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 Bithesap consists of four parts: general information, fees, deposit methods and security.
Bithesap is a Turkish cryptocurrency exchange offering two trading pairs: BTC/TRY and LTC/TRY. This means that there is no crypto-to-crypto trading at all. You can only buy BTC and or LTC. Accordingly, this exchange is not for people who want to trade the smaller coins (1World Coin, Triggers Coin, The GCC Coin, Truckcoin, Zatgo Token, or any coin with a similar market capitalization to those). If you seek any such smaller cryptocurrency, you’ll have to choose another exchange.
This exchange could work for a Turkish investor interested in an entry-level exchange. An entry-level exchange in this regard is an exchange where you deposit fiat currency and initiate your cryptocurrency trading. For more experienced investors, however, this is probably not the right choice. If you’re looking for an exchange offering trading in other cryptocurrencies, please go through our Cryptocurrency Exchange List or just use the Exchange Finder.
US-investors may not trade here. There are many reasons for excluding US-investors. The primary reason though is “regulatory”. The US-legal regime imposes obligations on many companies accepting funds from US-investors that are too burdensome for such companies to comply with. It’s everything from preparing certain marketing materials to making extensive filings. Again, don’t worry though, just use our Exchange Finder to find out which alternatives you have if you’re a US-investor.
Bithesap Trading fees
As you know, there needs to be at least two parties in a trade. In cryptocurrency trading, we name these different parties different things (not just party one and party two). The party whose order exists on the order book prior to the trade is called the maker. The party who sees the maker’s order and decides that “yeah, that’s good enough for me and I’m gonna go ahead and accept that order” is the taker. As the makers provide the liquidity to the exchange, they are often provided with a discount on the trading fees compared to the takers. That is the case also at Bithesap.
Bithesap offers a taker trading fee of 0.40% and a maker trading fee of 0.25%. This is slightly above the industry average taker fee. The global industry average is arguably around 0.25%, so Bithesap is 60% above that.
Bithesap Withdrawal fees
You can’t really have a conclusive opinion on the fees charged at a certain exchange without also looking at the withdrawal fee.
Bithesap charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average and constitutes an advantage for this exchange (from a customer-perspective).
Bithesap offers wire transfer as a deposit method, but you can’t deposit via credit card.
Cryptocurrency exchanges are the new “banks”. Only that it’s not Jesse James with a shotgun running into your cryptocurrency exchange telling everybody to lie down and put their hand over their heads, its people behind their computer screens appropriating assets from innocent victims. Examples of successful hacks are countless. The most famous is probably the Mt.Gox-hack that left thousands of users without a penny (worth $450 million at that time and many times more today). But many other exchanges have faced similar outcomes.
Bithesap’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.
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 cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):