A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of BITEXBOOK consists of four parts: general info, fees, deposit methods and security.
BITEXBOOK is a crypto exchange from the Saint Vincent and the Grenadines. Other cryptocurrency exchanges registered here include Bithoven, 50x.com and Delta Exchange. But, as you know, where a cryptocurrency exchange is registered has little to no importance for most investors seeing as cryptocurrency trading is global in its nature.
BITEXBOOK is owned and operated by a company group called StreamCapital Group. StremCapital Group also took over the operations of Bitflip quite recently (May 2019). Following such takeover, all of the people who previously had accounts and balances with Bitflip were transferred to the BITEXBOOK-platform. So, even though the BITEXBOOK-platform has only been around since 2017, it still got a little head-start against other exchanges from 2017 due to the takeover of the Bitflip-operations.
On the date of writing this review (4 June 2019), the exchange reportedly has 34,214 registered users. The exchange highlights the following three factors as their “guaranteed” advantages: (i) high security, (ii) safety of funds, and (iii) commissions from 0.10%. Whereas 0.10% trading fees are quite in line with industry average and not a huge advantage per se, safety of funds and high security are definitely factors that an interested cryptocurrency trader should consider carefully.
As many other exchanges, this exchange also continously monitors the cryptocurrencies that you can trade on the exchange for quality assurance purposes. For instance, on 1 July 2019, the exchange decided to delist BixBite, Grif, BitSum, Zeon Token, Banca and Odyssey. The reason for such delistings was the lack of interest from the platform’s traders and – in some cases – inability to get in contact with the team behind the cryptourrency.
BITEXBOOK does not list US-investors as prohibited from trading. However, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
BITEXBOOK 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 BITEXBOOK:
BITEXBOOK Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchangecharges the taker and the maker the same fee.
BITEXBOOK offers a “maker discount”. The platform charges takers 0.25% and makers 0.00%. This means that if you are a maker, thus promoting liquidity at the exchange, you don’t have to pay anything at all!
0.25% for takers and 0.00% makers is a competitive fee structure and indeed a consumer-friendly fee model.
BITEXBOOK Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is substantially below the industry average, as the industry average is 0.000812 BTC per BTC-withdrawal. This exchange’s withdrawal fees are thus roughly 40% lower than industry average.
All in all, the fees at BITEXBOOK are very competitive.
BITEXBOOK accepts deposits through both wire transfer and credit cards. Many investors view this as very positive of course. Seeing as BITEXBOOK accepts deposits of fiat currency, the exchange qualifies as a so called “entry-level exchange”, at which new investors can take their first steps into the exciting crypto world.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security.
BITEXBOOK received a C- score in this test. This is actually a very good score, in particular considering that F is the Mozilla Observatory-score received by the majority of all exchanges in our Exchange List.
The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are many entry-level exchanges out there, such as: