Score
易币付YIBIFU
Singapore
2-5 years
Suspicious Regulatory License|
Medium potential risk
https://www.yibifu.net/
Website
Exchange License
WikiBit Risk Alerts
1It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!
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Keywords
Time Machine
White Paper
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New Arrival
https://www.yibifu.net/
https://www.yibifu.net/?lang=cn
https://www.yibifu.net/?lang=hk
https://twitter.com/yibifuexchange
https://www.facebook.com/yibifuexchange
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易币付YIBIFU User Reviews
| Aspect | Information |
|---|---|
| Company Name | YIBIFU |
| Registered Country/Area | Singapore |
| Founded Year | 1-2 years |
| Regulatory Authority | No Regulation |
| Cryptocurrencies Available | 133 cryptocurrencies |
| Fees | Taker Fee: 0.1%, Maker Fee: -0.05% |
| Payment Methods | Bank Card, WeChat, Alipay |
| Customer Support | Twitter , Facebook |
Overview of YIBIFU
Founded approximately 1-2 years ago, YIBIFU is a cryptocurrency exchange registered in Singapore. Operating without known regulatory oversight, the platform offers a range of 133 cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, and others, with trading volumes spanning from 100 million to 500,000 coins daily. While lacking disclosed security measures, users are advised to prioritize exchanges with robust security protocols. Registration details and security practices remain undisclosed. Notably, the exchange charges a taker fee of 0.1% and a maker fee of -0.05% for cryptocurrency trading, along with varying withdrawal fees for both cryptocurrencies and fiat currencies.
Pros and cons
| Pros | Cons |
|---|---|
| Low fees for maker orders (-0.05%) | High fees for taker orders (0.1%) |
| Good selection of cryptocurrencies (133) | Not as well-known as some other exchanges |
| Supports fiat currency trading | Not regulated by any major financial authority |
| Anonymous trading possible | Deposit fees are high for some methods (e.g., credit cards) |
| Offers a variety of trading options and order types | Some users have reported problems with the platform (e.g., slow customer support) |
YIBIFU presents several advantages and drawbacks. On the positive side, it offers a favorable maker fee of -0.05%, an extensive range of 133 cryptocurrencies, and the option for fiat trading. Additionally, anonymous trading is feasible, and the platform supports various trading options and order types. However, the exchange faces challenges, including higher fees for taker orders at 0.1% and limited recognition compared to more established platforms. It operates without regulation from prominent financial authorities, and deposit fees can be substantial for certain methods, such as credit cards. Moreover, there have been user reports citing issues with the platform, notably slow customer support.
Regulatory Authority
The regulatory situation of YIBIFU is currently unknown, as the regulatory authority governing the exchange has not been disclosed. This lack of regulation can have several disadvantages for traders.
Security
YIBIFU emphasizes security with multiple protective technologies to ensure the safety of users' digital assets, providing a wallet management experience that inspires confidence. The platform also features strict risk control measures and a 24/7 customer service to create a worry-free OTC trading environment. However, users should remain vigilant against potential scams, as YIBIFU has warned of fraudulent activities where criminals impersonate the company's staff. It is advised to verify any suspicious communications through the official app's customer service and to never share personal account information.
Cryptocurrencies Available
YIBIFU offers a total of 133 cryptocurrencies. Here are some examples:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- USD Coin (USDC)
- XRP (XRP)
- Terra (LUNA)
- Cardano (ADA)
- Solana (SOL)
- Dogecoin (DOGE)
- Avalanche (AVAX)
The prices of the coins range from $0.10 (Dogecoin) to $42,000 (Bitcoin), with the volume of trading ranging from 100 million (XRP) to 500,000 (Binance Coin) coins per day. The market capitalization of the coins ranges from $9 billion (Dogecoin) to $800 billion (Bitcoin).
How to open an account？
The specific registration process of YIBIFU is unknown as the company does not disclose detailed information about their registration procedures. However, typical registration processes for virtual currency exchanges often involve the following steps:
1. Visit the YIBIFU website: Go to the official website of YIBIFU and locate the registration/sign-up page.
2. Create an account: Provide the necessary information such as email address, desired username, and password to create a new account.
3. Verify email address: Check your email inbox for a verification link sent by YIBIFU. Click on the link to verify your email address.
4. Complete KYC process: Follow the instructions provided by the exchange to complete the Know Your Customer (KYC) process. This typically involves submitting personal identification documents and proof of address.
5. Set up security measures: Enable two-factor authentication and set up additional security measures offered by YIBIFU to enhance the security of your account.
6. Start using the platform: Once your account is verified and all necessary steps are completed, you can start using the YIBIFU platform to trade virtual currencies and access its features.
Please note that this description is a general outline of the registration process, and the specific steps may vary depending on the policies and procedures implemented by YIBIFU.
Fees
YIBIFU charges a taker fee of 0.1% and a maker fee of -0.05% for cryptocurrency trading. There are no maintenance fees or other fees.
| Volume | Taker Fee | Maker Fee |
|---|---|---|
| Up to 10,000 USDT | 0.1% | -0.05% |
| 10,000 - 100,000 USDT | 0.08% | -0.03% |
| 100,000 - 1,000,000 USDT | 0.06% | -0.02% |
| Above 1,000,000 USDT | 0.04% | -00.01% |
Payment Methods
YIBIFU charges a flat fee of 10 USDT for cryptocurrency deposits. There are no fees for fiat currency deposits.
The withdrawal fees for cryptocurrencies vary depending on the coin. For example, the withdrawal fee for Bitcoin is 0.0005 BTC, while the withdrawal fee for Ethereum is 0.008 ETH.
The withdrawal fees for fiat currencies also vary depending on the currency. For example, the withdrawal fee for USD is 10 USD, while the withdrawal fee for EUR is 5 EUR.
| Payment Method | Buy | Sell | Deposit | Withdraw | Speed |
|---|---|---|---|---|---|
| Bank Card | Yes | Yes | Yes | Yes | Slow |
| Yes | Yes | Yes | Yes | Fast | |
| Alipay | Yes | Yes | Yes | Yes | Fast |
Customer Support
YIBIFU's customer support is accessible through their Twitter (https://twitter.com/yibifuexchange) and Facebook (https://www.facebook.com/yibifuexchange) pages, offering responsive assistance with inquiries and issues.
Compare to Other similar Brokers
Among the listed brokers, YIBIFU offers 133 cryptocurrencies for trading, with fees of Taker: 0.10% and Maker: -0.05%. Its account minimum is $10, with no specific promotions. In comparison, Binance provides over 500 cryptocurrencies, similar fee structure, and up to 50% trading fees rebate. Coinbase offers 100+ cryptocurrencies with higher fees, while Kraken offers around 50 cryptocurrencies, a fee structure of Taker: 0.26% and Maker: 0.16%, and no account minimum.
| Feature | YIBIFU | Binance | Coinbase | Kraken |
|---|---|---|---|---|
| Cryptocurrencies | 133 | 500+ | 100+ | 50+ |
| Amounts | Up to 100 BTC | Up to 100 BTC | Up to 50 BTC | Up to 100 BTC |
| Fees | Taker: 0.10%, Maker: -0.05% | Taker: 0.10%, Maker: -0.04% | Taker: 0.50%, Maker: 0.40% | Taker: 0.26%, Maker: 0.16% |
| Account minimum | $10 | $10 | $25 | $0 |
| Promotions | None | Up to 50% trading fees rebate | Up to $100 in Bitcoin | None |
FAQs
Q: What is the regulatory status of YIBIFU？
A: YIBIFU currently operates without regulation, and the governing authority remains undisclosed.
Q: What are the potential risks of using an unregulated exchange like YIBIFU？
A: Unregulated exchanges may lack security measures, be susceptible to hacking, and have a higher risk of fraud, scams, and disputes.
Q: How can traders mitigate risks associated with unregulated exchanges like YIBIFU？
A: Traders should conduct thorough research, opt for regulated exchanges, practice risk management, and stay updated on regulations.
Q: What security measures does YIBIFU have in place？
A: YIBIFU's security measures are undisclosed, making it important for users to prioritize exchanges with transparent security practices.
Q: How many cryptocurrencies does YIBIFU offer, and what are some examples？
A: YIBIFU offers 133 cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, and others.
Q: What are the steps to open an account on YIBIFU？
A: Though specific steps are undisclosed, the general process involves visiting the website, creating an account, verifying email, completing KYC, and setting up security measures.
Q: What are the fees associated with trading on YIBIFU？
A: YIBIFU charges a taker fee of 0.1% and a maker fee of -0.05% for cryptocurrency trading, with varying rates based on trading volume.
7 ratings