UPDATE 1 November 2021: When trying to access the website of Daybit today, we were unsuccessful. We only see this:
There have been no preceding messages on system maintenance or new websites or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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Daybit is an exchange from South Korea that launched in 2018. South Korea is – together with Hong Kong, USA and the United Kingdom – one of the bigger country players in the crypto world. It is the home of two dozen other exchanges listed in our Exchange List. A few of them include Coinbit, Cashierest, Coineal, Allbit, Bithumb, Coinone, Korbit, GDAC, Upbit and CITEX.
The company behind this platform is the Korean company Chain Partners Inc.
The platform is available in English and Korean.
As far as we can tell, US-investors can trade here. But, US-investors should do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may be prohibited by state laws to trade wherever they want to.
If you look at the trading volume of this particular platform, it is a bit low. Although we don’t have any data from coinmarketcap.com to rely on, CoinGecko reports that the 24 hour trading volume on the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19) was USD 80,403. This trading is very low and we think it is somewhat of a red flag. Keep this in mind before opening an account here.
Daybit Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at Daybit:
Daybit Trading fees
Trading fees are very important. There are a number of top crypto exchanges who don’t charge different fees between takers and makers. Usually, it is called that such exchanges’ trading fees are “flat”. Daybit is one of the exchanges that charges flat trading fees. Their flat trading fee is 0.25%.
The global industry average has for a long time been 0.25%, but we are now seeing a shift towards much lower trading fees. The new industry averages that are emerging seem to be 0.10%. In light of this, Daybit is a bit on the high end when looking at its trading fees.
However, there is an easy way to lower the trading fees even more, namely buy holding DAY tokens (the exchange’s native token). If you hold 2 million DAY tokens or more, you only have to pay 0.01% in trading fees at the platform. Here is the full table:
Daybit Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of crypto units withdrawn), and varies from crypto to crypto. Normally, the withdrawal fee is a fraction of the withdrawn crypto amount. This means that if you withdraw a certain amount of BTC, then you have to pay a smaller amount of BTC in withdrawal fees. At Daybit however, they list the withdrawal fees in USD (the fiat currency). This is a bit unusual. The dollar amounts varies from crypto to crypto, as follows:
It does say however on the exchange’s website that the withdrawal fee will automatically be converted to the crypto with the same value as above. We assume that the reason for this structure is that the USD is less volatile than the BTC and that the exchange by charging withdrawal fees in USD have created some form of hedge against the crypto market.
On the date of writing this review (12 October 2019), 5 USD equals 0.0006 BTC which is roughly 30% below the global industry average (0.000812 BTC).
To conclude on the fees, the fees at Daybit are a bit below industry average. Good work, Daybit!
Daybit does offer fiat currency deposits, but you can’t deposit via credit card. Also, you can only deposit KRW (Korean Won). So, if you for any reason would prefer to deposit to your choice of trading platform via your credit card, or through any other fiat currency then the KRW, then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits and other fiat currencies simply by using our Exchange Finder tool.
However, as Daybit at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.