A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of WunderBit consists of four parts: general info, fees, deposit methods and security.
WunderBit is an exchange service from Germany. It is not really an exchange per se, as exchanges should offer the opportunity to exchange cryptos to other cryptos. At the WunderBit-platform, you can only buy crypto. The cryptos you can purchase are the biggest ones: BTC, LTC, BCH, ETH, XLM, BNB and XRP.
The company behind the exchange describes itself as a “fintech that strives to facilitate the real world use of cryptos through a number of products and solutions”. It currently offers bitcoin & crypto exchange service, social trading platform, bitcoin payment processing service and OTC-service.
Apparently, the transactions on the platform take only 7-10 minutes under normal circumstances. This is very fast and impressive.
As main reasons to why you should choose WunderBit, the platform states that it has top-grade security and that they offer fast verification. These are both very helpful advantages for a trading platform. The fact that the platform does not store any user assets is also very helpful and makes the platform a so called “non-custodial” platform.
The platform is available in both the English and the Russian language.
US-investors can buy crypto at this trading platform. US-investors should however always try to figure out themselves whether there are any problems arising from their trading at one or several international crypto exchanges. Sometimes, state laws stand in the way for certain US-investors’ international crypto trading.
As mentioned above, this platform also has an OTC-desk where you can execute larger trades without any risk of “slippage” (price movements due to large transactions).
WunderBit Trading View
Different exchanges and exchange services have different trading views. And there is no “this overview is the best”-view. You should make up your own mind on 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 crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange or exchange service, try to have a look at the trading view so that you can see that it feels right to you. At this exchange, there is only a purchase interface. This makes it easy to understand for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the purchase interface at WunderBit:
WunderBit Trading fees
As there are no takers or makers on this platform, there is no division between taker fees and maker fees. However, the platform takes a commission on the purchase price you pay when you buy crypto on the platform. This commission is currently 1.00%. It is difficult to compare this fee against fees for centralized exchanges, seeing as there are generally more fees involved “under the hood” for a platform like WunderBit. The biggest group of such fees are bank charges.
You’ll have to decide for yourself whether 1.00% is competitive enough or not.
WunderBit Withdrawal fees
WunderBit's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
At this trading platform, you can deposit through both wire transfer and credit cards. This can be helpful especially for newer crypto investors. The fact that fiat currency deposits are permitted at all also makes this exchange an “entry-level exchange”, meaning an exchange where new crypto investors can take their first steps into the exciting crypto world.
It should be noted though that WunderBit works with the credit card payment processor Simplex. Simplex charges 5.00% per transaction and this is quite a hefty fee.
We run all the exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/). The score in such test is one of many indicators of the exchange’s security. WunderBit received an F-score in this test. This should however be viewed in light of the fact that F is the Mozilla Observatory-score received by most exchanges in our Exchange List.
Finally, this exchange is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the crypto market with fiat currency. There are many such exchanges out there, inter alia: