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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  

 

QUOINEX

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

Trading accounts

 

Account type Minimum deposit Leverage Fees
Standard Undisclosed 1: 25 0.25%*

*While the company claims to offer 0% fees for Japanese clients, the situation is not that clear for the rest. Go to the fees section of the review for more details.

QUOINEX (which stands for QUOINE Exchange) is a relatively new competitor in the cryptocurrency space. The company behind this project operates two brands – one focused on accepting fiat currency deposits (this one) and another one for digital asset trading (QRYPTOS). This is similar to the business model used by Coinbase/GDAX and OKCoin/OKEX.



The company, security of funds

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QUOINE Pte. Ltd is the company behind QUOINEX. They operate from offices in Japan, Singapore and Vietnam, but more importantly they recently got the regulatory approval of the JFSA. This brings a lot of credibility to the exchange, as regulated entities are few in the crypto-space.



QUOINE was founded in 2014 and later received substantial funding. The company’s founders Mike Kayamori and Mario Gomez-Lozada have substantial experience in the “traditional” business world, which also makes the project sound better.



While there weren’t any major hacks at QUOINEX, we must mention the most famous case of a conflict with a client. The cryptocurrency market-maker B2C2 is currently suing the company after a canceled a major transaction. Reports state, B2C2 made around $3.7 million on a trade/s, which was/were allegedly executed at a price which was very distant from the current market price. QUOINEX claimed this was an abuse of a technical issue, and reverted the deals. We can’t clearly state which side of the argument is right, but we must mention this incident occurred before the company was regulated by the Japanese financial watchdog.



There aren’t many English reviews on QUOINEX, but a lot of them are fairly negative. The complaints are mostly on slow withdrawal process and high fees on deposits (which are not charged by the company, but by the partnering banks). 



Trading conditions


 
Trading instruments (cryptocurrencies)
The cryptocurrencies available at QUOINEX are only Bitcoin and Ethereum, while more altcoins are available at QRYPTOS. More importantly, trading can be done against a lot of fiat currencies: USD, JPY, EUR, AUD, SGD, HKD, IDR and PHP. On top of that there are three types of trading: spot (without leverage), margin and futures. The latter can be quite tricky, so we don’t recommend it to beginners.


 
Minimum initial deposit
There is no information on the minimum deposit requirement at QUOINEX. This is not usually the case with the forex brokers, which we mostly cover. As an example FXCM requires $50 for the creation of a new account.


 
Leverage
QUOINEX offers leverage up to 1:25. This is one of the highest levels available for cryptocurrency trading, which should be used wisely. As you may know forex brokers usually offer even higher ratios, like 1:500. This is due to the fact traditional currencies are much less volatile than Bitcoin.

 

Be sure to fully understand the ways margin trading operates before participating in it. One must also be aware of the differences between trading Bitcoin with a forex broker and an exchange, one of which is the margin fee, applied by some exchanges. In the case of QUOINEX, the fee is set at 5%.


 
Fees
There are no fees on trading with your “base currency pair” at QUOINEX. When trading with against other currencies the fees go as high as 0.25% which is in line with the industry standards.



Your account’s “base currency pair” will be determined on your country of residence. All of the examples given at the website, state you will trade with zero fees, if you are based in Japan. That being the case, there isn’t total clarity on the fees, if you are not a Japanese client. Here is a screenshot of their fee structure (zoom-in to see the explanation in the bottom):




 
 

Trading platform


 
QUOINEX provides a web-based trading solution. They are one of the few companies, which offers a demo account. Here is what you get, after registering one:





The charting seems very solid and reminiscent of the package provided by bitFlyer. On the left side of the chart, we can see a nice order entry panel followed by the order book and tape. The latter two are surprisingly placed above one another. This is very counter-intuitive to seasoned traders.


 
Methods of payment


 
QUOINEX accepts bank transfers in multiple currencies. We must note, the processing times for the more exotic ones are fairly longer. Additionally, transfers in Bitcoin or Ethereum are also accepted. The lack of credit card or e-wallet (servies like PayPal or Netteler) support will tun away some potential new clients.


 
Conclusion


 
QUOINEX is a cryptocurreny exchange, which is regulated by the JFSA. The company accepts Bank Transfers, which makes it a competitor in the “entry service provider” category. Commissions are competitive, despite a lack of clarity on the “0% fees” for non-Japanese clients. The trading platform feels solid, although the positioning of the order books and tape is a bit odd. Here are the pros and cons of QUOINEX:

 

Pros Cons
JFSA Regulation No altcoins available (ex. ETH)
No major hacks yet Some negative user reviews
Accepts Bank Transfers Odd positioning of some elements of the trading platform
Competitive commissions  
Relatively nice trading platform   
Allows margin trading and futures     


 

Forex
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