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 BTCBIT.net consists of four parts: general information, fees, deposit methods and security.
BTCBIT.net is a “fully regulated cryptocurrency exchange” registered in Poland. Poland is alongside the United Kingdom one of Europe’s most prominent cryptocurrency exchange countries. However, the cryptocurrency market is truly global in its nature and as such the locality of the exchanges doesn’t matter that much to the users.
The exchange also has operational companies in Estonia and Latvia. There is also plenty of information on the addresses of the headquarters and the operational companies on the exchange’s website, which is a good sign. Exchanges trying to scam their investors rarely give out address information to where you can find them.
At this trading platform, US-investors are permitted to trade. That is, if you’re not from any of the following states: New York, Georgia, Connecticut, New Mexico, Washington or Hawaii. These states have state laws that make it difficult or impossible for international cryptocurrency exchanges to accept residents from the states as traders. If you are from any of these states and want to find a cryptocurrency exchange like this one, use our Exchange Finder and we’ll help you out.
Deposits Possible via the Bitcoin Lightning Network
Something quite unique with BTCBIT.net is that you can deposit Bitcoin to the exchange through the Bitcoin Lightning Network, making deposits nearly instant. The only other exchanges in the world that we know have this functionality are Vaultoro and Buda.
This trading platform has also put a lot of effort into the mobile-friendliness of the platform. While most traders trade on their desktop, we do still think that mobile-friendliness of exchanges is a competitive edge.
BTCBIT.net 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 trading 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. The below is a picture of the trading view at BTCBIT.net:
BTCBIT.net Trading fees
Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. Takers are the people removing liquidity from the order book by accepting already placed orders, and makers are the ones placing those orders. 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.
This exchange offers a flat fee of 4.50% per trade. This is definitely on the high-end for cryptocurrency exchanges. The industry average is around 0.25%. However, this figure is primarily for crypto-to-crypto trading and the 4.50%-fee is for fiat-to-crypto. This makes it difficult to compare BTCBIT.net’s trading fees against the industry average crypto-to-crypto fees.
BTCBIT.net Withdrawal fees
BTCBIT.net charges 0.0006 BTC per BTC-withdrawal. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average. In any event, the withdrawal fees charged by this platform is roughly in line with industry average.
This exchange is really also what we call an “entry-level exchange”. This means that it is open also to new cryptocurrency traders, which in turn means that it accepts fiat currency deposits. Not only does the exchange accept fiat currency deposits, they accept a wide variety of such deposits! You can deposit via payment cards, SEPA transfers, wire transfers, popular different payment servies (inter alia, Epay, PAYEER, Perfect Money, Advanced Cash etc.). This picture shows some of the available deposit methods:
Another interesting feature of this exchange is that you can withdraw directly to your debit card as well. This can of course be helpful in various scenarios.
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. BTCBIT.net received a score of D- in this test. This is a score with room for imrovement. It is worth noting though that out of all the exchanges in our Cryptocurrency Exchange List, a majority actually receives an F-score.
Finally, 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: