de | cn | ru

FlowBTC Review - is it scam or safe?

FlowBTC Review - is trader.flowbtc.com scam or good cryptocurrency exchange?

RATING: 2.8 / 0 REVIEWS FlowBTC

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type Trading Fee Deposit Fee Withdrawal Fee
Standard 0.35% 0.5% BRL 1,39% + $ 8 BRL /0,0004 BTC*

 

*0,0012 BTC according to the FAQ section.


FlowBTC is a Brazilian cryptocurrency portal, which acts as a local “gateway” company, meaning its users are able to buy and sell several coins for Brazilian reals (BRL).

 

As most entry-level services, FlowBTC also requires its clients to undergo ID verification. Actually, it has several verification levels – Silver, Gold & Platinum. The Silver account has a daily limit of 1 Bitcoin or R $ 3,000.00 for deposits or withdrawals. The Gold account has a daily limit of 5 Bitcoins or R $ 45,000.00 for deposits or withdrawals. Level 3 (Platinum) verification is only granted to clients of the exchange who already have experience as Gold users.



FlowBTC Advantages



Trading against BRL

As we pointed out in the beginning of this review, the main purpose of FlowBTC is to allow its clients buy (or sell) Bitcoin with the local currency. It basically functions as an exchange bureau with a focus on the local market, which is very convenient, especially for those Brazilian investors who have not purchased any coins yet.


Brazilian bank transfers supported

Being able to deposit and cash out in their local currency via bank transfer is yet another significant advantage for Brazilian investors. FlowBTC has even mentioned the banks with which it works: Banco do Brasil, Itaú, Santander, Caixa and Neon.

 

As most of you probably know, bank transfers are not instant. So, if you’d rather buy coins directly, via credit card, check out the link below.



>>A list of exchanges working with credit cards <<

 



Several altcoins available

Apart from Bitcoin, at FlowBTC one can also buy or sell Litecoin, Ethereum and Bitcoin cash. Although this is not a coprehensive cryptocurrency portfolio, one of the most popular Brazilian exchanges, FoxBit has only listed Bitcoin and nothing else.

 

Some corporate info & background

Given the fact that many crypto-exchanges do not provide any information about the companies which operate them, their team or headquarters, we deem an advantage when a crypto service shares with the public such details. In the case of FlowBTC, it was allegedly founded by two crypto enthusiasts - Marcelo Miranda Marco Vieira, and the company Flow Representações is based in Rio de Janeiro.

 

Reasonable Real deposit fees

While crypto deposits are free of charge in many exchanges, fiat ones can be pretty salty. That is why we consider the 0.5% fee on fiat deposits at FlowBTC decent. By comparison, Mercado Bitcoin, another Brazilian exchange, charges 1.99% + 2 R$.

 


FlowBTC Disadvantages


Only suitable for Brazilians

As is often the case with exchanges focusing on the local market, their biggest strength is their greatest weakness. The website of FlowBTC is available in Portuguese, and while it has an English version, most of the content has not yet been translated. Furthermore, in order to become a client, one needs to have a bank account in some of the local banks mentioned above.



High trading and withdrawal fees

The costs of trading at FlowBTC are. This is not that uncommon for country-specific services, like this one. The trading fee of 0.35% is higher than what most popular exchanges charge. However, we must note that other Brazilian exchanges apply even higher trading fees. Foxbit, for example, charges 0.50% per trade.

 

Furthermore, we find the fiat withdrawal fees at FlowBTC a bit salty. The exchange charges 1,39% + $ 8 BRL. Other local crypto-exchanges have lower fees. By comparison, Negocie Coins has a fee of 0.90% BRL + BRL 8.90 for withdrawals in Brasilian reals.

No margin trading

Entry-level exchanges rarely provide leverage, yet we have to mention that as a disadvantage of FlowBTC. Some experienced traders in the more traditional financial markets may prefer trading with a forex broker. Almost all of the brokers who offer trading in Bitcoin, provide some leverage.

 


>> Margin Bitcoin trading with forex brokers <<

 

Platform too basic

The web-based trading interface offered by FlowBTC is simple and will probably satisfy the needs of most beginner crypto-traders. Nonetheless, it lacks any advanced features – there is no charting whatsoever, no technical analysis tools, etc. See for yourselves:

 

 

FlowBTC's web-based trading interface. Click on the image to zoom-in.



Conclusion



FlowBTC is a Brazilian entry-level service, which simply allows clients to exchange Real for Bitcoin, Litecoin and Bitcoin Cash. The costs of trading are not exactly low, but are not exactly high when compared to those of other Brazilian exchanges. Besides, FlowBTC is not intended for active trading.

 

Although the website of this exchange provides some corporate backgroundc, the risks involved in the cryptocurrency space are still present, as most cryptocurrency companies worldwide still operate without licenses. That being said, we’d like to remind you that forex brokers are also an option.Here are some of them, which are duly regulated in the countries of their operation.

 

>> Licensed Bitcoin forex brokers<<



Here are the strong and weak points of FlowBTC:

 

Pros Cons
Trading against BRL Only suitable for Brazilians
Brazilian bank transfers supported High trading and withdrawal fees
Several altcoins available Platform too basic
Some corporate info & background No leverage provided
Reasonable Real deposit fees  

 

Latest news about FlowBTC
No news about FlowBTC. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for FlowBTC

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru