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 Bitibu consists of four parts: general information, fees, deposit methods and security.
Bitibu is a quite new cryptocurrency exchange, launched in January 2018.
Bitibu’s domicile country is unclear. Moreover, we have not been able to find any information on the team or the company behind this exchange. These circumstances are, at least taken together, red flags. Accordingly, we recommend all visitors to be careful and form their own opinion on whether Bitibu is a legitimate exchange our not. The reason for saying that is that historically, most of the exchanges that have turned out to be frauds have generally not provided any information about the team members, the company behind it or the country it’s from (as that would make it easier to pursue legal action against the exchange).
On the date of writing this review (18 December 2018), Bitibu’s 24 hour trading volume was quite low (USD 530,000). This placed it on no. 157 of the world’s exchanges based on 24 hour trading volume. Bitibu’s liquidity is thus quite low.
Bitibu does not explicitly state that US-investors are prohibited from trading there. Accordingly, we do believe that they can. Any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Bitibu Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”.
This trading platform has set its flat fee at 0.10%. This is a quite competitive fee, especially considering that the global industry average is 0.25%.
Bitibu Withdrawal fees
There are a few exchanges out there that lure you in with competitive trading fees, but then hit you on the way out with excessive withdrawal fees. Bitibu is not one of those exchange though. If you withdraw BTC here, you pay a fixed withdrawal fee amounting to 0.001 BTC. Sure, the global industry average BTC-withdrawal fee is 0.0008 BTC (20% lower than what Bitibu charges), but these differences can be considered insignificant. It adds up to roughly USD 0.70 per withdrawal (applying the BTC to USD-exchange rate on 18 December 2018).
At Bitibu, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. This also means that Bitibu is a so called “entry-level exchange”.
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 a lot of cash or coin deposits and withdrawals.
Examples of successful hacks are countless.
Bitibu has an extremely good security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and a lot of the exchanges receive F as scores. Bitibu, however, received a B-score, which is very impressive.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes 10 such exchanges with very impressive security scores: