UPDATE 23 March 2023: We have received reports from a number of independent sources that Vero Exchange does not process withdrawals. There are also several other sources reporting issues with accounts being blocked without any due explanation. When researchers from cryptowisser.com tried to contact Vero Exchange in order to receive more clarity into these issues, we received no response.
Accordingly, we have marked Vero Exchange as a scam in our database and moved it to our Exchange Graveyard. If we would receive new reports that withdrawals are being processed in a timely and professional manner, and the business is conducted in an overall professional manner, we might consider "reviving" this platform again.
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Vero Exchange Review
What is Vero Exchange?
Vero Exchange (previously BayBit.io and - before that - known as Bitcoinfive.com) is an exchange based in the United Kingdom. The exchange only offers trading in Bitcoin.
Vero Exchange prohibits US-investors from trading on its exchange. Interested US-investors must therefore refer to any of the other top crypto exchanges or perhaps just find another exchange where they are permitted to trade by using the Exchange Finder.
As its main advantages, the exchange lists four things: instant exchanges, no exchange fees, “satisfaction” and “UK Registered Company”. To be perfectly honest, we feel that it is a bit unclear what “satisfaction” refers to, and it’s definitely subjective. Moreover, “UK Registered Company” is not really an advantage per se. The statement that they do not charge any exchange fees is misleading at best, seeing as the platform makes money on the spread between buy and sell price quotes. All in all, the list of advantages is actually more deterring than attractive to us.
Vero Exchange 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 trading 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. At this exchange, you can’t really say that there is any trading view at all. The below is a picture of the basic purchase interface at Vero Exchange:
Vero Exchange Fees
Vero Exchange Trading fees
The fees at any exchange are very important to consider.
Vero Exchange is different from most exchanges in the way that it does not offer trading between cryptos. The only service offered is buying and selling BTC. When buying BTC from the exchange, the purchase price offered by the exchange is usually way higher than the market price. Conversely, when selling BTC to the exchange, the purchase price offered is usually way lower than the market price. The mark-up or mark-down is not specified anywhere. But, when we did a calculation, and compared the prices offered by Vero Exchange with the prices listed as market price on Coinmarketcap, for the purchase/sale of 1 BTC, we found that Vero Exchange takes a 6.15% fee from its buyers/sellers. These fees are very high.
Vero Exchange Withdrawal fees
Considering how this exchange operates, withdrawal fees are irrelevant.
Vero Exchange accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive. One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.