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US investors permitted
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 BiteBTC consists of four parts: general information, fees, deposit methods and security.
BiteBTC is a cryptocurrency exchange from Singapore. It launched in January 2018. Singapore is one of the world’s premier places for cryptocurrency exchange headquarters. In addition to this exchange, the following exchanges all are registered or headquartered in Singapore: WEX, Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, FYB-SG, UEX, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, CRXzone, Bytex, Kyber Network, Liquid and Cryptology. Some list, huh?
BiteBTC has a very impressive 24 hour trading volume. At the day of writing this review (20 December 2018), the 24 hour trading volume was USD 125 million, placing it on place 39 on the list of the exchanges in the world with the highest 24 hour trading volumes.
At BiteBTC, there are 134 cryptocurrency trading pairs. So, most of what you can imagine that you want to trade is available to you here.
According to the information that we have received, US-investors can also trade here.
BiteBTC Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the 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. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
BiteBTC doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20%. This is in line with the global industry average.
BiteBTC Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This fee is also in line with the global industry average.
At this trading platform, you can deposit through both wire transfer and credit cards. BiteBTC is thus an “entry-level exchange”, which is helpful especially for newer crypto investors.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle a substantial amount of cash or coin deposits and withdrawals.
We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and BiteBTC received a C-score. This is definitely decent, especially considering that a majority of the cryptocurrency exchanges in our Cryptocurrency Exchange List only received an F.
The exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: