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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  

 

IC Markets

IC Markets Review
Trader's rating 4
Editor's rating 3.8

Trading Accounts

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage  Typical Spread Swap-free
(MT4) Standard  $200 0.01  1:500 1.1 pips on EUR/USD Yes
(MT4) True ECN $200 0.01  1:500 0.1 pips on EUR/USD + $3.5 per standard lot per side Yes
cTrader ECN $1000 0.01  1:500 0.1 pips on EUR/USD + commission of $3.00 per standard lot per side No

 

IC Markets offers its clients a choice of three live account types, available on two different platforms. The Standard account is a commission-free one, and True ECN one provides tighter spreads, but a commission of $7 round turn applies.


Micro lots are available for trade on all account types and, of course, the broker provides free Demo accounts, which are always appreciated by inexperienced traders.


What is more, IC Markets provides swap-free service to investors of Islamic belief, who are able to open Sharia-compliant accounts.


The Company. Security of Funds


Incorporated in Sydney, Australia in 2007, IC MARKETS is a NDD broker providing trading in more than 80 instruments, including a number of currency pairs, various CFDs on indices, commodities and futures, as well as precious metals. It also offers trading in some of the most popular cryptocurrencies - Bitcoin, Litecoin, Ether, Dash and Bitcoin Cash.


The company behind the IC MARKETS brand is International Capital Markets Pty Ltd., which holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission (ASIC).


ASIC requires licensed companies to comply with various rules and to meet certain requirements. Clients’ money is to be kept in segregated trust accounts, separated from the companies’ operating funds. As for the minimum capital requirement, forex brokers must hold at least $ 1 million in order to prove their good financial standing and to operate legitimately.


Despite the regulation and the requirements set to Australian brokers, one should be aware of the risks of trading on margin. Returns and gains are not guaranteed. ASIC, the Australian Government nor any other person guarantees any funds in your account.


We would also like to point out that unlike many EU-based brokers, Australian ones are not covered by any compensation scheme. 

 

In 2008, IC Markets got a license from the Cyprus Securities and Exchange Commission (‘CySEC’) and can now offer its services thoroughout the European Union and the EEA.


Trading Conditions


Minimum Initial Deposit
Traders are required to deposit $200 in order to open an account with IC Markets, which is an average initial amount. In comparison, Plus500 requires $100 and XM (holding, among others, also an ASIC license) demands just $5 from its clients as a start.


Average Spreads & Commissions

IC Markets offers variable spreads, the typical ones on its commission-free account amounting to 1.1, which is average. Spreads on the ECN accounts, on the other hand, are as low as 0.1 pips on EUR/USD on average, involving a commission of $6/$7 per standard lot round turn on the cTrader and MT4 respectively. So, trading costs of such account holders amount to just 07 – 0.8 pips, commission included, which is really attractive, especially considering that one can open such ECN MT4 account for just 200 bucks.


In comparison, XM also offers variable spreads starting from 0.0 pips on EUR/USD and applies commission of $5 on its Zero account, while spreads on its commission-free accounts start from 1.0 pips.


For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

Clients of IC Markets use leverage ratios up to 1:500 and such maximum leverage rate is considered high. Some jurisdictions cap leverage to significantly lower levels (i.e. 1:25 in Japan), because higher leverage involves higher risk of losses in excess of initial investments.


Most brokers usually offer leverage of up to 1:200 or 1:400, for instance global broker FXCM, also holding an ASIC license, provides leverage up to 1:400, and Plus500 – up to 1:200. Nevertheless, many brokers provide leverage ratios equal to or exceeding 1:500.


Trading Platforms


While most brokers provide just the MT4 and/or their in-house platform, IC Markets offers its customers a choice of three popular platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. 


MT4 is the most widely used forex platform, available to the broker’s clients as Mac, iPhone/iPad and Android versions, as well as a Web Trader version. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, wide range of Expert Advisers (EAs) and extensive back-testing environment. EAs are especially popular among experienced users, as they allow full automatization of trades, so traders may sit back, while the software does all the work.


If you are running EAs, it is vital that your platform is connected to our servers 24 hours a day. The best solution in this case is VPS and IC Markets has partnered with Commercial Network Services, NYCServers and BeeksFX VPS, to provide a customized low latency solution for their clients. The VPS seamlessly connects traders to the Equinix NY4 grid using cutting edge technology and providing excellent execution.


What is more, this broker provides Multi Account Manager MAM/PAMM options on MT4.

 

IC markets launched the MetaTrader 5 (MT5) platform in May, 2017. The MT5 sees a growing level of use recently, as MetaQuotes company tries to strengthen its presence on the market and ouphase its still more popular predecessor, the MT4.

 

In addition, IC Markets offers access to cTrader platform, which is custom-made for use in ECN environment. The IC Markets cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.

Traders who are fond of automated trading are offered three more options with this broker: ZuluTrade, Myfxbook’s AutoTrade and Signal Trader's unique mirroring technology.


Institutional and high-volume traders (with minimum volume of $500 million per month) are also offered FIX API option to access market leading liquidity at affordable prices. The FIX Inside API can integrate the proprietary electronic and algorithmic client server, browser based, and mobile trading systems.


Methods of Payment


IC MARKETS offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, Neteller, Skrill, Webmoney, China UnionPay, FasaPay, PayPal and Qiwi.


What is more, this broker offers 10 flexible funding options in 10 different base currencies: AUD, USD, SGD, CHF, GBP, CAD, HKD, JPY, EUR, and NZD.


Conclusion


IC MARKETS is a reliable NDD Australian broker, offering competitive conditions for trading in a wide range of products on two platforms. To sum things up, here are the advantages and drawbacks with regards to IC MARKETS:

 

Pros  Cons
Low ECN spreads  No bonuses & rebates
Wide range of trading platforms & auto trading solutions  
ASIC-regulated   
High leverage levels available  

 

Country: Australia

Regulation: ASIC Australian Financial Services Licence Number 335692. 

Forex
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