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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 with its company registration in the Seychelles. This exchange is one of the six exchanges registered in the Seychelles. The by far most popular one is the almighty BitMEX.
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 in line with the global industry average.
At BiteBTC, 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 of course a lot of cash or coin deposits and withdrawals.
BiteBTC’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.