A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BCEX consists of four parts: general information, fees, deposit methods and security.
BCEX is an exchange based in Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z, KuCoin, Gatecoin, BitFlip and CoinEx Market.
But, unfortunately for US-investors, BCEX prohibits US-investors from trading on its exchange. Interested US-investors must therefore refer to any of the other top crypto exchanges available on the market. Luckily for them, they can easily use the Exchange Finder tool to find another cryptocurrency exchange similar to BCEX that does allow US-investors.
BCEX Trading fees
The fees at any exchange are very important to consider. BCEX’s trading fees are different from most other top crypto exchanges in the sense that it does not charge different fees for takers and makers. Instead, it charges fees based on whether you are a buyer or a seller. It is only the sellers who pay trading fees. BCEX’s fees for sellers is 0.20%. Accordingly, if you are only looking to buy crypto and not sell, this trading fee structure is perfect for you. Maybe it even makes this exchange the best cryptocurrency exchange site for you.
BCEX Withdrawal fees
BCEX charges a withdrawal fee for “Other Tokens” amounting to 0.50%. Percentage based withdrawal fees are unusual. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), ExcambioRex (0.10%), Gocio (0.10%), BitINKA (0.15%), RippleFox (0.20%), DOBI Trade (0.50%), iCE3X (0.50%), LEOxChange (1.00%), Trustdex (1.00%) and FreiExchange (2.00%).
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00005 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.05 BTC (extremely high). Please consider whether this withdrawal fee suits your own trading or not.
Unfortunately for new cryptocurrency investors, BCEX does not accept any other deposit method than cryptocurrencies. This means that if you don’t hold any crypto and want to start trading here, you need to first purchase cryptocurrency elsewhere and then – as a second step – deposit such cryptocurrencies at BCEX. To find the best cryptocurrency exchange site for you where you can buy your first cryptos, use our Exchange Finder and we’ll guide you through it.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. The answer is two-fold:
- Exchanges store a massive amount of valuable personally identifiable information, which can be anything from names to addresses, to government identification details, taxpayer identification number and a lot more.
- Exchanges operate a lot of cash or coin deposits and withdrawals which can be significant amounts.
Consequently, we have performed the test at Observatory by Mozilla (https://observatory.mozilla.org/) to find BCEX’s score. BCEX’s score is F, which is below industry average when it comes to top crypto exchanges.
Liquidity is something very important for all exchanges, cryptocurrency exchanges but also regular stock market exchanges. The above exchange does indeed have great liquidity. However, the following 9 cryptocurrency exchanges are also regularly among the cryptocurrency exchanges with the absolutely best liquidity in the world: