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QBTC Review - is it scam or safe?

QBTC Review - is qbtc.com scam or good crypto-exchange?

RATING: 1.9 / 1 REVIEWS QBTC
QBTC is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Witjdrawal Fee

Standard

1:1

0.00%

0.20%


A Chinese cryptocurrency exchange, QBTC is not a pure entry-level exchange, although CNY trades also seem to be enabled. The platform also facilitates active altcoin trading with rather exotic coins. Trading at this exchange is free of charge, however the withdrawal fees are rather hefty.

 

Besides, QBTC offers multi-signature cold wallet for BTC storage and uses Two-factor authentication (2FA).

 

 

QBTC Advantages

 

Possibly works with fiat (CNY)

Although it claims to use USD Tether and CNY Tether, it seems that QBTC actually works with Chinese Yuan, as the trading pairs on the Coinmarketcap site are with CNY, and not CNYT. This is probably due to the ICO ban in the country which also involves some restrictions on the activity of crypto-exchanges, and the use of fiat currencies in particular.

 

Besides, on its website is mentioned that its services may require bank account information. So, presumably Chinese bank transfers are accepted at QBTC. That being said, one of the easiest ways to enter the world of crypto is with the entry-level companies accepting credit cards.




>>Want to get Bitcoin with a Credit Card?<<

 

 

Zero trading & deposit fees

While free-of-charge deposits are not uncommon in the crypto industry, most exchanges charge trading fees. Some of them differentiate the fees depending on whether users act as market “takers” or market “makers”.

 

At QBTC both deposits and trades are free of charge, which is a significant advantage. Keep in mind that probably there will be some sort of costs associated with CNY bank transfers, although we could not find such information on the exchange’s website.


Wide range of altcoins listed

At the time of writing this, QBTC has listed more than 40 coins. The list of coins includes: BTC, ETH, LTC, USDT, QTUM, MONA, ETC, VTC, GXS, SC and some less known coins. They are traded against USDT, CNYT and Qcash (QC). Actually, the most actively traded pairs are GXS/CNY and BTX/CNY.

 

Relatively nice platform, mobile apps available

Although the platform provided by QBTC is nothing outstanding in the crypto-verse, it seems relatively nice, with basic trading and volume charts, a functional order book and trading history window.

 


The QBTC platform. Click to zoom.

 

The exchange also offers mobile apps for those who prefer to trade from their phones.

 


QBTC Disadvantages


Trading mainly against Tether coins

Most exchanges offer trading against Bitcoin or Ethereum, which are the largest by trading volume and most popular cryptocurrencies. QBTC, on the other hand, provides trading against USDT and CNYT, digital assets which are supposedly backed by fiat currency (US dollars and Renminbi, respectively). However, the situation around the Tether coins is not all that clear. Fears have been raised that the Tether company doesn't actually hold enough U.S. dollars to back all the digital coins in circulation.

 

A Chinese company, registered offshore

QBTC is operated by Cupid Network Technology LTD, a company which is obviously based in and focused on China. While there is a great demand for crypto trading in this country, there are also some quite disturbing regulatory news and rumors that the government will ban cryptocurrency websites altogether.

 

What bothers us even more is that Cupid Network Technology LTD is actually registered offshore. We have warned our readers multiple times of offshore forex brokers. The same applies to offshore exchanges.

 

>>More about the dangers of investing with an off-shore company <<

 

No leverage provided

The lack of margin tradingis not a major flaw, as only a few major exchanges provide this functionality. On the other hand, some forex brokers offer cyptocurrency margin trading, so if you need leverage, check out the link below.



>> Trade Bitcoin with leverage<<



Note that these brokers offer Bitcoin trading in the form of Contracts For Difference (or CFDs), which differs significantly from trading on a crypto-exchange. Both types of trading have their advantages and disadvantages, though. Read this post for further information.



High withdrawal fees

QBTC has a rather unusual pricing model. While most exchanges charge trading fees amounting to an average of 0.2%, and some small withdrawal fees (like 0.0004 BTC), QBTC does the opposite: it charges 0.20% on withdrawals in any currency, while trading is free.



Conclusion

 

QBTC is a Chinese cryptocurrency exchange, which seems to also accept international clients. Trading is then facilitated mainly with USD Tether and CNY Tether, which appear a bit shady, but we suspect that it actually works with fiat (Chinese Yuan). It supports a lot of altcoins, including some exotic ones, but they are not freely traded against BTC, ETH or other popular cryptocurrencies.

 

Using QBTC is relatively low cost, although its pricing model is a bit unusual. Also, we quite liked its trading platform, although it is not entirely available in English.

 

As we have mentioned above, one of the main problems with this exchange is that it is registered offshore, in the Cayman Islands. You’d better trade securely with a licensed company instead. One of the options is doing so with some of the forex brokers that offer cryptocurrency CFDs. Many of them are duly licensed in the countries where they operate.



>>Regulated Bitcoin forex brokers<<

 

 

Here is a summary of our review on QBTC exchange:

 

Pros

Cons

Possibly works with fiat (CNY)

Trading mainly against Tether coins

Zero trading & deposit fees

A Chinese company, registered offshore

Wide range of altcoins listed

No leverage provided

Relatively nice platform, mobile apps

No leverage provided

 

High withdrawal fees

 

 

Latest news about QBTC
No news about QBTC. Check back later.
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Traders` reviews for QBTC

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Slippage

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Price feed

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Platform

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Deposit/Withdraw

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Summary

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scam

QBTC scam... i log out then i log in, my balance dissapear including open orders an history. google authenticator not real.

BongPC 07/19/2018
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