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Bit Trade Review - is it scam or safe?

Bit Trade Review - Is btrade.io scam or safe cryptocurrency exchange?

RATING: 2.3 / 2 REVIEWS ForexBrokerz Bit Trade

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Fee
Standard 1:1 1%*

 *this is only the service fee, spreads and market volatility can make the total costs go higher.

 

Bit Trade, which operates from btrade.io (we mention this, simply because of the many websites with similar domains) is an Australian cryptocurrency service provider. We wouldn’t exactly call them an “exchange” as this word is often connected with a platform for active trading. 

 

Bit Trade allows you to convert Australian dollars into Bitcoin and vice versa, but this happens after you send a transfer in one currency to the company and receive the other one. This happens almost instantly, but is very different from trading at an exchange.

 

Bit Trade Advantages

 

ADCA membership – the Australian Digital Commerce Association is a non-government organisation, which unites the cryptocurrency players in the country.  Being a part of this is indicative of a solid reputation and positive intentions.

 

Operating since 2013 – Bit Trade isn’t a new kid around the block. If you are thinking this is still a relatively new company, keep in mind the first Bitcoin transfer happened in 2009.

 

Simple interface – everything on Bit Trade’s website fees well thought out. Sadly, the dashboard requires being fully verified before you can see an actual example worth showing.  

 

POLi Payments supported – the way one transfers his AUD to this exchange is via the Australia-specific payment service. We haven’t tested them, as we aren’t based in the country, but from their promotional material, they appear to be very convenient.

 

>>How to buy Bitcoin with a Credit Card<<

 

OTC Service for high-end clients – while the entire service offered by Bit Trade may seem a bit archaic, the company has a special trading desk for OTC transactions with bigger clients (buying over $20,000 worth of Bitcoin). We aren’t certain what that actually means, except that it reiterates their place as an established local player.

 

Bit Trade Disadvantages

 

Only works for Australians – on obvious “flaw” shared by many other Australian crypto-projects is the fact they are only focused on the domestic marker. Of course this isn’t a problem, only a factor, limiting potential oversees customers. 

 

Does not provide a wallet – while centralized exchanges always carry a certain level of counterparty risk, this makes Bit Trade’s offer a lot more complicated. That being said, a newcomer to the field should take the time to learn about the different various wallets and the proper way to store his coins, so this is actually helpful, in a way. 

 

High spreads – a problem with a lot of these indirect trading “exchnagers” is the costs of trading. When we did our review we saw the following offer on Bit Trade’s website (Click to zoom in):

 


The spread at Bit Trade

 

There is a 223.64 AUD between the best “bid” and “ask”, which is approximately 2% of the actual BTC value.

 

1% service fee – this is the handling fee, associated with all orders. One could argue this makes the total costs of trading around 3%, given the previous example but that wouldn’t be a completely accurate statement.

 

Speed may be an issue  – while processing payments with POLi Payments is a relatively fast option, Bitcoin can also be very volatile. This is an issue even experienced by some exchanges which provide direct purchases via credit card (and is often reiterated in the negative user reviews).

 

Not an actual trading venue – it should be quite obvious by now, this isn’t the place where speculative traders will come to. Those who are willing to venture into altcoins may use it as a gateway, but forex brokers provide a solution for trading the most established coins.

 

>>Bitcoin forex brokers<< 

 

We have to mention this is a totally different service than buying coins on an exchange. Trading at brokers is done via CFDs, a financial derivative which only matches the price dynamics of a given asset (coin in this case). Be sure to read our comparison, before deciding which service is better for you.

 

Conclusion

 

Bit Trade is a well-established Australian entry-level cryptocurrency exchange. The service offered by them may be too slow for some users, but this is fully disclosed to the users. The effective costs of trading (including spreads and market volatility) may also seem high, but one is also aware of them before making a transfer. In essence, this feels like a solid company, offering newcomers a way to buy Bitcoin.

 

 

Nonetheless, if you are only interested in the price movement, form a trader’s perspective, Bit Trade will not do you much good. The forex brokers, which we mentioned above provide much better trading platforms and speed of execution/ That being said, you must look for a well-regulated company, in order to guarantee the security of your investment.

 

>>Regulations for Bitcoin forex brokers<<

 

Here are the key points one more time:

 

Pros Cons
ADCA membership Only works for Australians
Operating since 2013 Does not provide a wallet
Simple interface High spreads
POLi Payments supported  1% service fee
OTC Service for high-end clients Speed may be an issue
  Not an actual trading venue

 

Latest news about Bit Trade
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Traders` reviews for Bit Trade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

No Payments

Hi Team

My payments has been stopped from so many months now and there is no update.
My policy has also been expired and i am not able to login to the site
https://www.bit-trade.cc/cp/index.php

My ID is 30310218

Nilesh 08/30/2019
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