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 Tidebit consists of four parts: general information, fees, deposit methods and security.
Tidebit is a Hong Kong cryptocurrency exchange. There are many cryptocurrency exchanges based in Hong Kong, more than in most other countries in the world. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance, Bit-Z, KuCoin and BitFlip.
A big difference between Tidebit and Binance, KuCoin and Bit-Z, however, is that Tidebit does not allow crypto-to-crypto trading. So if you’re interested in depositing cryptocurrency, you need to look elsewhere (use the Exchange Finder to find an exchange for you).
On 24 June 2019, Tidebit launched its new design of its mobile trading interface. Tidebit’s trading platform has for some time also been available through mobile use and with the new interface, many users have switched to using the platform on mobile instead of via desktop.
US-investors may not trade here. The reason for excluding US-investors are primarily regulatory reasons. The US-legal regime imposes obligations on many companies accepting funds from US-investors. Such obligations include, inter alia, preparing marketing material in accordance with SEC-standards and registering them with the SEC (which is a very burdensome process). Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
On the date of last updating this review (19 July 2019), the 24 hour trading volume at Tidebit was USD 372,686. This placed Tidebit on place no. 135 on the list of the exchanges in the world with the highest 24 hour trading volumes. There is clearly some room for improvement when it comes to the order book depth at Tidebit.
Tidebit 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 Tidebit:
Tidebit Trading fees
This trading venue doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”, where the exchange charges both the taker and the maker the same amount. The flat fee is 0.30% for certain trading pairs and down to 0.10% for other trading pairs, as detailed below:
0.30%: BTC/HKD, ETH/HKD, EOS/HKD, NEO/HKD, BTC/USD, ETH/USD, XPA/ETH, CBT/ETH
0.20%: HKX/HKD, USX/USD
0.10%: BTC/USX, ETH/USX, XPA/USX, CBT/USX, BTC/HKX, ETH/HKX, XPA/HKX, CBT/HKX, EOS/HKX, LIKE/HKX, USX/HKX, ETC/HKX, LTC/HKX, BCH/HKX
These fees are also roughly in line with industry average.
Tidebit Withdrawal fees
Tidebit charges a withdrawal fee amounting to 0.003 BTC when you withdraw BTC. This fee is above average in the industry. One should consider whether Tidebit has a strong offering to investors in other respects that outweighs the disadvantage of this higher withdrawal fee.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. And, as mentioned above, you cannot deposit cryptocurrencies.
Tidebit’s security score is D-, 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):