George Town, Cayman Islands, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Out of all the cryptocurrency platforms that have boomed as of late, Toobit is a name that has been on everyone's lips. This up and coming platform has risen to the top as one of the best newcomers in the industry. So what's the big deal about Toobit? Does it walk the talk, or is it just another fad? In today's review, we will get down to all the facts about the crypto platform; its functions, origins, how far it's come this year in 2024 and more!
What is Toobit?
Toobit is a user-friendly cryptocurrency platform designed to offer a seamless trading experience for both beginners and experienced traders. With a focus on security, speed, and innovative features, Toobit stands out in the crowded crypto exchange market. The platform offers a range of trading options, including futures trading, leverage trading, and zero slippage copy trading, making it ideal for users seeking high flexibility in their crypto strategies. Toobit’s robust security features, such as Proof of Reserves, provide an additional layer of trust for users concerned about the safety of their assets.The platform also excels in liquidity, offering a diverse selection of altcoins and trading pairs. With competitive fees and a commitment to continuous improvement, Toobit is an excellent choice for both seasoned crypto enthusiasts and those new to the world of digital currencies. If you are looking to invest in Bitcoin (BTC), Ethereum (ETH), or explore altcoins; Toobit provides an intuitive interface and a solid foundation for making informed decisions in the fast-paced crypto market.
Advantages of Toobit
Toobit sets itself apart with several unique offerings, which can be seen as an advantage but we're making it it's own thing. For starters, its support for split/merge positions provides flexibility for advanced traders, while its integration of AI-powered tools simplifies trading for less experienced users impressed us right off the bat. The Zero Slippage Copy Trading pairsoffer a groundbreaking advantage, ensuring users mirror trades with unparalleled precision. The platform has wowed us with its advantages, but we're going to let you see for yourself what makes Toobit stand out from the rest:
Support for Split/Merge Positions
Toobit provides a highly flexible trading system with two modes for position management: Split Position Mode and Merged Position Mode. These modes are designed to cater to the diverse needs of traders, offering tailored solutions for managing positions and executing trading strategies.Split Position Mode and Merged Position Mode are two distinct approaches to handling trading positions. Each mode offers unique advantages based on a trader's strategy, risk appetite, and management preferences.
Mode: Split PositionThis mode divides each order into independent units, allowing traders to manage them separately.
- Position Management
Each order operates as an independent entity. This means traders can individually adjust, close, or modify any order without impacting others. This granular control makes it an ideal option for traders who use diverse strategies.
- Trading Strategy Split Position Mode supports both long and short positions simultaneously. This flexibility is essential for traders employing multi-strategy approaches, such as hedging or arbitrage, where positions in opposite directions are necessary.
- Flexibility: With Split Position Mode, traders can close or adjust each position independently. This high degree of flexibility makes it easier to adapt to changing market conditions or pursue simultaneous opportunities.
- Risk Control: Traders can set separate stop-loss and take-profit levels for each order. This capability enhances risk management by allowing traders to define specific risk parameters for every position based on its individual strategy.
- Target Audience: This mode is ideal for investors who prefer complex trading strategies, such as multi-directional or multi-strategy approaches. It suits advanced traders who want maximum control over each order.
Mode: Merged PositionThis mode combines all orders in the same direction into a single unified position, streamlining management and execution.
- Position Management
Orders placed in the same direction (either long or short) are merged into one consolidated position. This simplifies management by presenting the trader with a single, comprehensive view.
- Trading Strategy
Merged Position Mode is tailored for single-direction trading. By consolidating positions, traders can focus on straightforward strategies without the complexity of managing multiple individual orders.
- Flexibility
Compared to Split Position Mode, this mode has lower flexibility. Traders can only make changes to the entire position, which is more suitable for those who prefer simplicity over detailed control.
- Risk Control
Stop-loss and take-profit levels are set for the entire merged position rather than for individual orders. While this reduces customization, it ensures consistent risk parameters for all trades in the same direction.
- Target Audience
Merged Position Mode is perfect for investors with a single-direction trading strategy. It is particularly beneficial for beginners or traders who prioritize simplicity and ease of management.
Offers Multiple Trading Tools Asides that, Toobit also provides traders with a range of advanced tools to optimize their trading strategies. Two standout features are Futures Grid and Futures DCA (Martingale), designed to cater to different trading needs and preferences.
Futures Grid The Futures Grid trading tool is a powerful automation feature that enables traders to profit from market fluctuations by setting predefined price levels.
- How It Works:
The grid bot creates buy and sell orders at regular intervals within a selected price range. When prices move, the bot executes trades, ensuring consistent profit capture.
- Who It’s For:
This tool is ideal for traders aiming to take advantage of market volatility without constantly monitoring price movements. It’s particularly beneficial for sideways markets where prices oscillate within a range.
Futures DCA (Martingale) The Futures DCA (Dollar-Cost Averaging) with Martingale strategy is another smart trading tool offered by Toobit.
- How It Works:
This approach involves incrementally increasing position sizes after a loss to recover losses and secure profit upon reversal. The DCA aspect spreads investment over time, while Martingale adjusts positions based on market movements.
- Who It’s For:
Suitable for traders seeking to average their entry prices while capitalizing on market reversals. This tool is particularly effective in trending markets or when scaling into larger positions with calculated risk.
Together, these tools provide flexibility and automation for traders, helping them maximize returns while minimizing manual effort.
Zero Slippage Copy Trading Pairs Toobit stands out in the industry by offering Zero Slippage Copy Tradingon a wide selection of trading pairs, making it a go-to platform for efficient and accurate copy trading.
- Over 40 Trading Pairs Supported:
Toobit provides access to more than 40 zero slippage copy trading pairs, ensuring that users have a diverse selection of markets to choose from, including popular cryptocurrencies like BTC, ETH, and USDT pairs.
- Zero Slippage Advantage:
Unlike traditional copy trading platforms where slippage can erode profits, Toobit’s zero slippage feature ensures that copied trades are executed at the exact price of the leader trader’s entry. This eliminates discrepancies caused by market volatility and ensures fair execution for followers.
- Who It’s For:
Perfect for beginners or those without the time to develop their strategies, this feature allows users to replicate the success of top traders seamlessly. Experienced traders can also benefit by becoming leaders, earning commissions for their followers' trades.
Overall, Zero Slippage Copy Trading ensures precision and transparency, enabling traders to execute their strategies with confidence. By offering a broad range of supported pairs, Toobit empowers users to diversify their investments across multiple markets.
Proof of Reserves - Uncompromised Safety and Compliance
A common misconception is that the absence of a KYC requirement on an exchange automatically makes it unsafe. Toobit, a game changer, has emphasized its commitment to robust security protocols and high regulatory standards, ensuring a safe and reliable trading experience for its users, while maintaining a no KYC feature.In 2024, Toobit continually enhanced its services, emphasizing its commitment to innovation and security. With a strong foundation in ISO 27001 compliance and a transparent Proof of Reserves system, the platform not only prioritizes the safety of user assets but also fosters trust within its growing community.Furthermore, the implementation of multi-signature technology ensures that no single individual within the organization can independently access or transfer funds. This approach requires multiple approvals for any transaction, significantly reducing the risk of internal fraud. Toobit also ensures it holds ample reserves to cover all user transactions, guaranteeing liquidity and operational reliability. These reserves are carefully managed and transparently documented, reinforcing user confidence in the platform. This level of transparency assures users that their funds are secure and that the platform can process withdrawals without unnecessary delays.
Exclusive VIP Club
And last but not least, we can't forget Toobit's VIP Club, that is very much so worthy of a highlight when it comes to a review of the platform. The VIP Club offers a range of exclusive benefits to high-volume traders. To become a part of this club, users simply have to increase their 30-day trading volume. Once you reach over $10 million, you gain VIP 1 status. The levels go up to VIP 6, which users gain once hitting over $500 million in trading volume. One of the primary benefits of the Toobit VIP Program are the trading fee discounts. Depending on your VIP level, you can get a 50-90% discount on maker fees and a 40-60% discount on taker fees. In addition to this, Toobit also offers the Market Maker Incentive Program to get maker fee rebate. Looks like the benefits are pretty much endless!
Disadvantages of Toobit
While Toobit boasts numerous benefits, it does come with some limitations. The platform is not yet available in all countries, which could restrict its global accessibility. Additionally, as a newer player in the cryptocurrency space, Toobit lacks the longstanding reputation of established crypto giants. However, its rapid growth and innovative features suggest a strong potential to bridge this gap over time.
Sponsors for Industry Events
Toobit is not only a dynamic cryptocurrency platform but also an active contributor to the growth of the blockchain and crypto ecosystem. This year alone, Toobit was the sponsor for three different global crypto events! By sponsoring prominent industry events, such as the TES Affiliate Conferences (Feb 24-27, 2024), Blockchain Life (April 15-16, 2024), and the Future Blockchain Summit (Oct 13-16, 2024), Toobit demonstrates its commitment to innovation and community engagement.These events allow Toobit to showcase its cutting-edge features, like zero slippage trading and secure leverage trading, while connecting with thought leaders, investors, and blockchain enthusiasts worldwide. This proactive involvement in key conferences underscores the platform's dedication to driving the adoption of blockchain technology and fostering collaboration across the industry.
How To Sign Up for Toobit
Creating a Toobit account is your first step in beginning your trading journey. This is a step-by-step tutorial on how to create a Toobit account.
- Visit the Toobit homepage and click the Sign Up button. You can also opt to sign up via Google or Apple.
- Create your account by typing your email address or phone number. For this example, we have used an email address. Next, create your password. Do note that your password must contain 8-20 characters and contain both case letters and numbers. Agree to the Terms of Services, Privacy Policy, and newsletters by ticking the boxes. Once you're done, click on the 'Create Account' button.
- You will be prompted with an email verification code sent to your email address. There is a 10 minute timer for this action, so please verify your account according to the time given.
- The verification email sent to your email address will contain your 6 digit verification code. The email will look like this and your code will be in the first line of the email body. After entering your code, click "Submit" on Toobit's sign up page.
- Congratulations, you are officially a Toobit user! You will automatically be redirected to the Toobit Rewards Hub, where New User Tasks will earn you special rewards. In order to check your account, you can navigate to the upper right hand corner of the website and hover over the blue circle icon, which will reveal your Toobit ID, your UID, as well as a general view of all your account settings.
How To Buy Crypto on Toobit
Now that we've signed up for an account, it's time to get started with some crypto on Toobit! Here is a guide to take you through the process of buying crypto on Toobit.
- Register or sign into your Toobit account.
- Verify your account. Toobit takes user privacy seriously, so it's not mandatory to require users to complete a verification process. Although, to deposit and withdraw large amount of USDT, you will require verification. Therefore, it is encouraged to complete your verification. This usually involves providing proof of identity, such as a government-issued ID, and proof of address, such as a utility bill.
- Before you can buy Crypto, you'll need to deposit funds into your Toobit account. To do this, click on the "Buy Crypto" button and select your preferred payment method. Toobit supports various payment options, such as credit card, debit card, and USDT. Choose the option that works best for you and follow the instructions to complete the deposit.
- Once you have added funds to your account, you can now buy cryptocurrency on Toobit!
- Click on the “Trade” button and select the cryptocurrency you want to purchase. For this example, we've highlighted Bitcoin as our token of choice. You have a couple of options: market order, limit order, trigger order, or TP/SL order. A market order will execute immediately at the current market price. A limit order allows you to set a specific price at which you want to buy your tokens. Make sure to choose the option that suits your preference, then enter the amount of cryptocurrency you want to purchase.
Conclusion
Overall, Toobit is a relatively new crypto exchange that has proven itself as a worthy contender in the game. All of the platform's new additions this year truly makes 2024 a standout year for Toobit. As a derivatives trading platform that is focused on being user-friendly and having no KYC, Toobit has quite an impressive arsenal. The platform's secure and compliant exchange also provides efficient trading options and numerous ways to earn rewards. After all, Toobit also supports high leverage and offers some of the lowest fees amongst cryptocurrency platforms.
Toobit’s emphasis to the platform’s dedication to convenience, security, and growth is one that is striking. Discover for yourself today why Toobit truly is a bit more than crypto.
For more information about Toobit, visit: Website | X | Telegram | LinkedIn | Discord | Instagram
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.
