[Photo: Cobinhood and Tron logos]
I stumbled upon Cobinhood the other day on a Telegram chat where people were complaining about the extorbitant fees some of these cryptocurrency exchanges charge on trades and even depositing funds.
It was then that one of the members radically suggested that we try out Cobinhood. According to the poster of the link to the exchange, Cobinhood does not ‘eat into’ your profits from trading. One participant of the conversation claimed that 25% of his earnings probably go to trading fees.
During the Telegram chat, it then hit me that the name of the website is similar to a fictional character known for his Philanthropy. That character is Robin Hood.
Who was Robin Hood?
Wikipedia gives a very good description of the English legend. I remember Robin Hood was, and still is, the most honorable outlaw out there. He stole from the rich and shared with the poor. He also had a heart of gold and was notoriously good at using his bow and arrow and sword.
It is with such a premise and back story that I believe the Cobinhood exchange will be a game changer in how new exchanges do business with traders. As of now, the only other exchange that offers zero fees is DMM Bitcoin that was launched on the 11th of January.
So, how does Cobinhood make money?
According to a Medium interview, Cobinhood makes money in the following way.
Cobinhood offer’s margin trading loans to the users of their site with up to 10x leverage. According to them, they use their proprietary dynamic model to determine the best interest rates for the loans. Also, users can opt in to become trading loan providers and receive interest earnings with their asset deposits.
I have personally tried the Cobinhood website and I can personally give it a 8/10 for user friendliness. I am sure they are constantly developing the site.
There is also an app available on Android and iPhone.
The exchange is relatively new but on the 12th of January, it listed plenty of coins on its exchange for trading.
For starters, the heavyweight coins such as Ethereum and Bitcoin are offered for trading, deposits and withdrawals on the site.
Cobinhood also has its own coin on the exchange. It was the result of an ICO that provided the funds for building the exchange. The ICO was endorsed by the famous actor, Jamie Foxx. This was before celebrities started getting backlash for endorsing ICOs and pumping coins on exchanges.
The Cobinhood coin is simply known as the COB coin. It is currently valued at $1.31 on Coinmarket cap.
On top of COB coin, the exchange lists a bunch of exciting cryptocurrencies as I shall mention below.
TRON or TRX has been listed on the site and can be traded against Bitcoin and Ethereum. There is a lot of buzz surrounding TRX and most of it is due to the CEO behind the project, Justin Sun.
Tron recently released an online game and announced a bunch of amazing partnerships this month that sent its coin prices up only to be destroyed by FUD about the coin.
One such FUD campaign claimed that the CEO, Justin, was pumping and dumping the coin to make a profit of 1.2 Billion.
However, this has not detracted the value of the project to the die hard TRON fans from continually believing in the coin and the vision of the CEO, Justin.
Tron’s telegram group has over 13,000 followers and is growing stronger by the day with each participant preparing for a trip to The Moon in January due to the much anticipated announcements such as this listing on Cobinhood.
Other notable coins to be listed on Cobinhood are ETHOS, EOS, BAT, OMG, CMT just to name a few.
With the added coins on the exchange and the free trading attraction, Cobinhood is surely headed for greatness.
I am sure they have a plan of using the COB coin for trading in a similar manner as to how Binance uses its BNB coin to trade.
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