UPDATE 15 July 2021: When trying to access the website of LongBit today, we were unsuccessful. There has 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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LongBit is a cryptocurrency exchange registered in Hong Kong. It has been up and running since 2020.
We will have to start off this review with a disappointed statement. We feel that it is unfair to the people out there new to the crypto market, when crypto exchanges make grandisoe statements with little to no support. For instance, LongBit say on their website that they are "The world's leading digital currrency trading platform", and in the same area they proceed with saying that they are the "top exchange" with "the most active users". None of these statements, not a single one, can possibly be true.
On the date of first writing this review (19 February 2021), LongBit had a 24 hour trading volume amounting to USD 919.11 million, according to information from Coinmarketcap. Sure, this 24 hour trading volume is amazing. But, on the same date, there were 58 exchanges that according to Coinmarketcap had a higher 24 hour trading volume. Binance, for one, had USD 31.6 billion in 24 hour trading volume on the same date. So how can LongBit claim to be the top exchange with the most active users? This makes us disappointed.
Setting that aside for a minute, the platform also states that their number of users and their high liquidity are advantages with their platform. We have no objection to that statement. They also state that the platform is safe and stable, something which should also be very important for any prospective trader.
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 LongBit 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 LongBit though.
LongBit 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. Fortuntaly for them, LongBit is available as mobile applications for both Android and iPhone users.
LongBit 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 LongBit:
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.
LongBit 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. Normally, exchanges distinguishes 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.
At LongBit, the standard trading fees are 0.20% for takers and the same (i.e., no discount) for makers. 0.20% is in line with, or even slightly 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 the latest empirical study on the subject, the industry average taker fees were 0.217% and the industry average maker fees were 0.164% (for spot trading).
Consequently, LongBit's fees are below both of these industry averages.
LongBit Withdrawal fees
We have not been able to find any information on this exchange’s withdrawal fees. This is potentially a risk for you as an investor. Whenever an exchange does not inform of a fee, there is a higher risk that such fee is high. As soon as we receive information on the withdrawal fees at LongBit, we will update this review and post them here.
LongBit lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and also by just depositing existing cryptocurrency assets. Seeing as fiat currency deposits are possible at this trading platform, LongBit qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.