UPDATE 16 September 2020: Bitunio has been in "update mode" for a few months now. It is not open to the public. Accordingly, we have marked it as "dead" and moved it to our Exchange Graveyard. We will revive it and move it to our Exchange List as soon as the exchange is back up.
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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 Bitunio consists of four parts: general information, fees, deposit methods and security.
Bitunio is a cryptocurrency exchange from the United Kingdom.
United Kingdom is the country that has the most cryptocurrency exchanges in the world. At least that we know of. In our Exchange List, we list the following UK-exchanges (in addition to Bitunio): Altmarkets, Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious, CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, XCH4NGE, Rfinex, Cryptonex, N.Exchange, Bitcoinfive, Cryptomate, Trade Satoshi, Luno, CoinFalcon, Bitstamp, Coinfloor, Gatehub, BTC-Alpha, Xena Exchange and Instant Bitex.
At this trading platform, you can find a dozen of the larger cryptocurrencies in terms of market capitalization. However, if you’re looking for a smaller newly launched altcoin, you will not find it here. This is of course both an advantage and a disadvantage. The advantage is that anytime you trade a cryptocurrency at Bitunio, you can be reasonably sure that it is not a scam. The disadvantage is obviously that the number of cryptocurrencies supported is limited. You’ll have to make up your own mind regarding whether it’s a plus or a minus for this exchange.
The following are the main factors that Bitunio itself thinks is most important to its customers:
Bitunio accepts US-investors on its platform, but any investor from the US should still do their own independent analysis of any issues arising from their citizenship or residency.
Bitunio 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 order boxes and a small price chart window, as set out below. 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 somewhat limited trading view at Bitunio:
Bitunio 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. At this exchange, they don’t divide between takers and makers. Each party to a transaction carried out on Bitunio pays the same fee: 0.10% of the order value. This is an low fee and it is substantially below the historic global industry average (being 0.25%).
Bitunio is also launching a fixed fee based subscription shortly with an unlimited trade option for crypto-crypto trading pairs.
Bitunio Withdrawal fees
There are exchanges out there that charge low trading fees and then hit you with high withdrawal fees. Because once you’re in, you can’t get out without paying withdrawal fees. Bitunio, however, is on the totally opposite side of the spectrum. They only charge the network fees when you execute a transaction. The global industry BTC-withdrawal fee is 0.000812 BTC per withdrawal. The network fees vary from day to day but are roughly 15-20% of the global industry BTC-withdrawal fee. Accordingly, also the withdrawal fee model at this exchange is competitive.
All in all, the fees at Bitunio are below the industry average and thus very competitve and consumer-friendly.
This exchange does not accept any other deposit method than cryptocurrencies, so new crypto investors are restricted from trading here. If you are a new crypto investor and you wish to start trading at this exchange, you will have to purchase cryptos from another exchange first and then – as a second step – deposit them here. Don’t worry though, you can find a so called “entry-level exchange” simply by using our Exchange Finder tool.
Moreover, we run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. Bitunio received an C-score in this test. When looking at all the exchanges in our Cryptocurrency Exchange List, the majority of all exchanges actually receive an F-score. So, a C-score is actually way higher than average. Good work!
Finally, Bitunio is partnered with AI based KYC provider Mati, to have a Facial and liveness Recognition , With Global Watchlist to check user exists in any known black list maintained by governments, enforcement agencies, or public financial organizations, The Document Authencity check verifies the authenticity of the document to detect any fraud.
Low trading fees are indeed very important for any prospective cryptocurrency investor. All of the following exchanges also – like the above exchange – have very low trading fees (some of them don’t even charge trading fees at all):