UPDATE 14 September 2021: When trying to access the website of Bitsonic today, we received the following message on the platform being in service suspension mode until 30 November 2021:
Accordingly, we have decided to mark the exchange as "dead" and move it to our Exchange Graveyard. If the exchange's website would come back from its service suspension phase, we will "revive" it and bring it back to our Exchange List.
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.
Bitsonic is a crypto exchange from South Korea that has been in business since April 2018. It is available in Korean and English.
On the date of first writing this review (30 August 2020), the platform had a 24-hour trading volume amounting to USD 3.4 million according to Coinmarketcap. However, on the date of last updating this review (12 September 2021), Coinmarketcap and CoinGecko had no information about the trading volumes in this exchange. This is a bit concerning and we recommend our readers to refrain from creating a new account on this exchange.
Bitsonic Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Bitsonic’s trading platform is also mobile compatible. You can download it to/from both the AppStore and Google Play:
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
It is unclear whether Bitsonic permits US investors or not. We have read their Terms and Conditions and have not found any explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Bitsonic though.
Bitsonic Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Bitsonic charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.10%. These taker fees are in line with, or even slightly below, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.
Bitsonic also offers trading fee discounts to its VIP-customer. There are 9 different VIP-levels, with VIP 9 being the highest level. The higher the level, the lower is your trading fee. You become a VIP-customer by achieving a certain trading volume, or by holding a certain quantity of the exchange's native token, the BSC. Please refer to Bitsonic's website for more info on this. Here are the available trading fee discounts for the KRW-market:
Bitsonic Withdrawal fees
Bitsonic charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. This fee is also in line with industry average, or even slightly below. The current global industry average is slightly above 0.0006 BTC per BTC-withdrawal so a competitive offering by Bitsonic here as well.
Bitsonic Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitsonic:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
In addition to depositing cryptocurrency to the platform, Bitsonic also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you'll find one in no time at all.
Seeing as fiat currency deposits are at all possible at this trading platform, Bitsonic qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.