Exchange Review: BitYes

BitYes
  • Editor Rating
  • Rated 3 stars
  • 60%

  • BitYes
  • Reviewed by:
  • Published on:
  • Last modified: May 1, 2017
  • Trades
    Editor: 67%
  • Funding
    Editor: 48%
  • Compliance
    Editor: 42%
  • Platform
    Editor: 76%
  • Help & Support
    Editor: 80%

BitYes was launched as a subsidiary of Huobi, at the first anniversary of this Chinese exchange in September 2014. Huobi launched BitYes to specifically target international customers trading in USD.

Trades

The trading on the exchange is not very special. Users can buy and sell Bitcoin or Litecoin via limit orders only, and these cryptocurrencies can only be traded against USD and not against each other. Market orders, advanced order types or advanced products such as margin and Futures trading are not available. To this purpose, Huobi has actually launched another subsidiary BitVC which targets professional traders. But the users of BitYes are left with an incomplete exchange that offers minimal functionality even to nonprofessional standards. On a positive note, the execution fees on the exchange are very low. The bid-ask spreads will even go below 0.05 percent on the BTC/USD currency pair. For LTC/USD it is a bit higher, but still hovers around a low 0.25 percent. The website markets zero trading fees, but this is only the case during the first 30 (unverified users) or 90 (verified users) days. After this period they would be 0.05 to 0.20 percent per trade, which is still relatively low.

Funding

When it comes to account funding, the exchange relies on less than the traditional banking system. Despite being set up to accommodate customers trading in USD, it certainly wasn’t set up to offer these customers a user friendly experience. Even though wire transfers are slow and costly, they are still the standard for international transactions. At BitYes, wire transfer instructions are only given for amounts greater than $10,000 (this also requires user verification, otherwise deposits are limited at $1,000 per day). In all other cases, users are redirected towards EgoPay. EgoPay is a third party service, which has to be funded through yet another third party service. It should be clear that this route is not just a major inconvenience, but also not the fastest and cheapest alternative. BitYes itself does charges an additional deposit fee of 1 percent, and a withdrawal fee between 0.1 and 1 percent. It was noticed that the website is not consistent, as the help section mentions no deposit fee and a 3 percent withdrawal fee.

Compliance

BitYes is part of Bit International Financial Services Company, Ltd. The company is registered in Hong Kong (registration number: 62673849-000-01-14-2) and was established in February 2014. As previously stated, BitYes was not added until September 2014. Huobi is the parent company. Not being an expert in Chinese law, it is hard to tell what this means in terms of liability in case of events such a bankruptcy. Parent company Huobi recently passed a proof-of-solvency audit, showing it had more than 103 percent of total customer deposits in reserve. Even though this type of audits are still very minimal, it at least shows that Huobi is solvent and willing to offer financial transparency. The compliance score of BitYes is based on the assumption that the previous is also representative for this exchange.

Platform

One advantage of minimal functionalities is that it becomes easy to offer a user-friendly platform, which is what BitYes clearly succeeds at. The home screen has been well designed, and features a clear and simple menu that allows for easy navigation. Other pages do not seem to deviate from this standard. The only “flaw” in the design is that it is not responsive, which would make it more suited for mobile platforms. One interesting thing is that two factor authentication is not just available, it is required to enable this before it is possible to use the exchange. In terms of available tools the exchange could add some portfolio performance analysis tools and research amenities, as these are currently not available.

BitYes Trade

Help & Support

With minimal functionalities, it is also not that hard to write a help guide that covers everything. But even so, it was already seen that there are some minor inconsistencies. Apart from this, the English guide can be hard to read and might even require a second read with sentences such as “If any problems in use process, contact us please” and “Set password and confirm. Do not use only letters or numbers.” The English speaking support has not been tested, but if the guides are in any way representative then the communication is not likely to be flawless. It should be noted that customer support can be reached via telephone and Skype chat, as well as regular email, while most exchanges limit support to the latter option.