UPDATE 1 September 2020: Instant Bitex is no longer a crypto exchange. Instead, the site which previously hosted the Instant Bitex platform today only has a blog post where it compares Bitcoin exchanges in Australia. This is quite an unusual "pivot". Consequently, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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Instant Bitex Review
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 Instant Bitex consists of four parts: general information, fees, deposit methods and security.
Instant Bitex is a coin exchange from the United Kingdom. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro and eToro.
Instant Bitex is a smaller cryptocurrency exchange. It has slightly more than 1,000 registered users and has completed deals with an aggregate trading volume since inception amounting to slightly more than 127 BTC. These numbers are of course impressive, but compared to the market leading cryptocurrency exchanges having a daily trading volume far north of 100,000 BTC, the numbers are absolutely microscopic.
The company running the exchange is INSTANT BITEX LIMITED (company number 11353300). The registered address of this company (Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX) is also presented at the website. This adds legitimacy to the exchange.
As its main advantages, Instant Bitex promotes that it has global coverage, functional API, very low fees, 24/7 support, multi-factor security and “best trading interface”. Out of these items, we would say that the strongest advantages are 24/7 support, multi-factor security and very low fees (although we would settle with saying that the fees are low, not very low). Most exchanges have global coverage, functional APIs are only important to a small part of all traders and which trading interface that is the “best” is quite subjective.
As far as we can tell, Instant Bitex also welcomes US-investors.
Instant Bitex 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. The below is a picture of the trading view at Instant Bitex:
Instant Bitex Fees
Instant Bitex Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something that we call a “flat fee model”. They have a flat trading fee of 0.10%. The industry average is arguably around 0.25% so these trading fees are definitively competitive.
Instant Bitex Withdrawal fees
Over to the withdrawal fees then. These are also very important to consider. When withdrawing BTC, the exchange charges you 0.0005 BTC. This withdrawal fee is also far below the industry average.
All in all, the fees charged at this exchange is a competitive advantage against most other cryptocurrency exchanges out there today.
This trading platform 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!
Instant Bitex Security
The security score here 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.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: