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 Bitsane consists of four parts: general information, fees, deposit methods and security.
UPDATE 27 June 2019: It is no longer possible to access the website of this exchange. The website including all social media accounts of Bitsane and its partner exchange Anybits was apparently deleted on 17 June 2019. The LinkedIn-profile of the CTO (Dmitry Prudnikov) has apparently also been deleted. From the looks of it, this has all the characteristic traits of an exit scam.
Bitsane’s domicile country is Ireland. In addition to this exchange, also AnyBits is from Ireland.
Bitsane is a fully fledged cryptocurrency exchange that’s easy to use and that supports trading in most of the bigger cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ripple, Dash, Bitcoin Cash, Bitcoin Gold and Iconomi. According to information from the exchange’s website, it currently has 242,000 registered users and processes 25,000 transactions every day. Also, it claims to have the “world’s fastest exchange engine”. We have not been able to assess this statement in more detail but if it’s true, it’s certainly very impressive.
On the date of last updating this review (11 June 2019), Bitsane stated on its website that it had 246,000 registered users and executed 25,000 transactions every day.
Bitsane 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).
As most other exchanges, Bitsane also offer its trading platform as a mobile application. The mobile application features buy and sell options, easy access to your relevant Bitsane wallet, and real time market quotes for all cryptocurrencies supported by Bitsane.
Bitsane 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 below is a picture of the trading view at Bitsane:
Bitsane Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers “makers” because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount. It also results in a tighter market spread due to the increased incentive for makers to outbid each other.
Bitsane’s trading fees for takers are 0.25%. This fee is in line with industry average. In addition, Bitsane offers a discount for makers. Their maker fee is 0.15%, thus promoting the liquidity at the exchange. This is a strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders.
Bitsane Withdrawal fees
Bitsane charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is incredibly low and far below the industry average. The global industry average BTC-withdrawal fee is actually 0.000812 BTC.
If you withdraw to Advcash in EUR the fee is 6% (in USD it’s 1%).
Bitsane offers wire transfer as a deposit method, but you can’t deposit via regular fiat currency credit card. The exchange has however partnered with Advcash, the cryptocurrency debit card provider, which might be to the benefit of some of you.
Bitsane also offers SEPA wire transfers that are very fast and quite cheap.
Bitsane’s security score is D+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges. However, it is only one of many indicators as to the security of an exchange. It should also be noted in this regard that a majority of the exchanges in our Cryptocurrency Exchange List receives an F in this test.
Bitsane further notes on its website that its security protocol includes a number of different important security measures. These include network protection, up to date infrastructure, network backup, advanced monitoring and – naturally – cold storage.
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 cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):