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 Bitrue consists of four parts: general information, fees, deposit methods and security.
Bitrue is one of the many cryptocurrency exchanges from Singapore. It launched in July 2018.
Singapore is one of Asia’s biggest birth givers to cryptocurrency exchanges. There are SO many. If we would recommend only one of them (gun to our head), it would presumably be Coinut that has received a lot of praise from the crypto community lately.
Bitrue does not list USA as a “prohibited country” or anything similar. So our belief is that US-investors may trade at this exchange. This belief is further supported by the fact that Bitrue also has offices in USA (also in Canada, Japan and Taiwan). US-investors should however do themselves the favour of forming their own opinion on any issues arising from their residency or citizenship.
Bitrue supports trading in a decent number of cryptocurrencies. You can trade all of the biggest ones here and even a few of the smaller altcoins.
With respect to trading volume, Bitrue has a “good but not great”-standing. At the date of writing this review (15 October 2018), Bitrue had a 24 hour trading volume of USD 5 million, placing it on place no. 87 in the world in terms of 24 hour trading volume.
Bitrue Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee model is 0.098%. This far lower than both the global industry average (arguably 0.25%) and the domestic industry average.
The domestic industry average in Singapore for taker fees and maker fees for all Singaporean cryptocurrency exchanges listed in our Cryptocurrency Exchange List (WEX, Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, FYB-SG, UEX, Cointiger, Kryptono, DragonEX, Coinhub and Tokenomy) are as follows:
Taker fee industry average in Singapore: 0.29%
Maker fee industry average in Singapore: 0.21%
Bitrue’s 0.098% taker and maker fee is substantially below the above domestic averages.
Bitrue Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is slightly below the global industry average (0.000812 BTC) and is thereby also a nice consumer-friendly feature of this trading platform.
This trading platform does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
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. Bitrue only received an F when we ran its website in this test. F is below industry average and is thus not a competitive advantage at all for Bitrue. In spite of this, Bitrue states on their website that they have an “exceptional uptime record with decentralized structure and anti-DDOS protection system”.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):