DOBI Trade Review | Crypto Exchange Review
What is DOBI Trade?
DOBI Trade is a new crypto trading platform based in China which was launched in May 2018. In addition to its web platform, users can also access the service via an Android and iOS app.
The company is a Shenzhen subsidiary of Btc51 Technology Development Co., Ltd. While the platform was launched not long ago it does have high liquidity. The service can be accessed by users from 100 countries. The site is translated into four languages: English, Chinese, Korean and Japanese.
The exchange offers support for a limited number of cryptos, the prominent ones being Bitcoin, Ethereum, Litecoin, and EOS, in addition to some lesser-known altcoins like Moving Cloud Coin, PolicyPal Network Token, XinFin Network Token, AICHAIN Token, ABCC Coin, Hercules Token, Jesus Coin, Cashcoin, and CYCLEAN Token.
The platform does not require 2FA authentication to be enabled to trade, but you can activate it from your account settings if you want. To have this option available, you must first install Google Authenticator.
In order to use the service, clients have to go through a Know-Your-Customer (KYC) verification process. All new users that have created an account must have their identity verified and upload a photo of their passport (of both sides).
DOBI Trade accepts the following types of documents:
- The Chinese Mainland ID Card (for Chinese residents)
- Passport or Foreign ID Card (for foreign users)
- Driver’s license
The users must also take a photo of himself holding with a piece of paper which has the address of the exchange (dobitrade.com) written on it.
The account verification process usually lasts around 24 hours.
DOBI trade users must also set a trading password. This can be done by accessing “My Account” and clicking on “Set” which is available in the corresponding section. This is an additional security layer which increases your account’s protection.
DOBI Trade uses a fee system which is based on percentages, meaning that when you withdraw, a percentage of the withdrawn amount represents the fee.
DOBI Trade’s flat fee is between 0.30%-0.10% which can vary depending on which cryptocurrency you trade against. For instance, if you are trading against BTC or ETH, then the fee incurred is of 0.1%, while trading against newer altcoins applies a fee of 0.3%.
The withdrawal fee charged is 0.30% (previously 0.50%). Most exchanges incur a fixed fee for withdrawals which is the same regardless of the amount withdrawn.
Considering the fee model of this exchange, withdrawing smaller amounts is more to your advantage. If you withdraw less, then the fee is also lower, but when you withdraw a higher sum, then the fees can get very high.
Fiat currency deposits are not accepted at DOBI Trade. This means that new users to the crypto game that do not own any kind of coins are not able to use the service. This means that you first have to access an entry-level exchange, an exchange that supports fiat deposits, and then use the crypto bought there to trade on this exchange.
DOBI Trade also does not accept debit card payments to fund your account as you first have to buy crypto from another exchange in order to be able to trade on this exchange is quite a hassle.
Transaction Limits & Liquidity
DOBI Trade imposes some withdrawal limits but the site’s guides do not state which is the maximum amount a user can withdraw to his/her account. Should the user surpass these limits, this might result in the withdrawal being delayed, as the funds will probably be verified manually.
The exchange has been reported to have very high liquidity as well as high trading values, but these values can be quite misleading.
The exchange has a form of customer support through the use of its email address, but it has been reported that it is very slow to responses, as the waiting time for a reply was three days. This is quite a long time, and it can get really frustrating if no one answers you if there are issues with your account or transactions.
Users that have issues can contact the exchange through its official email address – firstname.lastname@example.org.
DOBI Trade is still a new crypto exchange, with rather high fees and few currency options. It does have high liquidity, but this can be a result of trading operations. All in all, there are better options you can consider.