Cobinhood is a new zero-fee, low latency, cryptocurrency exchange platform. They describe themselves as a "Cryptocurrency service platform for the blockchain era.".
BlockTech Blog Series
This is the first post in my BlockTech series investigating new and promising blockchain technologies. If you want more content like this, be sure to upvote and follow! I will be trying to make atleast 2 of these posts a week.
Now on to Cobinhood
This is a project that I, personally, find very interesting and am excited about. Just as a note, I do not hold any assets in Cobinhood (yet!), so this is by no means a promotion for personal gains. My experience with current exchanges has been rather poor overall, so I'm always open to new options. Especially when they offer a zero-free platform with the capability to handle massive amounts of transactions on their network.
Below is the introduction video directly from the Cobinhood website to help introduce you to the new platform.
The problem with current cryptocurrency exchanges
While cryptocurrency has already surpassed stocks in trading volume, cryptocurrency exchanges are nowhere near as easy to use, safe, or robust as most stock, FX, and commodities exchanges.
This is a function of both the relative newness of the cryptocurrency market and its lack of a centralized governing body for cryptocurrency. Enterprising hackers and corrupt exchanges make embezzlement, fraud, and theft real concerns for most traders.
To make matters worse, the average cryptocurrency exchange also has high trading fees and poor (or non-existent) customer service. That fee generally averages at about 0.2% among the top 30 cryptocurrency exchanges, for both sides of the trade.
Not only do most exchanges charge a trading fee on both the buy and sell side, spot trading and margin trading may not always be included. There are usually stringent (and oftentimes steep) margin requirements, account minimums, and additional fees.
Cobinhood eliminates all of that so that investors and traders can get the best and most profitable executions and maximize their market liquidity. Customers aren’t charged anything for spot trading or margin trading, period.
Shutdowns have also occurred on other major cryptocurrency exchanges, including Kraken and Coinbase, which both shut down several times in 2017. Platform shutdowns always bring user trading to a halt and can lead to the loss of vast amounts of capital.
Why do cryptocurrency exchanges shut down so often? Because they tend to have underdeveloped infrastructures. These exchanges simply can’t accommodate modern high frequency trading volumes. Some exchanges also field a poorly trained or non-existent support staff that may not respond to inquiries at all.
In stress tests designed to push the platform to its limits, COBINHOOD averaged 1,154,284 orders and 10,142 order book updates per second for each trading pair — making it the world’s first cryptocurrency exchange capable of true high-frequency trading.
Cobinhood Support
Cobinhood currently supports the following cryptocurrencies: BTC, BCC, ETH, ETC, LTC, ZEC, XMR, XRP, COB, NEO, OMG, USDT, DASH, IOTA, EOS, REP, and GNT.
The exchange also supports fiat currencies, including: USD, EUR, JPY, KRW, CNY, HKD, CAD, GBP, AUD, and NTD.
Languages supported by the platform include: English, Spanish, Portuguese, French, German, Russian, Chinese, Japanese, Korean, and Arabic.
As already mentioned, customer service is not usually a high priority for cryptocurrency exchanges. COBINHOOD greatly improves user experience by providing 24/7 online customer service.
Cobinhood Roadmap
Below is the Cobinhood roadmap directly from their website.
More Information
Website: https://cobinhood.com/
Note: You can request early access on their website by submitting your e-mail address!
Symbol: COB
Bonus video: Meet the founder, Popo Chen!
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Sources
https://cobinhood.com/
https://medium.com/@Cobinhood/what-is-cobinhood-cob-and-why-should-you-care-e5662ab5361d
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https://medium.com/@Cobinhood/what-is-cobinhood-cob-and-why-should-you-care-e5662ab5361d