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 BitGrail consists of four parts: general information, fees, deposit methods and security.
BitGrail was hacked in the beginning of 2018 and lost approximately $170 million worth of the cryptocurrency NANO. Italian authorities has seized the exchange’s Bitcoin Holdings. BitGrail is most likely currently looking at filing a bankruptcy petition. We do NOT recommend any users to create an account with BitGrail at this point.
BitGrail’s domicile country is Italy.
The exchange does not explicitly prohibit US-investors from trading on its platform. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. In a worst case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them.
BitGrail Trading fees
Never forget to check the trading fees! BitGrail offers a flat trading fee of 0.10%. BitGrail does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
The trading fees at this trading venue are 0.10%. This fee is slightly below the industry average which is around 0.25%. Accordingly, this exchange’s trading fees constitute a slight competitive edge against the majority of other top crypto exchanges in the market.
BitGrail Withdrawal fees
OK, you have read this far and you understand the trading fees of this exchange. But wait, there’s more you need to look out for! One very important fee that easily gets forgotten is the withdrawal fee. Let’s say you trade at a top crypto exchange with trading fees that are low. You have met your investment goals and you are looking to buy house with bitcoin. But in order to buy the house, you need to withdraw the funds. And BOOOM! – the exchange can make up for its low trading fees at one fell swoop.
BitGrail, however, charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This is way above the global industry average. The industry average is approximately 0.0008 BTC when withdrawing BTC.
BitGrail does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually 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.
This exchange’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.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: