UPDATE 30 June 2023: When trying to access the website of BITUNIVEX today, we were unsuccessful. As far as we know, there have been no preceding messages on system maintenance or new websites or anything similar. We are met with the following error message when trying to access the website:
Accordingly, we believe that this exchange has closed down and we have marked it as "dead" in our Exchange Graveyard. If the exchange's website would become accessible again and the error is just temporary, 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.
What is BITUNIVEX?
BITUNIVEX is a centralized exchanges from "the land down under" (Australia) and it was launched in 2020. It highlights on its website that it can be a suitable option for both experienced and inexperienced traders.
It has roughly two dozen cryptocurrencies supported on the platform and supports USDT, AUD, and BTC markets. According to information to us here at Cryptowisser.com in October 2021, the platform apparently plans to add EUR, GBP, and AED markets "in the next 2-3 months".
The platform has different account tiers for different users. These account tiers are based on the respective user's verification level and trading volume. Tier 1 users which are unverified, aren't able to withdraw from the platform, but they can deposit and trade.
BITUNIVEX has an affiliate program. For each user you refer under this program, you will receive 40% of the fees the referred users generate. This affiliate program is easy enough to understand, and could potentially generate a sizeable income in the long run.
You can sign up to the affiliate program here.
Let’s say that you hold a very large amount of a certain cryptocurrency. You want to sell that amount. Should you do that on a regular trading platform like everyone else? Maybe not. One of many reasons for executing large trades outside of the normal market place is that large trades may affect the market price of the relevant crypto. Another reason, which is connected to the foregoing, is that the order book might be too thin to execute the relevant trade. A solution to these problems is what we call OTC-trading (Over The Counter).
BITUNIVEX has an OTC-offering for any trade larger than 50,000 AUD, which is a much lower limit for utilizing OTC-services than most other exchanges have.
BITUNIVEX does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US-investors.
BITUNIVEX Trading View
Every trading platform has a trading interface. This interface is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what is its current price. There are normally buy and sell boxes too, where you can place orders with respect to the relevant crypto. In most of the platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same window on your desktop. Of course, there are also variations to what we have just described. This is the trading view at BITUNIVEX:
It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to customize the trading interface based on your own preferences.
BITUNIVEX also has a function they call "Quick Trade", where you can make different trades in a much more limited and easier format. It looks like this:
BITUNIVEX 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.
BITUNIVEX charges takers 0.24% of the order value in each trade in fees, and makers receive a slight discount and pay 0.19% per trade. These spot trading taker fees are slightly above the global industry averages for centralized exchanges. Sure, industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to Cryptowisser.com's latest empirical study, the industry average spot trading taker fees were 0.221% and the corresponding spot trading maker fees were 0.177%.
BITUNIVEX Withdrawal fees
BITUNIVEX charges a withdrawal fee of 0.0003 BTC per BTC-withdrawal. This fee is slightly below the global industry average. The current global industry average is 0.00057 BTC per BTC-withdrawal according to this report.
BITUNIVEX lets you deposit assets to the exchange in many different ways. You can use fiat wire transfer and deposit existing cryptocurrency assets. Credit Card deposits are however not yet available. If the fiat currency you're transferring to the platform is AUD, then you can use Australian PayID and Australian "normal bank BSB/ACC".
Seeing as fiat currency deposits are possible at this trading platform, BITUNIVEX qualifies as an “entry-level exchange”, making an exchange where new crypto investors can start their journey into the exciting crypto world.