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 Easybit consists of four parts: general information, fees, deposit methods and security.
Easybit (formerly known as Easyrabbit) is a cryptocurrency exchange based in Cyprus. It is a non-custodial cryptocurrency exchange service formed around simplicity. They offer instant exchanges with an average processing time of 12 seconds per transaction. They also have a simple with a user-friendly interface.
The EasyBit Team has developed something they call the Volatility Protection Mode. According to Easybit, this is a "game-changing innovation in the field, giving users control over volatility". VPM is having the advantages of the floating and fixed rate in one mode. It works on the floating rate but if during the transaction the rates drop below a customizable percentage, VPM automatically triggers to cancel the transaction and refund the user. According to EasyBit, this avoids any loss.
The platform is also available for mobile use. However, from the information we have been able to obtain, it seems as if it’s only available for download on Google Play and not on AppStore. This should mean that it is not available for iPhone-users. We assume that this is only temporary, as it seems weird to not develop an application for iPhones seeing how large Apple’s market share among mobile users is.
Easybit does not offer any type of its services to any customer located in the US for the time being and lists US-investors as prohibited from trading.
Easybit 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 essentially 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 Easybit:
Easybit Trading fees
The fees at Easybit are what we call flat fees, meaning that makers and takers are charged the same fee. Easybit's fees are 0.20% for both takers and makers. This is quite in line with the industry average, which has historically been around 0.25%. Today, however, we see more and more exchanges moving towards even lower trading fees such as 0.10%.
However, Easybit offers trading fee discounts when you reach a certain VIP-level. There are 10 levels and to reach the highest one you need to have a trading volume of 10,000 BTC per month. Trading fees go down to 0.10% if you are at the highest level. The exact trading fee discounts are set out in the below table:
Easybit Withdrawal fees
The exchange charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This fee is below the industry average (which is 0.000812 BTC).
This trading platform does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading at Easybit. If you don’t have any crypto but want to start trading here, you will first have to purchase cryptocurrencies from another exchange and then, as a second step, deposit them here. To find an exchange where you can purchase cryptocurrency with fiat currency (regular money), just use our Exchange Finder and we’ll help you through it.