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 BTCX consists of four parts: general information, fees, deposit methods and security.
BTCX is a Swedish cryptocurrency exchange.
BTCX was the first company in Sweden to offer blockchain trading, and it was actually also one of the first cryptocurrency exchanges in the world. It launched as early as in 2012. The platform is also registered by the Swedish Financial Supervisory Authority.
You can only buy and sell two cryptocurrencies here: Bitcoin and Ethereum. So if you’re looking to trade a more exotic altcoin, you will have to resort to our Exchange List to find another alternative.
The trading platform offers support to its users 16 hours per day (08:00 – 00:00 CET, each day).
Easy KYC for Swedes
For Swedish people, the KYC at this exchange is easy. This is because Swedish people may use mobile BankID (mobilt BankID), which is incredibly useful.
BTCX does not forbid US-investors from trading on its exchange. Regardless, all US-investors should 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 otherwise be the best cryptocurrency exchange site for them.
BTCX 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. 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. At this exchange, there is only an order box. 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 purchase interface at BTCX:
BTCX Trading fees
BTCX is different from many centralized exchanges in the way that it does not offer trading between cryptos. The only service offered is buying BTC or ETH and selling BTC. When buying BTC or ETH from the exchange, the purchase price offered by BTCX is usually higher than the market price and the exchange profits that way. The mark-up or mark-down is not specified anywhere.
However, on the date of last updating this review (29 May 2020), we did a test where we compared how much BTC we could buy from BTCX for 10,000 SEK, to the current SEK-market price as presented by Coinmarketcap. We then learned that we would get 10.90% less Bitcoin at BTCX, than we would have if we had bought it somewhere at market price. Accordingly, we have listed 10.90% as the trading fees here. These fees are very high.
Standard service & Express service - Different Rates
You can use BTCX without opening an account, this is the BTCX Express exchange service.
Opening an account to access the Standard BTCX service will render you a better exchange rate than with the express alternative.
BTCX’s service is incredibly fast and the purchase will be executed within 3 minutes (provided that your weekly purchases are not to a higher value than approx. 700 USD).
BTCX Withdrawal fees
Seeing how this exchange conducts its operations, withdrawal fees are not relevant (they can be deemed to be included in the exchange’s markup).
This trading platform offers a number of different deposit methods. Swedish people might enjoy the Swish-alternative (instant payments), while people from another European country might prefer the SEPA-transfer.
This exchange’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average when it comes to top crypto exchanges.
There are only a few exchanges that – like the above exchange – receive Mozilla Observatory-scores of B or higher. The below list includes 10 such platforms with strong security scores: