Trubit Exchange Review
What is Trubit Exchange?
TruBit Exchange is an online crypto exchange from Mexico, formally known as Mexo. The platform was launched in 2020. This exchange focuses on derivatives trading, meaning they specialize in derivatives trading (also known in the industry as “contracts” trading). The platform offers both spot trading and derivatives trading. Spot trading means buying/selling assets directly without any contract. On the other hand, derivatives trading involves purchasing a future contract.
Mexo Exchange Rebrand To Trubit
As the world of cryptocurrencies evolves, exchanges must stay ahead of the curve. Given the benefits of joining forces with the team at TruBit, Mexo Exchange officially changed its name to TruBit Pro as of October 3, 2022.
The goal is to better serve all users as the company continues to build a comprehensive ecosystem for Latin American users. The impact wouldn’t affect users' products and holdings. However, the parent company Galactic Holdings will launch an intuitive wallet. Exciting times are ahead for these two companies and their customers!
As we mentioned above, TruBit Pro was previously known as Mexo and it's where all the Earn, Trading, and other prominent features are situated on the site and mobile trading application. While the TruBit Wallet is where customers can access a one-stop shop for all things related to paying and storing their cryptos and tokens.
TruBit Exchange Mobile Support
Most cryptocurrency traders believe that desktops offer the ideal environment for their trades. With larger monitors, they can view more important data to make their trades. Additionally, having the charts displayed before them provides an easy way to track how things progress. Not everyone is pleased with making their trades solely through a mobile device; if you are one of these people, then you might find that the TruBit exchange mobile app offers you everything you need.
TrueBit's contract trades allow users to borrow money against their assets. Users can borrow up to 100x the value of any asset they hold through the Truebit exchange. A word of warning may be appropriate for those considering leveraging their investments.
Leveraging trades can make massive gains but is also extremely risky. Let us assume you start with $100 in cash and place a trade worth $10,000. Your original $100 must increase by 10% to get the full potential gain. That means that you will receive ten dollars of profit for every dollar you invest. But what happens if the market goes the wrong way? What if it drops by 10% instead of rising? Then you could lose money because your $10,000 was worth much less than that $100. To make matters worse, the greater the ratio between the amount invested and borrowed, the less likely you will make any money!
Truebit Exchange offers four different levels of Affiliate Programs. Through these programs, you can earn up to 35% commissions on the trades generated from trading your referrals and their referrals. 35% is quite an attractive commission rate compared to industry standards. Currently, the following table shows the different levels (and the commission earned) for each category of affiliates - Bronze, Silver, Gold, and Platinum:
TruBit Exchange Trading View
Every trading platform has an interface that provides access to the trading view. The trading interface allows you to see a given asset's current market conditions and make orders regarding that currency. Two separate interfaces may depend on whether you are logged into the site as a customer. These are the trading view at BitMEX (a popular OTC trading venue) and the trading view at Binance (one of the largest exchanges by volume). Both sites offer similar functionality, although they differ in how much information they provide. In general, if you want to know the price of any particular crypto, you go to either one of these sites and enter the name of the crypto. You choose between buying or selling depending on the trade you want to execute. TruBit offers a unique trading view and one we have enjoyed working with throughout the process of writing our review.
TruBit Exchange Fees
TruBit Exchange Trading fees
When placing an order, the price you are quoted includes both the bid and ask prices. You pay the difference between the two prices plus a small trading fee. Trading fees vary quite dramatically depending on where you buy your coins, what exchange you choose, and how much volume is traded. Some exchanges charge a flat rate per transaction, while others charge based on the size of the transaction (the number of coins involved). Other platforms, such as Coinbase, may offer free transactions but charge a small amount if you want to move larger amounts.
TruBit charges taker fees of 0.095% per trade for spot trading, which is below the industry averages for centralized exchanges. Makers will receive a discount on their spot trading fees and only have to pay 0.075%, which is a very competitive rate. For contract trading, takers pay 0.04%, and makers pay 0.02%, which is also below the industry average. Overall the crypto firm offers solid trading rates and a decent discount.
TruBit Exchange Withdrawal fees
To our understanding, TruBit Exchange charges extremely low withdrawal fees, which differ depending on the coin you are withdrawing. Take, for example, Bitcoin (BTC); customers will be charged 0.0009 per withdrawal. This is below the industry average and offers good value to customers moving money in and out of their accounts, given that deposits are fee-free. As far as we know, withdrawing funds are fiat isn't available with this provider.
In addition to depositing cryptocurrency to the platform, TruBit Exchange also lets you deposit fiat currency. Customers can also deposit funds using debit and credit cards, giving quick funding access to customers. As fiat currency deposits are possible at this trading platform, this platform qualifies as a comprehensive exchange as it’s an exchange where new crypto investors can start their journey into the exciting crypto world while catering to the more experienced traders.
TruBit Exchange does not allow US investors on its exchange. So if you’re from the US and want to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our exchange filters, you can sort the exchanges based on whether or not they accept US investors.
The TruBit wallet offers convenient, cashless, and safe payments using a variety of cryptocurrencies. Customers can easily buy, sell and trade their digital assets through one application and make everyday purchases with the flick of a button. The TruBit wallet allows feeless payments between friends via QR code for instantaneous payments.
What’s more, customers signing up to the TruBit wallet will be rewarded with $3 USDT (Tether) if they pass the KYC process and maintain an average daily balance greater than 25 USD value in crypto for the first 30 days. A great deal and one worth taking advantage of for new users considering depositing with this unique provider.
Earn products have become a must for major online providers in recent years, with industry leaders such as Coinbase and Binance offering highly appealing percentage yields on major cryptocurrencies and tokens. TruBit has provided an Earn product to give back to customers who hold their funds with the company.
TruBit is committed to optimizing customers’ expectations and needs. The firm offers high-quality earn products, giving users high-interest rates after activating their TruBit Earn+ Products in the mobile application. TruBit Earn+ Products can offer up to 20% APY to easily earn interest and withdrawal accrued funds at any time or reinvest them.
The TruBit academy, formerly known as Mexo Academy, brings a wealth of knowledge and industry know-how into how to place, helping new and experienced investors to make the most of the platform and the broader markets. With a range of educational tools, including videos, blog posts, and FAQs, users at TruBit will have all the tools they need to make the most of their time trading digital assets.
Given that the cryptocurrency trading space is constantly adjusting to adapt to customer needs and industry demands, The Academy is regularly updated to ensure users get the correct information first. TruBit Pro and regular TruBit users will have their sections to access specific information about the platform.