UPDATE 8 May 2021: We have received credible reports from different independent sources stating that they have had issues with withdrawals. Users accounts are seemingly randomly shut down, and withdrawals are not processed.
The reports are not enough for us to label this exchange an outright "Scam", but they are enough for us to issue this warning. We will follow the developments closely.
Bitrue is one of the many crypto exchanges from Singapore. It launched in July 2018.
Singapore is together with Hong Kong the country in Asia where most crypto exchanges are from. There’s a fair share. But different from many other exchanges, Bitrue has HQs in both Taiwan and Singapore, and local offices also in US and Europe.
The team running Bitrue consists of “senior management team from Capital One”, and the CEO is a profile within the cryptocurrency industry: Curis Wang.
Bitrue supports trading in a decent number of cryptos. You can trade all of the biggest ones here and even many of the smaller altcoins.
Apart from spot trading, Bitrue is also the first exchange that launched an “interest-earn program”, supporting over 10 cryptos and with annual percentage rate of up to 15%. Bitrue was also the first exchange to launch crypto-backed loan services.
With respect to trading volume, Bitrue has a good standing. At the date of the last update of this review (21 March 2020, right in the middle of the crisis with COVID-19), Bitrue had a 24 hour trading volume of USD 218 million, placing it on place no. 64 in the world in terms of 24 hour trading volume according to Coinmarketcap's list. USD 218 million in 24 hour trading volume is definitely decent, but compared to the big dragons on the crypto exchange scene, there’s of course some room for improvement still.
Like most other exchanges, Bitrue also offers its trading platform as a mobile application. You can download it on App Store or to your Android without any effort at all. So, if you prefer to do your cryptocurrency trading on the go instead of at your desktop, don’t worry. Bitrue has got you covered.
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 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 trading 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 below is a picture of the trading view at Bitrue:
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 Exchange List (Coinbene, Coinut, COSS, Coinhako, 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.
At this exchange, you can deposit through credit cards if you deposit USD or EUR. According to info to us here at Cryptowisser, the platform is currently working on enabling credit card deposits for six other fiat currencies as well. Wire transfer deposits are however not possible.
Credit card deposits can be particularly helpful for newer crypto investors. As fiat currency deposits are at all possible here, this exchange qualifies as an “entry-level exchange”.
Bitrue states on their website that they have an “exceptional uptime record with decentralized structure and anti-DDOS protection system”.