What Is ProBit Global? How It Works? Complete Guides 2024

ProBit Global Exchange describes itself as a global coin-to-coin cryptocurrency exchange. ProBit Exchange only lists what it deems to be ‘qualified and deserving’ cryptocurrency projects. ProBit Exchange reportedly has an order matching speed of over 1.5 million orders per second and a customizable user interface. In addition, ProBit Exchange claims to provide users with the option of a hardware security key in addition to 2 Factor Authentication.

How Does ProBit Work ?

Probit refers to two related concepts in statistics and finance:

1. Probit Model: This is a type of regression analysis used to model binary outcomes. In simpler terms, it’s a statistical method that helps predict the probability of an event happening based on one or more factors. The key aspect is that the outcome can only have two values, like yes/no, pass/fail, alive/dead, etc.

Here’s how a probit model works:

• It uses the standard normal distribution, a bell-shaped curve you might have seen before. This distribution represents the probability of something happening.
• The model transforms this standard normal distribution into a straight line using a mathematical function.
• This straight line relates the independent variables (factors you’re analyzing) to the probability of the outcome.
• By analyzing the data, the model estimates the coefficients of this equation, which tells you how much each factor influences the probability.

2. Probit Regression: This is the actual statistical technique that implements the probit model. It’s a type of regression analysis where the dependent variable (the outcome you’re trying to predict) is binary. Probit regression is commonly used in fields like:
   • Finance: Predicting loan defaults, creditworthiness, or stock market movements.
   • Medicine: Analyzing the effectiveness of drugs or the probability of a disease.
   • Marketing: Understanding customer behavior and predicting purchase decisions.

Here are some key points to remember about Probit:

• It’s well-suited for situations with binary outcomes.
• It provides a way to quantify the relationship between factors and the probability of an event.
• Probit is a common alternative to another regression technique called logistic regression. They both achieve similar results, but probit relies on the normal distribution, while logistic regression uses a different mathematical function.

Features and Benefits of Probit Global 

ProBit Global isn’t directly related to the statistical concept of Probit, but it’s a cryptocurrency exchange platform offering various features and benefits. Here’s a breakdown:

Features:

• Wide Variety of Cryptocurrencies: boasts over 800 verified crypto listings, giving users access to a vast selection of digital assets for trading.
• Multiple Markets: With over 1000 markets, ProBit Global caters to diverse trading strategies.
• User-Friendly Interface: The platform offers a customizable trading interface for a smooth user experience.
• Fiat On-Ramp Options: ProBit Global integrates with fiat on-ramping services (traditional currency deposits) through partnerships, allowing users to easily buy crypto with various fiat currencies. (Availability may vary)
• Mobile Apps: ProBit Global has dedicated iOS and Android mobile apps for trading on the go.
• Automated Trading Support: The platform allows users to integrate automated crypto trading bots for their strategies.
• Staking: ProBit Global offers staking options, where users can earn rewards for holding certain cryptocurrencies.
• Learn & Earn Programs: ProBit Global provides educational resources and programs that users can participate in to earn crypto.
• Referral Programs: Users can earn rewards by referring friends to the platform.
• PROBit Token (PROB): ProBit Global has its native token, PROB, which unlocks various benefits for users, including trading fee discounts and increased participation in platform activities.

Benefits:

• Accessibility: The variety of features and mobile apps make ProBit Global a user-friendly platform for beginners and experienced traders alike.
• Diversity: The extensive range of cryptocurrencies and markets caters to different trading needs.
• Convenience: Fiat on-ramping and automated trading options streamline the trading process.
• Earning Potential: Staking, Learn & Earn programs, and referral bonuses offer users ways to generate additional income.
• Discounts and Benefits: Holding PROB tokens provides users with advantages like reduced trading fees and increased rewards.

Important Considerations:

• Do your own research: Before using any cryptocurrency exchange, it’s crucial to research its security measures, reputation, and regulatory compliance.
• Cryptocurrency volatility: The cryptocurrency market is inherently volatile, and users should be aware of the risks involved in trading.
• Understanding fees: While ProBit Global offers fee discounts with PROB tokens, it’s still important to understand the complete fee structure before trading.

Overall, ProBit Global presents a feature-rich platform for cryptocurrency trading. Its accessibility, diverse offerings, and potential for earning rewards make it an attractive option for various user profiles. Remember to prioritize your own research and understand the risks involved in cryptocurrency trading before diving in.

Probit Global User Experience?

ProBit Global user experience generally receives positive reviews for its beginner-friendliness and some advanced features. Here’s a breakdown of what users find good and areas for improvement:

Pros:

• Simple Interface: Many users find the ProBit Global interface easy to navigate and understand, even for beginners.
• Wide Asset Selection: The vast number of cryptocurrencies (over 800) gives users a broad range of trading options.
• Mobile Apps: The dedicated mobile apps for iOS and Android offer convenient trading on the go.
• Educational Resources: ProBit Global’s Learn & Earn programs are seen as helpful for beginners to gain crypto knowledge and potentially earn rewards.
• Staking: Users appreciate the ability to earn rewards through staking certain cryptocurrencies.
• Fiat Options (Limited): The integration with fiat on-ramping services (depending on location) allows users to easily buy crypto with traditional currencies.

Cons:

• Limited User Reviews: While generally positive, there are fewer user reviews compared to some other major exchanges.
• Trading Fees: While PROB token discounts exist, some users report the base trading fees being slightly higher than some competitors.
• Customer Support: There have been mixed reviews on customer support response times.
• Limited Fiat Options (Again): The availability of fiat on-ramping options can be limited depending on your location.

Overall:

ProBit Global seems to cater well to beginner and intermediate users with its user-friendly interface, educational resources, and mobile apps. The vast selection of cryptocurrencies and staking options offer flexibility for diverse trading strategies. However, it’s important to consider potentially higher trading fees and potentially slower customer support compared to some other established exchanges. Limited fiat on-ramping options depending on location can also be a drawback for some users.

Here are some additional tips:

• Read user reviews from trusted sources to get a broader perspective on user experiences.
• Explore ProBit Global’s website and apps to see if the interface suits your needs.
• Compare trading fees and features with other cryptocurrency exchanges before making a decision.

By considering these factors, you can get a better understanding of whether ProBit Global’s user experience aligns with your trading goals and preferences.

Is ProBit Global Safe?

The safety of ProBit Global is a mixed bag. Here’s a breakdown of what to consider:

Security Measures:

• Positives:
  • ProBit Global implements security measures like cold storage for a majority of user funds, two-factor authentication (2FA) for logins, and SSL encryption for data transfer.
  • They claim to undergo regular security audits and penetration tests to identify and fix vulnerabilities.
• Negatives:
  • ProBit Global doesn’t hold the industry-standard certification ISO 27001, which demonstrates robust information security practices.

Regulation and Transparency:

• Limited information: There’s limited public information available about ProBit Global’s ownership and regulatory compliance.
• Registration: While registered in Seychelles, some users might prefer exchanges with stricter regulations

Reputation:

• Mixed Reviews: ProBit Global receives generally positive reviews for user experience, but there are fewer user reviews on its security posture compared to some major exchanges.

Here’s a safety summary:

• ProBit Global implements some security measures, but it lacks the strong regulatory compliance and transparency seen in leading exchanges.
• The absence of ISO 27001 certification and limited information on ownership raise some concerns.

Recommendations:

• If security is your top priority, consider using a well-established exchange with a strong track record, clear regulations, and demonstrably robust security practices.
• If you choose ProBit Global, only invest a limited amount you can afford to lose and be extra cautious.
• Do your own research on ProBit Global’s security practices and understand the risks involved before using it.

Who Are the Founders of  ProBit Global?

ProBit Global was founded by Hyunsu Do and Steve Woo. While Hyunsu Do is sometimes referred to as the CEO, ProBit Global’s website currently lists Ronald Chan as CEO alongside Hyunsu Do. It’s possible the leadership structure has evolved since the company’s founding in November 2018.

When Did ProBit Global Launch?

ProBit Global launched in November 2018.

ProBit Global Restricted Countries

ProBit Global restricts access to its services in certain countries. Here’s what I found:

• Complete Website Access Restriction: Singapore is one confirmed country where ProBit Global restricts users from accessing the website entirely. This restriction applies to users with Singapore IP addresses and those who have completed KYC with a Singaporean identity.
• KYC Restrictions: While ProBit Global allows users from many countries to sign up for an account, KYC (Know Your Customer) verification is required to access certain features. However, residents of a specific set of countries are not eligible for KYC verification. This means they cannot access features that require KYC, such as higher withdrawal limits or participation in Initial Exchange Offerings (IEOs).

Here are some resources where you can find the list of KYC-restricted countries:

• ProBit Global announcement: This announcement details Singapore’s website access restriction: [ProBit Singapore Restricted ON ProBit Global probit.com]
• ProBit Global KYC restrictions: This Help Center article details countries ineligible for KYC verification, but the list may not be exhaustive and could be updated without notice: [ProBit KYC Requirements ON ProBit Global probit.com]

Important to Note:

• Regulations around cryptocurrency exchanges can change frequently. It’s recommended to check ProBit Global’s official resources for the latest information on restricted countries.
• Even if your country isn’t explicitly restricted, it’s always a good idea to research the local regulations regarding cryptocurrency trading before using any exchange.

Disclaimer ||

The Information provided on this website article does not constitute investment advice,financial advice,trading advice,or any other sort of advice and you should not treat any of the website’s content as such.

Always do your own research! DYOR NFA

Coin Data Cap does not recommend that any cryptocurrency should be bought, sold or held by you, Do Conduct your own due diligence and consult your financial adviser before making any investment decisions!