A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the best one for you. This review of Bitsten consists of four parts: general info, fees, deposit methods and security.
Bitsten is open to US-investors. However, any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Bitsten certainly has grand visions for the future. They state on the website of the exchange’s native token, that:
“Bitsten Token, created to support the Bitsten Exchange project, and will be the largest exchange in Indonesia and Asia in the future, we use a very small fee and share the profit of the company to the token holder as a reward, for its contribution to transaction in Bitsten.”
Bitsten 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. This is the trading view at Bitsten:
Bitsten 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. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
Bitsten’s fee for takers is 0.20%. 0.25% can be argued to be the industry average taker fees, so 0.20% is neither particularly low or particularly high.
However, this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of Bitsten's offering and can be really helpful for people interested in not picking up existing orders from the orderbook.
The fees are also discounted if you reach certain monthly trading volumes, as follows:
To conclude on the trading fees, Bitsten is doing a great job.
Bitsten Withdrawal fees
The global industry average BTC-withdrawal fees are 0.000812 BTC. This figure was calculated by us here at Cryptowisser when we compiled the withdrawal fees of 200+ exchanges. Bitsten charges 0.0003 BTC when you withdraw BTC. Their withdrawal fees are thus almost 65% below the global industry average.
All in all, the fees here are arguably quite in line with the current industry averages.
Bitsten does offer fiat currency deposits, but you can’t deposit via credit card. Also, you can only deposit IDR (Indonesian Rupiah).
Accordingly, if you for some reason would prefer to deposit to your choice of trading platform via your credit card, or through any other fiat currency then the IDR, then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits simply by using our Exchange Finder tool.
However, as Bitsten at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.
One might ask why security is even a feature that we have looked for at the different exchanges. Two reasons:
- Exchanges store a massive amount of valuable personal info.
- Also, exchanges handle a lot of cash or coin deposits and withdrawals.
This exchange’s security score is C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually way above average when it comes to the exchanges listed in our Exchange List. Most of the exchanges only receive an F.
Finally, 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 crypto market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):