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Buda.com (SURBTC) Review - is it scam or safe?

Buda.com (SURBTC) Review - Is buda.com scam or safe cryptocurrency exchange?

RATING: 3 / 0 REVIEWS Buda.com (SURBTC)

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.65%* 0.80%* Bank Transfer: Free**

*Fees can be lower for bigger traders
**Another method is available for Columbian clients, where fees are higher


Buda.com (which was previously known as SURBTC) is an entry-level cryptocurrency exchange, focused on some South American countries. They are based in Chile, but also service traders in Colombia and Peru. We generally like their service, although it is catered towards specific potential clients.


Buda Advantages


Running since 2015 – while this may not seem like a long period of time, in the world of crypto it is. Bitcoin was created in 2009 and the popularity grew very slowly in the early times.


90% of coins kept in cold storage – Buda claims to hold the vast majority of coins in offline storage. This is known as cold storage and is one of the best security measures for centralized exchanges.


Rather nice platform – trading at Buda is done either via a web-based platform or a mobile app. We will focus on the desktop way of accessing this exchange, which looks decent. While the layout may be slightly counterintuitive, with the book (current orders) being separated from the order entry field and transaction history, this is still a decent solution. The charts (in the middle) are provided by trading view, which means they will satisfy all technical traders. It can be replaced with a visual indication of the depth of the market. Here is a screenshot:



The platform at Buda.com (click to zoom in)


A few altcoins supported
– this is by no means an altcoin heaven, but still having more options than only going for Bitcoin is good. All the assets available at Buda are: BTC, ETH and BCH, They are traded against: CLP (the Chilean Peso), COP (the Columbian Peso) and PEN (the Peruvian Sol). Additionally, the ETH/BTC and BCH/BTC pairs are available.


Buda Disadvantages


Focused on a few countries – while the offer provided by Buda.com seems solid, it its only suitable for residents of the aforementioned countries. Other traders may be accepted, but they will not have much incentive to go to this particular venue.


Trading fees not attractive for active traders
– the fees charged by Buda are not very competitive with other cryptocurrency exchanges. They do go down for bigger traders, but even the lowest possible rates are 0.50% for the “takers” and 0.35% for the “makers”. This is still slightly higher than the industry average of around 0.20-25%.


Banking trouble in the past – Buda (then known as SUR BTC) lost a lot of clients, after being blocked by Santander Bank Chile. The issue was resolved, but being partially cut off from the banking system in the past, does not look solid on a company’s resume.


Credit Cards not supported
– the only ways to deposit fiat currency to this exchange appears to be bank transfer (and checks for Columbian clients). This is nice, but seems rather outdated – a clot of exchanges accept credit cards. Check the link below for a list.


>>Where to buy bitcoin with a credit card<<


No leverage offered – Buda.com is not that suitable for active traders, not only because of the slightly higher than average trading fees, but also because they don’t provide leverage. The more aggressive traders among our readers will proffer dealing with a forex broker.


>>Cryptocurrency forex brokers<<


Trading with these companies allows you to speculate with the price of a given coin witouth actually owning it. This is done with Contracts For Difference (CFD), which are slightly different than going through an exchange. It is better suited for short term technical traders, than HODL investors. See all the details here.


Conclusion


Buda.com (which was previously SURBTC) is a Chilean cryptocurrency exchange, which also accepts clients from Columbia and Perum. Their service seems ok, for those who are willing to enter the world of crypto just now. Experienced enthusiasts will find better exchanges, offering more altcoins and lower fees.


We feel the need to remind you, the entire space is still similar to the Wild West, when it comes to the security of your investment. While Buda seems fine, it is still an unregulated company. If you are looking for a safer way to trade Bitcoin and the like, regulated some forex brokers are a viable alternative.


>>Regulations for Bitcoin forex brokers<<


To recap the strong and weak sides of this company:

Pros Cons
Running since 2015 Focused on a few countries
90% of coins kept in cold storage Trading fees not attractive for active traders
Rather nice platform Banking trouble in the past
A few altcoins supported Credit Cards not supported
  No leverage offered

 

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Traders` reviews for Buda.com (SURBTC)

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