The exponential rise in crypto trading and conversion to digital assets has given various cryptocurrency trading platforms a fresh demographic of users. Now, the new users being beginners, might find it cumbersome to navigate their way through multiple brands and look for the ones they are interested in. The more choices there are, the more things one needs to consider while finding the right platform for themselves and their requirements. Safety, simplicity, terms, rights, etc., are only some of the options one has to learn about before narrowing down to the company and a platform of their preference.
Scooping their way for the most major financial markets emerges a name, Bitrue. And like any other advanced online platform, it needs its brief and thorough Bitrue exchange review. So, let’s start with a quick peek at this Singapore-based cryptocurrency platform.
BKEX Summary
Official Website | |
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Headquarters | Singapore |
Found in | 2016 |
Native Token | Yes |
Listed Cryptocurrency | 114 |
Trading Pairs | 1000+ |
Supported Fiat Currencies | USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN |
Supported Countries | Worldwide with few exceptions |
Minimum Deposit | N/A |
Deposit Fees | 3.5% per transaction for credit card |
Trading Pairs | 160+ |
Trading Fees | 0.098% to 0.28% per trade |
Withdrawal Limit | Daily withdrawal limit is 100 BTC |
Withdrawal Fees | Takes a Variable Fee |
APY | Up to12% |
App | Yes |
Customer Support | Submit a request form & FAQs |
Understanding Bitrue
Bitrue is a crypto exchange and a digital asset management platform. It is one of Ripple’s recommended exchanges for the crypto trading platform and XRP trades. Bitrue is an all-in-one platform where users can use their Bitrue accounts to buy/sell, exchange, and deposit/withdraw crypto, and blockchain-based digital assets. Bitrue is a one-stop trading platform, and it is known for its transaction speed.
Bitrue is also one of the first exchange(s) to offer loans supported and backed by crypto and blockchain. This provides an unparalleled system for crypto enthusiasts. With their trust token across five continents, Bitrue inspires trust and a sense of safety in the individuals who use this trading platform. Crypto exchanges have previously spread their functionalities over various apps, but Bitrue brings it all to one platform.
Is Bitrue Legit & Regulated?
Like most crypto exchanges, Bitrue claims to operate within the bounds of its registered nation, Singapore. The company’s website has undergone breaches, though they stay functional and competitive with more than 4.2 millions users accounts. Security experts suggest that there is a need for security improvement.
Bitrue cryptocurrency trading platform allows individuals to trade throughout Europe, the United States, Japan, Canada, and a few more countries. One thing to mention would be that some of their unique or outstanding features might not be as regulated, even though the brand has a massive net of trust tokens.
Key Features of Bitrue
- It offers higher incentives as compared to most of the competition. The trading fees for various transactions are also some of the lowest in the industry. It is also one of the first crypto exchanges to offer the crypto loan, with an annual percentage rate of 15% percent being the expected interest rate. Allows users to earn interest on their crypto through their service/product named Power Piggy.
- Now, the assets you monitor on most other exchanges can leverage to earn more by joining the community of Bitrue. Recommended by Ripple Labs (the team that created XRP cryptocurrency) is undoubtedly a vast ‘go-ahead’ for the beginners who are creating their Bitrue account. The option for BTR lockups is also there for storing digital currency (however, fiat currencies depository is not supported).
Bitrue: Pros and Cons
Pros | Cons |
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Bitrue Sign-Up Process
It’s a welcoming experience as you start to begin with the best exchange for your specific needs. New users can sign up/register using their email and phone number.
Security of your Bitrue account relies on a two-step verification process that aims to protect the history of any transaction or other critical information and control tools. Two primary methods to deposit digital funds and investment include credit card deposits and other online methods for transferring money.
Is Your Bitrue Account Safe?
User safety and the confidentiality of the information is claimed to be on top priority for the brand. Bitrue also has a multi-signature cold wallet that you can use to increase the security of your assets. The third-party verdict is split when it comes to the security rating. Some reviews tend to make it a good recommendation, while others advise keeping looking.
However, some of the vulnerabilities in the system have been exploited in the past, although the exchange remained afloat and recovered due to its popularity and unique attributes.
Was the Bitrue Account Hacked in the Past?
Bitrue trading platform, like the majority of all other exchanges, has a mobile application. The app is available for both Android phones and iOS devices on their respective mobile app stores. Bitrue app enables you to have a reliable and close relationship with all your assets, including your cold wallets and bitcoin cash.
Mobile apps can also exchange Bitcoin, USDT, XRP, Ethereum, Litecoin, and dozens of different altcoins following the web-based functionalities. As a platform with a highly responsive and smooth user interface, one can also keep up with the latest news about their highly volatile and digital assets.
Bitrue, like other exchanges, has an API for those who want to analyze the information in their fashion. API stands for Application programming interface, which can send out a string of any desired information between two devices.
How To Buy and Sell Cryptocurrency on Bitrue?
Buying
Any transaction for buying is a simple and easy process. Users can either use the website or the app for mobile phones to buy. Once you log in to your Bitrue account, you can simply choose the cryptocurrency you are in the market for. Bitrue supports various cryptocurrencies and other blockchain-based assets that you can buy from your account.
Users can purchase cryptocurrency on Bitrue with their credit cards, and they are assured to be deposited in your wallet within an hour. The fee is 3.5% per transaction or 10USD, whichever is higher. In simpler words, you will likely be paying 3.5% if you are a high-volume trader.
Selling
Similar to buying, selling is an intuitive process. From your app, you can choose the ones you wish to sell and initiate the transaction. The exchange rate may vary, and it is advised to double-check your trading pairs and crypto-assets. The XRP community is among the most popular when it comes to buying and selling on Bitrue.
How to Borrow Bitcoin on Bitrue?
Bitrue offers a digital loan that is based on blockchain and backed by crypto. The interest rates can be assumed to be around 15%. You can borrow bitcoin on the platform, and it will be reflected in your best crypto wallet. Consider this similar to a wire transfer backed by crypto and not your traditional bank (traditional wire transfers are not supported). You can check the most popular bitcoin loan sites here for more details.
As digital lending is the leading service provided by the crypto exchange, it has various methods to make the transaction. With flexible payment methods and no delivery deadline, borrowing Bitcoin is a convenient and easy process.
Bitrue Fees
Bitrue trading platform offers various cryptocurrency trading features and has maintained highly competitive trading fee structures. The fees for the most widespread trading pairs (such as XRP/BTC, XPR/USDT, XRP/ETH) are 0.2%, while other flexible payment methods, including ETH and USDT Trading pairs, are charged with a 0.098% fee. The XRP trading fees vary based on the usage of BTR for transactional fees. In which case, the exchange offers significant discounts on the trading fees. The withdrawal fee is below the average of the world as a whole. For instance, the withdrawal fee for BTC is 0.0005 BTC, and on the other hand, the withdrawal fee for DASH is 0.002 DASH. Fiat currency deposits are not supported by this platform. This is a decent number by any comparison from the global average.
Traders can now transfer their desired amounts (in wide variety) without any issues with the business profits that high charges might diminish. It also comes with the ability to do as many transactions as needed between the respective currencies. The XRP withdrawals can be done without any fee, being yet another added benefit. This exchange does not charge different fees between makers and takers. Keep in mind that the fees are constantly fluctuating throughout the market. To know the full fee structure it is highly recommended to check out the details on its official site.
BTR Token Details
BTR, the Bitrue Coin, is the native token of the Bitrue platform and exchange. This native token has been improvised and is now based on the XRP blockchain ledger. As the XRP is highly scalable and efficient for payments, this can come as an added benefit from the brand’s decision to shift from ERC-20. Any kind of payment on the exchange can be made with crypto coins, but BTR tends to be the most effective and optimal.
Bitrue Customer Service
To reach out to the support, customers can contact the support team via email, Twitter, Telegram, or Facebook. The website has numerous automated pages and sections to help resolve any functionality problem to solve the fundamental issues. With a thorough help center, the website stands to act as a step-by-step walkthrough for most of the functionalities and options that customers might come to use. One thing to consider might be that due to the sheer volume of its users, customers have mentioned delayed responses from the team.
Bitrue Review: Conclusion
Bitrue trading platform is a well-renowned crypto exchange and offers an unprecedented amount of features while keeping the charges lower than most other exchanges. If you are checking off your crypto platform list, Bitrue would be one of your best bets. With its additional features like Power Piggy and cryptocurrency loan, you will always have a few extra options should you ever need them in the future.