Cobinhood Review – Is It A Reliable Exchange?

Cobinhood exchange logo and different devices

In this article we will take a look at the exciting new exchange Cobinhood. This article will look at how Cobinhood compares with other exchanges, and will also take you through how to set up an account and start trading. Read on for our Cobinhood review.
 

The First Zero Fee Crypto Exchange

Cobinhood zero fee cryptocurrency exchange

Perhaps the biggest selling point of Cobinhood, and the reason they stand out in the highly competitive market of crypto exchanges is that Cobinhood charges no fee on all trades. On most exchanges, there is a small fee that you pay each time you exchange one crypto for another. Cobinhood is different, offering unlimited free exchanges.

This is a huge plus point for Cobinhood. Not only will this mean you get more crypto in each exchange, but it also means that if you make a mistake trading, you can swap back and won’t have lost money on fees (of course, you might still lose out due to the volatility of cryptos). This makes Cobinhood a great choice for people just starting out in the world of crypto trading and also a good choice for more advanced traders who are making a large number of transactions and are sick and tired of paying out in fees.

It really is a huge coup for Cobinhood, and at the time of writing, they are the only exchange out there that have a zero fee model.

Of course, Cobinhood still has to make money somehow, so you will still pay fees for withdrawing cryptos from Cobinhood wallets to your other wallets outside of the exchange.

A Wide Selection of Altcoins

As well as offering staple coins like Bitcoin and Ethereum, Cobinhood offers lots of interesting altcoin to ETH or BTC pairings. This means if you are looking to diversify your portfolio, Cobinhood is certainly worth a look. Also, the number of tokens and pairings it offers are constantly expanding as the company is looking to grow its crypto base.

So, Cobinhood offers more altcoins than Coinbase does. However, it is still not as expansive as Binance, which is still the market leader when it comes to altcoins. Also, you may be surprised to see some standard pairings that are missing, like Litecoin and Bitcoin or Dash and Bitcoin.

Saying this, overall Cobinhood has a wealth of pairings to choose from. However, if there is a particular altcoin you are interested in investing in, do not assume that Cobinhood has it. In this sense, they might not be the ideal exchange for the more adventurous altcoin explorers out there.  

USD Fiat Currency Pairings

If you have access to US dollars, then Cobinhood has got you covered when it comes to fiat currency trading. You can deposit and withdraw up to fifteen thousand dollars a day and then exchange these for various cryptos. At the time of writing, there are four US Dollar pairings available: USD and Ethereum, USD and Bitcoin, USD and Tether and USD and COB (COB is Cobinhood’s own token).

 

So, this is great news if you are American, or have access to dollars because Cobinhood is essentially a one-stop shop for your crypto needs.

However, for those of us living on the other side of the Atlantic, the lack of support for Euros or Pounds Sterling is a hindrance. If you want to trade crypto and your primary fiat currency is not dollars, then you are going to need to buy your Bitcoin or Ether elsewhere and deposit it into your Cobinhood wallet. Furthermore, you will not be able to buy COB without buying Bitcoin or Ether and trading for it. This is annoying, as certain services on Cobinhood, like margin trading, require that a user has an amount of COB. Hopefully, as Cobinhood grows, they will be able to expand their international presence and include more fiat currencies in the future.

Even more drastically, if you are Japanese or have Japanese citizenship, then you cannot use Cobinhood at all, due to legal issues with Cobinhood’s licensing. This is a common problem for exchanges though, as Japanese financial regulators are particularly tough on crypto in general.

ICOs and Airdrops

For those more experienced in the world of crypto trading, perhaps one of the most exciting features of Cobinhood is the fact that it includes within its ecosystem a dedicated system for handling Initial Coin Offerings and Airdrops. They boast the only end to end ICO service in the market, meaning that it is easier for developers to list their new tokens on Cobinhood.

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