UPDATE 1 May 2020: When we try to access the website of this exchange, it leads us to a "400 Bad Request". The website seems to be down. In a vast majority of cases where this happens, it means that the exchange has closed down. Accordingly, we have marked this exchange as dead and moved it to your Exchange Graveyard. We will monitor the situation and if the exchange pops back to life again, we will again move it to our Exchange List.
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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 TOPBTC consists of four parts: general information, fees, deposit methods and security.
TOPBTC is a cryptocurrency exchange allegedly from Australia. The owner of the exchange is apparently a company named DABTC PTY LTD. If the letters DABTC rings a bell to you, it might be because of the previously major Chinese cryptocurrency exchange DABTC. According to information on DABTC’s website, the assets and activities of DABTC was transferred to TOPBTC following China’s ban on cryptocurrencies.
Most Australian cryptocurrency exchanges are members of the organization ADCA (Australian Digital Commerce Association), but TOPBTC is not. This is not a warning flag per se, but still worth noting.
We have not found any information that this exchange prohibits US-investors. However, most other Australian exchanges (e.g., ACX, CoinJar, Independent Reserve) prohibit US-investors. Accordingly, that US-investors might be prohibited is something that such investors should keep in mind.
This exchange has deep reported liquidity. On 19 July 2019, the 24 hour trading volume was a massive USD 673.2 million. By that, TOPBTC claimed spot 32 on the list of the exchanges in the world with the highest 24 hour trading volumes. Very impressive. On the date of last updating this review (30 March 2020, right in the middle of the crisis with COVID-19), the 24 hour trading volume of this exchange was roughly the same, USD 638 million, but then the overall market had also improved so it only gave TopBTC place no. 39 on the list this day. In any event, liquidity is definitely acceptable at this exchange.
TopBTC 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 TopBTC:
The trading view looks quite standard and does not in and of itself raise any concerns from us.
TOPBTC Trading fees
This particular trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. Their flat fee is 0.20% for both takers and makers. This is in line with industry average.
TOPBTC Withdrawal fees
Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.
Here, at TopBTC, you only have to pay the network fees when withdrawing. These are the fees that miners receive to confirm transactions. Only charging network fees is competitive.
We have not been able to ascertain what deposit methods this exchange offers. When pressing the button “Deposit help” on the exchange’s website, you come to an empty white page. That is not very informative or helpful.