UPDATE 1 January 2020: This exchange has rebranded itself and now operates as the Blockchain Exchange. Please refer to that exchange instead.
The PIT Review
A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of The PIT consists of four parts: general info, fees, deposit methods and security.
The PIT is a crypto exchange from the Netherlands. There is a large number of exchanges from the Netherlands and Amsterdam has long been pushing to become the European capital of crypto. Other exchanges from the Netherlands that we have featured in our Exchange List include Bitladon, Txbit, Coinmerce, Altilly, Deribit, NLexch, Anycoin Direct, Bitrush, BTC Direct, Bitex, Bitonic and LiteBit.eu.
The company behind The PIT is Blockchain.com. Blockchain.com has been a prominent player on the crypto arena for a long time.
The PIT claims to be the world’s fastest crypto exchange.
US-investors can trade here. However, if you are a US-investor, you should still always analyse whether your home state imposes any obstacles for your foreign cryptocurrency trading. Sometimes exchanges will allow trading or use of crypto in spite of your own state prohibiting you from trading.
The PIT 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. They also show 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 The PIT:
The PIT Fees
The PIT Trading fees
The one thing we can’t stress enough is that you must always ascertain the trading fees at any exchange you are interested in. 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. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
The PIT’s trading fees for takers are 0.24%. This fee is in line with industry average. The exchange also offers a discount to makers, who trade at a fee of 0.14%. This is especially beneficial for the investors not interested in picking up existing orders from the order book.
The PIT Withdrawal fees
We have not been able to find any information on The PIT’s withdrawal fees. This is potentially a risk for you as an investor. When fees are not clearly presented somewhere, it tends to be a reason for that (such reason often being that the fees are high). Accordingly, we urge you to make your own analysis of the withdrawal fees.
At The PIT, you can deposit through wire transfer, but not via credit card. If you for any reason need an exchange that also accepts deposits via credit cards, you can find one by using the filters in our Exchange List our simply by completing the Exchange Finder test.
The PIT Security
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. The PIT received a score of B in this test. This is a very good score, and actually better than 90% of all other exchanges in our Exchange List.
As mentioned above, this exchange supports fiat currency deposits. Other exchanges that also have this option include: