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 OTCBTC consists of four parts: general information, fees, deposit methods and security.
OTCBTC is the only Taiwanese cryptocurrency exchange that we have listed in our Cryptocurrency Exchange List. We believe that this will only be the case for a very limited period of time, as the Taiwanese government has expressed a positive attitude towards cryptocurrency and cryptocurrency companies. As early as in 2017, the Taiwan legislator Jason Hsu stated that Taiwan’s position on ICOs could be summarized as the three “no-policies”:
- The Taiwan government does not encourage ICOs;
- The Taiwan government does not prohibit ICOs; and
- The Taiwan government does not take responsibility for ICOs.
Moreover, rumour has it that the Taiwan government will soon issue an even more positive attitude towards ICOs and cryptocurrencies in general, with the purpose of establishing Taiwan as an Asian crypto-hub country. We’ll have to wait and see what happens, but we don’t think that OTCBTC will be the only Taiwanese cryptocurrency exchange in our Cryptocurrency Exchange List for much longer.
To our knowledge, US-investors are permitted to trade at OTCBTC, but US-investors must always perform their own analysis.
OTCBTC also recently released their trading platform as a mobile application. This means that wherever you are, as long as you have a mobile data connection, you can trade and monitor your portfolio at this exchange through your phone.
OTCBTC 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 OTCBTC:
OTCBTC Trading fees
This Taiwanese cryptocurrency exchange doesn’t charge different fees between takers and makers. Their fee model is instead a “flat fee model”. Their flat fee model is 0.10% which is below the global industry average. As we can’t compare the fee to any domestic counterparts, 0.10% also constitutes the domestic industry average.
OTCBTC Withdrawal fees
At this exchange, they charge their users a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This fee is also in line with global industry average.
This exchange 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!
OTCBTC’s has a “good but not great” security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and OTCBTC received a C-score. This is decent, but there is also room for improvement.
Finally, the exchange reviewed above has a large number of supported cryptocurrencies. If a large number of supported cryptocurrencies is an important factor for you in your choice of cryptocurrency exchange, you could also check out the following exchanges: