Crypto Exchanges Disrupted by ProBit's Low Fees (+ Free STEEM)

in #bitcoin6 years ago (edited)

In early 2018, Bloomberg published a report on exchange profits; the report was published shortly after Coinbase declared its annual profits had reached $1 billion. Bloomberg’s piece showed how exchange fees allow many Crypto exchanges to pull in millions of dollars every day. With news like this, it’s not surprising that Binance profits topped even those of Deutsche Bank, which is Germany’s largest bank.

While blockchain technology and the Crypto community are notionally pinned against the profiteering habits of banks, it’s incredible ironic that, within their midst lie institutions that rake in more money than banks by directly charging exorbitant fees. Exchanges are profiting more than banks—clearly, there’s room for exchanges to charge lower fees.

The fee structure at cryptocurrency exchanges is ripe for disruption and ProBit, a newly launched exchange, is up for the challenge. ProBit’s fees are incredibly low and this piece will illustrate the differences.

Disruptive Pricing


Fees are necessary for exchanges to function as a business, but exchanges cannot justify their pricing. ProBit is charging market makers 0.05%, and this fee is halved to 0.025% if the fees are paid in PROB. This figure is magnitudes cheaper than the fee structures of current major exchanges.

This is how other existing exchanges stack up:

Binance: 0.1% base fees can be reduced to 0.075% if fees are paid in BNB. While this fee is still 3x that of fees paid in PROB, it’s worth noting that BNB’s discounts are temporary and are going to reduce every year. Trading on Binance will cost 3 times as much and this difference will soon increase.

UpBit: At an incredible 0.25% fee rate, it’s surprising that UpBit has remained competitive. This fee rate is 10 times that of ProBit’s PROB-paid fees.

KuCoin: KuCoin’s fee’s start at 0.1% but can be reduced to 0.07% if users hold thousands of dollars in KuCoin Shares (KCS). This is a discount that most cannot afford, and even those who can will be paying nearly 3 times the fees on ProBit.

These are fees for popular crypto-crypto trading exchanges; the fees for crypto-fiat exchanges are even higher. Other major crypto-crypto trading exchanges charge fees in the 0.1% - 0.2% ball park, thereby having fees that are 4 to 8 times that of trading fees on ProBit for market makers that use PROB.

The Problem at Hand

While almost every exchange touts their goal of being community-centric, the reality is that they have incredibly high fees that allow them to make more money than even some of the biggest banks in the world.

This greed does not end there.

Exchanges are well-known for charging incredibly high listing fees. These fees are the cut-away barrier for listing; if a project can pay the price, it can be listed. The profit-driven mindset behind exchanges is counter-beneficial to the community as low-quality projects often end up receiving a wider market.

The importance of exchanges is undeniable.

They are the key factor behind the Crypto market being liquid. While many major coins can be mined, most people lack the technical expertise and the funds to mine them. Cryptocurrency exchanges make sure these people can have access to coins; they also ensure that an ICO isn’t the only way to access tokens. Thus, the value exchanges bring to the market is undeniable, but the fees are unjustifiable.

ProBit’s motion to cut down fees to an incredibly low rate is in the best interest of the community as now market makers using PROB tokens will be able to trade at 75% - 90% cheaper fees. Moreover, the exchange’s no-listing fee policy will ensure only quality projects get listed. There is no incentive for ProBit to list a poor-quality token and thus all efforts will be pinned on listing the best tokens.

Exclusive Sign-Up Bonuses for Steemit Users

There’ve been two sign-up contests already and they filled up too quickly. Thus, in order to give a chance to those who are willing to put extra effort, the requirements are increased. All participants must resteem this post.

For 1 or 2 STEEM: [30 people max]

You must sign-up to ProBit and then must refer another account. Referring 1 account will earn you 1 STEEM; referring 2 accounts will earn you 2 STEEM; referring 5 accounts will earn you 2.5 STEEM.

Take a screenshot of your referral code and your referral counter and post it here—one screenshot should show both of them! So zoom out if you need to.

For 3 STEEM + $4 USDT:

Sign up and deposit $50 into the account on the pre-sale page. You get $4 in Tether from the exchange.

Even if you don't buy any tokens, you can just withdraw your funds. That's an instant 8% gain, which is pretty hard to get in this bear market. I recommend you use XRP as $50 is a low-value transfer and XRP fees are low.

You'll get an additional 3 STEEM from me, MAX 10 people. Post a screenshot of both your deposited amount and referral code.

I will utilize @tipu's tip service to keep the process transparent and the payments instant. Just head over to ProBit and create an account.

6 STEEM bounty:

This payment will be done through steem-bounty.
Give a small review on ProBit; suggestions on what you'd like the exchange to do are particularly welcome. Note that this is auto paid after 7 days.

ProBit Bounty

You can also join the ProBit bounty and earn a share of $40,000 in dollar-backed Tether. Bounty participants also get the opportunity to be part of a raffle give-away of 100 EOS everyday as-well-as a Samsung S9+ every week till the end of this month.

Essential Links


Whitepaper: https://static.probit.com/landing/whitepaper/whitepaper_probit_en-us_v1.0.3.pdf


Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary

My
My



Sort:  

@hatu has set 8.010 STEEM bounty on this post!
logo_for-light-bg_1000.png

Bounties are a new way you can earn rewards irrespective of you Steem Power. Go here to learn how bounties work.

Earn the bounty by commenting what you think the bounty creator wants to know from you.

Find more bounties here and become a bounty hunter.

Happy Rewards Hunting!

To win this bounty:

Give a small review on ProBit; suggestions on what you'd like the exchange to do are particularly welcome. Note that this is auto paid after 7 days.


For 1 or 2 STEEM: [30 people max] [DONE - 30 reached]


You must sign-up to ProBit and then must refer another account. Referring 1 account will earn you 1 STEEM; referring 2 accounts will earn you 2 STEEM; referring 5 accounts will earn you 2.5 STEEM.

Take a screenshot of your referral code and your referral counter and post it here—one screenshot should show both of them! So zoom out if you need to.

For 3 STEEM + $4 USDT:

Sign up and deposit $50 into the account on the pre-sale page. You get $4 in Tether from the exchange.

Even if you don't buy any tokens, you can just withdraw your funds. That's an instant 8% gain, which is pretty hard to get in this bear market. I recommend you use XRP as $50 is a low-value transfer and XRP fees are low.

You'll get an additional 3 STEEM from me, MAX 10 people. Post a screenshot of both your deposited amount and referral code.

I will utilize @tipu's tip service to keep the process transparent and the payments instant. Just head over to ProBit and create an account.

Probit Review: Probit provide same features like other exchange platforms offer, the only difference that it is more fast and they have trading fees discounts. My Suggestions is that they must increase the PROB token holding of Standard package to 1000-10000 tokens. to give more time for a new user to earn so that he/she can invest to a higher package.

I think the bot only tracks replies to the main article. You'll have to comment to the article, not this comment.

TRADER IN HOTFOREX COME ON , VEN APRENDE A TRADEAR Y CONSIGUE TU LIBERTAD FINANCIERA

Congratulations to the following winner(s) of the bounty!

This piece of work is a justice to the crypto investing community. You have inspired me to produce my greatest literature to the platform regarding general intellectual development. However I will be looking to assign a chapter to the crypto revolution in my book.

Deutsche Bank is NOT an exchange, it is a Bank
Color-Deutsche-Bank-Logo.jpg

Excellent! Probit seems to have future I'll try to get in.

Hello dear @hatu, could you see what happened ?, I did not receive my 2 steem of tipu.

Sorry, the tip is higher than your deposit.
You can check your deposit by sending 0.001 SBD to @tipu with memo: status
(the minimal tip is 0.1 SBD/STEEM)

tipu.jpg

You got it the first time, and because I did not check, I ended up giving it to you twice. Please, don't cheat.

My friend told me about it
this is fantastic
josemartin.jpg

🎁 Hi @josemartinm! You have received 2.0 STEEM tip from @hatu!

@hatu wrote lately about: John Mcafee Supports Anonymous Trading Platform. Feel free to follow @hatu if you like it :)

Sending tips with @tipU - how to guide :)

wow that was fast one, congratz.

Hello, interesting exchange. Thx for the blog. How much do I have to invest? When does it make sense?

This iss not enough; please read the rules.

Hi, sorry but tipu did not vote, or did not answer your call. Thanks

🎁 Hi @tecarreno! You have received 2.0 STEEM tip from @hatu!

@hatu wrote lately about: Here’S A Bet: Blockchain Will Revolutionize Prediction Markets. Feel free to follow @hatu if you like it :)

Sending tips with @tipU - how to guide :)

🎁 Hi @tecarreno! You have received 2.0 STEEM tip from @hatu!

@hatu wrote lately about: Vena Network Raises The Bar For Icos. Feel free to follow @hatu if you like it :)

Sending tips with @tipU - how to guide :)

Sorry, the tip is higher than your deposit.
You can check your deposit by sending 0.001 SBD to @tipu with memo: status
(the minimal tip is 0.1 SBD/STEEM)