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 Bithoven consists of four parts: general information, fees, deposit methods and security.
Bithoven is a cryptocurrency exchange registered in Saint Vincent and the Grenadines. Other cryptocurrency exchanges registered here include 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.
One of Bithoven’s really strong sides is the number of cryptocurrencies traded. Today, there are 349 cryptocurrencies available for trading here which is impressive.
On its website, the exchange highlights four factors being their main benefits: their customer care team, their high liquidty, their advanced charting tools etc. and – last but not least – their fee transparency. All of these things seem like key things for customer satisfaction so we understand why they are specifically mentioned on the exchange’s website.
Bithoven currently offers a promotional campaign for newly registered users. Every single unique user registered on the exchange can get 100 Dogecoins, free of charge:
US-investors can have a really hard time finding an exchange that welcomes them as traders on their respective platforms. Bithoven, however, does accept US-investors. So if you’re from the US and you’re interested in this exchange, then you can start an account and start trading. However, any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Bithoven 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 purchase interface at Bithoven:
Bithoven Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they don’t divide between takers and makers.
Takers are the one who “take” an existing order from the order book and makers are the ones who placed the order the taker took.
Bithoven charges both takers and makers 0.20%. These fees are slightly below the industry average which is arguably around 0.25%.
Bithoven Withdrawal fees
We have already concluded that Bithoven’s trading fees are competitive enough, but how about the withdrawal fees? Withdrawal fees vary dependent upon which crypto asset you are withdrawing, but they are normally a fixed amout of the relevant crypto asset, and not percentage based as the trading fees. The industry average BTC-withdrawal fee is 0.0006 BTC according to Cryptowisser.com's empirical studies.
Bithoven charges 0.0009 BTC per BTC-withdrawal. This withdrawal fee is around 50% above industry average and thus not a very competitive fee. It is however not sufficiently high for us to recommend any prospective user to stay away from this exchange. 0.0009 BTC per BTC-withdrawal is not a "crazy high" fee and it is not unreasonable to believe that the platform will lower it going further.
Bithoven does not accept any deposits of fiat currency. You can only deposit cryptocurrency here. This means that the new cryptocurrency investors (i.e., the investors without any previous holdings of cryptocurrency) can’t trade here. In order to purchase your first cryptocurrency assets, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
Finally, 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: