US investors permitted
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 BTCbear consists of four parts: general information, fees, deposit methods and security.
BTCbear is a cryptocurrency exchange headquartered in Estonia. Estonia is actually the only country in the Baltics that has cryptocurrency exchanges. But there are more than one: BTCbear, Jubiter and Crex24 all come from Estonia.
The exchange launched during Q3 2015. This exchange is not for people who want to trade the smaller coins (Woodcoin, SuperNET Coin, Tokenstars Coin, Origami Network Token, Yashcoin, or any coin with a similar market capitalization to those). So, if you seek any of those, you’ll have to choose another exchange.
BTCbear does not forbid US-investors from trading on its exchange. Regardless, all US-investors should always do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may not be able to trade at one or several exchanges that could be the best cryptocurrency exchange site for them.
BTCbear Trading fees
One thing you should never forget is to check the trading fees of the exchange you want to start trading at. BTCbear is one of the exchanges that don’t charge different fees between takers and makers. Usually, you say that such exchanges’ trading fees are “flat”. BTCbear’s flat fees are 0.20%. BTCbear does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model.
BTCbear’s fee levels are slightly below industry average. The industry average can be argued to be around 0.25%.
BTCbear Withdrawal fees
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
We have not been able to find BTCbear’s withdrawal fees. This is potentially a risk for you as an investor (if they are not informed of anywhere we believe there is a higher risk that they are high). Accordingly, we strongly urge you to make your own analysis of the withdrawal fees at BTCbear before depositing any funds there and before concluding that BTCbear is the best cryptocurrency exchange site for you.
At BTCbear, you can not deposit via wire transfer, but you can deposit via credit card. This is an unusual division of available deposit methods, so you have to make up your mind if it suits you.
The exchange also claims that 95% of the customer’s Bitcoins are stored in Offline Cold Storage Wallets. They are also keen on recommending the customers to use the 2FA (Two Factor Authentication), in order to protect themselves from online fraud.
BTCbear’s security score is D, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, please use our Exchange Finder here to find out which exchange has the best cryptocurrency exchange site for you.