Toobit is a Seychelles-based crypto exchange with over 6M monthly visitors and over $27B daily trading volume. The company charges fees based on the trading volume/asset balance. The commissions range from 0.2% to 0.008% for spot trading and 0.02% to 0.006% for the futures market.
Toobit Information + Regulation
Toobit was established in 2022 in Victoria, Beau Vallon, Seychelles, under the legal name Hopeful Technology Co. Ltd. The company has a team of 51-100 people and was founded by Ray Lee.
Toobit Exchange Summary of Specifications
This platform is made up of some unique and common features altogether.
Here's a quick overview of what it offers:
Exchange | Toobit |
Launch Date | 2022 |
Levels | Unverified, Basic Verification, Advanced Verification |
Trading Fees | From 0.008% to 0.2% for Spot From 0.006% to 0.02% for Futures |
Restricted Countries | United States, Mainland China, Singapore, North Korea, Quebec (Canada), Ontario (Canada), Cuba, Crimea, Sevastopol, Sudan |
Supported Coins | +100 |
Futures Trading | Yes |
Minimum Deposit | $5 |
Deposit Methods | Crypto |
Withdrawal Methods | Crypto |
Maximum Leverage | 150x |
Minimum Trade Amount | Varies |
Security Factors | SSL Encryption |
Services | Futures Trading, Demo Trading, Lite Perpetual Contracts, Copy Trading |
Customer Support Ways | Email, Live Chat, Ticket |
Customer Support Hours | 24/7 |
Fiat Deposit | No |
Affiliate Program | Yes |
Orders Execution | Limit Order, Market Order |
Native Token | N/A |
Notable Pros and Cons
Like any trading platform, Toobit has its strengths and weaknesses. Let's take a look at some of the important benefits and drawbacks:
Pros | Cons |
Long List of Cryptocurrencies | No Fiat Deposit |
High Leverage Options | Mixed User Reviews |
Copy Trading Feature | - |
User Leveling System
Crypto exchanges usually offer different levels for their verification procedure.
Toobit has designed a 3-level system for "identification":
Level | Requirements | 24h Withdraw Limit | 24h Deposit Limit | Buying Crypto with Fiat |
Basic | Basic Information | 5 BTC | No Limits | Allowed |
Advanced | Documentation | 50 BTC | No Limits | Allowed |
Trading Fees and Other Commissions
Toobit employs a tiered user level structure that rewards active traders with reduced fees and additional benefits. It depends on the asset balance and the trading volume.
We will review the costs for spot trading in the table below:
VIP Level | Asset Balance (USDT) | Or | 30-day Futures Trading Volume (USDT) | Or | 30-day Spot Trading Volume (USDT) | Spot Maker Fee | Spot Taker Fee |
Lv0 | 0 | / | 0 | / | 0 | 0.2% | 0.2% |
Lv1 | 50K+ | 10M+ | 100K+ | 0.15% | 0.15% | ||
Lv2 | 100K+ | 30M+ | 500K+ | 0.1% | 0.15% | ||
Lv3 | - | 50M+ | 1M+ | 0.09% | 0.12% | ||
Lv4 | 100M+ | 5M+ | 0.07% | 0.09% | |||
Lv5 | 500M+ | 20M+ | 0.05% | 0.07% | |||
Lv6 | 800M+ | 30M+ | 0.008% | 0.05% |
The futures trading fees will be discussed in the second table here:
VIP Level | Asset Balance (USDT) | Or | 30-day Futures Trading Volume (USDT) | Or | 30-day Spot Trading Volume (USDT) | Futures Maker Fee | Futures Taker Fee |
Lv0 | 0 | / | 0 | / | 0 | 0.02% | 0.06% |
Lv1 | 50K+ | 10M+ | 100K+ | 0.02% | 0.05% | ||
Lv2 | 100K+ | 30M+ | 500K+ | 0.014% | 0.04% | ||
Lv3 | - | 50M+ | 1M+ | 0.012% | 0.0375% | ||
Lv4 | 100M+ | 5M+ | 0.01% | 0.035% | |||
Lv5 | 500M+ | 20M+ | 0.008% | 0.0315% | |||
Lv6 | 800M+ | 30M+ | 0.006% | 0.03% |
There are no costs for making deposits and withdrawals via the platform. You can use crypto profit calculator tools to calculate the output of a position based on fees, asset price, and other parameters..
Coin Offerings and Tradable Assets
Toobit offers a list of over 860 trading pairs based on +100 digital assets available.
These coins/tokens are from several categories, including:
- GameFi;
- Infrastructure;
- AI;
- NFT;
- Metaverse;
- Fan Tokens;
- Storage;
- Meme;
- And a few more.
The number of the tradable assets isn't the largest in the industry, compared to some other exchanges with 600-700 cryptocurrencies or more.
Futures Trading and Margin Options on Toobit
This platform does offer futures and margin trading options, catering to more advanced traders who seek higher potential returns and are willing to take on additional risk.
The company offers futures trading in the form of "USDT-M Perpetual" and "Lite Perpetual" contracts; as stated on the website, the latter is more suitable for beginners.
There are more than 320 futures trading pairs available with a maximum leverage of 150x.
Account Opening and Verification Guide
Creating an account on Toobit is totally simple and quick. Here's a brief tutorial to signing up and identification:
- Visit the exchange's website and click the "Sign Up" button;
- Enter your email address/phone number and create a strong password according to the conditions. Alternatively, use a Google, Apple, or Telegram account;
- Check the box next to the statement, then click "Create Account;"
- Provide the verification code sent to your inbox.
After these steps, you will have created your account on the platform. For basic verification, you will be required to submit additional information. For the advanced level of verification, you must provide documents.
Trading Platform and Software
Toobit offers a proprietary trading platform, available across web, Android, and iOS. The terminal is similar to that of many other exchanges in the industry, providing essential and useful options and analysis tools for trading. Access it via these links:
Toobit Platform's Safety Measurements
Security is a paramount concern in the cryptocurrency world, and the mentioned exchange has revealed little information about this matter on its website; it only says that they use "cutting-edge encryption algorithms" to maintain the security and safety of the assets.
We investigated the website's SSL certificate; it was issued by ESET SSL Filter CA, and is valid until March 7, 2025.
What Payment Options Are Provided?
Toobit offers limited payment methods to its users, accepting only cryptocurrencies as direct deposits/withdrawals. Note that there's an option for buying/selling digital assets with fiat currencies via credit/debit cards, but it's not possible to deposit any.
Toobit Trust Scores and Evaluations
Trust scores on reliable sources such as Trustpilot and ScamAdviser helps us learn about the quality of an exchange's services. Here's how Toobit fares:
- Trustpilot: 3.5/5, based on +40 user reviews;
- ScamAdviser: 100/100 Trustscore, but 3.1/5 user score with +50 ratings.
Does Toobit Offer Copy Trading and Passive Income Options?
The exchange offers 2 investment features for earning passive income:
- Copy Trading: Users can automatically copy the strategies and signals of professionals or become pro traders themselves;
- Bots: Access automated trading bots that can execute trades based on predefined strategies.
Writer's Opinion and Final Words
Toobit offers access to +100 coins/tokens from GameFi, AI, NFT, Metaverse, meme, and other categories. Futures trading is available with a leverage of up to 150x.
The company has a 3.1/5 user rating on the ScamAdivser platform.