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 Bitbox consists of four parts: general information, fees, deposit methods and security.
Bitbox is one of the absolutely newest Singaporean cryptocurrency exchanges. It launched in July 2018. When launching, the following Singaporean cryptocurrency exchanges were already up and running: WEX, Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, FYB-SG, UEX, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, ABCC, CRXzone, Bytex and Liquid. Tough competition, indeed.
Unfortunately for you US-investors, this exchange is off boundaries for you. There are many reasons to why exchanges like to exclude US-investors from trading. The most important one being regulatory reasons. The US-legal regime imposes obligations on many companies accepting funds from US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC etc. Any US-investor who wants to find an exchange to trade at which is similar to Bitbox can just use our Exchange Finder for that purpose.
Bitbox Trading fees
This exchange has a “flat fee model”, meaning that they charge takers and makers the same fee. The fee charged by Bitbox is 0.10%. 0.10% is below the global industry average and is thus a competitive fee for Bitbox.
Bitbox Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Bitbox on the other hand also have competitive withdrawal fees. They charge you 0.0005 BTC when you withdraw BTC. The global industry average withdrawal fee is 0.0008 BTC, so this is a fair share lower than the global industry average.
This exchange does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
The trading platform states on its website that it “deploys cutting-edge technology to ensure the safety and security”. Not doubting that, but when we ran this exchange in Mozilla’s Observatory-test (https://observatory.mozilla.org/), it only received a D-score. This is below industry average and is thus not a competitive advantage for this exchange.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: