Toobit x Crypto Challengers AMA Recap

10 min readJul 10, 2023

Dear Crypto Challengers community,

📍 Here is a recap of the AMA held with Toobit on 6th July 2023, a session where we got to know more about Toobit where the team answers the questions from Host, Twitter & Live segment respectively. The AMA session was consisting of Introduction segment, Twitter segment and Live segment.

On July 6th, 2023, Toobit held an AMA on Telegram with Tanmay, the host of Crypto Challengers. The AMA was attended by over 1,000 people and Mr. SV — CM of Toobit , was the guest.

This was an AMA session with the Toobit team. The aim of this AMA session was to learn more about Toobit by allowing the host to ask questions and having the team answer them.

Below is the recap of the AMA session that took place on 6th July 2023. In the AMA, we had SV from Toobit. Let’s see what was discussed.

👉 Did you know? You can clap up to 50x. By clapping 50x you’re helping us to spread the recap.

Tanmay:

Good day everyone and welcome back to Challengers for another wonderful AMA :) Today we’re having an AMA with Toobit together SV to share us more about Toobit.

SV:

Hello everyone! Pleasure to be here.

Part 1 — Introduction and questions from the host

Q1. Can you introduce Toobit to the community? What is your background and how did the team build your project?

Let me introduce myself first.

I am SV, Toobit’s English/Global Community Manager.

I have had experiences with several top tiered exchanges before and now I choose Toobit as my new milestone in my career.

And to answer the question, Toobit is a leading global digital trading platform built by former core members of Huobi and the former executive of Bybit, that was founded in October of 2022.

The team is composed of tech titans, industry thought leaders, operations experts, and security engineers — all united under the banner of providing the best all-in-one trading platform. Additionally, by addressing the needs of individual customers, professional traders, and institutions investing in digital assets, we aim to enable users to trade high-quality financial assets freely and equally across the globe.

At present, the platform has obtained USA MSB license and Canada Fintra MSB. We are committed to becoming a benchmarking platform for global compliance operations in the industry, providing the most compliant, safe and professional digital currency trading services for users worldwide.

The market depth of the first three stalls of the platform has reached the order of one million US dollars, far exceeding the industry’s average market depth level of 10,000 and 100,000. The spread is low and the transaction is fast.

You all can visit our official website at http://bit.ly/3mQZLLP to learn more. There’s a series of rewards waiting for your grabs! 🤑

Tanmay:

Thanks for a great introduction!

It seems like you have a great experience in this field which is great 💪

Q2. What products are available on the Toobit platform?

Thanks for asking this question. Would love to share it with you guys.

Currently, we support Futures trading and Spot trading. Trading bots and OTC will be launched in the very near future.

Meanwhile, to bring to users a better product and better user experience, Toobit has rolled out a new feature — Reverse Position. Just one click, users can close their current positions and open new positions in the opposite direction. With this upgrade, traders can easily adjust their trades and positions in response to the latest market conditions. You can visit the following link to try it: https://bit.ly/3mQZLLP

We also launched Copy Trading back in April of this year. It allows users to follow other traders and start trading right away. Simply follow pro traders and automatically open and close the same orders they placed. Amplifying your balances by copy trades that automatically be initiated via a market order

Toobit rolled out the “Copy a Trade to Win a Share from 100,000 USDT” campaign. All the Pro-Traders and followers are able to get a slice of the prize pools worth 100,000 USDT! You can check more details here: https://support.toobit.com/hc/en-us/articles/19284542736665-Copy-a-Trade-to-Win-a-Share-of-100-000-USDT-

Check this out guys and win big rewards!

Tanmay:

Thank you for sharing the exciting updates from Toobit! It’s great to hear that they are now supporting Future trading providing more options for users. The upcoming launch of trading bots and OTC will surely enhance the trading experience even further.

Q3. Could you tell us what benefits can Toobit give to new users?

We always have a series of events and activities.

We currently have a few ongoing and more will be coming.

To welcome all new users to join our Toobit family, we launched a special welcome offer for all new users. All users can receive rewards by participating in the Welcome Bonus campaign. New users can get 10 USDT easily by signing up and transferring a minimum of 10 USDT to the futures trading Account. Moreover, we also prepared Copy Trading Rewards and Trading Rewards, new users can earn up to 9210 USDT. Please get to know more details at https://www.toobit.com/en-US/activity/user-tasks. Welcome to register and experience trading on Toobit.

In addition to this, users can also earn bonus vouchers, which can be used for futures trading and make profits.

We’re running an affiliate program as well, which can get up to 70% commission. You also can earn up to 400 USDT by inviting friends. Learn more here: https://support.toobit.com/hc/en-us/articles/19105321075097-Toobit-Affiliate-Recruitment-Grab-up-to-5400USDT

And becoming a Toobitor, you have the priority to get airdropped native tokens in the future. The earlier you join us, the more rewards you can get.

Meanwhile, we’re also preparing rewards for the regular events to be held on our official global community here in Telegram at https://t.me/Toobit_EN

Tanmay:

That’s fantastic to hear that Toobit always has a series of events and activities for its users.

It’s great to see their ongoing and upcoming events, which provide opportunities for users to earn rewards and bonuses.

Q4. Any advantages of Toobit compared to other exchanges?

Compared to other exchanges, Toobit has several advantages.

The most important thing is Asset Security. Toobit has a three-layer security system, comprehensive security audit, self-built the industry’s most advanced layered deterministic cold wallet system, all recharge addresses assigned by users are cold wallet addresses, and fund collection and withdrawal are completed through offline signatures.

Other than that, we also put Risk Control Resolution as our priority. Second-level judgment, multi-layer encryption, the system is highly secure. The combination of hot and cold wallets, military-grade encryption measures, asset transaction security is guaranteed, and 100% guarantees the security of users’ digital assets.

In addition, smooth trading, self-developed technique, fair price, and quality service are also what we can promise.

And more importantly is that we are a group of people with passion and experience in the industry, so we have a faster sense of the industry and a more accurate understanding of products.

Q5. What are your plans?

We are happy to share our plans with you all.

Toobit will support the broker system and cover web 3.0 digital assets such as NFT, and DEX system, based on the decentralized wallet, carries various web3.0 assets, supports various cross-wallet conversions and transactions, and user asset transactions and swap.

We are committing to grow globally, such as Latam, Russia, Turkey, Korea, Japan, Southeast Asia, America, Europe, etc.

We’re running an Affiliate program and Toobitor program. The earlier you join us, the more benefits you can get.

As you can see, we’re professional, enthusiastic, and full of experience. We do believe that we will be the best within 1 year.

Everyone is welcome to be part of the Toobit fam!

How do we know the latest news of Toobit?

🔹 Twitter: https://twitter.com/Toobit_official
🔹 Telegram: https://t.me/Toobit_EN
🔹 TG Channel: https://t.me/Toobit_announcements
🔹 YouTube: https://www.youtube.com/@Toobit_official
🔹 Reddit: https://www.reddit.com/r/toobit/
🔹 Discord: https://dsc.gg/toobit
🔹 Facebook Page: https://www.facebook.com/toobitofficial
🔹 Facebook Group: https://www.facebook.com/groups/toobitofficial
🔹 Medium: https://medium.com/toobit-exchange

Part 2 — Questions from Twitter

Question 1 from @nirjonanis: I read on your website that Toobit is currently available for Android and iOS users, so my question is, are there plans or considerations to develop this amazing project for PC users too ? Is there any web version of Toobit?

The Toobit platform is also available on the web. You can be able to access the platform using any web browser by visiting https://toobit.com. If you are referring to the PC version app, we are also looking into developing one in the very near future. Stay tuned by following our social media channels.

Question 2 from @Nancy2003n: I’ve noticed that Toobit trading product features; Spot, Margin, Futures, etc. Similar to most CEXs in the market. So how to attract users and traders? What upcoming innovations it might bring to improve the user’s trading experience?

Back in April, we launched Copy Trading that allows our users to maximize their profits with minimum risks by following pro traders! Traders can earn additional profit through this, creating a win-win situation for both traders and followers. You can try our copy trading at https://www.toobit.com/en-US/copytrading.

To attract new users and traders, we continuously work on the marketing part and collaborate with different KOLs to help us promote and get more exposure in the crypto traders community. We also regularly run activities and campaigns to grow our community and reward our community members for their support of the platform.

Question 3 from @nirjonanis: Is there a KYC requirement for the transactions we will make on the Toobit Platform? What documents are required for KYC, if any? Finally, what are the transactions we can do without KYC?

Well, KYC is not really mandatory for Spot and Futures trading. If you complete basic KYC, you can withdraw up to 2 BTC per day. While if you complete advanced KYC, you can withdraw up to 50 BTC per day.

As for the documents for KYC, you need to prepare:
— A photo of your valid ID (front view)
— A photo of yourself holding your ID (front view) with a note stating your name, Toobit, and date of application.

Question 4 from @somrat6090: Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?

We currently do not have an ambassador program but this is in the plans and we are looking onto launching one very soon. Just kindly follow our social channels and stay tuned. More exciting news is coming soon.

Question 5 from @Alexa9348: was able to notice that they expanded their KYC to many other countries, including Venezuela, allowing them to operate on this great exchange, now I ask, are there still countries that cannot operate on Toobit? If so, will you work on including them all?

We do not offer services or products to Users in a few excluded jurisdictions including the United States, mainland China, Singapore, Quebec (Canada), Ontario (Canada), North Korea, Cuba, Iran, Crimea, Sevastopol, Sudan or any other jurisdictions in which we may determine from time to time to terminate the services at our sole discretion (the “Excluded Jurisdictions”).

Part 3 : Live Telegram segment

I’m a crypto newbie so is your project suitable for a beginner like me? or is only limited to professional users?

Toobit is for everyone, regardless if you are new in crypto and crypto trading or not. Our platform is suitable for all types of users. We do have a very user-friendly user interface. We also have a complete set of tutorials for new users in our support site at https://support.toobit.com/hc/en-us

Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??

As I have mentioned earlier as part of our plants, Toobit is very committed to grow globally. We will surely launch more local non-English community groups here in Telegram for our users who don’t speak English very well.

Currently, we have 3 local communities.
https://t.me/Toobit_Russia
https://t.me/Toobit_Turkey
https://t.me/Toobit_Korea

Can you share your social media links so we can keep ourselves updated?

I would love to re-share the links so that you guys can follow us and stay up-to-date. Please save the following links:

🔹 Twitter: https://twitter.com/Toobit_official
🔹 Telegram: https://t.me/Toobit_EN
🔹 TG Channel: https://t.me/Toobit_announcements
🔹 YouTube: https://www.youtube.com/@Toobit_official
🔹 Reddit: https://www.reddit.com/r/toobit/
🔹 Discord: https://dsc.gg/toobit
🔹 Instagram: https://instagram.com/toobitofficial
🔹 Facebook Page: https://www.facebook.com/toobitofficial
🔹 Facebook Group: https://www.facebook.com/groups/toobitofficial
🔹 Medium: https://medium.com/toobit-exchange

I am Already Using Multiple Exchanges And the Main Problem I Found is the Complex User Interface So have You Thought to Solve this Issue of Complex UI and UX and Is TOOBIT has User Friendly Interface ?Where I can get the latest updates or more information about the project?

Toobit has a very user-friendly UI and UX. We want our users to have a very nice user experience when using our platform. Complicated UI and UX will just make users so confused. We value user experience a lot. We are also very open to suggestions and feedback on how we can improve our user interface. Feel free to join our Discord server at https://dsc.gg/toobit and submit your feedback and suggestions there

🚀Can you provide more information about Toobit’s planned OTC trading? What cryptocurrencies are supported by the Toobit platform?

Thanks for asking this question. Well we don’t have the full details about this but we will surely announce it once things are definite already. We will surely provide you guys with the full details as soon as we can. Make sure to follow our channels to get updated all the time.

The AMA is now over ⚠️

Toobit x Crypto Challengers AMA Recap

Dear Crypto Challengers community,

Tanmay:

SV:

Part 1 — Introduction and questions from the host

Q1. Can you introduce Toobit to the community? What is your background and how did the team build your project?

Tanmay:

Q2. What products are available on the Toobit platform?

Tanmay:

Q3. Could you tell us what benefits can Toobit give to new users?

Tanmay:

Q4. Any advantages of Toobit compared to other exchanges?

Q5. What are your plans?

How do we know the latest news of Toobit?

Part 2 — Questions from Twitter

Question 1 from @nirjonanis: I read on your website that Toobit is currently available for Android and iOS users, so my question is, are there plans or considerations to develop this amazing project for PC users too ? Is there any web version of Toobit?

Question 2 from @Nancy2003n: I’ve noticed that Toobit trading product features; Spot, Margin, Futures, etc. Similar to most CEXs in the market. So how to attract users and traders? What upcoming innovations it might bring to improve the user’s trading experience?

Question 3 from @nirjonanis: Is there a KYC requirement for the transactions we will make on the Toobit Platform? What documents are required for KYC, if any? Finally, what are the transactions we can do without KYC?

Question 4 from @somrat6090: Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one?

Question 5 from @Alexa9348: was able to notice that they expanded their KYC to many other countries, including Venezuela, allowing them to operate on this great exchange, now I ask, are there still countries that cannot operate on Toobit? If so, will you work on including them all?

Part 3 : Live Telegram segment

I’m a crypto newbie so is your project suitable for a beginner like me? or is only limited to professional users?

Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project??

Can you share your social media links so we can keep ourselves updated?

I am Already Using Multiple Exchanges And the Main Problem I Found is the Complex User Interface So have You Thought to Solve this Issue of Complex UI and UX and Is TOOBIT has User Friendly Interface ?Where I can get the latest updates or more information about the project?

🚀Can you provide more information about Toobit’s planned OTC trading? What cryptocurrencies are supported by the Toobit platform?

Written by CRYPTO CHALLENGERS