Toobit Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange is a digital marketplace where users can buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. These exchanges allow individuals to exchange one type of cryptocurrency for another or for fiat currency (like the US dollar or Euro) and vice versa.

Crypto exchanges provide a platform where buyers and sellers can interact with each other to execute trades. Typically, they charge a fee for their services, either in the form of a commission on trades or a percentage of the transaction amount.

There are different types of crypto exchanges, including centralized exchanges (CEX) and decentralized exchanges (DEX). Centralized exchanges are owned and operated by a central authority, while decentralized exchanges are based on a peer-to-peer network and operate without a central authority.

What Is Toobit Crypto Exchange ?

Launched on October 16th, 2022, Toobit is a centralized exchange based in Seychelles. It supports spot trading/crypto deposits/crypto withdrawals/derivatives/futures/OTC/copy trading. Toobit is regeistered and licensed under FinCEN. Toobit’s team is distributed across different regions of the world, including Russia, South Korea and Turkey

The Toobit team is composed of professionals from leading Internet companies and blockchain corps including product technical leaders, R&D engineers, exchange operators, traders and other experienced professionals. dedicated to providing a bank-level digital currency trading experience. supports futures contract trading, spot trading, OTC and other modes.

Toobit Crypto Exchange Quick Facts

How To Register At Toobit Exchange?

To register on Toobit , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

Toobit Exchange Supported Countries

Toobit Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, Russia, Japan and countries in the Middle East. South Korea  and Turkey are also countries whose nationals cannot trade on Toobit .

How To Verify Your Toobit Cryptocurrency Account ?

There is no mandatory verification at Toobit , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Toobit , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Toobit Crypto Exchange?

There are two main options for topping up your balance on Toobit . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Toobit Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Toobit Account ?

There are several steps you can take to help secure your Toobit account and protect your funds:

1. Use a strong and unique password: Create a strong password that is unique to your Toobit account and contains a mix of uppercase and lowercase letters, numbers, and symbols.
2. Enable two-factor authentication (2FA): Two-factor authentication adds an extra layer of security to your account by requiring a code from a separate device, such as your phone, in addition to your password.
3. Use a secure email address: Ensure that the email address associated with your Toobit account is secure and cannot be easily accessed by unauthorized users.
4. Keep your account information up to date: Make sure that your contact information, including your phone number and email address, are kept up to date so that you can receive notifications and alerts from Toobit in case of any suspicious activity on your account.
5. Be cautious with your personal information: Do not share your Toobit account details or personal information with anyone, and be wary of phishing scams that try to trick you into giving away your account information.

Fees taken when buying virtual currency

Deposit Fee

Free. There is no charge for crypto deposit.

Trading Fees

Trading fees vary by level. Users can enjoy higher trading fee discounts according to different levels. The fee level is determined based on your asset balance or trading volume over the last 30 days. Traders only need to meet one of these criteria to unlock the fee discount.

Notes

1. 30d Trade Volume: Total Spot/Futures trading volume over the last 30 days
2. Balance: Total assets balance of all accounts 
3. Taker is an order placed directly by the user at the current market price. Maker is an order that the user pre-sets a certain price and waits until the price is set and the system automatically places an order.
4. Refer friends to earn trading fees 40% kickback

Withdrawal Fee

The withdrawal fees are dynamic and automatically adjusted based on the status of the market, for more details, please see the Withdrawal page for more details.

Trade On Go Toobit Is 100% Mobile Friendly

Toobit is a cryptocurrency exchange platform that allows users to buy and sell various cryptocurrencies using their mobile devices. Toobit claims to be 100% mobile-friendly, which means that the platform is optimized to be used on mobile devices such as smartphones and tablets.

This is an important feature for users who prefer to trade cryptocurrencies on the go, without being restricted by the need to use a desktop computer. By using a mobile-friendly platform like Toobit, users can access their trading accounts and make trades from anywhere, at any time.

How To Contact Toobit Customer Support Team?

Toobit’s customer support team can be contacted through several methods:

1. Live chat: Toobit has a live chat feature on their website where users can instantly connect with a customer support representative. This is a quick and efficient way to get help with any questions or issues.
2. Email: Users can also send an email to Toobit’s customer support team at [email protected]. This is a good option for less urgent inquiries or issues.
3. Social media: Toobit can also be reached through their social media accounts on Twitter, Facebook, and LinkedIn. Users can send direct messages or post comments to get in touch with customer support.
4. Help Center: Toobit has a help center on their website with frequently asked questions (FAQs) and guides to help users with common issues. If users cannot find the answer to their question in the help center, they can submit a support ticket through the platform.

Overall, Toobit provides several ways for users to contact their customer support team and get the help they need.

Features Of Toobit Crypto Exchange

User Economy

Work to create a new generation of trading systems based primarily on the user economy.

Digital Assets Trading

Support digital assets, NFT, contracts, options, index funds, bills, and digital asset trading platforms that focus on user reputation.

Real Thinking

Link real traders, listening, thinking, creating, transparent, efficient trading ecology that provides a better trading experience for global traders.

Security Compliance

Obtain comprehensive financial transactions, financial credit plates, and create compliance digital trading platforms.

Creativity

They create useful new ideas and welcome change. minimize complexity and find time to simplify. They re-conceptualize issues to discover solutions to hard problems.

Focus

They put mission & customers before department, group or team, and are open-minded, always in search of the best ideas.

User-Friendly Interface

Toobit offers a user-friendly interface that makes it easy for users to navigate the platform and perform various transactions.

Multiple Payment Methods

Toobit supports several payment methods, including bank transfers, credit/debit cards, and digital wallets.

Competitive Fees

Toobit charges competitive fees for its services, with fees varying depending on the transaction type and amount.

24/7 Customer Support

Toobit offers a dedicated customer support team to assist users with any issues or concerns they may have.

Toobit Good Or Bad Points

Toobit is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using Toobit :

Good Points :

• User-friendly website : unless you have experience, most exchanges can be daunting and confusing. Find the best one that you can get your head around. Keeping it simple is good business practise.
• Spread : if you only want to buy Bitcoin, this isn’t important, but if you want to buy a coin other than the top five coins, you need to shop around.
• Customer-centricity : ideally you should find an exchange that can answer your dumb questions and well as your more complex ones via email. If someone actually calls you on the phone from the exchange regarding your problem, it’s a bonus.

Bad Points :

• Limited selection : Of cryptocurrencies available for trading
• Slow Customer : Support response times
• Lack of Transparency : Regarding fees or hidden costs
• Technical Issues : Glitches that can affect trading activities

Is Toobit Is Safe Platform To Trade ?

Firstly, you can check if Toobit is a registered and regulated platform. You can visit their website or contact their customer support to obtain information about their regulatory status. Regulatory authorities ensure that platforms adhere to certain standards and procedures that protect the interests of traders.

Secondly, you can read reviews and feedback from other traders who have used Toobit. You can look for reviews on independent websites and forums to get a better understanding of the experiences of other users.

Lastly, you can also evaluate the security measures that Toobit has in place to protect your personal information and funds. This includes measures such as two-factor authentication, SSL encryption, and secure storage of funds.

In summary, it’s important to conduct thorough research and due diligence before deciding to trade on any platform.

Toobit Conclusion

Toobit is a cryptocurrency exchange platform that allows users to buy, sell, and trade various cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. The platform offers a user-friendly interface and supports multiple payment methods, including bank transfers, credit/debit cards, and digital wallets.

Toobit claims to prioritize security, and it offers several security features such as two-factor authentication, cold storage of funds, and SSL encryption. The platform also claims to have a dedicated customer support team to assist users with any issues or concerns they may have.

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