UPDATE 1 September 2021: When trying to access the website of Bitalong today, we were unsuccessful (Error 521). There has been no preceding messages on system maintenance or new websites or anything similar. We were also unsuccessful a month prior to this, on 1 August 2021.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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Bitalong is an exchange from Hong Kong. It launched in 2017. Hong Kong has for a long time, together with Singapore, been the main crypto country in Asia so it’s no surprise that so many exchanges are registered here.
If you look at the trading volume of this particular platform, it is actually quite impressive. Although we don’t have any data from coinmarketcap.com to rely on, CoinGecko reported that the 24 hour trading volume on the date of first writing this review (7 November 2019) was USD 18.9 million. On the date of last updating this review however (16 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume had dropped to USD 1.98 million, which is far less impressive and actually should be a source of concern for anyone interested in opening up an account here.
We have no reason to believe that US-investors can’t trade here. There are no prohibitions against US-investors in the exchange’s Terms and Conditions or anything similar. But, as always, any US-investors interested in trading here should form their own opinion on any issues arising from their citizenship or residency.
Bitalong lists a few different things on its website as main advantages with its trading platform. Most of these things focus on security and support, which we agree are two very important aspects of any trading platform.
Bitalong’s trading platform is also available as a mobile application, for both iPhones and Android phones. So if you prefer to do your cryptocurrency trading on-the-go, that’s possible also with an account at this exchange.
Bitalong Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. The below is a picture of the trading view at Bitalong:
Bitalong Trading fees
This particular trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. Bitalong’s flat fee is 0.20%. This fee is slightly below the industry average.
The industry average has for a long time been 0.25%, but we currently see more and more exchanges moving to far lower trading fees. 0.10%-0.15% are starting to become the new industry averages. For the time being though, 0.20% is still in line with industry average.
Bitalong Withdrawal fees
Bitalong charges a withdrawal fee amounting to 0.0012 BTC when you withdraw BTC. This is not an excessive off-market fee, but it is in fact around 30% higher than the industry average. Industry average is currently 0.000812 BTC per BTC-withdrawal.
All in all, the fees here are quite in line with the industry averages.
This trading venue does not accept any other deposit method than cryptos, so new crypto investors can’t actually trade here. If you don’t have any crypto but want to start trading at this exchange, you will first have to purchase cryptos from another exchange and then, as a second step, deposit them here. Luckily for you, you can use the Exchange Finder to find a crypto exchange accepting fiat deposits.