A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Bitlish consists of four parts: general info, fees, deposit methods and security.
UPDATE 30 March 2020: Bitlish has closed down its exchange as of today. We do not know anything more than what is stated in the below message on its website:
Accordingly, we have marked it as "dead" and moved it to our Exchange Graveyard.
Bitlish’s domicile country is the United Kingdom. United Kingdom is the country which without a doubt has the most crypto exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious, CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
Bitlish offers trading in a decent number of cryptos. At the date of last updating this review (1 July 2019), the exchange supported 13 different cryptos (previously 14 but NEM was delisted on 1 July). Each crypto can also be traded against five different fiat currencies, EUR, USD, RUB, JPY and GBP. This – the various trading pairs available – is a very nice aspect of this trading platform.
Bitlish states the following eight things as reasons as to why a trader should pick them as their choice of trading platform:
According to information provided to us here at Cryptowisser, Bitlish is also a data provider for a subsidiary company to Intercontinental Exchange that distributes rates and trades data globally through major services like TradingView. Moreover, the exchange is in the progress of launching a cryptocurrency debit card. Cryptocurrency debit cards allow people to spend their cryptocurrency assets on every item you can buy from a merchant that accepts VISA cards. For more information on the various cryptocurrency debit cards out there, please see our Cryptocurrency Debit Card List.
Unfortunately for US-investors, Bitlish prohibits US-investors from trading on its exchange. So if you are a US-investor and want to trade at Bitlish, you’ll be disappointed. You simply have to find another exchange where US-investors are permitted. Use our Exchange Finder for that purpose or filter in the column “US-allowed” in our Cryptocurrency Exchange List.
Bitlish 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. At this exchange, there is only an order box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading interface at Bitlish:
Bitlish Trading fees
Trading fees are very important in the long term. So if your exchange has high trading fees, you should try looking for another exchange. Bitlish’s trading fees for non-verified takers are 0.30%. According to information provided to us, only a very small part of the users trading at Bitlish are non-verified. The taker fee for verified users is 0.20%. The industry average is arguably around 0.25%, so if you’re a non-verified user, your fee is slightly above the global industry average and if you’re a verified user your fee is slightly below the global industry average.
A very competitive advantage for Bitlish compared to other cryptocurrency exchanges is that Bitlish does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a strong competitive edge in the market. It is especially beneficial for the investors that don’t want to pick up existing orders from the order book but rather prefers to “go fishing” with maker-orders. Maybe this condition even makes Bitlish the best cryptocurrency exchange site for you?
Bitlish Withdrawal fees
Bitlish charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This was lowered from the previous 0.001 BTC on 26 December 2019. The global industry average is approx. 0.0008 BTC, so 0.0005 BTC is roughly 40% lower than average.
Bitlish accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive.
Not only are credit card deposits offered here, Bitlish also offer one of the lowest commissions for VISA and Mastercard operations in the world. Up until recently, deposit fees were 3% + a small fixed fee depending on the fiat currency, and withdrawals were 1% + a small fixed fee depending on the fiat currency. As of 27 June 2019 however, Bitlish had to increase the deposit and withdrawal fees for VISA- and MasterCard-deposits. The new fees are as follows:
In April 2019, Bitlish also enabled SEPA-transfers for a large number of countries, to facilitate the deposit of fiat currency for its users.
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. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle a lot of cash or coin deposits and withdrawals.
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 x times more today). But many other exchanges have faced similar outcomes. We don’t want your exchange – and specifically not your funds at the exchange – to be subject of a cyber-attack! Our security score is the result of testing the webpage of each exchange at Observatory by Mozilla (https://observatory.mozilla.org/) which has helped over 125,000 websites by teaching developers, system administrators, and security professionals how configure their sites safely and securely.
Bitlish’s security score is B. This score is very good, and far above average when it comes to top crypto exchanges. Actually, the majority of the exchanges we have tested has received an F-score. Consequently, Bitlish is doing a great job when it comes to security.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The following list includes a few such exchanges with very impressive security scores: