Are Cobinhood scammers?
Taiwanese cryptocurrency exchange Cobinhood: history and features
Cobinhood – a well-known platform from Taiwan, which was created in 2017 through an ICO that raised $15 million. The company Cobinhood Ltd. is its owner. The uniqueness of this resource lies in the absence of fees for trading transactions.
Flight to the heights and fall
ICO participants encountered project fraud, transferring their funds to the founders. The price of the CBO token, after a sudden rise (with a peak price of $1.42 per unit), crashed. Although some may attribute this to the overall instability of the cryptocurrency market, this involves an artificial increase in the price and value of this currency. In 2018, Cobinhood lost its capitalization and value more than 100-fold.
Undoubtedly, it is worth mentioning the exchange where you can find many promises from developers about future improvements. However, these improvements are often hindered by constant delays.
Trading, deposit, withdrawal
Another aspect that raises doubts about the platform’s fairness is the small number of recently added unknown and unsuccessful tokens that were later removed. As a result, traders could not get rid of them or sell them.
Another drawback is the slow withdrawal of funds. While deposits are instant, receiving these funds in your wallet can take several hours or even days.
Due to various errors, delays, and other issues, it is practically impossible to trade professionally on the exchange. Low trading volumes and a limited number of trading pairs do not contribute to the platform’s development.
Results and conclusions
I recommend refraining from any operations on Cobinhood. Despite the project being over a year old, it still seems imperfect. The past months have not brought much improvement. There is no visible progress in the future, only the smell of fraud and complete collapse is felt in the air.