UPDATE 2 December 2022: Bits Blockchain's online trading platform, accessible via their company website, is no longer operational. The company last posted online via social media back in March 2020, suggesting the firm closed it's doors some time ago.
Accordingly, we have marked the platform as "dead" in our Exchange Graveyard.
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.
Bits Blockchain Review
What is Bits Blockchain?
Bits Blockchain’s domicile country is China, but more specifically Macao. It has been active since 2017.
Bits Blockchain does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. In a worst-case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them (maybe including this one).
Bits Blockchain Advantages
This exchange promotes three things as their main advantages and reasons to choose to trade here: fast transactions, strong security and customized trading experienced. It should be noted that customized in this context is different from customizable, and if it’s customized – then for whom? Maybe there are language barriers in the way here.
Bits Blockchain 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. At this exchange, there is only an order box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at Bits Blockchain:
Bits Blockchain Fees
Bits Blockchain Trading fees
The one thing you must not forget is to check the trading fees of an exchange that interests you. Bits Blockchain offers a flat trading fee of 0.50%. The exchange does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. The fee level of 0.50% mentioned above is much higher than the industry average which is around 0.25%. One should consider whether this exchange has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
Bits Blockchain Withdrawal fees
Bits Blockchain charges a withdrawal fee amounting to 0.004 when you withdraw BTC. This is far above average in the industry.
To summarize on the fees, this exchange’s offering is evidently not very competitive.
This trading platform accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive.