So, why Cobinhood there is no fee...
Are you talking about https://cobinhood.com/ ICO?
I'd say that they're probably making that much money off their ICO, that there's no need for any fees in the near future.
Also, i believe they have told themselves that they will "underwrite" ICO's in order for them to generate revenue in the future.
"If you're a COBINHOOD ICO participant, then you will receive COB tokens which give you exclusive VIP privileges in COBINHOOD. When COBINHOOD underwrite ICOs, COB token holders will have the privilege to get future ICO tokens at lower rates than normal ICO participants.And the best part is, the actual rate may be as low as ZERO!" -Ken
I responded- "to clarify, all I get is a discount on future alt coins?"
Ken-"yes."
COBINHOOD will provide margin trading loans up to 10x leverage. And the loans will be subject to interest rates. Furthermore, in the near future, COBINHOOD will provide ICO underwriting service, and will charge a certain percentage of the tokens underwritten by COBINHOOD.
This is lifted from this blog post: https://medium.com/cobinhood/going-beyond-exchanges-how-cobinhood-aims-to-be-a-full-service-blockchain-based-fintech-company-a640516e5a8