ProBit, a cryptocurrency exchange, is set to be one of its kind as the platform’s trading services are backed by superior technology and noted for having an exceptional matching engine. The engine has the capacity to manage more than 1.5 million transactions per second, making it one of the fastest engine in the world. Additionally, the processing speed is fast, ensuring that the users have a solid advantage over the rest of the market.

ProBit aims to be one of the key cryptocurrency exchanges in all the major financial markets. They will be launching ProBit.com, a global Coin-to-Coin [C2C] exchange, which is set to be the main part of the upcoming Fiat-to-Coin [F2F] exchange. Notably, the upcoming exchange will be set-up in several countries.

The other important aspects that stand out with ProBit, are the features built into the exchange. This includes customizable dashboard, and multi-lingual customer services. This, in turn, results in the exchange creating a huge user base and also pooling in more liquidity for all the cryptocurrencies into the space. ProBit will also be launching marginal trading and ICO platforms in the future, after building the base of its operations.

Most importantly, the platform aims to provide the key important aspect, which is looked over by majority of digital assets exchanges, security. It will be offering customers a wide range of options for its users to secure their assets, and to ensure that the users feel safe to store and trade cryptocurrencies on the exchange.

Cryptocurrency exchanges are hailed to be the gateway into the cryptocurrency world. Ever since the Bitcoin boom in December 2017, the entire world has kept a tab on the new emerging market backed by technology. As cryptocurrencies became more and more mainstream, the demand for a trustable, secure and reliable cryptocurrency exchange increased in the space.

This is considered as one of the most important aspect in the crypto-community given that the stories of Mt. Gox continue to haunt the entire space. The exchange was once the biggest Bitcoin [BTC] exchange in the world that was the gateway for over 70% of Bitcoin transactions.

However, it soon tumbled to the ground as the exchange was compromised to a hack, resulting in a loss of over 7% of the customers funds. The customers who went through a massive loss are still struggling to get their funds back from the exchange, which has now shut down their services. This has prevented several investors from entering the cryptocurrency space and is also one of the key problems raised by several regulatory bodies.

Hence, choosing the right exchange that prioritizes security and customer support should be given the utmost importance by everybody involved in the cryptocurrency space. ProBit has stepped into the space with its eyes set on providing the security, trust and reliability expected by users.

To ensure this, the platform has three key security features. They are:

• Storing at least or more than 95% of cryptocurrencies in cold wallets/ cold storage
  This refers to storing cryptocurrencies in an offline wallet. The wallet will not be connected to the internet, which, in turn, would ensure that there is no unauthorized access, hacks or vulnerabilities that are prone to occur when the devices are connected to the internet.

• Storage of data with the utilization of the strongest encryption algorithm
  Encryption algorithm refers to encrypting data in a mathematical procedure. The data is transformed in to illogical cipher text and the only way it can be transformed back to its original structure is with the help of a key. Additionally, users’ private information and the private key of their wallet is also encrypted multiple times by the platform.

• Supports U2F security hardware key and software based two factor security authentication
  Universal Second Factor [U2F] security key is a hardware authentication which allows users to access several online services with the use of a single security key. FIDO U2F hardware is one of the latest protocols which is supported by the exchange.

ProBit has also enabled 2FA security keys like Google Authenticator. This is a software authentication which uses one-time based password algorithm that is time constrained. It also used HMAC based one time password algorithm. This allows users to access the exchange platform safely, securely and quickly. Moreover, hackers will not be able to access the your accounts without the key.

Additionally, ProBit will implement extra security protocols for ProBit.com. This will include entire session management like monitoring for inactivity and initiate time-out sessions if required, and website security like using HTTPS [SSL]. They will also be ensure that the exchange is safe from attacks like DDoS, SQL injection and cross site scripting.

Apart from giving the utmost priority to security, ProBit also concentrates on providing one of the best trading experience to the users. The exchange will have a comprehensive interface which can be utilized by both professional traders and beginners. The platform will have a modular dashboard which enables complete customization, empowering the trader to set up their dashboard, based on their preference. The exchange ensures that the trader is provided with all the trading options such as Stop limit trades, Market trades and limit trades.

Unlike most of the centralized cryptocurrency exchanges that have only the USD and BTC as the base currency, ProBit has successfully broken through from the usual tradition. The exchange will support five cryptocurrencies as their base currency, including Bitcoin [BTC], Ethereum [ETH], EOS, Tether [USDT], and ProBit Token [PROB], the platform’s very own token. The platform will also add support for over 150 cryptocurrencies and numerous pairs.

PROB, a ERC20 token and a utility token, will be mainly used to pay trading and listing fees on the exchange platform. ProBit has set a limit of issuing only 200 million PROB. The token can also be utilized for several things such as:

• Avail discounts and for trading fees
  ProBit will also introduce a membership that would follow a tier system for all its users. This would include “Standard” and “Premium” users. The tier system is structured on the basis on the number of PROB tokens held by the users, and will be modified on a daily basis.

Trading fees discount for Premium and Standard exchange
Trading fees discount for Premium and Standard exchange

The platform will be providing the Premium users with extra benefits such as:

Voting rights for listing new tokens
Increased referral bonus
Early access to new features

• Trading Fees:

Trading fees will be the main source of revenue for the platform. The exchange will offer users with a discount upto 50% for users choosing to pay the fees with PROB. Otherwise, the platform will charge a very low fees of 0.050%, which is their base rate.

• Allocation of the tokens:

1.10% of the tokens are allocated for sale in several rounds before and at the launch. The tokens will be the released on through private sale, pre-sale and IEO.
2.The tokens will be first released during the pre-sale and in order to participate, users will be required to register for a account at ProBit.

• Trade Mining:

Trade mining, commonly known as Transaction, is a form of rebate wherein users mine the native currency by placing trades. ProBit exchange is one of the exchanges that supports Trade Mining, which will begin along with the launch of the exchange. The platform has allocated 50% of the tokens for Trade mining. PROB worth 80% if the trading fees which will be based on the market price of the PROB will be mined and distributed to the trader in the form of a reward.

Much to the users’ delight, they will be able to earn a reward through the platforms referral program as well. The referral program is an optional program meant to reward users who invited other users to trade at the ProBit platform. The referral bonus will be provided as a commission to the referrer [i.e., inviter] on the trades by referee [i.e., invitee]. For standard members, the referral bonus is 10% of the referee’s trading fee while for Premium members, the referral bonus is 20% of referee’s trading fee.

With the funds raised, ProBit will be strategically distributing them in 4 main departments, operations, legal and compliance, product development and marketing and brand. The division is as follows:

Additionally, the platform has also taken a step forward to ensure that they meet the standards of Know-Your-Customer [KYC] and Anti-Money Laundering [AML] in the markets it will be operating in. This is solely to prevent funding to terrorists and for illegal practices. ProBit will have multiple steps of verification, which will be correlated to users trading access on the platform.

For more information visit:

Website: https://www.probit.com/en-us
Whitepaper: https://www.probit.com/assets/whitepaper/whitepaper_probit_en.pdf
Telegram: https://t.me/ProbitEnglish
Facebook: https://www.facebook.com/probitexchange
Twitter: https://twitter.com/ProBit_Exchange

Author: chudidonas
Bitcointalk Username: Nwankwobtt