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 Foxbit consists of four parts: general information, fees, deposit methods and security.
Foxbit is another Brazilian cryptocurrency exchange. The land of samba and football (“soccer” for you Americans) is actually also a wasp nest of cryptocurrency exchanges. Among the biggest and most popular cryptocurrency exchanges from Brazil we find, inter alia, Bleutrade.
They seem to allow US-investors to trade, but US-investors should still do their own independent assessment of any problems arising from their residency or citizenship.
Foxbit Trading 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. We call makers “makers” because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Foxbit’s trading fees for takers are 0.50%. This fee is double the global industry average, but not in excessive compared to other South American exchanges. The exchange does however offer a discount to makers, thus promoting the liquidity at the exchange. This is a very strong competitive edge in the market and is especially beneficial for the investors not interested in picking up existing orders from the order book but rather prefers to “go fishing” with maker-orders. The fee for makers are 0.25% of the order value.
Foxbit Withdrawal fees
Foxbit charges a withdrawal fee amounting to 0.00013 when you withdraw BTC. This is far below the global industry average and extremely low compared to other South American cryptocurrency exchanges.
Foxbit offers wire transfer as a deposit method, but you can’t deposit via credit card.
The security score of this exchange 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.
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):