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BitKonan Review - is it scam or safe?

BitKonan Review - is bitkonan.com scam or good cryptocurrency exchange?

RATING: 2.7 / 0 REVIEWS BitKonan

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker fee Withdrawal fee
Standard No - 0.29% 0.001 BTC/10 EUR SEPA

 

BitKonan is a relatively small Croatian crypto-exchange that offers spot trading in USD against Bitcoin and Litecoin. Coin-to-coin trading is not an option at this exchange, nor leveraged trading, however the fees charged by BitKonan are comparatively low.

 

Minimum investment amount is set at 50.00 EUR or USD (for SEPA and International bank wire deposits) and deposits are free of charge, except SEPA and SWIFT ones.


BitKonan Advantages

 

Competitive Trading Fees

BitKonan charges only market “takers” with 0.29% per trade, which is in line with what most similar venues charge. As a comparison, Bitstamp (a popular exchange, which also accepts fiat currencies) charges both market takers and market makers with a flat fee of 0.25%).

 

Cash accepted

One of the major benefits of using BitKonan is that this exchange supports fiat currencies, and EUR and USD in particular. Deposits in Croatian Kuna (HRK) are automatically converted to USD. This basically means easy access to cryptocurrencies, which is usually appreciated by newcomers in the crypto-world.

 

Bank transfers, including SEPA, supported

Bank wire transfers sometimes take longer and may not be the cheapest transfer solution, but it’s convenient for many. The EU SEPA system in particular is easier and faster than traditional bank transfers, so the fact that BitKonan offers it is definitely an advantage.

 

Solid track record

BitKonan has been running smoothly since 2014, without any major hacks.

 

Simple registration, anonymous trading available

Those users who just want to register and trade by providing simply an email, are able to do so at BitKonan, however they can only deposit, withdraw and trade cryptocurrencies. Otherwise, they need to verify.

 

Nice trading platform

The web trading platform offered by BitKonan is simple, functional, and nicely designed. It has some basic charting, an order book and a chatbox

 

Here is a preview:

 

 

BitKonan’s trading platform. Click on the image to zoom-in.

 

BitKonan Disadvantages

 

Few coins available

As we mentioned above, the cryptocurrencies available at BitKonan are Bitcoin and Litecoin and they are traded against USD. Such digital assets portfolio is very limited, as more and more tokens emerge, and a number of exchanges add them due to user demand. If you want to dive into more exotic altcoins, you can check out the offerings of Krakenor CoinExchange.io.

 

No crypto-to-crypto trading

Although BitKonan support both Litecoin and Bitcoin, users are not able to trade in the BTC/LTC pair.

 

No wallet offered

Unlike many other crypto-exchanges, this one does not offer an in-house wallet.

 

No leverage available

There is no margin trading at BitKonan, which is typical for most crypto-exchanges. If you need some leverage, other, usually larger exchanges offer such (Kraken, QUOINE, to name a few). Besides, there is a growing number of forex and CFD brokers who offer speculative margin trading in Bitcoin CFDs and they usually offer higher leverage ratios.

 

>>Brokers offering leferaged Bitcoin trading<<

 

Keep in mind, however, that with forex brokers you will be trading a financial derivative and not actually owning any coins.

 

Conclusion

 

BitKonan is a simple Croatian entry level exchange, which allows users to buy Bitcoin and Litecoin via some of the most popular payment methods. On the good side, its fees are competitive, fiat currencies and SEPA transfers are supported; BitKonan has been operating rather smoothly for several years and allows anonymous trading.

 

However, its offering is limited to BTC/USD and LTC/USD and its platform is rather poor. Besides, BitKonan does not offer an in-house wallet, and margin trading is not available either.

 

BitKonan is owned and operated by Digital Assets d.o.o, based in Split, Croatia. Unsurprisingly, the company is not regulated, as there isn;t any legal framework on cryp[tocurrencies and exchanges in the country yet. This creates some uncertainty, as well as a potential for counterpart risk, however this is the current situation with most similar exchanges worldwide.

 

Furthermore, BitKonan doesn’t have any special security measures except the standard two-factor authentication (2FA), and mentions nothing about cold storage, which makes us think that clients’ funds are held in hot wallets.

 

On the other hand, some of the forex brokers offering Bitcoin CFDs which we mentioned above, are a much safer option. They are licensed and overseen by trustworthy agencies, like the UK’s FCA, or Cyprus’CySEC.

 

>> Trusted Bitcoin forex brokers<<

 

Here is a summary of the strong and weak sides of BitKonan:

 

Pros

Cons

Fiat currencies acceptedFew coins available for trade

Few coins available for trade, no crypto-to-crypto trading

Bank transfers, including SEPA, supported

Trading platform rather poor

Solid track record

No margin trading

Competitive fees

No wallet

 

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Traders` reviews for BitKonan

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