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.
UPDATE 30 September 2019: Over the last few weeks, we have received a number of emails from concerned traders at this exchange who claim to have been defrauded by the platform. In short, the allegations is that the exchange listed a fake blockchain project (RET) with no blockchain address. Then, they delisted it and relisted it on an exchange called fullbit.io. Fullbit.io is allegedly a scam exchange. DOBI Trade are currently promoting people to move their assets to fullbit.io and trade there instead.
As there are usually two sides to every story, we contacted DOBI Trade on 9 September 2019 to hear their views on this. They have still not responded. We feel that 3 weeks is plenty of time to respond to these types of allegations, and seeing as we haven’t receceived any response we feel that it is our duty to warn people about this exchange.
Accordingly, we strongly urge you to stay away from this exchange.
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 offers trading in many different cryptocurrencies that other exchanges don’t. The of supported cryptocurrencies above on this page is non-exhaustive and the exchange also supports other less known cryptocurrencies.
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.
This exchange also offers its service for mobile users. There is a DOBI Trade application that you can download and trade from in real-time. The application is for both Android and IOS. The app – like the exchange – has robust security and offers global trading.
The liquidity is very deep at this exchange (normally around USD 0.5 billion each day). At the date of first writing this review (2 October 2018), DOBI Trade had the 16th highest 24 hour trading volume out of all exchanges in the world. On the date of last updating this review (12 July 2019), the 24 hour trading volume had decreased to a little more than 0.10% of what it was on 2 October 2018. The 24 hour trading volume on 12 July 2019 was only USD 630,000). We do not have any explanation to this extreme drop in trading volume, but we will update here once we do have one.
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 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 cryptocurrency 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 ascertain that it feels right to you. The below is a picture of the trading view at DOBI Trade:
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. But if you will be focusing on trading BTC, ETH or DOB (the exchange’s own token), then you will only have to pay 0.10% and that is indeed very competitive.
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%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), iCE3X (0.50%), LEOxChange (1.00%) and Trustdex (1.00%).
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 C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually a fair bit above average when it comes to top crypto exchanges. The security score is even more impressive considering that a majority of all cryptocurrency exchanges in our Cryptocurrency Exchange List only receive an F-score in the Observatory-test.
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: