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
Trading fees are naturally very important. 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 charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The takers are the people who “take” orders from the order book. This means that they remove order options from the order book and thereby remove liquidity. Makers are the ones who put the orders on the order book in the first place.
The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee. At this exchange, they don’t divide between takers and makers, but they charge flat fees: 0.15% of the order value.
0.15% is a bit below the industry average. Industry average has for a long time been 0.25%, but we are currently seeing a shift towards lower fees. Many exchanges now charge e.g. 0.10% or 0.15% instead.
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):