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BTCC

BTCC Review
Trader's rating 0
Editor's rating 4

Trading Accounts and Conditions

 

Account type

Minimum deposit

Leverage

Maker fee

Taker fee

DAX exchange N/A N/A 0.1% 0.2% *
USD exchange 0.0001 BTC / $50 N/A 0.1% 0.1% **

 

*Wthdrawal fee of 0.001 BTC / 0.01 ETC also applies.

**Deposit and withdrawal fees also apply.

 

BTCC is the oldest and biggest cryptocurrncy exchanges in China. Although BTCChina has exited the Chinese Market in October, 2017, its other exchanges, BTCC DAX, as well as the USD exchange, are functioning.

 

BTCC offers crypto-to-crypto and fiat-to-crypto trading on different exchanges, as listed in the table above. Besides, it also offers some additional services like Physical Bitcoins (Mint), Mobi Bitcoin Wallet, and others. The good thing is, you can access both exchanges and all services through a single BTCC account. More importantly, BTCC has one of the larges mining pools globallyAt the time of writing of this review, they had mined around 3.4% of the newly created Bitcoin (for the last 24 hours) 

 

BTCC Advantages

 

Good reputation, proven security

Founded back in 2011, BTCC is the longest-running bitcoin exchange worldwide. It was the dominant player for CNY/BTC trades before it closed its China operations. It is still considered as one of the best exchanges for trading in popular digital coins like BTC, ETH, ETC and BCC.

 

BTCC has a 100% track record in security since its inception, as it has not experienced any major hacks in its long history. More than 95% of its users’ digital assets are kept in cold storage with multi-signature controls to minimize the risk and exposure to hacking.

 

Large trading volume, deep liquidity

Currently, BTCC is rated 16th by 24-hour trading volume according to the data provided by CoinMarketCap and is typically among the top 20 players in this category. This basically means that its users don’t have to worry about insufficient liquidity.

 

Supports fiat (USD) currency, and Bank Wire and credit card transfers offered

On BTCC’s USD exchange you can exchange your dollars for Bitcon, or vice versa. Supporting fiat currencies is an advantage, especially for newcomers in the cryptocurrency world, who are yet to buy some digital coins with their real money in traditional currencies. For those, using their credit card or bank account is utterly convenient.

 

>>A list of crypto-exchanges accepting credit cards<<

 

Competitive trading fees

The fees charged by BTCC are relatively competitive, amounting to 0.1% / 0.2% per trade. Typically, exchanges charge 0.20% - 0.25%. However, some of them do not charge market makers, as the latter provide exchanges with liquidity.

 

Relatively low withdrawal fee

Like most exchanges, BTCC does not charge blockchain deposits. Other than this, certain fees apply to deposits in fiat currency, as well as to withdrawals, depending on the funding method and the currency. While many exchanges charge quite hefty deposit and withdrawal fees, BTCC's commission seem relatively low:


 

 

Platform with advanced trading user face

Most cryptocurrency exchanges do not offer advanced platforms like the most popular forex and CFD trading terminal for MetaTrader 4. Nonetheless, BTCC has chosen a different approach – not only that it offers crypto-to-crypto and crypto-to-fiat trading on different exchanges, but the latter has two different interfaces – basic and professional. The advanced trading user interface offers lots of bells and whistles: wide range of technical indicators, advanced charts, add-ons, etc. Besides, there is WebSocket and FIX API available for professional clients’ trading needs. Of course, BTCC Mobile App is also offered.

 

 

BTCC’ advanced trading UI. Click to zoom in.

 

Extra Services

In addition to having one of the largest and top-rated mining pools in the world and operating several crypto-exchanges, BTCC offers a service called BTCC Mint. These are titanium coins that can be purchased with BTC and are shipped to all countries except the US.

 

BTCC also offers its Mobi Digital Currency Wallet, allowing storage, conversion, and transfer of bitcoin and more than 100 currencies, including the United States dollar, the British pound, and the euro.

 

BTCC Disadvantages

 

Not regulated

Like most crypto-exchanges, BTCC is not licensed, nor overseen by any governmental authority. So, this is no big issue.

 

If you prefer to trade in digital coins via a regulated company, we remind you that you can do that with forex brokers. Make sure you are aware of the differences between trading on an exchange and with forex brokerage beforehand.

 

>> Check out our list of regulated bitcoin forex brokers <<

 

Limited instrument portfolio

BTCC doesn’t offer a wide range of pairs for trade, choosing instead to focus on a smaller number of high-volume ones. Currently the available ones on both exchanges are: BTC/USD (constituting 70% of its overall volume), BCC/BTC, ETH/BTC, and ETC/BTC.

 

If you would rather trade in more exotic cryptocurrencies, check out Bittrexthis major US exchange offers over 190 digital assets for trade.

 

No margin trading

As a matter of fact, BTCC used to offer margin trading but discontinued this service in the beginning of 2017 after “discussions” with the People’s Bank of China (PBOC). Most cryptocurrency exchanges do not offer leverage, but there are some who do, like Kraken, Quoinex and others. Besides, all forex brokers ffer leveraged trading on cryptocurrency CFDs.

 

>> Brokers offering leveraged Bitcoin trading <<

 

No anonymous trading

Since BTCC Exchange requires its users to verify their identity in order to trade in order to ensure the safety and security of the funds and activities on its platforms. Identity verification is also required in compliance with certain government AML KYC regulations. Verification process can be slow and complicated. Besides, it defies the initial idea of of Bitcoin to allow anonymous trades.

 

Conclusion

 

BTCC is the oldest Bitcoin exchange worldwide. It is highly regarded for its reliability, security, deep liquidity and the extra services it provides for its users.

 

Initially set up in Shanghai in 2011, BTCC was one of the Chinese “Big Three” along with Huobi and OkCoin. Following China’s ICO ban in the country, BTCC shut down its local division (BTCChina). BTCC DAX and BTCC USD exchanges, however, are functioning, and the company operates via its units in the UK and Hong Kong BTCC (UK Limited or XO Market Limited).

 

None of these companies is formally regulated, but this does not effect the overall reliability of BTCC. Unlike the situation with forex brokers, the legal crypto-exchanges is still unclear in most countries. The important thing is, BTCC complies with governmental instructions – its halted margin trading, and was the first among the “Big Three” to shut down its Chinese operations. More importantly, it keeps clients’ assets in cold storage and has not been hacked during its long years of operation.

 

Besides, BTCC has a lot of advantages, apart from its reliability: competitive fees, various transfer methods supported, advanced trading platform with mobile app, and some great extra services, such as top-tear mining pool.

 

Pros Cons
Many years of experience, no hacks Not regulated
Competitive trading and transfer fees A few altcoins available
Accepts bank transfers, credit cards No anonymous trading, no margin trading
USD fiat supported  
Platform with advanced features available, mobile app  
Top-tier mining pool  

 

FX Choice

FX Choice Review
Trader's rating 4.1
Editor's rating 4.4

Trading Accounts

 

Account type Minimum deposit  Minimum trade size  Maximum leverage  Average Spread 
Classic  $100 0.01 1:200 1.2 pips on EUR/USD
Pro  $100 0.01 1:200 0.5 pips on EUR/USD + $3.86 per lot (per side)


Clients of FX Choice are provided with a choice of two account types: Classic and Pro. The main difference between the two is that the Classic one is commission-free, offering higher spreads, while the Pro account is commission based and provides tighter spreads due to the ECN environment. Besides, only the Pro account offers a choice of desktop platforms – MetaTrader 4 and MetaTrader 5.


What is more, traders can choose to open Corporate or Individual accounts.


The Com
pany. Security of Funds

 

Company

Country

Regulation

FXChoice Ltd.

Belize

IFSC

 

FXChoice is a broker specialized in Forex and CFD trading for private clients, institutional investors and fund managers. Having around a decade of experience in the forex industry, the brokerage strives to provide excellent service and customer support. In 2016 alone FXChoice was awarded the Exceptional Customer Service accolade by LiveHelpNow on 5 occasions.

 

The broker offers trading in almost 40 currency pairs and various CFDs (on indices, precious metals, commodities, energies) through two robust trading platforms. With their NDD technology FXChoice is executing around 15 000 digital transactions a day.

 

The company behind the brand, FXChoice Ltd., is headquartered in Belize and regulated by the local International Financial Services Commission (IFSC).

 

IFSC has liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a mandatory code of conduct, as well as the licensing process. Compliance-checking, reporting and on-going supervision are little emphasized.

 

Despite of the lack of strict regulatory rules, FXChoice places a special focus on security and keeps clients’ funds in segregated accounts, absolutely separate from their corporate ones.

 

What is more, this broker practices positive price correction. This practically means that even if traders actually slip into negative balances under extraordinary circumstances, FXChoice will simply zero out these balances. 


Trading Conditions


Minimum Initial Deposit

Unlike most forex brokers, who usually set up different initial investment for different account types, FXChoice demands $100 from both Classic and Pro account holders. This is a comparatively low initial investment for ECN environment.


Average Spreads & Commissions

This broker offers competitive variable spreads, which vary by account type. Nonetheless, trading costs on both accounts are similar, amounting to an average of 1.2 pips on EUR/USD per (ECN account holders are offered spread averaged 0.5 pips on EUR/USD incurring a commission of $ 7 per lot round turn).  So, FXChoice’s pricing is pretty attractive


Maximum Leverage

The maximum leverage level offered to FXChoice’s clients is 1:200, which is average for the industry.

 

Trading Platforms

 

The broker supports several trading platforms: MetaTrader 4, MetaTrader 5, as well as Myfxbook Autotrade.

 

Both the MT4 and the MT5 offer access to the forex, contracts for difference (CFDs), options and futures markets, but the MT5 also offers an option for trading in stocks. Both platforms use MQL programming languages and allow automated trading via Expert Advisors (EAs). They offer advanced charting packages, trading and analysis tools, alerts, signals, and customizable indicators.

 

With FXChoice MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called Web terminal MetaTrader 4.

 

The MT5 was developed and promoted as an upgrading on MT4, yet many brokers still prefer the earlier technology, since many of MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform. Lately, however, the MetaTrader 5 is gaining popularity among both traders and brokers, as the hedging option was added to it and a number of other enhancements were made. With FXChoice the platform is available as a PC version and mobile apps.

 

In addition to MT4 and MT5, FXChoice is offering the Autotrade service operated by Myfxbook. This is a social forex community and online automated analytical tool, by which you can copy the trades of any system you select, directly into your FXChoice MetaTrader 4 account, without any additional fees or software to install. 

 

Besides, traders who keep a monthly balance of $3,000 or more at least 5 lots per month qualify for free VPS.


Promotions

Like many other forex brokers, from time to time FXChoice offers its clients special bonuses.


Methods of Payment

 

This broker provides a variety of payment methods to its clients: wire transfer, credit/debit card, e-wallets: Skrill, Neteller, FasaPay, Bitcoin, Perfect Money, ePayments, Trustly, Astropay and PaySafeCard.

 

Accounts can be opened in USD, EUR, GBP, AUD, CAD and Bitcoin.

 

Conclusion

 

Despite its looser regulation, FXChoice is a reliable award-winning NDD broker with more than 10 years of experience in the forex industry. It offers fast market execution and competitive trading conditions on a variety of trading platforms. To sum up the above, here are the Pros & Cons of FXChoice:

 

Pros Cons
Competitive spreads Liberal regulation
Pure NDD brokerage  
Low initial deposit for ECN environment  
Both MT4 and MT5 available   
Extra tools such as live economic calendar, VPS  

 

FxChoice Headquarters: 
21 Regent Street, P.O. Box 1814, Belize City

Country: Belize

Regulation: N/A

Website: MyFxChoice.com

Forex
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