Yobit: liquidity problem

[MrSpasybo 1049]

I joined and used Yobit since 2017, but until today I have had problems with this exchange.

 

In the past, I used to use TALK & sts to invest in some potential altcoins such as TOMO, WAVES, XEM... and the average price strategy is very well applied: I use TALK & sts to buy altcoins for small quantity every day, only a few cents in TALK or 5-10 USD in sts. However, when I want to trade a bit larger volume, about tens of USD, I have problems with Yobit's liquidity.

 

In addition to trading pairs with a volume of more than 1 BTC per day, most other trading pairs have a trading volume of just 0.1 BTC or only 5000 USD per day, which seriously affects liquidity when the buyer can't buy token at market price.

 

I used ETH to buy TOMO and coincidentally in the last order pushed the price of TOMO to 600% on Yobit. I don't really care about the crypto assets on Yobit, but I think the seller will be surprised when he meets a buyer who is thirsty for tokens ^^

 

High liquidity is an important feature of all exchanges, if Yobit have no strategy to get more users, list more tokens, have lower transaction fees, it is very difficult to develop and to expand the popularity of Yobit in crypto world. Currently, most traders know Coinbase, Binance, Huobi, Kraken, Latoken, Probit, KuCoin..., very few people know about Yobit - a reputable and long-standing exchange.

 

What do you think about the liquidity problem on Yobit? Have you ever encountered this problem when trading on Yobit yet? What solution do you think would be the best for Yobit to increase liquidity?

[Whited35 15285]

On 4/29/2021 at 7:06 AM, MrSpasybo said:

What do you think about the liquidity problem on Yobit? Have you ever encountered this problem when trading on Yobit yet? What solution do you think would be the best for Yobit to increase liquidity?

I use mostly top performing currencies like LTC, BTC, ETH, etc. on Yobit exchange and there is obviously no problem with the liquidity. I do not deny, there are possibly several shortcomings regarding the availability of the liquidity for several tokens so, exchange should also regularly monitor the low performing pairs and delist them from the exchange so that projects which have listed their coins or tokens will be also focused to higher liquidity provider companies. 

[MrSpasybo 1049]

7 hours ago, Whited35 said:

I use mostly top performing currencies like LTC, BTC, ETH, etc. on Yobit exchange and there is obviously no problem with the liquidity. I do not deny, there are possibly several shortcomings regarding the availability of the liquidity for several tokens so, exchange should also regularly monitor the low performing pairs and delist them from the exchange so that projects which have listed their coins or tokens will be also focused to higher liquidity provider companies. 

@Whited35 I think the best solutions are that Yobit should improve its features and reduce transaction fees from 0.2% to 0.1% or less. In such ways, Yobit will have more users and transaction volume will increase. Delisting tokens with low trading volume is a good solution, but I am afraid that by doing so, most tokens on Yobit will disappear ^^

[Whited35 15285]

7 hours ago, MrSpasybo said:

@Whited35 I think the best solutions are that Yobit should improve its features and reduce transaction fees from 0.2% to 0.1% or less. In such ways, Yobit will have more users and transaction volume will increase. Delisting tokens with low trading volume is a good solution, but I am afraid that by doing so, most tokens on Yobit will disappear ^^

No problem even such low performing huge numbers of Tokens will get disappeared from the exchange. It will be still better to have less number of crypto having a huge potential. Just have a look at Coinbase PRO 😁 ! In order to be a reliable exchange, so many requirements have to be fulfilled. I think 0.2% fee is still at the global standard but reducing fee can certainly help to increase the liquidity. 

[Ridam 7455]

On 4/29/2021 at 7:06 AM, MrSpasybo said:

What do you think about the liquidity problem on Yobit? Have you ever encountered this problem when trading on Yobit yet? What solution do you think would be the best for Yobit to increase liquidity?

I think you should trade them in the pair with more liquidity because some tokens have more liquidity in btc pair than the usd pair. So, you can buy btc with that and exchange it to the usd or any fiat you like to have. In some time there are no buy orders at the current price, but if you place your order then it would just take a matter of second to fill them. So in person, I don't have any issue with the liquidity. There are many features which are not available in other exchanges but they need to promote that to the big audience by giving a sponsorship to a youtuber just like other exchanges, and also organize a trading competition during that time in my view to increase the overall exchange performance and liquidity.

[BullRunBit 2773]

@MrSpasybo

You write that you use Yobit since 2017, you probably know that this problem has always been there (USD market).

And I dont understand why nobody did not mentioned that Yobit try to do something with YoDeFi, "Get YoDefi coins for liquidity (active sell or buy orders)".

I understand what you want to tell, but that exchange have liquidity must to have many users.

Yobit trying to attract more users with YoDeFi, Airdrops, IEO/ICO, Forum etc.

But after all that decision is on people, will they use some exchange or not. Yobit can only try to attract new users with something new like they do.