US investors permitted
DOBI Trade Review
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of DOBI Trade consists of four parts: general information, fees, deposit methods and security.
DOBI Trade is a cryptocurrency exchange based in China launched in May 2018. In spite being relatively new and from a relatively nationalistic country, DOBI Trade has great liquidity (as further described below) and users from over 100 countries. It is available in four languages: English, Chinese, Korean and Japanese.
This exchange is different from most other cryptocurrency exchanges in the sense that it only offers trading in the following cryptocurrencies:
- EOS Token
- Moving Cloud Coin
- PolicyPal Network Token
- XinFin Network Token
- AICHAIN Token
- ABCC Coin
- Hercules Token
- Jesus Coin
- CYCLEAN Token
In spite of the limited number of cryptocurrencies you can trade here, the liquidity is deep (normally around USD 0.5 billion each day). At the date of writing this review (2 October 2018), DOBI Trade had the 16th highest 24 hour trading volume out of all exchanges in the world. It is also worth mentioning that their trading engine has a high processing speed (10,000 TPS, meaning it can execute 10,000 transactions per second), which is crucial for any day traders and all investors to whom trading speed is of the essence.
DOBI Trade is also available in app-format, for both Android and IOS.
In addition to being a cryptocurrency exchange, DOBI Trade also manufactures and distributes “ready-to-assemble cryptocurrency ATMs.” Moreover, DOBI Trade is also an exclusive reseller of Moving Cloud Coin (MCC)’s consumer wearables. The latter group also includes a limited edition DOBI Trade mining watch. You get rewards in the form of MCC tokens by simply moving!
As far as we can tell, US-investors can also trade here. We have not received any information to the contrary.
One of many other exchanges from China that you might be interested in if this exchange is not to your liking is BTCTrade.im.
DOBI Trade Fees
DOBI Trade Trading fees
This particular trading venue doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
UPDATED 20 NOVEMBER 2018: DOBI Trade’s flat fee is 0.30%-0.10% (dependent upon which cryptocurrency you are trading against). For instance, if you’re trading against BTC or ETH, the trading fee is a flat 0.10%. If you’re trading against NEW or executing OTC-deals, the trading fee is a flat 0.30%. The global industry average taker fees are around 0.25%, so whether DOBI Trade’s fees are below or above average depends upon which cryptocurrencies you are trading against.
DOBI Trade Withdrawal fees
DOBI Trade has a percentage based withdrawal fee, meaning that they charge you a percentage of the withdrawn amount when you withdraw.
UPDATED 20 NOVEMBER 2018: Their percentage charged is 0.30% (previously 0.50%). This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), ExcambioRex (0.10%), Gocio (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), iCE3X (0.50%), LEOxChange (1.00%), Trustdex (1.00%) and FreiExchange (2.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00003 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.03 BTC (extremely high). Please consider whether this withdrawal fee suits your own trading or not.
DOBI Trade does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
DOBI Trade Security
DOBI Trade’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges. However, this particular result may be inaccurate as the site returned an HTTP status code other than 200 (OK), when we ran the test. We will continue running Observatory-tests on this exchange and provide an update here when we are certain that the result is correct.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following 9 cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: