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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  

 

OANDA

OANDA Review
Trader's rating 2.9
Editor's rating 3.8

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Avg.Spread 
Standard $ $1 - 1:50  1.4 pips on EUR/USD, variable

 

There is only one standard type of trading account at OANDA. On the one hand, this limits clients’ choice; on the other, it means that all account holders are treated equally.


To make things even better, this broker doesn’t require any minimum deposit, nor minimum trade size. However, you need to have at least $1 in your account balance in order to initiate a trade.


The Company


OANDA is one of the pioneer online forex brokers. Established back in 1996, It is now a large group with offices in Toronto, San Francisco, New York, London, Singapore, Tokyo, and Sydney. ALL group companies are duly regulated by the relevant authorities in the US, Singapore, Canada, the UK, Japan and Australia.


OANDA offers Internet-based forex trading and currency information services to both retail and institutional customers. The broker is a market maker, having one of the largest currency databases in the world. Its product portfolio includes forex, index, commodity & bond CFDs, as well as precious metals.


Security of Funds


OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the Commodity Futures Trading Commission and is a member of the National Futures Association.


Brokers that are registered with the NFA are obliged to comply with an extensive set of rules. Unfortunately, these rules are often limiting from traders' point of view, but there is no way around them. For instance, hedging is not allowed and leverage is limited to 1:50, while European brokers are free to provide leverages up to 1:1000 or even higher than that.


Besides, NFA-registered brokers are required to maintain a net capital of at least $20 million to guarantee customers’ positions, which makes them super safe to invest with. Similar minimum capital requirements apply in most jurisdictions, for instance UK-based brokers are obliged to hold at least 730 000 EUR in order to prove their financial stability, and Australian ones must possess a minimum of $ 1 million in order to operate legitimately.


All OANDA Subsidiaries, including OANDA Asia Pacific Pte. Ltd. (Singapore), OANDA (Canada) Corporation ULC (Canada), OANDA Europe Limited (UK), OANDA Japan Inc. (Japan) and OANDA Australia Pty Ltd. (Australia) are duly licensed and regulated by the respective bodies.


Trading Conditions


Minimum Initial Deposit

OANDA has no minimum deposit requirements for opening an account. This makes it attractive for risk averse or inexperienced traders who are not willing to invest a large amount of money.


Most brokers require a certain minimum initial deposit in order to cover the costs related to opening a new account. For instance, Forex.com demands $250 from its clients to start with, and FXCM - $50.


Average spreads & Commissions
This broker offers variable spreads, the average ones on EUR/USD amounting to 1.4 pips, which is on the upper end of average. Clients, however, take advantage of commission-free trading, as OANDA doesn’t charge any commission for their trading services, nor any account maintenance fees. Instead, the broker gets its remuneration through the spread.


In comparison, FOREX.com, also a global FSA-regulated broker and market maker, offers average spread of 1.8 pips on EUR/USD and also charges no commission fees. You may look up real-time spread of 15 leading brokers here.


Maximum Leverage
OANDA offers a maximum leverage level of 1:50 on FX products, which is quite low, however, the broker has no choice, since US regulator has set a limitation on leverage ratios. CFTC limits leverage available to retail forex traders in the United States to 1:50 on major currency pairs and 20:1 for all others.


If you need higher leverage, you can pick a broker, who offers leverage ratios of 1:500 and exceeding 1:500 from this list. We advise traders to exercise caution when using higher leverage levels, for such rates may not only multiply their earnings on a small deposit, but also lead to heavy losses in excess of the initial investments made.


Trading Platforms


Oanda provides its clients with a choice of threetrading platforms: its custom-made fxTrade, Protrader Multi-Connect (PTMC) and the popular MetaTrader 4.


fxTrade comes in desktop, web and mobile versions. It has a simple, yet effective interface, and what is more important – superb execution speed. According to OANDA`s website, this platform executes 98% of trades within 0.057 seconds or less, which is super-fast.


Furthermore, fxTrade is equipped with intuitive and powerful charting features, multiple sub-accounts to test different trading strategies and financial news and market analysis from leading news providers.


We presume that fxTrade is aimed mostly at new traders, since it has all the usual functionalities, but more advanced features are missing.

 

Oanda`s proprietary  fxTrade. Click to enlarge.

 

Oanda recently added to its platforrms line up Protrader, developed by PFSOFT. Protrader offers everything regular forex trading platforms do: Advanced charts and technical analysis, indicators, various order types, customization options, and auto trading options. In fact, Protrader has created AlgoStudio - a professional algorithmic strategy development tool. It enables users to test different types of data aggregation: time, ticks, range, Renko, LineBreak, etc.

 

In addition, Oanda offers the powerful MetaTrader 4, which is highly regarded by the online trading community mostly because it allows users to fully automate their trades. By choosing from a wide range of Expert Advisors (EAs), traders may sit back, while the program does all the work. What is more, it offers a number of technical indicators, extensive back-testing environment and advanced charting package. Here is a list of more forex brokers offering MT4 platform.


In addition, fxTrade bridges directly to MetaTrader 4 using custom-built technology, which we find useful.


Methods of Payment


OANDA offers its clients various methods to deposit/withdraw funds to and from their accounts. They vary, depending on the OANDA division of registration, but the main payment modes are debit/credit card, bank wire, checks, PayPal and UnionPay.


Conclusion


OANDA is a leading global forex broker, offering online trading in a wide range of currency pairs, CFDs and precious metals under attractive conditions. To sum up the above, here are the advantages and disadvantages of this broker:

 

Pros  Cons
Variety of platforms offered  Market maker
Mt4 available Low maximum leverage
No initial deposit required  
No minimum trade size  
No commission and account maintenance fees  
Well-regulated  

 

Find Better Broker 

Headquarters:140 Broadway, 46th Floor, New York, NY 10005 

Country: United States

Regulated by: CFTC, NFA , MAS, FSA, IIROC, DFSA

Branches:
OANDA UK 
OANDA Japan 
OANDA Asia Pacific
OANDA Middle East 

Forex
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