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Yunbi Review - is it scam or safe?

Yunbi Review - is yunbi.com scam or good cryptocurrency exchange?

RATING: 2 / 0 REVIEWS Yunbi
Yunbi is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Withdrawal Fee
Standard 1:1 0.00% 0.10% 0.02 BTC, 0.1% CNY

 

Yunbi is a Chinese cryptocurrency exchange, which also works with the local currency, Renminbi (CNY). That being said, they are not a pure entry-level company, as they also offer active altcoin trading.

 

Yunbi closed down trading in September, 2017 because of the Chinese exchange regulations. However, it seems that it has resumed its services. Although by the time of writing of this review it does not accept new clients temporarily, there are very recent nnouncements on its website regarding wallet maintenance, delisting of coins, etc.

 

 

Yunbi Advantages

 

Fiat accepted (CNY), bank transfers supported

This is an obvious advantage of any exchange, especially from a beginner’s perspective. Chinese investors are able to buy and sell Bitcoin and other cryptocurrencies directly with their local currency via bank account.

 

Low-cost trading

Yunbi has a very clear pricing and it actually seems attractively low-cost. Here are all the details:

 

 

It only charges market takers, and the fee is just 0.10% (and even 0.05% for BTC trades), while most exchanges charge at least 0.2%. Besides, this exchange does not charge anything extra on the deposits, including fiat ones.

Decent amount of altcoins

Currently, users of Yunbi can trade in Bitcoin, Ethereum, Ethereum Classic, Zcash, Siacoin, and BitShares. Previously, there were also a number of other coins available at the exchange, but ICO tokens (QTUM, EOS, DGD, REP, SNT, OMG, VEN, etc.) have been delisted due to regulatory reasons.

 

Some info on the company

Yunbi is owned and operated by YUNBI Technology Co., Ltd., which is based in Beijing, China.This may sound strange to some of you, but we consider the fact that Yunbi shares some corporate information on its website as an advantage, as many similar venues don’t.

 

2FA supported

Like most similar venues, Yunbi also supports the popular two-Factor Authentication via Google (simply known as 2FA). This security measure allows you to verify logins with a mobile app. This way, even if someone knows your e-mail and password, they will need access to your smartphone in order to hack your account.

 

 

Yunbi Disadvantages

 

Chinese company

The fact that Yunbi is a Chinese exchange is a negative which has two aspects. First, it is not that suitable for users outside Chine (although it seems to accept international bank wire transfers), given the fact that it only works with CNY and the website is available only in Chinese. Second, the regulatory situation in the country is a bit shaky, to say the least.

 

Fees on withdrawals

The charges on withdrawals at Yunbi are slightly higher than the ones at some other exchanges. The one for Bitcoin is 0.02, for example (and 0.01 ETH).

 

No leverage available

This is not a major disadvantage of Yunbi, as there aren’t many exchanges providing margin trading. Those of you who are looking for a bit of leveraged trading might check out some major exchanges that offer such (OKEx, Kraken) or consider using forex brokers.

 

 

>>Forex brokers, offering Bitcoin trading<<

 

 

These brokerages provide clients the ability to trade Bitcoin in the form of Contracts For Differance (or CFDs), which is very different from traditional BTC trading at exhanges. For the full story, read our guide.

 

Some negative comments

While doing our research on Yunbi, we came across a number of negative reviews on this exchange. Most of them mentioned slow or blocked transfers.

 

 

Conclusion

 

Yunbi is a Chinese low-cost exchange, which allows trading in solid amount of cryptocurrencies and also works with the local fiat currency. It seems that it has resumed operations after shutting down in September last year after the ban of ICOs in the country.

 

The legal environment in China is not very friendly towards cryptocurrency operators and they are certainly not regulated. Those of you who prefer trading with a regulated company might consider signing up with a forex broker that offers Bitcoin CFDs. Here is a list of some reliable and licensed ones:



>>Regulated Bitcoin forex brokers<<

 

Here is our summary of this review:

 

Pros Cons
CNY and Chinese bank transfers accepted Chinese company
Competitive fees Fees on withdrawal
Decent amount of altcoins No margin trading
Some info on the company Some negative comments
2FA supported  

 

Latest news about Yunbi
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Traders` reviews for Yunbi

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