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 BTCBank consists of four parts: general information, fees, deposit methods and security.
BTCBank is an Indonesian cryptocurrency exchange. It is the first Indonesian exchange to offer leverage and transfee mining. It supports trading in a handful of cryptocurrencies, including (but not limited to), Bitcoin, Ethereum, EOS, Ripple, Litecoin, Bitcoin Cash and Tether.
The trading platform supports a number of different trading forms, including “price fixing, market trading, equivalent currency trading, C2C trading, and OTC-trading”.
You can also do leveraged trading here. Leveraged trading enables great wins, but also great losses. As an example, let’s say that you have 10,000 USD on your trading account and bet 100 USD on BTC going long (i.e., increasing in value). You do so with 100x leverage. If BTC then increases in value with 10%, if you had only bet 100 USD, you would have earned 10 USD. As you bet 100 USD with 100x leverage, you have instead earned an additional 1,000 USD (990 USD more than if you had not leveraged your deal). However, if BTC decreases in value with 10%, you have lost 1,000 USD (990 USD more than if you had not leveraged your deal).
US-investors may not trade here. There are a number of reasons to why cryptocurrency exchanges do not permit US-investors to trade at their respective platforms. Most of them are regulatory. Don’t be too sad though, there are many other venues that are open to US-investors. Use our Exchange Finder to find out which alternatives you have as a US-investor.
BTCBank Trading fees
The most important lesson to learn when it comes to picking the best cryptocurrency exchange site is that you must always check the 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 are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
BTCBank doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20%. This is in line with the global industry average.
BTCBank Withdrawal fees
BTCBank charges a withdrawal fee amounting to 0.002 BTC when you withdraw BTC. This is slightly above the global industry average.
At BTCBank, you can deposit through both wire transfer and credit cards. This makes BTCBank a so called “entry-level exchange”. For the people without cryptocurrencies today, this is especially helpful.
We run all 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. BTCBank only received an F in this test. BTCBank is not the only exchange to receive an F, so this is not a stop-sign, but it does indicate that there is substantial room for improvement of the general security of the website.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: