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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  

 

KorBit

KorBit Review
Trader's rating 1
Editor's rating 3.8

Trading Accounts

 

Account type Leverage Maker Fee Taker fee Deposit Fee
Standard N/A Max 0.08% Max 0.20% Free

 

KorBit was the first Korean cryptocurrency exchange to offer BTC/KRW trading. They are an entry-level service (i.e. accept fiat currencies) but also offer a decent trading platform. The company is still one of the top-rated exchanges in the country, which drives relatively high trading volumes.

 

KorBit Advantages

 

Competitive fees –   The trading fees at KorBit are divided into the “maker” and “taker” category. Market makers are the traders who place a new entry in the order book, while takers are those who enter at the best available price. The fees at KorBit start from 0.08% and 0.20%, respectively. They can go even lower if you trade with bigger volumes. 

 

Cold storage – KorBit claims a majority of the coins they keep are kept in cold storage. This is a measure, applied by a lot of companies and drastically increases the security of wallets.

 

Several altcoins featured  – There are some alternative coins available at KorBit, but this is by no means the main benefit of the exchange (as is the case with Poloniex or Bittrex). The full list currently includes: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Calassic, Ripple, Litecoin, Dash, Zcash, Monero, Augur and Steem. They are all traded against KWR.

 

KRW bank transfers accepted – Bank transfers from Korean banks are accepted at KorBit. More importantly, the company does not charge fees on any incoming transactions (although the banks involved in the process will). 

 

>> Purchase Bitcoin with a credit card<<

 

Credit cards are a much more preferable option for some users, although the commissions involved in the process can be pretty harsh. As an example Bitsatmp charges 8% on such transactions. 

 

 

Positive user feedback – While the non-Korean reviews of this exchange are relatively few in number, they are all positive. The company seems to operating legitimately, and with the competitive fee structure, most customers should be happy.

 

Nice trading platform – The web-based platform delivered by KorBit looks solid. Charting is provided by TradingView, which is always nice. Additionally the order book and tape (trading history), which are located below the chart also seem well-designed. Her is how they look: 

 

BTC/KRW chart. While the default template is simplistic it can easily be changed via the TradingView package.

 

The easy to read order book and tape.

 

KorBit Disadvantages

 

 

Focus on Korea – The issue, which a lot of locally focused exchanges have is also present at KorBit. They accept only Korean bank transfers and likely require such an account for the verification of your main trading account. The presentation in English, while not terrible is also not ideal.

 

 

Trading against KWR –  All of the trading activity at KorBit is done against the Korean Won (KWR). This may seem nice for local clients, but limits their ability for currency diversification and the option of quickly converting one coin into another.

 

Withdrawal fees – KorBit applies fees on withdrawals. They may not seem significant, but especially the ones imposed on blockchain transfers are annoying. Here is the list which also states all deposits are free of charge:

 

 

No leverage provided  – Margin trading isn’t supported by KorBit, which isn’t that big of a flaw. Cryptocurrencies are so volatile, that most traders don’t have the need to further increase the risks they are exposed to. For those of you who are willing to take even more aggressive steps, we must will recommend trading with as forex broker.

 

>>Leveraged Bitcoin trading brokers<< 

 

That being said, we must also underline the fact this style of trading is not suitable for long term investing. Trading with such brokers is done via the so called CFDs and is very different from going through a crypto-exchange. Read all of the important points here.

 

Conclusion

 

KorBit is one of the oldest cryptocurrency exchanges in Korea. The company has earned a solid reputation and is still very popular. That being said, their main flaw (from our perspective) is the domestic focus of this exchange. While they are not unique in that regard, as other Korean companies, like Coinone and Bithumb also operate in the same manner. 

 

The trading conditions at this exchange are solid – the instrument list features some altcoins, the platform is nice and the fees are up to date with the offers from other exchanges.

 

That being said, when dealing with cryptocurrencies, you must always consider the fact, there will be a certain level of uncertainty. Most veterans in the field would advice you to transfer any larger amounts of coins to a private wallet, whose private keys you control (or even a hardware wallet, like the Trezor or Ledger Nano). With that in mind, the forex brokers, which we mentioned earlier are often much safer alternatives. Click the link below for more details.

 

>>Tightly regulated Bitcoin forex brokers<<

 

And here is the final summary of this exchange (keep in mind, we are viewing it form an outside perspective, as we are not based in Korea):

 

Pros Cons
Competitive Fees Focus on Korea
Cold Storage Trading against KWR
Several altcoins featured Withdrawal fees
KRW bank transfers accepted No leverage provided
No deposit fees  
Positive user feedback  
Nice trading platform   

 

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