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VEBitcoin Review - is it scam or safe?

VEBitcoin Review - Is vebitcoin.com scam or safe cryptocurrency exchange?

RATING: 3 / 0 REVIEWS VEBitcoin

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0.15%* 0.15%* Unspecified

*only applies for verified users. Non-confirmed ones pay a 1% fee.


VEBitcoin is a Turkish entry level cryptocurrency exchange, which is quickly gaining traction in recent months. The reasons for this are multiple and we will attempt to cover them in this review, as well as give our opinion on whether it’s worth dealing with this exchange if you are not Turkish.


VEBitcoin Advantages


Some company background – while there isn’t an extensive presentation VEBitcoin at least provides a company registration number and a physical address. This isn’t that impressive on its own, but given the fact some players in the cryptocurrency space don’t even do this (and the lack of regulation in most countries) this brings some credibility.


Bank transfers and Papara supported – we must clarify, the transfers will be mad to a Turkish bank, so if you are based in another country, the costs may get quite hefty. Papara payments is a solution, which we aren’t that familiar with. For a list of exchanges accepting credit cards, check the link below.


>>Where to by Bitcoin credit card<<


Low trading fees– this is probably the main driving force behind the growth in popularity of this exchange. The 0.15% doesn’t feel substantially lower than the 0.20-0.25% charged at most venues, but can definitely add up over time. We have to reiterate, what we mentioned in the beginning – these fees only apply after your account is fully verified. Otherwise you will get a much bigger 1% charge on each trade.


44 altcoins supported
– VEBitcoin offers the major coins, including but not limited to:  BTC, LTC, ETH, XRP, BCH, BTG, XLM, ADA, TRX, MIOTA, NEO, DASH, QTUM, XVG, EOS, LSK, BAT, OMG, STEEM, PAY, CVC and ZEC. They are all traded against the Turkish Lira, which can be a positive, or negative, depending on your point of view.


VEBitcoin Disadvantages


Strong focus on Turkey – while some of the regional exchanges are very open to foreigners, we feel this is not one of them (at least at the time of writing of this review). The website isn’t translated to English and at this point we feel some of the verification procedures may require you being a Turkish citizen.


Trading only against TRY – this may seem like a positive for the locals, but even for them it has a negative aspect. If you wish to transfer one coin to another (let’s say Bitcoin to Ether), you will have to make two transfers.


No charting – VEBitcoin offers a simple interface, designed to create a user-friendly experience. On one hand this is nice, but on the other, those who are looking to trade more actively will have to look at other websites for charting. Here is how the trading interface at this exchange looks:



How trading is done at VEBitcoin (click to zoom in)


No margin
– this is to be expected from an entry level exchange. More experienced traders may be looking for a way to “gear up” their cryptocurrency trading. Forex brokers present an interesting alternative for them.


>>Bitcoin CFD forex broker<<


They offer the so called Contracts For Difference (CFDs), which allow one to buy more coins than he has the funds for. There are a lot of specifics with this style of trading. Basically, it’s only suitable for short term trading, while trading the actual coins is better for long term investing. Read our full guide for more details.


Altcoin volumes are low – this is a common problem for exchanges which accept bank transfers. People create an account there to simply buy some Bitcoin and have no interest in the rest of the offering.


Withdrawal fees are slightly high– charging traders upon withdrawal is a common practice. The Bitcoin fees at VEBitcoin are 0.001, which may not sound like a lot, but is more than what some other exchanges charge.


No info on deposit fees – this may mean deposit are free of charge, but the fact this isn’t clearly stated, leaves doubt.


Conclusion


VEBitcoin is a Turkish cryptocurrency exchange which accepts bank transfers. The company offers very competitive trading fees for fully verified users. The trading interface is great for beginners, but may leave trading veterans slightly disappointed. Given how trading is only done against the Turkish Lira and how the website isn’t translated, we have to say this venue is not that favorable towards foreigners.


While this seems like a legitimate exchange, one must remember the risks involved with cryptocuirrencies altogether – there is little regulation and the price movements are quite volatile. If you wish to play the market dynamics with a much safer partner, going with a well regulated forex broker may be your choice.


>>Regulated Bitcoin trading<<


The strong and weak points of VEBitcoin:

Pros
Cons
Some company background Strong focus on Turkey
Bank transfers and Papara supported Trading only against TRY
Low trading fees No charting
44 altcoins supported No margin
  Altcoin volumes are low
  Withdrawal fees are slightly high
  No info on deposit fees

 

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Traders` reviews for VEBitcoin

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