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 Txbit consists of four parts: general information, fees, deposit methods and security.
Txbit is an exchange registered in the Netherlands, with headquarters in Amsterdam. Netherlands has been one of the main cryptocurrency countries in Europe for a long time. Other exchanges from the Netherlands include Coinmerce, Altilly, LiteBit.eu, Bitonic, Deribit, Nocks, NLexch, Bitladon and Bitrush.
The company behind Txbit is Txbit Exchange B.V.
Txbit markets the following six features as their main advantages: privacy, security, reliability, simplicity, low fees and their referral program. Out of these asepcts, we would say that low fees, simplicity and security are the most important things (although security and reliability ties in to each other).
Txbit does not list US-investors as prohibited from trading. However, US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
On the date of first writing this review (4 September 2019), according to information from the exchange’s website, the 24 hour trading volume was only USD 12,110. The number of registered users was 12,086. On the date of last updating this review (16 March 2020, right in the middle of the crisis with COVID-19), Coinmarketcap reported that the trading volume had dropped to USD 1,325. This is a big risk for someone interested in opening an account with this exchange as it indicates that this exchange will have to close down in the near future.
Txbit has a referral program for its users. It’s easy to participate, the only thing you have to do is to create an account, get your link, invite friends and then get your bonus (just as any other referral program really).
Txbit 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 Txbit:
Txbit Trading fees
This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something that we call a “flat fee model”. They have a flat trading fee of 0.20%. The industry average is arguably around 0.25% so these trading fees are competitive enough.
We are however seeing more and more exchanges moving to lower trading fees, and 0.10% and 0.15% are actually emerging as new industry averages.
Txbit 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). It varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is 0.000812 BTC when you withdraw BTC. Txbit only charges you 0.0005 BTC. This means that heir BTC-withdrawal fee is approx. 40% lower than the global industry average.
Txbit does not accept any deposits of fiat currency. This means that the new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. Find one by using our Exchange Finder!
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. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle large amounts of cash or coin deposits and withdrawals.
Txbit has an extremely good security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and a lot of the exchanges receive F as scores. Txbit, however, received a B score. This is very impressive.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: