UPDATE 1 November 2019: This exchange has been widely acknowledged as a scam. There are loads of people around different forums (Reddit, for one) accusing this exchange for being a scam. Accordingly, we have marked it as dead in our database.
When you try to access the website today, it redirects you to a site that looks exactly like BiteBTC, but is called Fedlio.
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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. On 7 August 2018, the exchange announced that they were relocating their legal seat to another country and that they were considering off-shore jurisdictions, such as Seychelles or Gibraltar. We have however not heard any update on which choice the exchange ultimately made in this regard.
The platform 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: Coinbene, Coinut, COSS, Coinhako, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, ABCC, CRXzone, Kyber Network, Liquid and Cryptology. Some list, huh?
BiteBTC has a very impressive 24 hour trading volume. At the day of first 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. On the date of last updating this review (10 June 2019), the 24 hour trading volume had increased almost 50% compared to December 2018, and was sitting at USD 184 million. The placement on the list was however roughly the same.
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 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, a price chart of the chosen cryptocurrency 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 ascertain that it feels right to you. The below is a picture of the trading view at BiteBTC:
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. The exchange also enables you to deposit via Swift-transfers, Alipay, OK Pay and many other methods. 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 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: