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 Bitnordex consists of four parts: general information, fees, deposit methods and security.
Bitnordex is a relatively new exchange registered in Estonia (their terms and conditions are at least governed by Estonian law). As you surely know, the Baltic region consists of three countries: Estonia, Latvia and Lithuania. Considering this, it might seem odd that out of these three countries, only Estonia is the home of any cryptocurrency exchanges. And not only one or two either. BTCBear, Jubiter, LATOKEN, Crex24, STEX.com, Kriptomat, CoinMetro and P2PB2B are all registered in Estonia.
In spite of operating under an Estonian license, Bitnordex claims to be the first “fiat-to-crypto” cryptocurrency exchange in the Nordic region. This statement is simply not true. BTCX and – more recently – Safello has been operating for a very long time in the Nordic region. BTCX since 2011 and Safello since 2018. We are waiting for a clarification from Bitnordex in this regard.
Bitnordex offers trading in 30+ cryptocurrencies, so you can definitely trade most of the more well-known cryptos here. The exchange also has mobile support, meaning that you can use the platform through a mobile application available for both IOS and Android.
The exchange is powered by the so called “Huobi Cloud”.
On its website, Bitnordex also has a timeline in which the exchange presents how it foresees the development of the exchange over the coming year. These are the expectations:
Bitnordex does not allow US-investors on its exchange. But if you’re from the US and you’re looking for an exchange that is just right for you, don’t worry. Use our Exchange Finder to find an appropriate trading platform accepting US-investors.
Bitnordex 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. This is the trading view at Bitnordex:
Bitnordex Trading fees
Trading fees are naturally very important. 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. At this exchange, they don’t divide between takers and makers. Each party to a transaction pay the same fee here: 0.20% of the order value.
0.20% is in line with the global industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
Bitnordex Withdrawal fees
To our understanding, Bitnordex charges a withdrawal fee amounting to the relevant network fee for the cryptocurrency to be transferred/withdrawn. The network fee varies from day-to-day depending on the pressure on the network. However, the network fee is currently substantially below the global industry average BTC-withdrawal fee, being 0.000812 BTC per BTC-withdrawal.
All in all, the fees at Bitnordex are in line with, or even slightly below, industry average.
If you currently do not have any cryptocurrencies, but you want to start trading at Bitnordex, then you are out of luck. This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors can’t trade here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here.
Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
Finally, we run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security.
This trading platform’s security score is D+, when performing the test. This is in line with industry average when it comes to top crypto exchanges. It is worth mentioning here that a majority of the exchanges in our Cryptocurrency Exchange List only receives an F in this test.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: