What is TurboXBT?
Launched in 2021, and registered in the Seychelles, TurboXBT is a new addition to the market of contracts trading exchanges.
TurboXBT exchange offers digital assets and derivatives trading services. A derivative is an instrument that is priced based on the value of an underlying asset. This asset could be stocks, bonds and other interest-bearing securities, commodities etc. However, when talking about the digital asset domain, derivatives rely on the price of their underlying cryptocurrency. You can engage in derivatives trading connected to Bitcoin and Ethereum here. However, you can also trade:
- 8 Forex Currencies;
- 4 Commodities (Brent Oil, Crude Oil, Gold and Silver); and
- 3 Indices (Nasdaq, S&P500, GER30).
Most crypto traders feel that desktops give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that TurboXBT’s trading platform is also mobile compatible.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
TurboXBT does not allow US-investors on its exchange. So if you’re from the US and would like 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.
TurboXBT Trading Interface
Every trading platform has a trading interface. This interface is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what is its current price. There are normally buy and sell boxes too, where you can place orders with respect to the relevant crypto. In most of the platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same window on your desktop. Of course, there are also variations to what we have just described.
This is the trading interface at TurboXBT (without signing in though):
It is up to you – and only you – to decide if the above trading view is suitable for you. Finally, there are usually many different ways in which you can change the settings to customize the trading interface based on your own preferences.
TurboXBT Trading fees
Every time you place an order, the exchange charges you a trading fee. Typically the trading fee is a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the ones who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
TurboXBT claims that they don't charge any fees at all.
"There are no fees on the platform (except for the blockchain network fees on deposits and withdrawals)."
This is very uncommon and somewhat difficult for us to believe. When we compared the prices listed at the platform with the current market prices at Coinmarketcap.com, we noticed a 0.90% difference between the market price and the price offered by TurboXBT. This can probably be compared with a so called "spread" for FX Brokers. We have thus inserted 0.90% as the fee level in our database. We might revise this number if we receive further clarity on this from the platform.
TurboXBT Withdrawal fees
To our understanding, TurboXBT does not charge any fees of their own when you withdraw crypto from your account at the platform. Accordingly, the only fee you have to think about when withdrawing are the network fees. The network fees are fees paid to the miners of the relevant crypto/blockchain, and not fees paid to the exchange itself. Network fees vary from day to day depending on the network pressure.
Generally speaking, to only have to pay the network fees is below global industry average when it comes to fee levels for crypto withdrawals.
TurboXBT previously did not accept wire transfers or credit card payments. So, in order to trade here, you had to have cryptocurrency, to begin with. However, as of December 2021, TurboXBT has added the ability to top up the balance with bank cards (USD/EUR/CNY/AUD/INR and other fiat currencies with a commission of 1% - 3.5%).