A crypto guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of SecondBTC consists of four parts: general info, fees, deposit methods and security.
SecondBTC is an exchange from India that launched on 15 June 2018.
If you look at the trading volume of this particular platform, it is not very good. Although we don’t have any data from coinmarketcap.com to rely on, CoinGecko reports that the 24 hour trading volume on the date of first writing this review (12 November 2019) was USD 616,644. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), the trading volume had droped to USD 194,092. This is bad news for the exchange and people interested in trading here should be careful.
US-investors seem to be permitted to trade here. But, US-investors should do their own independent assessment of any problems arising from their residency or citizenship. In a worst-case scenario, they may be prohibited by state laws to trade wherever they want to.
SecondBTC 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 crypto 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 see that it feels right to you. The below is a picture of the trading view at SecondBTC:
SecondBTC Trading fees
Most crypto exchanges charge two different types of trading fees: taker fees and maker fees. The taker is the person who picks up an existing order from the order book. The maker, on the other hand, is the person who creates an order that is not immediately matched against an existing order on the order book. Makers are often rewarded for creating liquidity on the platform by a lower trading fee than takers. Exchanges that do not make a distinction between takers and makers charge what we call “flat fees”. SecondBTC charges 0.10% for both takers and makers.
According to the largest and most recent empirical study on crypto exchange trading fees, the average spot trading taker fee is currently 0.2181% and the average spot trading maker fee is currently 0.178%.
Compared to those average trading fees, SecondBTC's taker fees and maker fees is below the industry average.
SecondBTC Withdrawal fees
SecondBTC's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
All in all, this exchange’s fee levels are in line with industry average.
SecondBTC does not accept any deposits of fiat currency. This means that the new crypto investors (i.e., the investors without any previous crypto holdings) can’t trade here. In order to purchase your first cryptos, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!