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 SaBi consists of four parts: general info, fees, deposit methods and security.
SaBi is a crypto exchange based in Abuja, Nigeria. It launched on 10 March 2019.
A crypto exchange from Nigeria is exciting, seeing as we only have 11 exchanges in total in our Exchange List from the African continent. Eight of them are registered in the Seychelles (DigiFinex, BaseFEX, Prime XBT, Livecoin, BitForex, Huobi, Remitano and BitMEX) and the two others (iCE3X and AltCoin Trader) are from South Africa. SaBi is thus the only Nigerian cryptocurrency exchange in our Cryptocurrency Exchange List.
Apparently, the co-founder is Mr. Peter Huang and the founder is a Mr. Lucky Uwakwe. The latter is educated at the university of Nicosia in Cyprus, which is the first university in the world to offer a Masters Degree in digital currency and blockchain technology.
The exchange promotes three things as main advantages with its platform. One, it has a diversified trading service (OTC, leveraged trading, crypto-to-crypto etc.). Two, it has what they claim to be superior technology support. Third, they have a “reliable multinational team”.
As many other exchanges, SaBi does not accept fiat currency deposits from US-investors on its platform. They only accept fiat currency deposits from investors from the following countries: China, South Korea , Canada, Russia, Britain, India, Australia, Switzerland, Brazil, Taiwan, NewZealand, Singerpore, Vietnam, Nerthaland, Hongkong, Nigeria, Indonesia, Philippine, Cambodia, Middle-east, Malaysia, Myanmar, Turkey. Cryptocurrency deposits are however accepted from users worldwide.
If you’re from any other country than the ones listed above and you’re looking to deposit fiat currency, don’t worry. Use our Exchange Finder to find an appropriate exchange accepting fiat currency deposits from investors from your country.
This exchange also offers OTC-trading in the following cryptocurrencies: BTC, ETH, EOS and USDT.
Partnership with Huobi
SaBi is apparently powered by Huobi and claim that their partnership with Huobi makes them stand out beyond “what is obtainable out there”. According to information to Cryptowisser though, SaBi is powered by Huobi Cloud and has the same liquidity and security as Huobi. We have not been able to independently verify any details of the Huobi partnership though so we recommend users to interpret this partnership statement by SaBi with caution.
SaBi 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 purchase interface at SaBi:
At this exchange, you can engage in leveraged trading. Leveraged trading can lead to massive returns but – on the contrary – also to equally massive losses.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD if you simply held Bitcoin. Now, as you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, there is potential for huge upside but also for huge downside…
SaBi offers between 2x to 5x leverage but only on a select group of cryptocurrencies. Leveraged trading is possible on 41 trading pairs out of the 240+ trading pairs available for regular exchange trading.
SaBi Trading fees
This trading platform has flat fees and charge both takers and makers 0.20%. These fees are slightly below the industry average which is arguably around 0.25%.
SaBi Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is 0.000812 BTC when you withdraw BTC. SaBi only charges you 0.0005 BTC, meaning that their withdrawal fee is approx. 40% lower than the global industry average.
For the sake of completeness, it can be worth mentioning here that SaBi – like most other cryptocurrency exchanges – does not charge any fees for deposits of cryptocurrencies.
SaBi lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and of course also by just depositing existing cryptocurrency assets. For instance, you can use any of the following payment services: Paynow, Paytm, Qiwi, IMPS, UPI or Interac e-transfer.
Seeing as fiat currency deposits are possible at this trading platform, SaBi qualifies as an “entry-level exchange”, making it possible for new cryptocurrency investors to take their first steps into the cryptocurrency world here.
According to information given to us here at Cryptowisser, SaBi’s security protocol is their number one priority. Apparently, the people in charge have more than 6 years of experience workgin with Huobi and Huobi Cloud.
This exchange has a security score of C-, when doing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is higher than industry average when it comes to top crypto exchanges. The majority of cryptocurrency exchanges in our Cryptocurrency Exchange List actually only receives an F when running the Observatory-test. Accordingly, this exchange is doing a good job with their security focus.
Finally, the exchange reviewed above has a large number of cryptos you can buy and sell. If that is an important factor for you in your choice of exchange, you could also check out the following exchanges: