Complete Guide to Roobic: Transparent Crypto Trading, Staking, and Loans
There’s no denying that the crypto exchange industry is a hotly contested space. With giants such as Binance, Coinbase, and Kraken dominating the sector for the best part of a decade, it’s been difficult for any smaller companies to gain a foothold. However, Roobic, an EU-based exchange, looks set to break the mold by offering a refreshingly transparent service to its users, amongst a whole host of other benefits.
With a unique business model and the potential to offer significantly higher returns to its users through its innovative staking features, Roobic is certainly one of the standout alternatives to mainstream exchanges. On that note, let’s take a look at some of Roobic’s key offerings.
What does Roobic offer?
OTC trading with transparent fees
Roobic’s primary service is the facilitation of OTC crypto trading for both business and retail investors. After previously working on several blockchain projects, the Roobic team saw that the crypto market (particularly the exchanges) had several key areas causing problems for their customers. One of the most troubling was the lack of transparency regarding fees.
Things such as deposit/withdrawal fees, exchange fees, network gas, currency conversion spreads, and wallet fees are always these exchanges utilize to extract more value from their customers. Far too often, these charges are obscure and not clearly defined. This leads to confusion and disappointment when customers check their balance after a transaction.
With this in mind, the Roobic team set about creating a fully transparent OTC service that offers a full and clear breakdown of the fees before every transaction. In other words, you get exactly what it says on the tin, and that is something of a rare commodity in the crypto world. Currently, the only fees that Roobic chargers are 2.99% for currency conversion and 0.45% for blockchain withdrawals. Roobic does not charge a fee for fiat withdrawals and deposits.
Staking is the act of committing your crypto assets to support a blockchain network and confirm transactions. In return, you will receive a reward from the network, which typically arrives in the form of a percentage yield on the number of coins that you staked. This means you will get more back from your investments and can even act as a source of passive income. While this is far from a new concept, Roobic has engineered a way to deliver high returns to its users since the platform uses previous knowledge to act as a ‘validator” on the network.
Crypto loans are a relatively new phenomenon that have begun to hit the mainstream in recent years, especially with the rise of DeFi. However, one of the main issues in the industry has been the fact that the collateral rates offered by lenders have been extremely high (sometimes 3-4x higher than the average in the fiat world). Once again, Roobic has developed a solution to these issues, offering fiat loans with crypto collateral at the client’s discretion instead of a mandatory requirement that is often out of reach of the average borrower.
This flexibility creates an open market where the borrower and lender can find a happy medium between the amount borrowed and the level of collateral. Of course, it’s worth noting that low collateral loans in the crypto space are inherently riskier due to the nature of the market. With such high levels of volatility, there is an increased risk of loans becoming liquidated due to the level of collateral not covering the principal of the loan.
Roobic offers a noncustodial multi-currency crypto wallet that provides a safe place to store your assets. Unlike most of its competitors, Robotic hands over full control to the user, enabling them to easily store, send and receive digital currencies with no commission or hidden fees. If you’re concerned with security, then this feature should give you extra peace of mind in knowing that you can fully protect your investments from malicious attacks. Furthermore, even if the Roobic exchange goes down, you will still be able to access and transfer your coins, which is something that probably cannot be said for the vast majority of the leading exchanges out there.
How does Roobic stack up against the competition?
While Roobic may not have a diverse range of investment options compared to Binance and Coinbase, their transparent, low fee service is worth considering for those looking to get the most out of their investment capital. Moreover, the unique staking and crypto loan features offered by Roobic are some of the most innovative in the industry, giving both stakers and borrowers the potential to earn and save more than with many of the leading services.
As some of you are likely aware, sending and receiving fiat funds from multiple banks and jurisdictions is not common with larger exchanges, at least not without a lengthy and time-consuming KYC process that can take days or even weeks to complete. To make matters worse, many users are extremely limited with their deposit and withdrawal options, making it complicated to actively participate in the market without facing some sort of constraints.
Fortunately, users all around the world can legally use Roobic’s service thanks to them being based in the EU. Having access to the EU banking infrastructure, Roobic can engage with clients from all over the world, thus providing investors with much greater flexibility with their deposit and withdrawal options and offering a much more simplified service.