de | cn | ru

SurBitcoin Review - is it scam or safe?

SurBitcoin Review - Is surbitcoin.com scam or safe cryptocurrency exchange?

RATING: 2.5 / 0 REVIEWS SurBitcoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

 

Account type Leverage Buying Fee Selling Fee Deposit Fee
Standard 1:1 1.59%/0.60%* 0.99%/0.00%* Bank Transfer: up to 2.95%

 *we suspect these are different fees for takers and makers, but we aren’t certain. Read on for details.

 

SurBitcoin is an entry-level cryptocurrency exchange, operating in Venezuela. They are a part of the BLINKTRADE group, alongside several other companies, the biggest of which is FoxBit (which targets Brazil). All of the firms using this software package offer a similar interface, but different conditions.

 

SurBitcoin Advantages

 

Suited for a local market – the sole reason one would want to deal with this exchange is to convert his Bolívars into Bitcoin. This may actually seem like a negative (for foreigners), but the convenience probably saves a lot of people some efforts. 

 

Local bank transfers supported  – SurBitcoin deals with the local banking system, which is to be expected. Sadly the exchange doesn’t accept other forms of payment, like credit cards.

 

>>Bitcoin exchanges, accepting credit cards<<

 

 

SurBitcoin Disadvantages

 

Oriented towards Venezuela – as is almost always the case with such county-specific projects, their focus limits the overall reach. Even if you are on vacation in Venezuela and would like to transfer some Bitcoin to the local currency, this exchange will probably not be suitable for you, due to the KYC procedure.

 

Only Bitcoin available –  SurBitcoin is in a classic entry-level exchange, which only allows you to trade one pair – BTC/VEF(BsF). A lot of other exchanges, even the ones accepting fiat payments, have started offering different alternative coins (commonly called altcoins), like ETH, LTC, XRP and so on.

 

Fees aren’t competitive and presented poorly – we have seen a lot of local players offer slightly higher fees than what is typically available by the industry leaders. This is in a way acceptable, but the way SurBitcoin has described their structure left us wondering for a bit. Here is a screenshot:

 


While the banking charges are fine, the costs of trading are apparently separated into market “buyers” and “sellers”, alongside the traditional maker/taker division. A market “maker” is somebody who places his order in the book, waiting to be “hit” by a market “taker” - the trader who takes the best possible price, instantly. If that was the case the table would have to look something like this:

 

  Market Maker Market Taker
Buy 0.60% 1.59%
Sell 0.00% 0.99%

 

Simple interface, but no charts – the BLINKTRADE interface looks solid, but sadly charting isn’t provided. Then again, the activity occurring on this exchange probably doesn’t warrant it. Here is a preview:



 

Low liquidity/high spreads – if you took a closer look at the screenshot above, you would have noted the huge discrepancy between the best bid and ask. We suspect a few deals occur when somebody places a reasonable order somewhere in the middle.

 

Margin isn’t provided –  this probably wasn’t ever in the plans of the team behind this exchange, but we had to mention it. At the time of writing a lot of people are treating cryptocurrencies as a speculative asset class, rather than actual currencies.

 

>>Trade Bitcoin on margin<<

 

Forex brokers, companies which traditionally offer fiat currency trading (and which we also cover) have adopted what are called cryptocurrency CFDs. This is a financial derivative, which only follows the price movements of a given asset. This way you don’t actually own Bitcoin, but only trade its price. You can find more information here.

 

 

Conclusion

 

SurBitcoin is BLINKTRADE’s solution for providing access to Bitcoin in Venezuela. The nature of the service is very simple, the Bolívar is traded against the first cryptocurrency. The trading conditions aren’t that impressive when compared to the ones offered at some of the other globally oriented exchanges, but this is the price one has to pay for a local service.

 

We realize Venezuela is in a state of hyper-inflation at the time of writing, so the main demand for Bitcoin is probably as an asset which will maintain some value in the future. We don’t like to give predictions about its’ price, as the movements can be very dynamic. That being said, some of the active traders may be looking exactly for that kind of action. If you are one of them, be sure to check the link below. 

 

>>Regulated Bitcoin CFD brokers<<

 

Here is a summary of this review:

 

Pros Cons
Suited for a local market Oriented towards Venezuela
Local bank transfers supported Only Bitcoin available
  Fees aren’t competitive and presented poorly
  Simple interface, but no charts
  Low liquidity/high spreads
  Margin isn’t provided

 

Latest news about SurBitcoin
No news about SurBitcoin. 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 SurBitcoin

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