Probit: Borderless Cryptocurrency Exchange

The fourth quarter of this year has been marked as one of the most anticipated and probably bullish quarter for cryptocurrency in general. Amid that positive expectation, there are a lot of new exchanges that enter the existing fierce crypto exchange competition. One of them is Probit Exchange. What's so different in this exchange and should we expect something from them?

Probit's Vision

Become One of the Major Exchanges in Crypto Markets

The first vision from Probit is to become a global exchange in each major financial markets. In other words, they wanted to be an important exchange that is known and used in many countries across the world, especially major countries in crypto business. I think this vision is quite huge, and in other to make it happens they have to work hard like crazy because there are too many exchanges in the competition right now.

However, with their target to open up setups to support fiat-to-coin in several countries, I think the vision can be achieved. Most of the exchanges right now only support several fiat deposit and withdrawal, mainly USD or EUR. While localized exchanges that support local currency doesn't have high liquidity such as the top 10 exchanges. If Probit can execute it properly and quickly, they might be able to compete for the top 10. Of course, this needs more than just a vision, it needs hard work, dedication, and correct strategy.

To be One of the Most Secure & Professional Exchange

The next vision from Probit is to become one of the most secure & professional (or probably to be most secure & professional) exchanges that provide a lot of options to secure your assets. They'll build a world-class trading engine to provide fast and robust trading experience, provide enough liquidity and trading pairs for traders or investor, with a lot of exchange features to increase their experience such as multi-lingual customer support.

This might sound like your usual exchange vision, however, what matters the most is how well will they execute it. In my opinion, the vision is already good, but Probit must be able to deliver it properly. Other exchanges might share the same or similar vision, however, what they lack the most is commitment and hard work to deliver what they promise and to make their vision comes true.

Probit vision is good enough, it covers the most fundamental aspects of every exchange that aim to exist and deliver the best for their users. But how are they going to achieve that? Find out below.

The Probit Exchange

High performance: Probit claims to use a fast matching engine, that supposed to be able to handle 1.5 million transactions per seconds. With such capability, it should be okay if they have 1.5 million users who trade at least one every second.

Cold Wallet utilization: In order to secure their users' funds, Probit will store 95% of their crypto assets in a cold wallet. In other words, there will only be 5% funds available in their hot wallet. It should be expected that withdrawal of large huge funds might not be as fast as small amount withdrawals.

Data encryption: Another security feature from Probit is the encryption of sensitive data, such as private key and other personal information. They will encrypt it several times to ensure that hackers won't be able to decrypt it even if the information were stolen. I suspect at least 3 layers of encryptions or more. Of course, it should be better if that information would never leak or even stolen from Probit at all, which I believe will also be taken into consideration by Probit to further enhance their security layers.

Two factor & physical authentication: Probit will also support the general Google 2FA so that users have to input their random generated authentication number every time they wanted to log in to their dashboard. You can also increase this security by using FIDO U2F because then you'd have to use your hardware device everytime you log in, which technically very difficult for hackers to hack your account.

Additional security measures: There will be additional security measures that Probit will apply to further increase the protection for users funds and sensitive data. For example, automatic log out if a user is inactive for a few minutes to prevent malicious activity, applying HTTPS everywhere, build decent protection from SQL injection, cross-site scripting, DDoS attack and so on. They'll also apply additional security measures for the servers and the exchange infrastructures.

Customizable trading platform: One of the Probit features that I think very interesting is the option for a trader to customize their trading dashboard/platform. It might not sound very useful at first, but for some traders, customizing how the front-end looks are very interesting. They can remove unnecessary tabs or section and add another one, or resize it. I will check this feature and see how far it can be customized, and I urge you to do the same and share your experience by commenting on this article.

Multiple order options Probit support multiple trading options. They support limit trades, market trades, and stop limit trades. These are very standard order types, and most the traders use this. They plan to add more types later, and it would be great if they could add trailing stop order, which is very useful for traders who can't be 24/7 in front of their computers. I believe if Probit can add more order type, they can onboard new users quickly because it is what makes them stand out from the rest.

Trading pairs: Probit will support at least six base currencies on their initial launch; BTC, ETH, Tether, EOS and Probit native token. These base currencies can be traded with at least 150 cryptocurrencies and it will increase later on. I personally like this, because there will be a lot of pairs available for traders to trade. Of course, they shouldn't list dead or shit coins, which is why it is interesting to see how will Probit select the cryptocurrencies that they will list.

Additional platform features: There are some additional features in Probit that will be available for the users. Here are some key features that you might love:

• 24/7 trading platform, you can trade as many time as you want without stopping if you wanted to.
• Continuous support and improvement, which implies that Probit will try to deliver a quick support, fix, and so on.
• Multiple language support.
• Margin trading (planned features, supposed to be available later on).
• Index trading (planned features, supposed to be available later on)
• Futures trading (planned features, supposed to be available later on).
• ICO marketplace where you can browse and participate in an ICO directly from Probit (planned features, supposed to be available later on).
• Wide device coverage, including browser-based clients, mobile web, Android and iOS.

Conclusion

Cryptocurrency is still young, but we must prepare a reliable cryptocurrency exchange as soon as possible. Almost every exchange wanted to deliver the same promise but the execution is what matters. Probit should be one of the new exchanges that is worth to look for. Try it and we we'll learn which one is the best exchange.

If you wanted to learn more about Probit, you should check these links below.

ProBit Token (PROB) Pre-Sale Event:
https://www.probit.com/en-us/pre-sale
https://www.probit.com/en-us/token
ProBit Website: www.probit.com
ProBit Telegram group: t.me/ProbitEnglish

Disclaimer

This article is created in exchange for a potential of USDT rewards from Probit bounty program. Readers are encouraged to do their own diligence by reading Probit whitepaper and learn about them on their own. The writer of this article has a Bitcointalk profile with the name of joniboini.