UPDATE 23 March 2023: When trying to access the website of Bitni.com today, we were unsuccessful. As far as we know, there have been no preceding messages on system maintenance or new websites or anything similar.
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, we will "revive" it and bring it back to our Exchange List.
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.
What is Bitni.com?
Bitni is a centralized cryptocurrency exchange that was launched in 2020. Its main office is located in Singapore; however, its team is distributed across the globe. The exchange leans heavily and is really in the forefront on some of the conceptual frameworks of Blockchain technology like anonymity, heightened security and decentralization.
Bitni does not require users to mandatorily create (or register) an account to exchange cryptocurrencies. This also means that it - unlike many other crypto exchange - does not require users to go through any KYC-procedure either. In simple words, it's an exchange with no need to signup.
Bitni supports over 200 cryptocurrencies. This list includes major tokens and coins like Bitcoin, Ethereum, Monero, Ripple, Tether etc.
Bitni Trading Interface
Different exchanges have different trading interfaces. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What these interfaces 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. Typically, they have distinct boxes for placing buy or sell trades. Before you narrow down on a particular exchange, try to have a look at the trading interface so that you can ascertain that it feels right to you.
Here’s a peek at Bitni’s interface:
We are of the opinion that Bitni’s crypto exchange interface is extremely easy to understand and navigate, especially if you’re new to crypto. Although, it might not offer all the advanced buy/sell features that some of the experienced traders and veteran crypto enthusiasts might look for. But it is definitely plain, simple and efficient.
Bitni Trading fees
Trading fees should be one of the determining factors for any prospective users when picking an exchange. All exchanges, whether they are centralized or decentralized, charge both makers and takers a certain percentage of fees.
Bitni charges a flat fee of 1.00% on all trades. There are no hidden spreads or other additional charges.
Bitni Withdrawal fees
Bitni doesn’t charge any fees for withdrawals, seeing that they never hold any cryptocurrencies, to begin with i.e. they are non-custodial. They are an instant exchange, and the cryptos you do transact in are converted from one token to other. However, there are always network fees involved with transferring crypto, which is why we have listed the network fees under the withdrawal fee section of this exchange.
US-investors and Deposit Methods
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 that 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.
Bitni has no such geo-restrictions as far as users are concerned. Seeing as you don't have to open an account at all, there is really no possibility for the platform to restrict certain users from using the platform. Accordingly, you can definitely use this platform even if you're a trader from USA.
Bitni accepts both wire transfers and credit cards as payment methods for crypto purchases. This makes the platform an entry-level exchange, meaning that it is one alternative for people who would like to enter the cryptocurrency market and does not have any cryptocurrency assets to begin with.