Toobit review
Toobit is a centralized cryptocurrency exchange launched in October 2022, offering spot trading, USDT- and USDC-margined perpetual futures, simplified 'Lite Perpetual' contracts, copy trading, an instant-swap product and event/prediction markets. The exchange markets zero-fee spot trading and futures leverage up to 200x on major pairs. It is registered in the Cayman Islands and has registered as a Money Services Business with US FinCEN, but has no publicly confirmed primary trading license from a major financial regulator. CoinGecko records no major hack or fund-loss incident to date and rates it 8 out of 10 on trust, though third-party reviewers note persistent user complaints about withdrawal delays. As a roughly three-year-old platform, it has a shorter track record than established exchanges.
Toobit key facts
- Website: www.toobit.com
- Category: Centralized cryptocurrency exchange (CEX), derivatives-focused
- Founded: October 2022
- Headquarters: Cayman Islands
- Regulatory status: Registered as a Money Services Business with US FinCEN; no confirmed primary trading license from a major financial regulator
- Products: Spot trading, USDT-M/USDC-M perpetual futures, copy trading, DEX+ instant swaps, event/prediction markets
- Trading fees: Zero-fee spot trading advertised; futures from roughly 0.02% maker / 0.05% taker
- Supported assets: 530+ cryptocurrencies across roughly 536 spot trading pairs (CoinGecko)
- Leverage: Up to 200x on major perpetual pairs such as BTC/USDT and ETH/USDT
- CEO: Ray Lee
- FYI Score: 86.5/100 (ranked #10 of the 48 crypto exchanges we track)
Trading fees
- Zero-fee spot trading and conversions, as advertised on the official site
- Futures/perpetuals priced around 0.02% maker and roughly 0.05% taker on standard tiers
- Tiered VIP program (non-VIP through VIP 6) based on 30-day trading volume, lowering fees further
Supported assets
- 530+ cryptocurrencies across roughly 536 spot trading pairs (CoinGecko)
- BTC/USDT is the most actively traded pair
- Assets span 15+ blockchain networks
Products
- Spot trading with zero advertised fees
- USDT-margined and USDC-margined perpetual futures, plus a simplified 'Lite Perpetual' contract format
- Zero-slippage copy trading, an instant-swap 'DEX+' product, TradFi-linked futures (precious metals/stocks), and event/prediction markets
- Automated grid and DCA trading bots
Security & regulation
- Registered as a Money Services Business (MSB) with US FinCEN; not confirmed to hold a primary trading license from a major financial regulator
- Cayman Islands-registered, offshore structure
- ISO/IEC 27001:2022-certified security infrastructure with third-party audits (Hacken)
- Publishes monthly proof-of-reserves; CoinGecko records no major hack or fund-loss incident to date
Markets
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Who Toobit is for
Toobit suits active derivatives traders who want zero-fee spot trading and high leverage and are comfortable using an offshore, unlicensed platform with a relatively short operating history and reported withdrawal complaints.
Pros
- Zero-fee spot trading and competitive futures fees (around 0.02% maker / 0.05% taker)
- Broad product range for a young exchange: spot, multiple futures formats, copy trading, an instant-swap product and prediction markets
- ISO/IEC 27001:2022-certified security program with monthly proof-of-reserves and third-party audits
- No major hack or fund-loss incident recorded to date (CoinGecko)
Cons
- Cayman Islands-registered offshore exchange with no confirmed primary trading license from a major financial regulator; its only confirmed US registration is an administrative FinCEN Money Services Business filing, not a trading license
- Offers up to 200x leverage on major perpetual pairs, a materially higher risk profile than most regulated venues
- Third-party reviewers report persistent user complaints about withdrawal delays and limited fiat on/off-ramp options
- Launched in October 2022, giving it a shorter operating track record than established exchanges
Toobit FAQ
Is Toobit regulated?
Toobit is registered in the Cayman Islands and has registered as a Money Services Business (MSB) with the US Financial Crimes Enforcement Network (FinCEN). That registration is an anti-money-laundering filing, not a trading license, and there is no public confirmation that Toobit holds a primary trading license from a major financial regulator.
Is Toobit safe?
Toobit publishes monthly proof-of-reserves and holds ISO/IEC 27001:2022 security certification, and CoinGecko records no major hack or fund-loss incident to date. Third-party reviewers, however, note persistent user complaints about withdrawal delays, worth weighing given the exchange's short operating history and offshore, unlicensed structure.
What are Toobit's fees?
Spot trading and conversions are advertised as zero-fee. Futures/perpetual contracts are priced around 0.02% maker and roughly 0.05% taker on standard tiers, with a VIP program (non-VIP through VIP 6) offering further discounts at higher trading volume.
Who founded Toobit?
Toobit launched in October 2022. Ray Lee is identified in public professional profiles as its founder; the company has not published extensive detail on its founding team.
Compare Toobit with other crypto exchanges
See all crypto exchanges ranked by FYI →
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