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BitcoinTrade Review - is it scam or safe?

BitcoinTrade Review - Is bitcointrade.com.br scam or safe cryptocurrency exchange?

RATING: 3.3 / 0 REVIEWS BitcoinTrade

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type
Leverage
Maker Fee
Taker Fee
Deposit Fee 
Standard
N/A
0.25%
0.50%
Free

 
BitcoinTrade.com.br is a Brazilian cryptocurrency exchange, which acts as a “gateway” company i.e. supports fiat currency payments. They target the local market quite heavily and even require a CPF/CNPJ number (the Brazilian ID number) for the creation of a new account. That being said, we will be making this review from an outsider’s perspective, so you should take everything with a grain of salt.


 
BitcoinTrade Advantages


 
Trading against BRL – this is basically the main purpose of this exchange – allowing one to buy Bitcoin with the local currency. While Coinbase is a famous entry level exchange, they don’t have such a country specific focus, with trading against USD and EUR.


 
Brazilian bank transfers and Credit Cards supported – the main advantage this company has over other Brazilian ones, like FoxBit is the Credit Card support. As you probably know, transactions with the latter method is instant.


 
>>Other Credit Card exchanges<<


 
No BRL deposit fees – BitcoinTrade’s website claims there are not deposit fees on fiat (or crypto) currencies. That being said, some sort of fees will probably be in place, depending on the banks and credit card companies involved. The company does not charge anything on their end.


 
 
BitcoinTrade Disadvantages


 
 
Only suitable for Brazilians – as is often the case with companies targeting a single country, their biggest strength is their greatest weakness. The fact they require a local ID number prevents us from making a full-fledged review.


Withdrawal Fees
– while BitcoinTrade does not charge anything on BRL deposits, they have a withdrawal fee of R$ 4.90 + 0.99 %. Despite not being that significant, this commission must be noted. 


 
Only Bitcoin offered (currently) – at the time of writing of this review only Bitcoin is supported at this exchange. However Bitcoin Cash, Ethereum and Litecoin are “coming soon”, with no deadlines being in place.


 
High market taker fees – the costs of trading at Bitcointrade are higher than the ones at the most popular exchanges. This is not that uncommon for country-specific services, like this one. The maker fee of 0.25% is in line with the high end of the industry, while the 0.50% being charged on the ones who “hit” the book is a bit steep.


 
No leverage provided  – if you are looking for an place to aggressively trade Bitcoin, on margin, this is not your exchange. That being said, relatively few exchanges offer this possibility.


 
>>Bitcoin forex brokers<<


 
On the other hand, some forex brokers have started offering CFDs on cryptocurrencies.  This is basically a new asset class, which follows the price movement of a given coin, without actual ownership being provided. This means you will not be able to transfer any Bitcoin to an external wallet, but will only profit (or loose) based on the price movements. The full details are explained here.


 
No charts –  as far as we can tell, BitcoinTrade does not provide an actual treading platform. As we have noted above, we can’t access the website, as we are not based in Brazil. The website has a screenshot of the trading environment which seems simple and clean. Here it is:


 

 

 
 
Conclusion


 
BitcoinTrade is competitive Brazilian entry-level exchange. The company simply allows clients to exchange Real for Bitcoin, but other coins will be added “soon”. The costs of trading are not that suitable for active trading, but then again, this was never the purpose of this company. The lack of deposit fees makes them a great competitor in the ever growing space.
 

The user reviews on BitcoinTrade are very polarizing - some clients seem to love them, while others claim long waiting times. The complaints are most likely coming from people who have yet to fully verify their accounts.
 

When it comes to the security aspect, this exchange seems to be solid. The PCI DSS Compliance is their main boast. That being said, the risks involved in the cryptocurrency space are still present. If you are only looking to trade Bitcoin, as a speculative instrument, a well regulated forex broker will probably be a better alternative.
 

 

>>Regulated Bitcoin forex brokers<<


 
Here are the strong and weak points of BitcoinTrade:

 

Pros Cons
Trading against BRL Only suitable for Brazilians
Brazilian bank transfers and Credit Cards supported Withdrawal Fees
No BRL deposit fees Only Bitcoin offered (currently)
  High market taker fees
  No leverage provided
  No charts


 

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Traders` reviews for BitcoinTrade

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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