is possible to withdraw up to 100 Bitcoins in 24 hours.
• For citizens of Russia the rules of verification are slightly different – they need to upload a picture of the front and back of the passport, while residents of other countries are allowed to use other documents.
• Deposits and withdrawals are made on average within a few hours. Sometimes such operations are performed instantly, often they take a week.
• To withdraw money in a special section, you should specify the address of your wallet. The coordinates of the electronic wallet should be entered in the account address book immediately after registration. To add the address to the registry, you need to complete the procedure of adding it there by clicking on “Set up Withdrawal address”. After that, all the necessary information will be available in the “Deposit, Withdrawal” section.
• The withdrawal window specifies the amount that the client wants to transfer from the exchange. The fee is set for it in favor of the project depending on the type of currency: for Bitcoin it is 0.001 BTC; for Ethereum – 0.007 ETH; for USD Tether – $20; for all other tokens and cryptocurrencies – a fixed rate of $8.4 per transaction.

 

Complaints about Cobinhood

Cobinhood crypto exchange is deservedly respected by traders. The site’s interface leaves a positive impression thanks to the well-thought-out functionality and easy design, and its color design does not interfere with the work. Of the disadvantages, users usually mention a small number of currency pairs for the time being, the fixed fees for withdrawal of coins not approved by all traders. But the platform’s listing is regularly updated, and the fees are not too convenient only for modest transaction volumes – in the case of a large transaction, the fees will not affect the client’s income.

The project’s security system inspires customers’ confidence because it is organized using modern security methods. Experienced traders assure that Cobinhood is able to become a profitable platform for cryptocurrency trading thanks to the leverage option, high performance, reservation and deposit insurance, and multi-signature cold storage.

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Regulation of the Cobinhood crypto exchange

Cobinhood is owned by Being, Inc. which is registered in the Cayman Islands. Its co-founders Chen Tai-Yuan, better known as Popo Chen, and Wei-Ning Yuan collaborated on the platform; Tony Scott was later invited to join the team as a consultant. Safety of users and protection of their personal data and finances are of paramount importance to the exchange. That’s why most of all customer funds are moved to cold storage, which in turn is protected by multisignature. All finances remaining in online wallets are insured, and unauthorized persons cannot access them thanks to following AML principles, as well as the implementation of two-factor authentication. Financial transactions must be confirmed with a QR code, which must be scanned with a cell phone.

Every time a client accesses the exchange site via a desktop computer (or its mobile app, any API platform and other Cobinhood services), his personal data is processed on servers located in the Cayman Islands. More information about this is described in the “Privacy Policy” of the site. The administration assumes responsibility for resolving internal disputes and investigating customer actions. Only a user who is already 21 years old can become a participant of trading operations on the crypto exchange. Otherwise, his account is blocked. Residents of countries belonging to the European Economic Area (EEA) should be prepared for the transfer of personal data to exchange branches and service providers from the United States and Israel. Customers residing in Russia are subject to EU data protection laws.

Residents of countries where U.S. citizens are not allowed to do business (such as Japan) are prohibited from registering on the site. The same applies to visitors and nationals of countries on the U.S. Treasury Department’s Office of Foreign Assets Control sanctions list. It is not possible to reopen an account if it has already been blocked. By agreeing to Cobinhood “Terms of Use” upon registration, the client confirms his readiness to comply with all international laws and exchange rules, promises not to use its platform for illegal activities, including gambling, fraud, money laundering, blackmail, extortion, data mining, terrorist financing, etc., guarantees that he will not threaten the integrity and security of the site.

• Read the “Terms of Use” of Cobinhood on the exchange site
• Read the “Cobinhood Privacy Policy” on the exchange website

 

Is Cobinhood a Scam?

Cobinhood Crypto Exchange – is a new generation of cryptocurrency trading service (how to make money on cryptocurrency? find out here). The developers of the exchange assure that they are doing their best to shape the economy of the future with the help of the financial center they created at the exchange. By the way, the registration and verification processes here are easy, the information is checked quickly by the technical service, so that clients can immediately move on to getting acquainted with the trading terminal. A pleasant surprise for them will be the zero commission for operations on the site. Thanks to the absence of fees in favor of the platform, traders increase their profitability and, if necessary, can use margin trading with up to 10x leverage.

The service pleasantly stands out among competitive sites: it is simple and convenient, has broad language support, including the Russian version of the site; the number of assets for trading is constantly growing, and thanks to the accelerated procedure of adding tokens to the list, traders earn on new currencies before they appear on other resources. Unfortunately, there is no exchange of cryptocurrencies for fiat money, but such a service has already been connected here and may be launched again. The exchange has a profitable referral program, which is also able to replenish customers’ accounts for impressive amounts.

The security of bidders occupies an important place on the platform. The company employs high-class cybersecurity professionals as consultants on this issue, so client funds are reliably protected with two-factor authentication, white IP addresses, cold storage with multi-signatures, etc. The fact that the crypto-exchange was opened quite recently, but managed to achieve high daily turnover rates in a short period of time speaks volumes. Obviously, experienced traders trust the resource, which is already considered a success in the digital market. That said, a beginner will love its high-quality functionality, backed up by a maximum of useful information on exchange trades.

Still, should one of today’s popular cryptocurrency platforms Cobinhood be defined as a scam, a scam, a scam? No, because the platform provides users with seamless trading in electronic currencies. It fulfills all its obligations to them, stably pays out funds and maintains correct and safe operation of the site cobinhood.com. Now every registered client can submit an application to promote their ICO here and, if it is approved, expect full support from the service specialists. All this shows the reliability of the platform and pleasant prerequisites for long-term cooperation with it.

 

Conclusion

Cobinhood Crypto Exchange quickly took a strong position in the cryptocurrency trading market, not least thanks to a large-scale ICO program. With its help, the developers of the service raised the necessary funds to launch a multifunctional platform. Traders mostly characterize the platform positively, approving of its convenient trading terminal, understandable even to market novices. The popularity of the exchange is also growing thanks to zero commissions for internal transactions, fast execution of orders, a constantly updated list of virtual coins (Cryptocurrency Signals). All this indicates favorable trading conditions, which attract more and more traders here. For Russian users the platform has a definite advantage – Russian-language support, groups in social networks in Russian (VKontakte, Facebook, Twitter, Telegram).

Project Editorial It’s a Divorce™. will not call Cobinhood crypto exchange a scam. At the moment, we are waiting for real reviews of traders about it, which will definitely influence the rating of the platform on our website and will help users to avoid possible difficulties in working with Cobinhood.