UPDATE 1 July 2021: When trying to access the website of BitCoke today, we were unsuccessful. It was not possible to load the site. There was no preceding information on system maintenance or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange would become active again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of BitCoke consists of four parts: general info, fees, deposit methods and security.
BitCoke is a Hong Kong-based exchange registered in the Cayman Islands. It launched in 2020.
As a few of its highlights, BitCoke states that they have a high performance trading engine, superb liquidity (which we have not been able to verify though), cold storage asset isolation and quanto swap. Quanto swap apparently means that you can "support any crypto as margin to conveniently trade all contracts available".
Another advantage of the platform is that they have an OTC-desk. With an OTC-desk (acronym for Over The Counter), you can execute larger trades without any risk of “slippage”, which is what we call price movements due to large transactions.
This platform is not only available from your desktop, you can now also access it via your mobile. It is "multi-terminal". Most traders in the crypto world today carry out their trades via desktop (around 70% or so). However, there are naturally people out there that want to do it from their smart phone as well. If you’re one of those people, then this platform can still be for you.
An exchange's trading volume is very important for any user of such exchange. A large trading volume often (but not always) correlate with deep liquidity. When the liquidity at a platform is deep, it means that it will be less difficult for you to find a buyer to your sell order, or a seller to your purchase order. On the date of first writing this review (29 April 2020, right in the middle of the finanial crisis caused by COVID-19), we were not able to find any information on the trading volume of this platform at any of the larger third party sites (CoinGecko, Coinmarketcap etc.). We will however post information on BitCoke's trading volume as soon as we receive it.
BitCoke also offers leveraged trading on its platform. This means that you can receive a higher exposure towards a certain crypto’s price increase or decrease, without having the assets necessary. You do this by “leveraging” your trade, which in simple terms means that you borrow from the exchange to bet more. You can get as much as 100x leverage on this platform.
For instance, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., going up in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an extra 1,000 USD (990 USD more than if you had not leveraged your deal). On the other hand, if BTC goes down in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal). So, as you might imagine, the balance between risk and reward in leveraged deals is quite fine-tuned (there are no risk free profits).
BitCoke 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. They also show 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 BitCoke:
BitCoke Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order.
This exchange’s trading fees for takers is 0.03%. This fee is substantially below the historical industry average, which is arguably around 0.25%. We are today seeing more and more exchanges moving towards lower trading fees, and new industry averages are starting to form around 0.10%. But, obviously, BitCoke's taker fees are very low also in comparison with them.
BitCoke also offer trading fee discounts for makers, who trade at 0.02% (33% discount compared to takers). This maker/taker fee model promotes the liquidity at the exchange and is an appreciated feature with this platform.
BitCoke Withdrawal fees
BitCoke charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is below the global industry average with roughly 40% (seeing as the global industry average BTC-withdrawal fee is 0.000812 BTC per BTC-withdrawal, at least when we did our most recent empirical study of withdrawal fees).
All in all, the fees here are low and thus also consumer-friendly.
Deposit Methods and US-investors
BitCoke does not accept any other deposit method than cryptos, so new investors are restricted from trading here. If you are a new crypto investor and you wish to start trading here, you will have to purchase cryptos from another exchange first and then deposit them at this exchange.
To find an exchange where you can deposit fiat currency, just use our Exchange Filters and we’ll help you through it.
According to information provided directly from the exchange to us here at Cryptowisser, US-investors may in fact trade at this trading platform. Sometimes, certain US state laws make it impossible for residents from such states to trade crypto outside the US. We thus urge any US-investor that wants to trade here to make their own analysis of whether that's possible, regardless of the platform stating that it is open to you.
There are numerous other things to consider when determining the security level at an exchange. For instance, one important thing is how big the proportion is of user assets that are stored in cold storage. We have not seen a percentage of how big the proportion of assets stored in cold storage is at BitCoke, but they do state on their website that they employ "cutting-edge cold storage safeguards".