A Comparison between COBINHOOD and other cryptocurrency exchanges
WHAT IS COBINHOOD?
Cobinhood is the world's first zero trading fee crytocurrency exchange platform. Zero trading fee here means that you are not charged any commision for trading on the website. This is major differentiating factor between Cobinhood and other regular exchanges. Other exchanges such as Bittrex, Binance, Cryptopia, Yobit, HitBtc e.t.c charge a particular percentage for trading; for example, Binance charges 0.1% while Bittrex charges 0.25%. These charges seems very small but becomes very significant when you trade very large volumes.
HOW IS ZERO TRADING FEE POSSIBLE?
Hearing that an exchange is basically free of trading charges sounds very unrealistic. The regular exchanges we are used to all charges a fee for trading. Cobinhood was able to do the extraordinary; the were able to eliminate the trading charges by introducing an internal token (COB) which could be used as a trading pair within the platform. For example, Lets say i want to convert my ethereum to Bitcoin. In other exchanges i can just select the ETH-BTC trading pair and pay some charges. Cobinhood urges users to uses the internal token as a trading pair. For Instance, if i want to get some Bitcoin with my Ethereum, i will do thus. ETH-COB, COB-BTC. This procedure eliminates the cost.
WHAT DOES THE SITE LOOK LIKE?
There is nothing so exceptional about the website, but one can say that the design is quite above normal standard. Its also a good thing that Cobinhood kept the homepage simple without dumping a lot of unnecessary information. I kind of actually wish the font weight was larger than it is. Below is a screenshot of the homepage, you will agree with me that it quite straight forward
THE SIGN UP PROCESS.
I think one thing that recent cryptocurrency exchnages have been able to do is to eliminate all barrier that could slow down the users from getting in to the action of trading their coins. Cobinhood did the same thing too. The kept their sign up process very brief, you are only required to provide just your email address and password. Though email verification is required before you can start trading.
Not forgeting the small checkbox below. Before you sign up, you are required to accept the terms and conditions of using the platform. I really wonder how many person take time to read that.
LOGIN
Everything about Cobinhood is very simple and straight forward. Someone can just look at the simplicity and feel insecure. But am sure that is not the case, they just want you to get to the action quickly. The login is also very straight forward. You just provide your email and password to login. You will receive an email notification on successful login. You will need to do more verification before you an login if you have two factor authentication activated on your Cobinhood account.
DISCLAIMER
This shall not be taken as financial advice. I am not a financial advisor and none of your investing should be carried out based on any information presented here. You can lose all of your money investing in crypto currencies. The information above is for educational and entertainment purposes only.
Check out my blog as i write more reviews on Cobinhoob, my name is @fassbender. I am a lover of steemit.