UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of BitBegin consists of four parts: general info, fees, deposit methods and security.
BitBegin is a crypto exchange that launched in 2018. It has its main office in Nigeria, which makes it one out of six platforms from Africa in our Exchange List (not counting Seychelles, where 14 exchanges in our Exchange List are based).
If you look at the trading volume of this particular platform, it is worrying. 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 writing this review (18 November 2019) was 0 (nothing). On the date of last updating this review (16 March 2020), the platform had been removed from Coingecko altogether. Naturally, this info is quite worrying. It indicates that there is a risk that this exchange will have to shut down in the near future. So, if you’re a potential user of the platform, be careful.
As far as we can tell, US-investors can trade at this trading platform. But US-investors should always try to find out if there are any problems with trading at a certain platform due to them being from the US. Sometimes, state laws stand in the way for certain US-investors’ crypto trading.
BitBegin Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should 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 BitBegin (unfortunately missing the chart, which wouldn’t load when we tried to load it):
BitBegin Trading fees
This exchange doesn’t treat takers (persons taking orders off the order book), and makers (persons placing the orders that the first group of persons take off the order book) differently. Instead, they charge something that we call a “flat fee”. This means that they charge both takers and makers the same fee. The fee they charge is 0.10%.
0.10% is a quite competitive trading fee. Global industry average is arguably around 0.25%, and BitBegin’s fees are accordingly a fair bit lower than current global industry average.
BitBegin Withdrawal fees
The withdrawal fees at BitBegin are nowhere to be found. This is potentially a risk for you as an investor. We strongly urge you to make you own analysis of the withdrawal fees at this exchange before depositing any funds here.
BitBegin apparently accepts deposits of fiat currency via wire transfer, but not via credit card. The only fiat currency supported, however, is the Nigerian Naira. If you need to use your credit card for any reason, or must deposit another fiat currency than the Nigerian Naira, you can find such an exchange by using our Exchange Finder.
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. BitBegin only received an F-score in this test. This is below industry average. However, it is worth noting here that a majority of all exchanges in our Exchange List receive an F-score in this test.
Finally, we hope you have enjoyed reading the above review. We also recommend checking out the following exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: