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 Bytex consists of four parts: general information, fees, deposit methods and security.
Bytex is another exchange based in Singapore, since April 2018. If you live in Singapore and want a cryptocurrency exchange to trade at that is based in the same country as you – you are spoiled. All of the following exchanges are registered in Singapore: WEX, Coinbene, Triple Dice Exchange, Coinut, COSS, ExcambioRex, Coinhako, FYB-SG, UEX, Cointiger, Kryptono, DragonEX, Coinhub, Tokenomy, Bitrue, Bitbox, ABCC, CRXzone, Kyber Network and Liquid. And this exchange, of course.
Bytex does not explicitly state that US-investors are prohibited from trading. Accordingly, if you’re a US-investors, you should be able to trade here. But, as always, US-investors interested in trading here should in any event should do their own analyses of any issues arising from their citizenship or residency.
Bytex 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.
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.10%, that both takers and makers have to pay when executing a trade.
Bytex Withdrawal fees
This exchange only charges the network fees when you withdraw BTC. The network fees differ from day to day, but they have for a long time been substantially below the global industry average BTC-withdrawal fee. Global industry average BTC-withdrawal fee is 0.0008 BTC, and the network fees is roughly a 80%-discount against such fee.
Bytex does not accept any deposits of fiat currency. This means that new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
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. Bytex only received an F-score in this test. This means that there is naturally room for improvement in the website security of this exchange.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, find the best cryptocurrency exchange site for you by using our revolutionary matching tool.