UPDATE 14 September 2023: Txbit closed down on 14 September 2023. They announced this through, inter alia, posts on Twitter and Medium. the following message on their website:
Why is Txbit closing down?
Due to adverse market shifts, including tightening regulations and ambiguity about the legal status of cryptocurrencies in various countries, we are ceasing all activities.
In an environment where compliance costs are rising, and our product margins constantly face pressure, continuing as before has become untenable for us. We began our journey with a distinct vision, but regrettably, the current environment prevents us from continuing.
Regrettably, this marks the end of the Txbit journey.
Accordingly, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
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What is Txbit?
Txbit is an exchange registered in the Netherlands, with headquarters in Amsterdam. The platform has been active since 2019. 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 aspects, we would say that low fees, simplicity and security are the most important things (although security and reliability ties into 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 last updating, this review (2 December 2021) Coinmarketcap reported that the 24-hour trading volume was USD 2.1 million. In comparison, the same value two years ago (on 4 September 2019) was only USD 12,110. So, even though the 24 hour trading volume is quite low here, it has improved for sure.
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 according to this report around 0.00053 BTC when you withdraw BTC.
Txbit charges you 0.0014 BTC (which on the date of last updating this review, 2 December 2021, was around USD 80) per transaction. This means that their BTC-withdrawal fee is substantially higher than the global industry average, and thus very disadvantageous to its traders. We hope Txbit lowers this withdrawal fee very soon.
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!