Flybit Exchange Review
What is Flybit Exchange?
Flybit Exchange is a platform from South Korea and has been operating since 2017. It's available in three languages: English, Korean and Chinese.
Trading volume and order book depth is very important for any trader as it ensures that he/she can sell/buy whenever he feels like it and won't get stuck holding positions that he/she would like to divest but can't due to poor liquidity.
On the date of first writing this review (17 June 2021), Coinmarketcap reported a 24 hour trading volume for Flybit Exchange of USD 3.8 million. On the date of last updating this review (2 December 2021) this was as low as USD 14,595.
Flybit Exchange Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. Fortunately for them, Flybit Exchange is available in mobile format (at least for Android users).
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear to us whether Flybit Exchange permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Flybit Exchange though.
Flybit Exchange Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Flybit Exchange:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Flybit Exchange Fees
Flybit Exchange Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Flybit Exchange charges what we call flat fees, meaning that both the takers and the makers pay the same fee when it comes to spot trading: 0.10%. These spot trading taker fees are a bit below the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.215% and the corresponding spot trading maker fees were 0.162%.
Flybit Exchange Withdrawal fees
Flybit Exchange charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. The current global industry average is 0.00053 BTC per BTC-withdrawal according to this report, which is the latest such report prepared on the subject to our knowledge. Accordingly, the withdrawal fees charged by this platform are on the high end.
On the date of first writing this review (3 February 2022), 0.001 BTC corresponded to USD 36.46.
To our understanding, in order to trade here, you must have cryptocurrency to begin with. The only asset class you can deposit to Flybit Exchange is cryptocurrency. However, if you really like Flybit Exchange but you don’t have any crypto yet, you can easily start an account with an exchange that has “fiat on-ramps” (an exchange where you can deposit regular cash), buy crypto there, and then transfer it from such exchange to this exchange. Use our Exchange Filters to easily see which platforms that allow wire transfer or credit card deposits.