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US investors permitted
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.
The trading chart 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
Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. Let’s say you have reached your investment goals and you are looking to buy house with bitcoin. In order to buy that house, you need to withdraw the funds. And when doing so, the exchange can make up for its low trading fees by charging you high withdrawal fees when you’re halfway out the door.
We have not been able to find any information on TOPBTC’s withdrawal fees. We have also come across information from different crypto forums that this exchange have denied certain withdrawals. This sounds incredibly risky to us and – until we hear positive reviews outweighing the negative ones we have come across – we urge you to be very careful when interacting with this exchange.
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.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
TOPBTC’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
If you have concluded that this is the exchange for you, congratulations! Go for it. But if not, please use our Exchange Finder here to find out which exchange has the best cryptocurrency exchange site for you.