A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Joyso consists of four parts: general info, fees, deposit methods and security.
Joyso is a decentralized exchange (DEX) launched in 2018.
When looking at the team behind Joyso, we can only obtain info on the three top managers, the CEO, the COO and the CTO. The website does not present any info on these managers respective experience either, so there’s definitely some room for more complete info here. But these are the guys in charge:
US-investors may not trade here today. Accordingly, if you’re a US-investor and you’re in love with Joyso, you’ll have to wait. In the meantime, use our Exchange Finder to find out which exchanges that support US-investors.
On the date of last updating this review (16 November 2019), CoinGecko reported that Joyso had no trading volume at all. Naturally, this info is quite worrying.
General Information on DEXs
DEXs are becoming increasingly more popular, mostly due to the following factors:
- They do not require a third party to store your funds, instead, you are always directly in control of your coins and you transact directly with whoever wants to buy or sell your coins.
- They normally do not require you to give out personal info. This makes it possible to create an account and right away be able to start trading.
- Their servers spread out across the globe leading to a lower risk of server downtime.
- They are essentially immune to hacker attacks.
However, DEXs normally have an order book with lower liquidity than their centralized counterparts and if you lose your password, it is probably lost forever.
Joyso 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. This is the trading view at Joyso:
Joyso Trading fees
Trading fees are naturally very important. 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. At this exchange, they don’t divide between takers and makers. Each party to a deal pay the same fee: 0.20% of the order value.
0.20% is in line with the current industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead. Maybe Joyso will follow that example as well, but for now the fees are sitting at 0.20% per trade.
Joyso Withdrawal fees
Joyso does not support trading in BTC, so they don’t have a BTC-withdrawal fee that we can compare against other exchanges’ BTC-withdrawal fees. Their ETH-withdraw fee, however, is 0.0006 ETH. This should be compared with other exchanges’ ETH-withdrawal fees in our Exchange List, such as EtherDelta (charging 0.0007 ETH per ETH-withdrawal), Allbit, Radar Relay and Kyber Network (all of them charging network fees, 0.004782 ETH per ETH-withdrawal) and Bilaxy and EthFinex (both charging 0.01 ETH per ETH-withdrawal).
In comparison with the above exchanges, Joyso’s withdrawal fees are unmatched – meaning that they are very competitive. Great work, Joyso!
This exchange does not accept any other deposit method than cryptos, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
The servers of DEXs spread out all across the globe. This is different from centralized exchanges that normally have their servers more concentrated. This spread-out of servers leads to a lower risk of server downtime and also means that DEXs are virtually immune to attacks. This is because if you take out one of the servers, it has little to no impact on the full network of servers. However, if you manage to get into a server at a centralized exchange, you can do a lot more harm.
Also, if you make a trade at a DEX, the exchange itself never touches your assets. Accordingly, even if a hacker would somehow be able to hack the exchange (in spite of the above), the hacker can not access your assets. If you make a trade at a centralized exchange, however, you normally hold assets at that exchange until you withdraw them to your private wallet. A centralized exchange can therefore be hacked and your funds held at such exchange can be stolen.
As this exchange is a DEX, we feel that it is right to give it a security score of A+ (regardless of its score in the Mozilla Observatory-test).
Finally, as mentioned above, this is a DEX. DEXs are still a minority in the crypto industry, with the centralized exchanges still dominating the field (mostly due to the better liquidity). In any event, if you’re looking for a DEX, you could also check out the following quite popular ones:
- Counterparty DEX
- Fcoin Exchange
- Switcheo Network