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 Chilebit.net consists of four parts: general information, fees, deposit methods and security.
UPDATE 6 January 2020: This exchange reported today that their Chilean bank had closed down their accounts, thus forcing the exchange to close down its operations. This was announced through, inter alia, an email to its users, with the following contents:
We have not been able to ascertain whether US-investors are permitted to trade at this exchange or not. Accordingly, we urge all US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
The exchange highlights four things as the main advantages with this trading platform: it is easy, it is fast, it is 100% transparent when it comes to source code and wallets, and it is a member of a network called BLINKTRADE.
Simplicity and speed is of course very important, and we assume transparency with respect to source code and wallets is good as well. Possibly however, this transparency might make it easier for a hacker to attack. This is however outside of our primary knowledge base so we might be wrong on this specific item. We are not overly familiary with the BLINKTRADE network but what we do know is that the Pakistani exchange Urdubit is dead. So, Chilebit.net should maybe update the BLINKTRADE members that they list on their landing page.
Chilebit.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 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 two order boxes (buy & sell) and an order book. 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 trading view at Chilebit.net:
Chilebit.net Trading fees
We have not been able to find this exchange’s trading 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 trading fees at this exchange before depositing any funds at it and before concluding that it is the best cryptocurrency exchange site for you.
Chilebit.net Withdrawal fees
Chilebit.net charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is below the industry average. Accordingly, it constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
Chilebit.net offers wire transfer as a deposit method, but you can’t deposit via credit card.
One might also ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons (i) exchanges store a massive amount of personal data and other personally identifiable information, and, more importantly, (ii) exchanges handle loads of cash or coin deposits and withdrawals.
Chilebit.net’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):