Toobit Exchange Review: A Closer Look at Trading Features, Pros, and Cons

 

Cryptocurrency has become a popular topic in recent years, with more and more people investing in various digital currencies. With this rise in popularity, cryptocurrency exchanges have also become an important aspect of the industry. Toobit Exchange is one of the newer cryptocurrency exchanges on the market, and in this Toobit Exchange Review, we will take a closer look at the platform to determine its trading features, pros and cons.

1. Overview – Toobit Exchange Review

Toobit Exchange was launched in 2018 and is based in the UK. It is a centralized exchange that allows users to buy, sell, and trade various cryptocurrencies. The platform currently supports over 100 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. Toobit Exchange also offers its own native token, called TOOB, which users can trade on the platform.

The exchange has not only a simple but also user-friendly interface. That makes it easy for both experienced and beginners traders to use. Toobit Exchange also has a mobile app, which is available for both iOS and Android devices, allowing users to access their accounts and trade on-the-go.

2. How does Toobit Exchange Work? – Toobit Exchange Review

Toobit Exchange is a centralized cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies. The platform works by matching buyers and sellers of cryptocurrencies based on their orders.

When a user places an order to buy or sell a cryptocurrency on Toobit Exchange, the platform matches the order with the best available price and executes the trade. The exchange charges a trading fee of 0.1% for both makers and takers. A maker is a user who places a limit order that does not get immediately filled, while a taker is a user who places a market order or a limit order that gets immediately filled.

Toobit Exchange also offers margin trading, which allows users to trade with leverage. It means that users can also borrow funds from this exchange to boost their trading position. However, margin trading can be risky, as it can lead to significant losses if the market goes against the trader.

Toobit Exchange also has a native token called TOOB, which users can trade on the platform. The token can be used to pay for trading fees, and users who hold TOOB tokens can receive discounts on their trading fees.

3. Trading Features – Toobit Exchange Review

Toobit Exchange offers a range of trading features that cater to both beginners and experienced traders. The platform has a simple buy/sell interface, which makes it easy for beginners to purchase cryptocurrencies. On the other hand, experienced traders can make use of the advanced trading features, such as limit orders and stop-loss orders, to execute more complex trading strategies.

Toobit Exchange also has a margin trading feature, which allows users to trade with leverage. This can be risky, as it can lead to significant losses if the market goes against the trader. However, it can also lead to significant profits if the trader makes the right moves.

4. Pros and Cons – Toobit Exchange Review

Being known as one of the newest exchanges in the world nowaday, this exchange also has some advantages and disadvantages. In this Toobit Exchange Review, we will list some pros and cons of this platform, including:

4.1. Pros – Toobit Exchange Review

• User-friendly interface: Toobit Exchange has a simple and user-friendly interface, making it easy for both beginners and experienced traders to use.
• Wide range of cryptocurrencies: The platform supports over 100 different cryptocurrencies, giving users a wide range of options to choose from.
• Advanced security features: Toobit Exchange uses advanced security measures, including two-factor authentication (2FA) and cold storage wallets, to keep user funds and data secure.
• Excellent customer support: 

The platform of this exchange has a dedicated support team. They are available 24/7 to support users with any issues/ difficulties that they may have.

4.2. Cons – Toobit Exchange Review

• Limited payment options: Toobit Exchange currently only supports deposits and withdrawals via cryptocurrencies, which may be a barrier for some users.
• Relatively new exchange: Toobit Exchange is a relatively new exchange, which may be a concern for some users who prefer to use more established platforms.

5. Available Cryptocurrencies- Toobit Exchange Review

Toobit Exchange currently supports over 100 different cryptocurrencies. Here are some of the most popular cryptocurrencies available on the platform:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Ripple (XRP)
• Bitcoin Cash (BCH)
• Chainlink (LINK)
• Polkadot (DOT)
• Dogecoin (DOGE)
• Stellar (XLM)
• Tether (USDT)

Toobit Exchange also supports several other cryptocurrencies, including but not limited to Binance Coin (BNB), Cardano (ADA), EOS, TRON (TRX), and many others. The exchange has a wide range of cryptocurrencies available, giving users a lot of options to choose from when trading.

6. Fees – Toobit Exchange Review

Fees are an important consideration when choosing a cryptocurrency exchange, as they can significantly impact the profitability of trades. Toobit Exchange has a simple fee structure, with a 0.1% trading fee for both makers and takers. A maker is a user who places a limit order that does not get immediately filled, while a taker is a user who places a market order or a limit order that gets immediately filled.

The exchange does not charge any deposit fees, but withdrawal fees can vary depending on the cryptocurrency being withdrawn. The withdrawal fees are designed to cover the transaction fees that are incurred when sending the cryptocurrency to the user’s external wallet.

Toobit Exchange also offers a discount on trading fees for users who hold the platform’s native token, TOOB. The discount rate varies depending on the amount of TOOB held by the user. For example, users who hold 10,000 or more TOOB tokens can receive a 50% discount on their trading fees.

7. 3 Steps to Trade – Toobit Exchange Review

To trade on Toobit Exchange, here are the three simple steps you need to follow:

• Create an Account: The first step to trading on Toobit Exchange is to create an account. You can sign up for an account by visiting the exchange’s website and clicking on the “Sign Up” button. You will be asked to provide your email address, a strong password, and some personal information to complete the registration process.
• Deposit Funds: After you have created your account, you can easily deposit funds into the account. Toobit Exchange currently only supports deposits via cryptocurrencies. You can deposit funds by navigating to the “Deposit” section of your account dashboard and selecting the cryptocurrency you want to deposit. The platform will generate a unique wallet address for the selected cryptocurrency, which you can use to send funds to your account.
• Start Trading: After you have deposited funds into your account, you can start trading on Toobit Exchange. Simply navigate to the “Trade” section of your account dashboard and select the cryptocurrency you want to trade. You can place a buy or sell order by specifying the amount and the price at which you want to execute the trade. Once you have placed your order, Toobit Exchange will match it with the best available price and execute the trade.

Trading on Toobit Exchange is a simple and straightforward process. By following these three steps, you can start trading cryptocurrencies on the platform in no time.

8. Products & Services – Toobit Exchange Review

Toobit Exchange offers a range of products and services to its users, including:

• Spot Trading: Toobit Exchange allows users to buy, sell, and trade various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others.
• Margin Trading: The platform also offers margin trading, which allows users to trade with leverage. It means that users can also borrow funds from this exchange to boost their trading position. However, margin trading can be risky, as it can lead to significant losses if the market goes against the trader.
• TOOB Token: Toobit Exchange has its own native token, called TOOB, which users can trade on the platform. The token can be used to pay for trading fees, and users who hold TOOB tokens can receive discounts on their trading fees.
• Mobile App: Toobit Exchange has a mobile app, which is available for both iOS and Android devices. The app allows users to access their accounts and trade on-the-go.
• Advanced Trading Features: Toobit Exchange offers a range of advanced trading features, including limit orders, stop-loss orders, and market orders. Users can execute more complex trading strategies through these features.
• Security Features: Toobit Exchange takes security very seriously and uses advanced security measures, including two-factor authentication (2FA), SSL encryption, and cold storage wallets, to ensure that user funds and data are secure.
• Customer Support: Toobit Exchange has a dedicated support team that is available 24/7 to assist users with any issues they may have. Users of this exchange also can contact the support team via live chat, email, or just phone.

Toobit Exchange brings a range of services and products that provide to both beginners and experienced traders. The platform has a user-friendly interface, advanced security features, and excellent customer support, making it a great option for anyone looking to trade cryptocurrencies.

9. Toobit Supported & Restricted Countries – Toobit Exchange Review

Toobit Exchange is a cryptocurrency exchange that is available in many countries around the world. However, the platform is not available in some countries due to regulatory restrictions or other reasons. Here are the countries where Toobit Exchange is supported and restricted:

Please note that this list is not exhaustive, and the availability of Toobit Exchange may vary depending on the regulatory landscape and other factors in different countries. It is always recommended to check the platform’s terms of service and local regulations before using Toobit Exchange or any other cryptocurrency exchange.

10. Security Features – Toobit Exchange Review

Security is a critical aspect of any cryptocurrency exchange, and Toobit Exchange takes this very seriously. The exchange uses advanced security measures, including two-factor authentication (2FA), SSL encryption, and cold storage wallets, to ensure that user funds and data are secure.

Toobit Exchange also has a bug bounty program, which rewards users who identify and report any security vulnerabilities on the platform. This is a great initiative as it encourages users to help improve the security of the exchange.

11. Customer Support – Toobit Exchange Review

Customer support is another critical aspect of any cryptocurrency exchange, and Toobit Exchange provides excellent customer support. Toobit exchange has a hard-working support team. They are available 24/7 to help users with any issues or any situations that they may have. Users can also contact the team via their phone, live chat or even email.

12. How to buy cryptocurrencies on Toobit? – Toobit Exchange Review

• Add funds to your account: Once your account is verified, you can add funds to your account by depositing cryptocurrency. To do this, navigate to the “Deposit” section of your account dashboard and select the cryptocurrency you want to deposit. Toobit Exchange will provide you with a unique wallet address for that cryptocurrency. Send the cryptocurrency you want to deposit to that address.
• Place an order: Once your account is funded, navigate to the “Trade” section of your account dashboard. Select the cryptocurrency that you want to buy and also the amount that you want to spend. You can choose to buy the cryptocurrency at the current market price or set a limit order to buy at a specific price.
• Complete the transaction: Once you have placed your order, Toobit Exchange will execute the trade and deduct the amount of cryptocurrency you bought from your account balance. The cryptocurrency you bought will be deposited into your Toobit Exchange wallet.

Please note that buying cryptocurrencies can be risky and volatile. It is very important for you to do your research and have an understanding about the risks before you invest in any cryptocurrency.

To sum up, Toobit is a relatively new exchange, and as such, there may be limited information. However, Toobit Exchange is a potential platform, and it is definitely worth considering for anyone looking to trade cryptocurrencies. After reading this Toobit Exchange Review, if you have any questions, please contact us via Hotline: 0329.695.510.