Cobinhood is a cryptocurrency exchange with zero trading commissions. The service earns by selling additional options and trading opportunities. There is a fee for withdrawal.
The Cobinhood project released its own coin, called Cobinhood Coin (COB), through the ICO in September / October 2017. COB is an ERC20 token created according to the Ethereum standard.
Despite the intention to offer the fiat currencies exchange for cryptocurrencies, at the moment they provide an opportunity to exchange only one cryptocurrency for another.
Customers can see up-to-date information about the Cobinhood Coin price on the exchange website in the section "market information":
The following information about the auction is available even without creating a personal account:
Cost index, historical chart and market capitalization:
Cobinhood Coins can be purchased via bank transfer, exchange for any other cryptocurrency. It is more difficult to use cash because there is less than 1% of ATMs supporting COB. Therefore, the easiest way is to use a bank card.
This method includes 3 steps which lead to purchase of more affordable currency and exchange it for COB.
Let's dive deeper into the process with Etherium as an example.
Create an account on Coinbase.
The profile's confirmation takes from 24 hours and longer.
To verify your account, you will need a phone number, a passport image with a photo, confirmation of a credit or debit card from the bank.
When your payment details are verified, push the buy/sell button in the top menu.
Select "Ethereum" and indicate how much you want to buy coins in the box at the bottom of the page. Then click "Buy".
And "Confirm Purchase".
This page will be needed for the following transactions.
Create an account on Etherdelta. When you open the page in the top drop-down menu, select COB.
Click "Select Account" and "New Account".
Your Ethereum wallet address and secret key will appear.
Copy both and click "OK".
Transfer Ethereum from Coinbase to Etherdelta. To do this, return to the Coinbase website.
Click "Accounts" in the top menu bar and find the Ethereum wallet. Click Submit.
Paste the address of the Ethereum wallet that you just copied from Etherdelta into the "Recipient" field. And specify the desired amount. Click "Continue."
You may be asked to confirm the order by specifying a password or phone number.
Ethereum will be displayed in the "BALANCE" section. You have to specify how much Ethereum you want to replace with COB in the "Amount" field. Click "Deposit".
A notification about the coins' movement will appear.
Trading will be possible when Ethereum moves to the "Etherdelta" column on the balance sheet.
The Order Book column lists current orders where to buy Cobinhood Coin. Red orders to sell, green orders to buy.
The easiest way to buy Cobinhood Coins is to click a sell order, and then click "Buy" in the pop-up window. Use the calculator to find out the Cobinhood Coin value. In the field "Amount to buy" you can edit the desired number of coins.
A pop-up window will be displayed with a link to the transaction on the block chain, if the operation is successful.
Cobinhood set certain limits on withdrawals and account replenishment to protect user funds, :
If you want to update these limits, you will need to undergo additional testing in accordance with the practices of “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML).
The stock exchange backup is provided by cold storages, which are protected by 8 modules.
The cryptocurrency exchange deposits are stored offline wallets protected by multi-signatures.
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