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Bitsgap Review - is it scam or safe?

Bitsgap Review - Is bitsgap.com scam or safe cryptocurrency exchange?

RATING: 3.4 / 1 REVIEWS Bitsgap

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker fee Taker fee Deposit fee
Standard No info No markup* No markup* Uses other exchanges

 *this will likely change in the future

 

Bitsgap is a platform which allows you to trade on multiple cryptocurrency exchanges, via one interface. This is an interesting idea, which does not attempt to aggregate all the liquidity. Instead one can simply access all of his accounts via the API keys. The main benefit of this is the ability to make arbitrage trades.

 

Important Notice: the project is still very young at the time of writing. Many things, may have changed by the time you are reading this.

 

Bitsgap Advantages

 

20 exchanges supported – some of the top-tier exchanges can be used with Bitsgap. The list has grown to 20, since our initial review and currently includes (in alphabetical order): Binance, Bitfinex, BitstampBittrexCex.io, Cryptopia, ExmoGate.io, GDAX, Gemini, HitBTC, HuobiKrakenKucoinLivecoin, OKEXPoloniex, TheRockTrading, Wex and Yobit. Click on the links provided to go to our detailed reviews on every one of them.

 

>>Find which exchanges accept Credit Cards here<<

 

Step by step guide – after registering an account at Bitsgap, you will be greeted by a very user-friendly guide. It will explain each element of the website, as you go through them. Don’t worry to rush it the first time, as it can be replayed after completion.

 

Security measures –  first and foremost, two-factor authentication (2FA) is available at Bitsgap. Other than that there are two major factors, when it comes to the security of this sort of platform: 

 

a) the security of the connection (i.e. encryption) – this is very well covered by Bitsgap, with a RSA 2048 encryption. We are no experts in the field, but apparently a lot of institutions use 1024 encryption, or one, which has half the strength.  

 

b) access to your API – even if your connections are very secure, the people working at  Bitsgap will still have access to your accounts at all exchanges. The company does not accept API keys, which allow the withdrawal of funds (only trading related ones). This is a somewhat safe solution.

 

Nice interface –  Bitsgap’s website is very intuitive. This includes the “trading platform”, which is aligned very well. The charting is close to the one provided by TradingView, but somewhat different. Here is a preview:

 


How trading is facilitated at Bitsgap (click to zoom)

 

 

Portfolio tracker – one can easily track all his holdings, across all exchanges, which he has connected to  Bitsgap at a single point in the website. This is necessary, alongside a detailed trading history, especially if you will be very active.

 

 

Instant Arbitrage – one of the key reasons for opening an account at  Bitsgap is the quick access to arbitrage trading. The developers have simplified the process even further, by creating a separate section, which gives all the available offers, as they pop up. Here is a screenshot:

 

 

 

Demo accounts – this may be a very minor thing, when compared to the rest, but Bitsgap is one of the few cryptocurrency projects, which has paper trading. 

 

Bitsgap Disadvantages

 

API security concerns – no matter what security protocols are in place, if you link your account to Bitsgap, someone will have access to your API. It is crucial for one to fully understand the principles of API keys, before using this tool.

 

New project – we are only mentioning this to highlight the fact Bitsgap has not stood the test of time. There is nothing wrong with being a new company, it’s just that the cryptocurrency space has a history of mishaps, including among reputable exchanges.

 

Arbitrage trading isn’t that easy – those of you who have attempted arbitrage trading before, know a lot of things can go wrong. Other than the substantial capital requirement (if you want to make the process worth your while), the fees, one of the websites going down, or many other issues can come in the way of your “genius idea”.

 

No info on margin – we didn’t manage to find any information, if the margin provided by some of the participating exchanges can be utilized at Bitsgap. Then again, if you are looking to trade aggressively, you may be better off with a forex broker.

 

>>Bitcoin CFDs with leverage<<

 

These companies, which traditionally offer fiat currency speculating, are used to offering high leverage. We must mention, they provide CFD trading. This is very different than going through a crypto exchange. For all the details check our guide.

 

A markup will come –  Bitsgap will eventually charge users in one way or another. We suspect there may be a slight markup in the trading fees (i.e. them charging something on every transaction made through their platform) or a periodic subscription.

 

Conclusion

 

Bitsgap is a platform which allows you to instantly trade on 12 different exchanges. At the time of writing the service is free, but this will change in the future. One must be rather familiar with the crypto space and APIs in particular, before using them. We generally like what we see, but sadly the project has to run smoothly for some time, before we can give them a higher score.

 

The team behind Bitsgap isn’t that famous – we know they operate from Estonia and freely give the company’s registration number and address. While this gives them some credibility, they are still not regulated as a financial intermediary. That being said, most exchanges aren’t, so if you prefer better security for your investment, some forex brokers may be a better choice.

 

>>Regulated Bitcoin forex brokers<< 

 

To recap Bitsgap:

Pros
Cons
20 exchanges supported
API security concerns
Step by step guide
New project
Security measures
Arbitrage trading isn’t that easy
Nice interface
No info on margin
Portfolio tracker
A markup will come
Instant Arbitrage
 
Demo accounts
 

 

Latest news about Bitsgap
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Traders` reviews for Bitsgap

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Thank you!

Hi guys! Thank you for the review.

We have now released several huge updates on the platform, we now have 20+ exchanges, 1000+ pairs and multilevel security. Not to mention all kinds of smaller, yet very important features.

You are more than welcome to check out our platform again.

Let me know if you would like some additional info, and I will be happy to help!

Regards,

Lev

Lev 05/07/2018
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