With the cryptocurrency industry becoming a lot more popular lately, it is only normal that there is more competition among exchanges and trading platforms. Right now, most centralized exchanges have a few things in common, including trading fees and a lack of tradable currencies. With COBINHOOD, that situation will change sooner rather than later. It is the world’s first zero-fee exchange for cryptocurrency trading and is entirely funded through its initial coin offering proceeds.
What is COBINHOOD Really?
COBINHOOD is a decentralized cryptocurrency exchange which operates with zero fees for all participants. There are no maker or taker fees to speak of, which is a more than welcome change. The team claims it is the first exchange in the world to offer zero-fee trading at all times, which is rather impressive. It is also worth mentioning that the COBINHOOD exchange is available on mobile devices through a native application, making cryptocurrency trading even more convenient.
Features Which set COBINHOOD Apart
Even though we could use more platforms which do not charge trading fees, it remains to be seen if we will get them. Traders will enjoy this perk as they can maximize their profits with ease, and there is also zero trading fee for spot trading and margin trading with up to 10x leverage.
Furthermore, the exchange prides itself on storing the great majority of its digital assets in an offline multisignature vault. Using additional security when dealing with other people’s money is no unnecessary luxury in this day and age of exchanges being hacked virtually every other month. COBINHOOD requires 5-of-8 geo-distributed hardware security modules to access the offline multisig vault. Any funds kept in online wallets are fully backed by insurance in order to recover any losses if things were to go awry.
Additionally, COBINHOOD will provide a high-performance order matching engine. Various other exchanges have suffered degraded performance in this regard, which makes the addition of COBINHOOD to this industry all the more important. Its entire infrastructure is fully distributed and automatically scalable to deal with a heavy influx of new users when necessary. It never hurts to take precautions just in case COBINHOOD suddenly were to become the world’s go-to cryptocurrency exchange.
The COBINHOOD Token
To build this new zero-fee cryptocurrency exchange platform, the COBINHOOD team organized an initial coin offering. As part of this crowdfunding project, they issued COBINHOOD tokens, known as COB. COB token holders get 50% off margin trading loan interest when using the token to pay for expenses. Additionally, they will be eligible for future ICO tokens underwritten by COBINHOOD. It is possible that additional benefits will arise in the future, but for now, those are the main selling points.
What Does the Future Hold for COBINHOOD?
Even though this zero-fee exchange platform is fully operational as we speak, the COBINHOOD team’s work is never done. As of right now, the team is working on listing additional tokens and trading markets, as well as improving certain advanced trading features. A fair few tokens are being added every single week, and the company keeps its users updated on Medium in this regard. All things considered, it’s well worth one’s while to keep an eye on this new trading platform.