Toobit exchange review

Toobit is a relatively young exchange that launched in 2022 with a special focus on futures trading and quickly became popular with Iranian traders. A fast trading engine, tight spreads and frequent bonus campaigns are its main strengths.

Toobit is Bitfa's official partner, and users who sign up with Bitfa's link get trading coupons and Persian-language support from the Bitfa team. If futures are your main focus, Toobit is one of the best options that doesn't require identity verification.

Toobit was launched in 2022 by a team of former executives from major Asian exchanges and is headquartered in Singapore. Unlike all-in-one exchanges, Toobit focused on one thing from day one: a flawless futures trading experience.

That focus helped it become one of the best-known derivatives exchanges in under three years and earn a strong position in CoinMarketCap's futures rankings.

Toobit is one of the newer platforms for trading in the crypto market, and a very good choice for professional and beginner traders alike. The exchange comes with advanced tools and competitive fees.

If you sign up through the Toobit registration link, you'll be classed as a VIP1 user, which means lower fees and costs!

Toobit review

Toobit is a centralized exchange (CEX) for crypto trading that operates with an MSB license from FinCEN. It launched in October 2022 and quickly became popular with traders thanks to its simple interface, advanced trading tools and support for a wide range of cryptocurrencies.

According to CoinMarketCap data, Toobit ranks 22nd among derivatives exchanges, with daily trading volume of around $28 million. CoinGecko data also shows that the exchange supports 295 cryptocurrencies and 308 trading pairs, as well as the EUR/USD pair. Offering services such as spot, futures, copy trading, demo trading and trading bots, Toobit is a good fit for all kinds of traders.

For risk-free practice in a real market environment, our article on Toobit demo trading gives you a hands-on way to sharpen your skills.

Toobit's headquarters and geographic restrictions

Toobit's headquarters are registered in the Cayman Islands, which offer a favorable tax structure and flexible regulation. Beyond its official registration there, however, Toobit runs part of its operations and support through offices in other locations, such as Victoria in Australia.

History of the Toobit exchange

Toobit was launched in October 2022 by a team of seasoned professionals from well-known exchanges such as Huobi and Bybit. Its main goal was to create a secure, user-friendly and versatile platform suitable for both beginner and professional traders.

Toobit is headquartered in the Cayman Islands, but its operations team works across different regions of the world, including Europe, Russia and East Asia. Since its founding, Toobit has grown rapidly and introduced new features such as integration with TradingView, direct conversion between currencies (crypto swaps) and even a Telegram mini app for sending crypto gifts.

By attracting investors such as Bybit, Huobi Ventures and Coda Ventures, the exchange has secured its place in the competitive crypto market. In 2024, Toobit made CoinMarketCap's list of the top five most user-friendly exchanges, a sign of its success in delivering a simple, efficient experience.

Toobit for Iranian users

Iranian users can use Toobit's services, but because the exchange is committed to complying with the standards of the Financial Action Task Force (FATF) and the Office of Foreign Assets Control (OFAC), some restrictions apply.

Iran is on Toobit's list of prohibited countries, so to use the platform it's advisable to use an IP-changing tool (VPN or VPS) with a strong, static IP. Identity verification (KYC) is required on this exchange for certain activities, such as buying with a bank card or raising your withdrawal limit, but spot and futures trading do not require KYC.

However, Iranian users cannot complete identity verification with Iranian documents or passports and have to use other ways of managing their accounts. The Toobit website does not support Persian, but its interface is available in 11 languages, including English, Spanish, Russian and Chinese. Customer support is available 24/7 via live chat, email, Telegram and WhatsApp, but there is no dedicated Persian-language support. By following basic security precautions and using a VPN, Iranian users can easily make use of Toobit's features.

Is Toobit trustworthy?

Toobit is a reputable platform that operates with an MSB license from FinCEN (the US Financial Crimes Enforcement Network). The exchange is headquartered in the Cayman Islands, which, thanks to favorable tax laws and flexible regulation, is one of the best places to launch a crypto exchange.

Scamminder has no recorded reports of fraud, hacks or security breaches involving Toobit. In addition, by publishing Proof of Reserves worth more than $80 million, Toobit has shown users its financial transparency. These features, together with positive user reviews on platforms such as Trustpilot (a 4-star rating from 89 reviews), confirm that Toobit is a trustworthy exchange for crypto trading.

Security on Toobit

Security is one of users' biggest concerns when choosing a crypto exchange, and Toobit performs well here. According to Cer.live, Toobit has scored 77 out of 100 for server security, 74 for user security and 100 for penetration testing and its bug bounty program. The exchange has also passed Hacken's security tests (a comprehensive penetration test).

Toobit uses advanced technologies such as multi-layer protection, data encryption and cold storage for more than 90% of user assets. Through Proof of Reserves, the exchange also guarantees its financial transparency, with reserves worth more than $80 million. To strengthen account security, users can turn on two-factor authentication (2FA) via email, phone number or Google Authenticator. Toobit also takes user privacy seriously and protects personal data in line with global standards.

Anti-phishing shield: a guarantee of secure communication with Toobit

By introducing an anti-phishing shield, Toobit has adopted one of the safest ways to protect users against online attacks. The feature assigns each user a unique security code that makes it possible to identify fake pages and phishing emails. Whenever a user receives an official email or message from Toobit, they should check that it contains that same security code; if it doesn't, the message should be treated as unsafe. With this feature turned on, users can be confident that all their communication with the exchange goes through a secure, verified channel.

Toobit customer support

Toobit offers strong 24/7 support so that users can get answers to their questions at any time. The exchange has built sections such as an FAQ and a beginner's guide into its website, helping users quickly find answers to many common questions.

For a better understanding of the market, our comparison of Toobit and BingX analyzes how the two exchanges perform across different markets.

For direct support, Toobit has a round-the-clock live chat that is first handled by a bot. If the bot can't solve your problem, you can ask to speak to a human agent. Usually within 10 to 15 minutes, a member of the support team will contact you via chat, email, Telegram or WhatsApp. Although there is no dedicated Persian-language support, the team replies in several languages, including English, Chinese, Spanish and Russian. Users report that Toobit's responses are fast and effective, which counts as one of the exchange's strengths.

Toobit exchange features

For users weighing up Iranian and global options, our full comparison of Tabdeal and Toobit analyzes the differences between the two exchanges.

Toobit offers a wide range of features, as follows:

Spot trading

Spot trading on Toobit lets you buy and sell cryptocurrencies directly at the current market price. The exchange supports more than 295 cryptocurrencies and 308 trading pairs, including major high-liquidity pairs such as BTC/USDT, ETH/USDT and SOL/USDT. A simple interface and TradingView integration make it easy for users to carry out their own technical analysis. To get started, simply choose a coin, set the order type (such as Limit or Market) and place your trade.

Futures trading

Toobit lets users trade futures with leverage of up to 125x, a very attractive option for professional traders. In the futures market, users can trade USDT-M and Coin-M contracts. This section includes risk-management tools such as stop-loss and take-profit orders.

Copy trading

Copy trading is one of Toobit's most appealing features, letting users copy the strategies of professional traders. By choosing a trader from the leaderboard, you can have their trades executed automatically in your own account. This is very useful for beginners who lack experience. The settings for copy trading on Toobit include the amount of capital, the copy ratio and risk management.

If you want to use the strategies of professional traders, our Toobit copy trading article explains everything you need to know to follow them.

Trading bots

Toobit offers a variety of trading bots, such as Grid Trading, Martingale and DCA (Dollar-Cost Averaging). These bots help users trade automatically based on predefined strategies. For example, the Grid Trading bot buys and sells within set price ranges to profit from market swings. Setting up a Toobit trading bot is simple, and users can customize bots to suit their needs.

Toobit exchange bonuses

To attract new users and encourage traders, Toobit runs attractive bonus schemes. By entering a dedicated referral code when signing up, users can receive rewards of up to $9,210 and 75 USDT. The bonus conditions are as follows:

• Transfer at least $10 to futures: receive a 5 USDT reward.
• Deposit 30 USDT: receive a 10 USDT bonus.
• Reach 30,000 USDT in trading volume: receive a 50 USDT reward.
• Reward payouts and account upgrades: rewards are credited within 3 business days of signing up. Users have up to 7 days after signing up to visit the Events section and complete the relevant tasks to earn further rewards of up to $9,210.

To make use of trading gifts and boost your starting capital, our article on claiming the Toobit exchange bonus walks you through getting your rewards.

The bonus can be used for one month, and Iranian users can also claim these rewards as long as they meet the conditions (using a VPN and not verifying with Iranian documents). To activate the bonuses, simply enter the referral code when you sign up and complete the tasks listed in the Events section.

For those interested in classic markets, our look at forex trading on Toobit shows you how to access these currency pairs.

Toobit exchange fees

Toobit's fees are competitive and suit all kinds of traders. Below we look at the details:

• Deposit fee: free for all currencies.
• Withdrawal fee: depends on the currency and withdrawal network (e.g. 0.0005 BTC for bitcoin or 0.01 ETH for Ethereum).
• VIP discount: high-volume traders (more than 5 million USDT a month) can get fees as low as 0.01% for makers and 0.04% for takers.

To weigh up your trading options, our in-depth comparison of Toobit and XT.com looks at the differences and features of both exchanges.

Toobit's fees are highly competitive compared with other exchanges such as Binance (0.1%) and KuCoin (0.1%), making it an economical option for high-volume traders.

To earn money by referring people to the exchange, our Toobit affiliate guide covers the details of the platform's affiliate program.

The Toobit exchange app

Toobit has built its own app for users' convenience, letting them trade, manage their accounts and access all of the exchange's features anytime, anywhere. The app is available for Android and iOS and has a simple, user-friendly interface that suits even beginners. Through the app, users can access spot and futures trading, copy trading, trading bots and the bonus section. The app also sends real-time notifications about price changes and order status.

For round-the-clock access to the market, our article on downloading the Toobit app gives you the official links and an installation guide.

Toobit app download links:

• Download the Toobit Android app from Google Play
• Download the Toobit app from the App Store

Toobit exchange tutorial

With a simple interface and a wide range of features, Toobit is an excellent choice for beginners and professionals alike. In this section we cover how to use the exchange in full, so you can get started with ease.

Knowing your costs is essential to staying profitable; in our article on Toobit exchange fees we analyze the trading rates in detail.

How to sign up on Toobit

To sign up on Toobit, follow these steps:

1. Go to the website or app: Visit Toobit's official website or open the app.
2. Select the sign-up option: Click the Sign Up button.
3. Enter your details: Enter your email or phone number and choose a strong password (at least 8 characters, including letters and numbers).
4. Enter a referral code (optional): If you have a referral code, enter it to qualify for the sign-up bonuses (up to $9,210 and 75 USDT).
5. Verify your email or number: Enter the verification code sent to your email or phone number.
6. Complete sign-up: Once verified, your account is created and you can log in.

To take part in presales of new projects, our article on buying presale tokens in Toobit's Speed Zone has all the details.

Identity verification on Toobit

Identity verification on Toobit is required for certain activities, such as buying with a bank card or raising your withdrawal limit, but it isn't needed for spot and futures trading. Because of OFAC and FATF restrictions, Iranian users cannot verify with Iranian documents. Even so, if you want to complete KYC, follow these steps:

1. Log in to your account: Go to the Account section on the website or app.
2. Select KYC: Click Identity Verification.
3. Enter your personal details: Enter your name, date of birth and address.
4. Upload your documents: Upload an image of a valid (non-Iranian) passport or ID card and a proof of address (such as a water or electricity bill).
5. Submit your request: Once you submit, the Toobit team reviews your documents within 1 to 3 business days.
6. Get approved: Once your identity is verified, you'll have access to more features.

How to deposit and withdraw on Toobit

Below we explain the deposit and withdrawal steps on Toobit in full.

Depositing to Toobit

To deposit to Toobit, follow these steps:

1. Log in: Sign in to your account on the Toobit website or app.
2. Go to the deposit section: Go to Assets, then Deposit.
3. Choose a currency: Select the currency you want (e.g. USDT, BTC or ETH).
4. Choose a network: Select the right blockchain network (e.g. ERC20, TRC20 or BEP20).
5. Copy the wallet address: Toobit's wallet address for the selected currency is displayed. Copy it.
6. Transfer the funds: Send the currency from another wallet or exchange to the copied address.
7. Transaction confirmation: Once the transaction is confirmed on the blockchain (between 5 and 30 minutes), the balance is added to your account.

Tip: Deposits on Toobit are free, but make sure the network you choose is compatible with the sending wallet.

Withdrawing from Toobit

To withdraw from Toobit, follow these steps:

1. Go to the withdrawal section: In Assets, select Withdraw.
2. Choose the currency and network: Specify the currency and blockchain network you want.
3. Enter the destination address: Enter the address of the receiving wallet.
4. Set the amount: Enter the amount you want to withdraw (the withdrawal fee is displayed).
5. Security check: Enter your 2FA code or the email/phone verification code.
6. Submit your request: Submit the withdrawal request. Processing takes 10 to 60 minutes.

Tip: The withdrawal fee depends on the currency and network, and the withdrawal limit for unverified accounts is up to 2 bitcoin a day.

How to trade on Toobit

Toobit lets users trade spot and futures with a simple interface and advanced tools. Below we look at how to trade in both sections.

To convert assets quickly without the complexities of the market, our guide to Swap on Toobit covers the simplest ways to exchange cryptocurrencies.

Spot trading

The steps for spot trading on Toobit are as follows:

1. Log in: Sign in to the Toobit website or app and go to Spot from the menu.
2. Choose a trading pair: Select the pair you want (e.g. BTC/USDT or ETH/USDT) from the list.
3. Choose the order type: Toobit supports the following order types:
   • Market order: buy or sell at the best current market price.
   • Limit order: Set a specific price to buy or sell; the order only executes at that price.
   • Stop-limit order: Set a price at which a limit order is triggered (for example, to manage risk).
4. Enter the amount: Enter the quantity of currency or the sum you want to trade.
5. Confirm the trade: Click Buy or Sell. The trade executes immediately (for a Market order) or once the price is matched (for a Limit order).
6. Check your history: You can see the status of your orders in the Order History section.

To start spot trading on this exchange, our Toobit spot trading guide introduces you to the tools for instant buying and selling.

Futures trading

The steps for futures trading on Toobit are as follows:

1. Transfer assets to your futures account: From Assets, transfer some USDT to your futures account.
2. Go to the futures section: Go to Futures from the menu and choose the trading pair you want.
3. Set your leverage: Choose the leverage you want.
4. Choose the order type: as with spot trading, Market, Limit and Stop-Limit orders are available.
   • Trailing stop order: to lock in profit if the market trend changes.
   • Post-Only order: Placed only as a maker order, so it carries a lower fee.
5. Set Stop-Loss and Take-Profit: To manage risk, set your stop-loss and take-profit prices.
6. Execute the trade: Click Long (if you expect the price to rise) or Short (if you expect it to fall).
7. Monitor your position: Check the status of your trades in the Open Positions section.

To master derivatives trading and the use of leverage, our Toobit futures trading guide is a complete guide to managing your positions.

How to copy trade on Toobit

Copy trading on Toobit lets users copy the strategies of professional traders and make a profit without any experience of their own. The steps for copy trading on Toobit are as follows:

To choose the best platform, our comparison of Toobit and Bitunix puts two popular platforms side by side.

1. Go to the copy trading section: On the website or app, go to Copy Trading.
2. Choose a trader: From the leaderboard, pick a trader based on criteria such as return (ROI), number of followers and risk level.
3. Copy settings: specify the following:
   • Capital: at least 10 USDT is needed to start copy trading.
   • Copy ratio: Copy a percentage of the trader's trades (e.g. 50% or 100%).
   • Maximum investment: The maximum capital you want to allocate.
   • Stop-Loss and Take-Profit: Set a stop-loss and take-profit to manage risk.
4. Start copy trading: Click Copy and the trades will be executed automatically in your account.
5. Monitor and manage: In the My Copies section, review how your copied trades are performing and change the settings if needed.

Professional traders usually take 10% of their followers' profits as a fee. To reduce risk, it's advisable to choose traders with a record of consistent profits and low risk.

To automate your trading strategies, in our article Toobit grid trading guide we explain how to set up these systems.

Trading bots on Toobit

Toobit offers a variety of trading bots, such as Grid Trading, Martingale and DCA, that trade automatically. Below we look at how to use the Grid Trading bot:

1. Go to the bots section: On the website or app, go to Bot Trading.
2. Choose the bot type: Select the Grid Trading bot, which suits volatile markets.
3. Set the parameters:
   • Trading pair: choose a pair such as BTC/USDT or ETH/USDT.
   • Price range: Set the minimum and maximum prices for buying and selling.
   • Number of grids: The number of buy and sell orders within the range (e.g. 10 grids).
   • Capital: Each bot needs at least 10 USDT.
4. Advanced settings:
   • Stop-Loss and Take-Profit: to limit losses or lock in profit.
   • Profit mode: Choose whether profit is calculated in USDT or in the base currency.
5. Activate the bot: Click Create Bot to start the bot.
6. Monitor: In the Bot History section, review the bot's performance and stop it or change its settings if needed.

The Grid Trading bot works best in moderately volatile markets, but test your strategy on a demo account before using it; demo trading on Toobit is available to you.

To cut costs and enjoy exclusive services, our tips for raising your VIP level on Toobit offer practical ways to upgrade your account.

To optimize your trading activity, reading our article Toobit trading bots will help you make the most of automated tools.

Toobit pros and cons

For a closer look, in our comparison of Toobit and KCEX we compare the two exchanges from a technical point of view.

To help you decide, we have set out Toobit's pros and cons in the table below:

Toobit compared with Binance, KuCoin and CoinEx

In the table below, we compare Toobit with three well-known exchanges, Binance, KuCoin and CoinEx, in terms of structure, features and credibility:

To better understand the competition, in our comparison of Toobit and CoinEx we analyze the features of the two exchanges.

User experience and reviews of Toobit

Opinions of Toobit vary: some users see its simple interface, low fees and features such as copy trading as its biggest advantages, while others have raised problems such as slow responses from support.

For more precise order management, our article on placing Post-Only and Reduce-Only orders on Toobit covers all the technical details of these tools.

On Trustpilot, some users have said that “customer service is poor” and “commissions are unclear”, and that they ran into restrictions when withdrawing profits.

To make a smart choice, in our comparison of Coinlocally and Toobit we look at the key differences between the two platforms.

On the other hand, some positive reviews point to the simple user experience, the variety of features and the advanced trading tools on offer.

For managing liquidity, our article on converting stablecoins on Toobit shows you the simplest ways to convert your assets.

Conclusion

Toobit is a centralized crypto platform that, since its founding in October 2022, has earned a strong position among global exchanges by offering services such as spot and futures trading, copy trading and trading bots. With support for more than 295 cryptocurrencies, competitive fees (0.02% for makers and 0.06% for takers) and attractive bonuses of up to $9,210, it is a very good choice for beginner and professional traders. With an MSB license from FinCEN and a high security score (77 out of 100 on Cer.live), Toobit is trustworthy in terms of credibility and security.

Iranian users can use most of the exchange's features with a VPN and without identity verification, although there are limitations such as no Persian-language support and no option to verify with Iranian documents. A mobile app, a simple interface and 24/7 support are among Toobit's other strengths. Toobit is an excellent choice for starting or expanding your trading activity.