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BITHOLIC Review - is it scam or safe?

BITHOLIC Review - Is bitholic.com scam or safe cryptocurrency exchange?

RATING: 3.1 / 2 REVIEWS ForexBrokerz BITHOLIC
BITHOLIC is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Condition

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0% 0% Free



BITHOLIC is a rather new cryptocurrency exchange. While some volume tracking websites suggest it’s on the raise, when reviewing it we saw little to no trading activity. This may be due to the fact this is an Asian trading venue and we were reviewing it during European trading hours.


BITHOLIC Advantages



No trading fees
– BITHOLIC does not currently charge a trading fee. We deliberately use the word “currently”, as this is due to change whenever the company decides to do so. There will probably be a notice period.



Zero deposit fees
– most of the companies which don’t charge a trading fee also don’t have a deposit one. Withdrawals are the place where they make their profits and the rest is just a measure to grow the user base.


2FA is present – BITHOLIC supports one of the most effective measures against coin theft. Two-factor authentication (2FA) is done by an app which connects your phone to your account at the exchange. This way, even if someone gets your password, he wouldn’t be able



BITHOLIC Disadvantages


Little info on the company
– the company behind BITHOLIC is based in Singapore and more impressively called RANDOM MONKEY. The latter doesn’t generate trust. Had there been a few credible backstories about the team, the situation would have been better.



No fiat currency support
– this is not an entry-level exchange. This is a term we came up with for the ones which accept the old-fashioned fiat currencies and allow users to buy crypto. Such transfers are usually done via the banking system or credit cards. Check the link below for more info.


>>Where can you get Bitcoin with USD<<


Few coins traded
– at the time of writing of this review only five alternative coins are supported at BITHOLIC. Bitcoin is used as the main currency of your trading account, which you can use to buy Bitcoin Cash, Ethereum, Ethereum Clasic, Litecoin and Siacoin. This would have been a decent lineup for an exchange accepting fiat, but for a crypto-to-crypto one this is unacceptable.

 

Basic trading platform – this is the best way to describe the web-based interface provided by this company. While it does its job, there is a lot more to be desired. Charting is almost non-functional, with no technical indicators and the easily manipulated bars. We will get into the last point in more detail later, but for now here is the preview:

 


The platform provided by BITHOLIC. Click to zoom

 


 
Trading only during Asian session – as you can see from the image above, there were not bids or offers during the time of our review. This basically means, BITHOLIC is (currently) only really active during the Asian trading hours. This is an important factor even for those who are trading at these times, as they wouldn’t be able to react to a major move during the rest of the day.



No margin
– in case leveraged trading is your thing, this is not the place for you. That being said, most exchanges don’t allow their clients to speculate in this fashion. The place where you can “gear up” for aggressive crypto trades are is with a forex broker.

 

>>BTC leveraged trading<<




As you may know, these companies offer a lot of instruments via the so called CFDs. This stands for Contracts for Difference and as the name suggests, one only traders with the price movement of a given asset (the difference). The simple way to put it is that you will only profit or loose depending on your prediction, without actually owning Bitcoin. Check out the specifics here.



Withdrawal fees not specified
– the only fees charged by this exchange are not mentioned explicitly on the website, while their presence is. This is slightly annoying, but not as significant as some of the previously mentioned factors.

 

Conclusion


BITHOLIC is an interesting Singapore based crypto-exchange. They only facilitate Bitcoin vs altcoin trading. The most impressing feature is the lack of fees, which may only be temporary. On the other hand, there is little information on the team or even user comments, to inspire some form of credibility.


While this is a bigger issue in the crypto-space, this exchange seems particularly shady. In case you are looking for a more secure way to trade Bitcoin or even want to go short, thinking this is simply a bubble, going with a forex broker is a better option. That being said, some of them can also be quite dishonest. In order to find the best security for your funds, we would recommend going with a regulated one.



>>Regulated Bitcoin forex brokers<<



Here is our experience with BITHOLIC:

 

Pros Cons
No trading fees Little info on the company
Zero deposit fees No fiat currency support
2FA is present Few coins traded
  Basic trading platform
  Trading only during Asian session
  No margin
  Withdrawal fees not specified

 

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Traders` reviews for BITHOLIC

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Slippage

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Best Exchange

This is one of the best exchange and it rewards users thru competitions

Farhan Shahid 06/04/2019
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