UPDATE 25 March 2019: It has been brought to our attention by a customer of this exchange that the exchange has stopped withdrawals. Furthermore, the support is not responding to customer requests. We have tried to contact the exchange to learn more about these issues but we have not received any responses from the support-function either. Accordingly, we currently strongly urge you to avoid this exchange until further notice. Please choose another exchange from our Cryptocurrency Exchange List instead.
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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 bitINKA consists of four parts: general information, fees, deposit methods and security.
bitINKA’s domicile country is Peru, and it is actually the only exchange in our Cryptocurrency Exchange List headquartered in Peru.
The exchange highlights the below six factors as advantages. From our perspective, none of these factors are any huge advantages, seeing as 100% security can never be guaranteed. If it had been possible to guarantee 100% security, then that would of course been a world record breaking advantage. But in this context, it more seems like hollow sales-talk. Fixed commissions and a certain of number of trading pairs is nothing but standard, and the possibility to make trades from 0.005 BTC is not even an advantage. Rather the opposite, many exchanges don’t have a minimum limit on trades at all. So to conclude, the advantages that this exchange emphasizes on its website are not particularly convincing at all.
Unfortunately for US-investors, bitINKA prohibits US-investors from trading on its exchange. So if you are a US-investor and want to trade at this Peruvian exchange, you’ll be let down. But hey, just choose another exchange from our Cryptocurrency Exchange List instead!
bitINKA 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 bitINKA:
bitINKA Trading fees
Never forget to check the trading fees of an exchange you want to trade at. This is muy importante. This Peruvian exchange’s trading fees for both takers and makers are 0.50%. This fee is above the global industry average which is around 0.25%. One should consider whether the exchange has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
bitINKA Withdrawal fees
BitInka has percentage based withdrawal fees (0.002%). This means that just as with the trading fees, the fee charged when withdrawing from the platform is a percentage of the relevant amount. For trading fees, the fees are a percentage of the traded amount. For withdrawals, the fees are a percentage of the withdrawn amount. Essentially all crypto exchanges in the world have percentage based trading fees, but out of the 600+ exchanges we have listed in our Exchange List (and that have died and been moved to our Exchange Graveyard), only 15-20 have charged percentage based withdrawal fees. The rest have fixed fees (e.g. around 0.0005 BTC per BTC-withdrawal). So it’s quite unusual to have the withdrawal fee model that BitInka has.
With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00002 BTC (very low and very consumer-friendly). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.02 BTC (extremely high). You should consider yourself whether this withdrawal fee suits your own trading or not.
bitINKA offers wire transfer as a deposit method, and you can also deposit via credit card (at least MasterCard deposits are available).