UPDATE 21 May 2020: The operations of this exchange has been taken over by Bitvavo as of today. For a review of Bitvavo, please visit this page instead. Bitqist, however, has been moved to our Exchange Graveyard.
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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 Bitqist consists of four parts: general information, fees, deposit methods and security.
Bitqist is cryptocurrency exchange from the Netherlands. Netherlands is in many ways one of the crypto-hubs in Europe. Other crypto exchanges from the Netherlands include LiteBit.eu, Bitonic, Deribit, Nocks, NLexch, Altilly and Bitrush.
At this trading platform, you can trade more than 140 different cryptocurrencies (on the date of first writing this review, 13 July 2019, the exact number is 146). That is definitely a large selection of cryptocurrencies. And if you register now, you can trade for 2 months without any trading fees at all.
The exchange promotes six factors as advantages with its trading platform. The advantages range from the range of supported cryptocurrencies to the variety of different deposit methods. We”ll let you decide which of the below that is especially appealing to you.
Bitqist is open to US-investors. However, any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Bitqist 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 trading view at Bitqist is quite simple. A more apt description of it is that it is a purchase interface. This might make more sense to new cryptocurrency investors while it lacks some of the features that more experienced traders likely require. It looks like this:
Bitqist Trading fees
Bitqist charges a spread of about one and one-half of one percent (1.50%) for crypto transactions. However, the actual spread may be even higher or lower due to market fluctuations in the price of cryptos on Bitqist’s partners between the time the platform quotes a price and the time when the order gets executed. On top of this, the exchange charges their own trading fee, amounting to 0.25% of the total transaction. So in a normal trade, under normal circumstances, you need to pay around 1.75% per trade. This is a very high fee.
Bitqist Withdrawal fees
The global industry average BTC-withdrawal fees are 0.000812 BTC. This figure was calculated by us here at Cryptowisser when we compiled the withdrawal fees of 200+ exchanges. Bitqist charges 0.0005 BTC when you withdraw BTC. Their withdrawal fees are thus almost 40% below the global industry average.
Bitqist does offer fiat currency deposits, but you can’t deposit via credit card. Accordingly, if you for some reason would prefer to deposit to your choice of trading platform via your credit card then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits simply by using our Exchange Finder tool.
However, as Bitqist at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new cryptocurrency investors can take their first steps into the thrilling cryptocurrency world.
We run all 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 exchange received a D-score in this test. A D might seem scary, but it should be noted that out of all exchanges in our Cryptocurrency Exchange List, a majority actually received just that: F. D is actually above average!
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):