UPDATE 13 January 2022: BitClude has rebranded into Egera with effect from 13 January 2022. Please see our review of Egera here.
The company said the following in an email sent out to its users:
"We constantly improve our services, which is why Egera is not Bitclude in new colors, it is a platform that combines all our best solutions. Bitclude, Gringott and BCPayments are now creating an ecosystem that will make buying and selling cryptocurrencies even faster, more convenient and safer."
Accordingly, we have marked this exchange as "dead" and moved it into our Exchange Graveyard.
What is BitClude?
BitClude is a cryptocurrency exchange from Poland that has been active since February 2019. To our understanding, the only cryptocurrencies that you can buy or sell here are Bitcoin and Litecoin. The platform is only available in Polish, which makes it a bit difficult to navigate for any non-Polish speaking users.
BitClude also have a Financial license, a so called Small Payment Institution License (obtained from Polish Financial Supervisor Authority No. MIP11/2019). This adds a layer of security to the traders at the exchange, as regulated companies are always subject to some form of supervision from the authorities of the relevant country.
BitClude Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. Seeing as BitClude does not have an English language version, we have not been able to navigate to the more "advanced" trading view. The only trading view we have found is this easier purchase interface:
It is up to you – and only you – to decide if the above purchase interface is suitable to you.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether BitClude permits US investors or not. We have not been able to understand their Terms and Conditions. We urge any US investors to form their own opinion on the permissibility of their trading at BitClude though.
BitClude Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
BitClude’s fee for takers is 0.30%. These taker fees are somewhat above the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. Irrespective of which comparison point you use, 0.30% are above the global industry averages.
However, this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of BitClude's offering and can be really helpful for people interested in not picking up existing orders from the orderbook. This is not a promotion. According to information from BitClude to us here at Cryptowisser, makers will never pay any trading fees at BitClude.
BitClude Withdrawal fees
BitClude charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is also in line with industry average, or even slightly below. The current global industry average is slightly above 0.0006 BTC per BTC-withdrawal.
In addition to depositing cryptocurrency to the platform, BitClude also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). You can pay by link and also through Polish BLIK Payment.
Seeing as fiat currency deposits are possible at this trading platform, BitClude qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.
The exchange states that the safety of user funds is their top priority. Among other things, they state that 95% of their funds are kept offline, that the users' assets are insured up to USD 100 million, meaning that the users' funds will - if stolen by hackers or anything similar - be replaced up to that amount (the below text is translated by Google Chrome's translation plugin and might deviate from the original Polish wording).