Probit Exchange Review – Fees, Supported Countries & Coins, Deposits & Withdrawals
The cryptoverse is no stranger to scams. Every week we hear and read about investors and traders getting scammed, which is the clearest thing about cryptocurrency exchanges.
Scams are more common, so many lose it all because of malevolent actors. All the company has to do is convince you to hand over your money with lies and deception. Unfortunately, there’s very little that can be done to stop scams in the crypto space other than informing yourself and not falling for their tricks.
Ultimately it all boils down to individuals, and it’s up to you and you alone to make the right choice.
I admit Probit Global looks like a legit company at first glance, even to me. The site seems in order, and the company has been mentioned on plenty of cryptocurrency blogs such as Coin Telegraph. However, if you search for Probit reviews, you’ll only find positive opinion pieces. Probit Global was founded in Seoul, South Korea, by CEO Ronald Chan and CTO Steve Woo. Today, Probit is one of the leading cryptocurrency exchanges in South Korea and Asia.
Important thing is that Probit was eventually divided into two platforms – Probit Global and Probit Korea. Global is based in Seychelles while Probit Korea is based in South Korea.
Probit also offers extremely low fees for trading, in the range of 0.2% per trade. And another benefit of the platform is that it doesn’t include any KYC to sign in, which increases privacy, but this might open users to scams.
So on the surface, everything looks as it should, but unfortunately, that’s not the whole picture. So let’s dig a little deeper to see why.
The main feautres of Probit Global are:
- 👉 Crypto-to-crypto exchange
- 👉 A wide range of supported coins and trading pairs
- 👉 User-friendly interface with good trading experience
- 👉 Users’ funds are 95% stored in the cold storage
- 👉 Advanced trading features such as margin trading
- 👉 Low trading fees while withdrawal fees vary from coin to coin
- 👉 Supports Initial Exchange Offering (IEO) and trading competition
- 👉 The trading dashboard on ProBit is typical, and it lists the crypto trading pairs along with price chart, price movements, order book, trade feed, and trading volume.
- 👉 In-depth review before the exchange launches crypto projects
- 👉 Besides the two-factor authentication, the platform includes the option of a physical security key (2FA).
- 👉 Users can increase their benefits through ProBit Exclusive. ProBit Exclusive Levels ProBit’s history dates back to 2018 when the trading platform in Seoul, South Korea by Hyunsu Do and Steve Woo.
Probit Trading Platform Fees
Probit exchnage trading fees are on a lower scale and they go from 0.03% to 0.2%. Fees vary from level to level since the exchange has 11 membership levels that go from VIP 1 to VIP 11. You can check here Probit’s trading fees structure. There are no network fees.
When it comes to withdrawal fees, they vary from coin to coin while deposit fee is completely free of charge for crypto.
Deposit and Withdrawals Methods
Probit allows you deposit only digital assets or cryptocurrencies in fact. The exchange does not support fiat currencies.
Therefore, you can withdraw only crypto from the exchange as well.
Probit Supported Countries
Probit is available worldwide except in the following countries: Albania, Algeria, Barbados, Bangladesh, Botswana, Bolivia, Cambodia, Cuba, Ghana, Ecuador, Iraq, Jamaica, Morocco, Mauritius, Myanmar, North Korea, Nepal, Pakistan, Panama, Singapore, Syria, Sri Lanka, the US, Uganda, Yemen, Venezuela, Zimbabwe.
Are US investors allowed on Probit?
Yes, US investors are welcome to use Probit.
Here are 3 customer reviews I found:
Probit.com crypto exchange scammed my company for a significant amount. They are facing regulatory issues, and there is evidence they also have been hacked. They lost my deposit, and they do not want to prove they were hacked, and funds were lost.
To send everyone back the hacked balances, they are trying to charge everyone who listed an asset unannounced maintenance fees of over 20,000 USD which was not on the listing contract. We are reporting the scam to the local Korean Authorities. Do not use this exchange as they are unethical and immoral in their business.”
Absolute scam exchange! DO NOT USE PROBIT GLOBAL
Their exchange does not limit your slippage with a market order. Their order books are filled with ridiculous sell orders. I wanted to buy 16000 USD xrp with a market order and lost 10.000 USD with it!! I contacted the helpdesk but got no response. Only after I started to tweet the CEO, they contact me in Korean.. After a lot of effort, they managed to answer me in English that there was nothing wrong with their exchange and that I should have used a limit order.
I wouldn’t be surprised if a lot of my lost money is in their pockets right now.
Online you find a lot(!) of bot-accounts shiling Probit btw. I’ll say it again; DO NOT USE PROBIT”
On April 12th, 2021, I lost all my coins worth over $450,000 mysteriously on Probit Global even when I had 2FA enabled. They hacked my browser sessions and managed to access my email deleted all verification messages.
No transaction records were shown in their system, but coins were missing, and even the Support Tickets were surprisingly ignored and closed every time. Efforts to contact Probit CEO did not yield any results, no one seemed to care. PROBIT exchange is a big scam guys!!! They secretly withdraw all coins without any trace then disable the account in disguise of protecting your coins.”
The users tell us the real story, not the paid features on big websites. By browsing through TrustPilot, it’s clear that the reviews are overwhelmingly negative, above are only 3 examples of the fact. The TrustPilot average score is 1.6, and the hundreds of angry users are not lying.
Does Probit have a native token?
Yes, Probit Global exchange does have a native token – PROB. If you are an owner of PROB you can enjoy fetch staking rewards, referral bonuses, and trading fee discounts.
Furthermore, Probit features a “trade mining” feature that rewards users in PROB tokens when they make transactions.
Conclusion – Is Probit legit?
Probit is a popular crypto exchange from South Korea. It offers a wide range of interesting features such as margin trading, Initial Exchange Offering, and trading competition. Probit has been divided into Probit Global and Probit Korea. The big part of users’ funds is stored in cold wallets. These are all features each crypto trader will like, however…
Probit exchange is not what it seems. The platform may have been legit in the past, with all those good reviews testifying to the fact. But, without a doubt, they had something going for themselves, with their main value proposition being the highly customizable trading interface.
Unfortunately, though, that didn’t turn out true. Probit has way too many customer reviews to ignore, all testifying that the company is, in fact, not legit. Their scamming strategy is, from what I’ve gathered, letting users deposit their funds and make it impossible for them to withdraw, citing technical difficulties to buy up some time and then ignore users’ requests.
The scam repeats in so many cases that’s their modus operandis. On their Telegram channel, every 2 minutes, someone writes asking about the withdrawal, it’s no coincidence.
In conclusion, stay away from Probit exchange, it’s a proven scam, and we hope that they get sued into oblivion in the near future.
Please read our reviews of exchanges that are definitely not a scam:
- Coinbene Review
- Gemini Exchange Review
- Coinbase review
- Kraken review
- Margex Review
- Bitpanda review
- Kucoin review
- Hotcoin Global Review
- Azbit Review
- LBank Review
- A lot of supported coins
- They list new coins fast
- A lot of scam allegations
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com