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VBTC Review - is it scam or safe?

VBTC Review - Is vbtc.exchange scam or safe cryptocurrency exchange?

RATING: 3.8 / 2 REVIEWS ForexBrokerz VBTC

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0%* 0.25%* Bank Transfer: unspecified

 *we aren’t certain if these fees are correct, as we found them on a third part website. The exchange itself does not provide a clear presentation.


VBTC is an entry-level Vietnamese cryptocurrency exchange. This means the company allows locals to exchange their Dongs (VND) into Bitcoin. The project is based on the BLINKTRADE platform, which is utilized by similar companies in Brazil (FoxBit), Chile and Venezuela.


VBTC Advantages


Direct VND trading solution – by far the biggest benefit of this exchange (which will only be felt by the local clients) is the fact they provide a Dong to Bitcoin trading platform. This may be preferable than going through an international transfer and going through a currency conversion.


Local banking – the way VBTC accepts (and sends) domestic currency transfers is via the banking system. This is a standard practice and while we mention it in the “advantages” section, the lack of support for other payment methods is a bit limiting.


 >>Where you can buy Bitcoin with a credit card?<<


Running since 2014
– a company being operational for so long is good sign. Of course, when you compare this to traditional financial (and non-financial) firms, this is a short period of time. Keep in mind Bitcoin was created in 2009 and became massively popular in 2017, so VBTC is one of the relatively early adopters.


Mostly positive reviews
– you should always be cautious when reading user reviews, as most of the satisfied customers will not write one. People claim virtually all exchanges to be a scam, or have slow support, but the feedback on VBTC is surprisingly positive.


VBTC Disadvantages


Only suitable for Vietnam – we have to mention this, despite it being very obvious from the beginning.  VBTC’s website is in Vietnamese and the Dong is the only fiat currency supported. This makes them unattractive to foreign traders, but is more of a choice of company policy, rather than an actual issue.


Fees aren’t mentioned – this is an actual problem, no matter who you are targeting. After browsing the entire website, we didn’t manage to find a clear presentation of all the fees. Other companies using the BLINKTRADE software display them when you create an account, but this was not the case with VBT, at the time of our review. This is unusual and as we mentioned in the beginning we can’t verify the fees we mentioned are up to date.


Withdrawal fees present
– the one thing which we can say for certain is that there are withdrawal fees. This is not that surprising, but they also aren’t specified.


No altcoins–  the only trading pair at VBTC is BTC/VND. Even some other entry-level, country-specific exchanges have started adding Litecoin, Etherum, Ripple and others to their platforms.


No charting – as is the case with other BLINKTRADE based exchanges, the order book looks clean and simple, but there aren’t any charts. This isn’t a big issue, but still means you have to inform yourself from another source, if you are a technical ttader.



The main trading interface at VBTC


No leverage –  speaking of things which active traders enjoy, but aren’t provided by VBTC we have to mention margin trading. Then again even the exchanges which offer this service usually have a lot of strings attached (like the 8-hour rollover fee).


 >>A list of Bitcoin forex brokers<<


 On the other hand, some forex brokers provide an interesting alternative – CFD trading. This is quite different than buying coins at an actual exchange. You basically trade a financial derivative, which doesn’t grant you ownership of actual Bitcoin. Such trading is only suitable for short term speculation. You can read all about it here.


Conclusion


VBTC is a Vietnamese cryptocurrency exchange, which facilitates BTC/VND trading. The main feature of this project is exactly this – the support for the Vietnamese Dong. While the presentation can be done a lot better, we think they are a relatively credible exchange.


That being said, the present state of the cryptocucurrency space reminds us of the Wild West in many ways. There is little oversight and word of mouth is the best way to determine which exchange is legitimate. The forex brokers which we highlighted above, on the other hand, often fall under a lot of regulatory rules, which make your investment with them a lot safer. Check the link below for more info,


>>Well regulated Bitcoin forex brokers<<


The pros and cons of VBTC one more time:

Pros Cons
Direct VND trading solution Only suitable for Vietnam
Local banking Fees aren’t mentioned
Running since 2014 Withdrawal fees present
Mostly positive reviews No altcoins
  No charting
  No leverage

 

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Traders` reviews for VBTC

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Solid service by VBTC

Been using them on- and off for a couple of years now.

While limitation on BTC only is indeed a bit offputting and the exchange provides not much thrills - the job they are doing (converting BTC to VND and the other way round) is quite decent.

Customer support always had been understanding with quick turnover - there are some horror stories I could tell you about other exchanges...

Fees, well... - while could be disclosed more clearly; they are in reasonable range (0,25% for maker orders; 0% for limit order) - withdrawal fees (0,2% on VND withdrawals) are also no killer, despite slightly annoying.

But I guess we can't expect exchanges to offer their services for free and *not* play funny games otherwise... - so I guess its the price we pay for a solid experience.

One more thing: They *have* an English website - check www.vbtc.exchange/en_US.

Kinda bad UI to need make it more visible though...

Overall: Credible service; never had issues with them - so happy to come back. They could make so much more of themselves though if they would fix some UI issues though or would be more innovative besides the classical VNDBTC spot trading...

P.S.: Their mother company BitcoinVN launched a new platform recently - www.bitcoinvn.cloud. Service level seems kinda similar, but more coins. So far only limited experience with it though.

Ansgar Sobotzik 08/11/2019
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