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CobinHood Review - is it scam or safe

Cobinhood Review - is cobinhood.com scam or good cryptocurrency exchange?

RATING: 3 / 5 REVIEWS CobinHood

RECOMMENDED BITCOIN BROKERS


Trading Accounts and Conditions

 

 

Account type Min./Max. trade size Leverage Trading fee Withdrawal fee
Standard $30.00/$1million 1:10 0% 0.01 BTC

 

CobinHood is a crypro exchange, where users can buy or sell Bitcoin, and many altcoins along with own cryptocurrency Cobinhood (COB). Fiat currencies are accepted on this platform and it also offers margin trading. At the same time, Cobinhood also provides ICO underwriting services.

 

What makes this exchange stand out among its competitors is that it does not charge any trading fees for spot trading. It claims that its revenue comes from providing underwriting services for large ICO projects. CobinHood collects 5% of the funding raised from the ICO as an underwriting service fee.

 

Like most crypto exchanges, this one also uses two-factor authentication, which can be easily activated upon registration, or at a later stage. To deposit or withdraw fiat currencies to or from your CobinHood account, your account needs to be verified.

 

Allegedly, Cobinhood stores the vast majority of the crypto assets in an offline multisig vault.

 

 

CobinHood Advantages

 

- No trading and deposit fees

While not charging fees on deposits is not uncommon, most exchanges charge trading fees, mamounting to around 0.2% of each trade. That is why the zero trading fees offer by CobinHood is really attractive.

 

- Cash accepted

Another benefits of this exchange is that it allows you to buy Bitcoin or other coins directly with cash. Currently, CobinHood accepts US dollars but plans to support EUR, JPY, KRW, CNY, HKD, CAD, GBP, AUD, and NTD in the future.

 

- Margin trading available

Leverage is a must in the world of forex trading, however, most cryptocurrency eachanges do not support this option. Unlike them, CobinHood offers leverage up to 1:10, which is definitely an advantage. You can also chack out what forex brokers have to offer ibn terms of leveraged trading in Bitcoin and other coins.

 

>> Brokers offering margin Bitcoin trading <<

 

- Advanced Trading platform

CobinHood' s web-based platform has two interfaces – a Standard one, as well as an interface with advanced tools powered by TradingView. Mobile apps are also available.

 

 

Click on the image to zoom-in.

 

- Many altcoins offered

At CobinHood one can trade in Bitcoin, Ethereum, many ERC-20 tokens, such as Tron, EOS, 0x, Golem, BAT, etc. Currently, there are more than 50 pairs actively traded on the exchange, including its own token, COB. You can get up to 50% off margin trading loan interest when you pay with COB tokens.

 



CobinHood Disadvantages

 

- High withdrawal fees

CobinHood charges pretty salty withdrawal fees. Withdrawals in Bitcoin are charged 0.001 BTC, those in Ether with 0.07, and those in other cryptocurrencies involve a fee of $8.4.

 

- No wallet available

The exchange has not developed its propriety wallet and recommends Mist, MyEtherWallet, and Metamask inhstead. Besides, it advises usersnot to use any exchanges wallets to send ETH to their address (such as from Coinbase or Bitfinex), which is quite inconvenient.

 

- Minimum and maximum order size

Although a minimum trade size of $30 is not much, it is still a limitation of sorts. On the other hand, the maximum trading amount per transaction on the exchange is US 1million.

 

Conclusion

 

Allegedly located in Taiwan and the US, CobinHood offers trading in many cryptocurrencies with zero trading fees and accepts US dollars. It also offers ICO underwriting services and margin trading option.

 

Like most corporate entities in this sector, CobinHood is not regulated, which involves certain risks, including increased level of counterparty risk. On the other hand, some of the forex brokers, which offer trading in Bitcoin an other digital assets, are properly licensed and overseen by the respective financial agencies.

 

 

>>Top forex brokers offering Bitcoin trading<<

 

 

Here is, once again, our recap of this exchange:

 

Pros Cons
Zero trading fees High withdrawal fees
Fiat currencies acceptedbank wire supported Minimum anbd maximum order size set
Advanced trading platform No wallet
Leveraged trading available  
Many altcoins offered  

 

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Traders` reviews for CobinHood

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My EOS Deposit To Cobinhood Doesn't Reflect To My Wallet Balance (SCAM)

My EOS Deposit To Cobinhood On 2019-04-29 Wasn't Reflected To My Wallet Till Today 06-May-2019.

Since 2019-04-29, For 8 Days Now, I Kept Opening/Amending Support Tickets On Cobinhood Web Site (Support Available 7 Days). Their Team Have Only Single Repetitive Fixed Answer, Irrespective of Customer Message Content of Requests / Argues / Warnings:

"we have a problem of EOS full node. Our engineer team is working hard on it now. We will keep update with you if there are any further information"

Contradicting To Cobinhood Answer, EOS Blockchain Explorers Show: (1) My EOS Transfer To Cobinhood Was Successfully Executed, As Irreversible, To Correct EOS Address, Using Correct Memo, On 2019-04-29. (2) EOS Destination Address Used In My Transfer Is Operating Normally, Still Receiving Coins/Messages!

Cobinhood After 8 Days of Claiming Problem In EOS Fullnode, Obstructing Reflection of EOS Deposits To Accounts' Balances, Still Insists NOT To Publish Notification On Coinhood Web Site, Warning Accounts Owners Regarding This EOS Deposit Problem.

Cobinhood After 8 Days of This EOS Deposit Problem, Still Insists Not To Provide Any Expectations For Time To Solution.

Magued Samuel 05/06/2019

Worst crypto company ever. Beware

This cobinhood crypto exchange is the WORST company ever traded with. they are terrible on withdrawals and deposits and of course their customer support is the most unprofessional and amateur team of robots replying nonsense and irrelevant information is provided instead of the actual reason for not been able to withdraw or the loss of the deposit even though the process has been followed as should. Be extra careful and AVOID dealing with this exchange or you will end up losing money. they claim to have zero fees but the trap is well set and is literally everywhere around this company. 0/10 is the best rank i can give them. its a SCAM.

john knight 11/16/2018

worst crypto company ever BEWARE

I would like to remove my review. after 6 hours and big inconvenience eventually i managed to withdraw. maybe they were extremely busy

john knight 11/16/2018

It's a binance router

This is no new exchange, all your orders will execute at binance (+ binance fee + maybe little) exchange price. That's why high withdrawal fees. Hope this saves time for someone.

notere 10/03/2018

cobin withdrawl

No traffic and Too expensive withdrawl fees, think twice from now on when I use this exchange!

jae 02/16/2018
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