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Bithesap Review - is it scam or safe?

Bithesap Review - Is bithesap.com scam or safe cryptocurrency exchange?

RATING: 2.8 / 0 REVIEWS Bithesap

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker fee Taker fee Deposit fee
Standard 1:1 0.25% 0.40% Bitcoin and Bank Transfer: free

  

Bithesap is an entry level Turkish Bitcoin exchange. We have to mention we will be taking a bit of an outsider’s approach in this review, as we are not based in the country and furthermore, we had issues with registering an account. That being said, we will attempt to do so in the future and update this review.

 

Bithesap Advantages

 

Gives some background – the company behind this project is based in Istanbul and called "Online People Internet Technologies AS". In the unregulated world of cryptocurrencies simply stating this brings you some form of credibility.

 

TRY Bank transfers accepted – the term “entry level exchange” is something which we use to describe a company which accepts fiat currency paiments (most frequently through bank transfers or credit card) and allows you to buy bitcoin. This exchange only deals with the local currency and bank wires.

 

>>Places where you can buy bitcoin with a Credit Card<<

 

No fees on deposits – Bithesap will not charghe you anything extra for fiat or cryptocurrency deposits. We must reiterate, this doesn’t mean the transfers will be absolutely free. Either a banking or mining charge will be applied, but these aren’t taken by the company.

 

Security measures – two of the popular and widely appreciated security features are present on this exchange. They are cold storage for a majority of the coins (which prevents some hack attempts from gaining access to the actual wallets) and two-factor verification (2FA). The second measure means you will have to confirm it is actually you who is entering the account every time you log in, either by SMS or a special smartphone app.

 

Simple way of trading – while we weren’t able to access the platform provided by Bithesap, the website claims to offer a simple interface. We will try to register an account with them in the future, to see the actual platform.

 

Bithesap Disadvantages

 

May not be suitable for foreigners – some exchanges are only targeting their domestic market and this definitely feels like one of them.  The website doesn’t have an English version and a lot of the trading conditions are suited to Turkey. This isn’t technically a disadvantage, but will definitely limit the potential client base and there fore the volumes.

 

BTC/TRY is the only pair – this statement has many dimensions. On one hand,  it resonates with the previous argument, as people who aren’t living in the country may not bother trading vs the Lira. On the other hand, some other entry level exchanges, offer some alternative coins.

 

Relatively high taker fees – the costs of trading, for market takers, at Bithesap are higher than the ones you could find at other venues (around 0.25%). Still, this is somewhat acceptable for a regionally-specific exchange like this one. Furthermore the commissions can go lower for bigger traders. Here is a breakdown of the discount structure:

 

 

Leverage not provided – this is completely expected for a regionally focused entry level company. The more adventurous traders among you, who may be looking for leverage, or even the ability to short the market, should check the forex brokers, offering bitcoin.

 

>>Bitcoin forex brokers<<

 

It’s worth pointing out, this type of trading is done with CFDs and not the actual coins. In essence, you will be trading a financial derivative, which only follows the price of a given asset (Bitcoin in this case). You can find more details here.

 

 

Running since 2017 – we mention this in the negatives section, only to highlight the fact there always are risks involved with similar projects. Additionally we weren’t able to find any user feed back on the company. Be sure to share your experience in the comments section below, if you are trading at Bithesap.

 

 

Conclusion

 

Bithesap is a relatively new Turkish entry level cryptocurrency exchange. At the time of writing, the only trading pair is Bitcoin vs TRY. The exchange doesn’t seem appealing to foreigners, but on the other hand looks fairly decent for locals. Our biggest worry will simply be the fact they haven’t been tested for a long period of time. 

 

In case you are looking for a safe way of trading the cryptocurrency space, the offers which some forex brokers provide are an alternative. We must underline the importance of the word “some”, as the space is full of illegitimate companies and complete scammers. Be sure to look for a well-regulated broker.

 

>>Regulated brokers offering Bitcoin CFDs<< 

 

The positives and negatives of Bihesap:

 

Pros
Cons
Gives some background
May not be suitable for foreigners
TRY Bank transfers accepted
BTC/TRY is the only pair
No fees on deposits
Relatively high taker fees
Security measures
Leverage not provided
Simple way of trading
Running since 2017

 

 

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Traders` reviews for Bithesap

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