“Cobinhood” A zero Fees Cryptocurrency Exchange
Cobinhood is a Zero fees cryptocurrency trading Exchange that intends to resolve the challenges associated with the current Cryptocurrency Exchanges. It was founded by Pop Chen and Wei-Ning Huang in 2017 alongside Tony Scott(former US federal chief information officer) who is working as the project adviser. The company is headquartered in Taipei of Taiwan.
It enables Traders to increase on their returns and market liquidity through providing spot and margin trading at a zero cost. It also avails ICO underwriting services to convert the challenges associated with ICO token liquidity.
The core vision of the company is to provide a zero-fees trading exchange that maximizes the returns of the traders in both spot and margin trading market.
Cryptocurrencies have increased exponentially throughout the years where currently there are over 2000 digital currencies that are evident on the coinmarketcap with an ever increasing market cap. This financial revolution is causing numerous people to shift from the fiat-based money system to the Crypto money system. The increase in cryptocurrencies has led to the creation of crypto trading exchanges in order to cater for the demand to transact. However, there are many problems associated with the current exchanges that are affecting the further growth of the cryptocurrency trading market.
Problems associated with the Current Exchanges
High trading fees
Many existing Cryptocurrency exchanges levy high maker and taker fees which scale down the profit margin of the traders and those that claim to be charging lower fees do so only when the trader exceeds a certain higher level trading that is required by the exchange.
Asset Security Issues.
Digital currency trading platforms keep huge amounts of digital currency deposits which make them targets for Hackers. For instance Mt.Gox, a Bitcoin Exchange was hacked on February 24th, 2014 and lost 650k Bitcoins that is worth $2.6Billion according to the current financial value. Bitfinex also falls victim in August 2016 where it was hacked and lost 120k Bitcoins that is worth $480million. Such scenarios create a feeling of Insecurity in the hearts of Investors and hence hindering the growth trend of Crypto trading market.
Some cannot guarantee the 100% reserve banking system hence raising security concerns implying insecurity to the client deposits.
Shutdown without Warning
This is a very popular scenario associated with various trading Exchanges. For instance Mt. Gox had several trading halts in 2014 due to complicated technical failures and this resulted into a fall in the bitcoin value from $260 to $110; Kraken crypto exchange shutdown thrice on May 25th, 2017. Last year Coinbase which is a leading crypto exchange platform had a system halt. These shutdowns result into huge losses of various investors money and no solution has yet been implemented to prevent such scenarios.
Existing ICO issues
There has been an exponential growth of funds collected from ICOs over the years for instance by July 2017 the funds raised from ICOs had risen from $5.6m to $987m. The ICO funds are even anticipated to grow beyond $200B by 2020. Despite the popularity of fundraising through ICOs, there still remain several issues affecting the various ICOs. For example the low liquidity of ICO tokens.
The absence of Multilingual Support
Most exchanges provide exclusive support to only one language and a few of them can render support to several languages hence limiting the growth of the trading and exchange market because of limited coverage.
A few fiat currencies are supported
A big number of current exchanges are limited to supporting only one type of fiat currency and some lack the Fiat withdraw and deposit feature.
Slow customer care services
the current exchanges such as Kraken have slow and complicated know your customer process, for example, it takes 30days to finalize Tier 4 verification when the verification demand is overboard. Slow customer care services and negligence in responding to inquiries is as well associated with the present exchanges.
Difficulties in real time trading.
The traders are not able to trade in real time due to delayals and rate-limited trading APIs.
Features of Cobinhood
Zero trading fees
Cobinhood provides Zero fees trading for both spot and margin trading that allows the traders to maximize on their returns which as well increases the liquidity in the market.
100% Reserve Guarantee
Cobinhood guarantees 100% reserve, literally implying that a trader can withdraw all his funds at ease. The Exchange also promises disclosure of both online and offline wallet addresses for public audit in order to safeguard the trader’s funds from being misappropriated.
Offline Multisig Wallet Security System
All crypto asset deposits are stored in a Multisig offline Wallet. 98% of the crypto assets are stored offline and 2% remain on the online storage which allows quicker user withdraw and deposit experience.
Every Multisig Wallet entails 8 hardware Security Modules, literally implying that transactions which utilize the Mulitsig wallet need 5 out of 8 Hardware Security Modules to go on. In case one HSM administrator is compromised the Mulitisig wallet remains secure.
Crypto assets are backed by insurance
All crypto deposits on Cobinhood are backed by insurance. Additionally, the offline multisig wallet can’t be compromised which implies that all crypto assets for all Cobinhood users are entirely covered.
Two-Factor Authentication Enforcement
All users on the exchange are obliged to make a two-factor authentication login. The withdraw of crypto assets require a user to provide an additional confirmation email which safeguards the users’ digital assets.
User-friendly KYC process
Cobinhood strictly applies a bank level know your customer process to accord with the Anti-money laundering laws and the KYC process takes only 24 hours from the time of submission to be completed.
Provides support to a wide range of fiat currencies
On Cobinhood exchange, the users have a wide range of fiat currencies that they can opt to utilize for deposits or withdraw.
Cobinhood is attending the South East Asian Blockchain Summit in Jarkata Indonesia. An event that is scheduled to take place from November 3rd-4th, 2018. Among the featured speakers of the event are Matt Starkey, the CEO of oracle-d and CTO Dylan Leighton, alongside Cobinhood representative Daniel Chang. The event is tailored around the power of blockchain technology, the industries that will be disrupted and how blockchain communities can establish strong collaborations for efficiency and growth of the blockchain industry. This will be a first-ever mega blockchain event in Indonesia.
https://cobinhood.github.io/api-public/
https://cobinhood.com/margin-trading