UPDATE 10 October 2020: This exchange has been bought up, or rebranded into, another exchange called Exnomy. They announced this through the following message that we - with the help of Google Translate - have done our best to understand:
Accordingly, we have marked this exchange as dead in our database and moved it to our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Bitnaru is a cryptocurrency exchange from South Korea. It has been in operation since June 2018.
The platform lists a number of different reasons to why should do your trading here and not anywhere else. To begin with, it is allegedly easy for beginners. A good place to start out your crypto adventures. In line with that, they also offer you the opportunity to trade with fiat currencies (apparently more than 200 different ones). However, it is also apparently a good choice for advanced traders, seeing as they have many different order types etc. They summarize their USPs (Unique Selling Points) in the following picture:
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether Bitnaru permits US investors or not. We have read their Terms and Conditions and have not found any explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Bitnaru though.
Bitnaru Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitnaru:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Bitnaru Trading fees
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. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Bitnaru charges no fees, meaning that the trading fees for both the takers and the makers is zero (0.00%). These taker fees (or non-fees) are incredibly rare, we know of only a dozen exchanges among our 600+ listed, that offer 0.00% trading fees.
Bitnaru Withdrawal fees
Bitnaru charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. This fee is a bit above the global industry average BTC-withdrawal fees. The current global industry average BTC-withdrawal fee is slightly above 0.0006 BTC per BTC-withdrawal.
In addition to depositing cryptocurrency to the platform, Bitnaru also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange also offer credit or debit card payments, please refer to our Exchange List and use our Exchange Filters to filter out suitable exchanges for you.
Seeing as fiat currency deposits are possible at this trading platform, Bitnaru qualifies as an “entry-level exchange”, making it an exchange where new crypto investors can start their journey into the exciting crypto world.