Bits Blockchain Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Bits Blockchain Review.
Bits Blockchain Review
Bits Blockchain is an exchange that allows both coin-to-coin and coin-to-fiat trading with a focus on its own digital asset, ATM Coin (ATMC). The exchange, which is based in Macau, China, is currently in the top 30 by trading volume at CoinMarketCap.
In terms of security, Bits Blockchain uses 3-Factor Authentication, but we could not find information on the storage of digital assets.
Bits Blockchain Advantages
Few altcoins available
Other than the most popular cryptocurrency Bitcoin, Bits Blockchain also offers trading in Ethereum, Dogecoin, Ripple, Litecoin and ATM Coin. Actually, the most popular pairs on this exchange are the ones with the ATM Coin – ATMC/EUR and ATMC/USD.
ATMC is a digital coin developed by the same company that runs the Bits Blockchain exchange. The coin has a price limit ($10), upon reaching of which a total of $ 2.3 billion of ATM Cash will be available to the market.
Fiat currencies supported
Bits Blockchain offers trading in digital coins for some of the most popular fiat currencies (USD & EUR). Therefore, this exchange probably seems attractive to beginner crypto-investors, as they can directly deposit and withdraw cash.
Has a wallet service
While some exchanges only act as a middleman and accept deposits and send the coins to a wallet which users must create, with Bits Blockchain one can hold his Bitcoin and USD in his or her account at the exchange.
Convenient payment methods
At Bits Blockchain one can deposit or withdraw using bank wire transfers, as well as VISA debit card. The latter allows withdrawals from any ATM in the world and is quite a rare service that is not provided by most cryptocurrency exchanges.
Clear presentation of the fees
Another thing we like about this exchange is the very clear and precise presentation or the fees they charge – deposit, withdrawal and trading ones for each instrument. Although this is not an important advantage of this exchange, it is a nice touch, which indicates the transparency of their services.
Bits Blockchain Disadvantages
High fees
The costs of trading at Bits Blockchain are higher than the ones provided at other exchanges. The fees are 0.50% for both market makers and market takers. Most exchanges charge trading fees that are two times lower. As a comparison, Kraken charges 0.16% and 0.26% respectively.
Besides, Bits Blockchain applies comparatively high deposit and withdrawal fees. While crypto deposits are free of charge, investments in fiat via bank wire are charged with 3.95% USD/EUR. Salty gees are also applied to crypto withdrawals: 0.004 BTC, 1.00% ATMC, 0.005 ETH.
No leverage offered
Bits Blockchain does not allow traders to borrow money in order to trade more aggressively. If this is what you are looking for, a forex broker may be a suitable alternative for you.
Keep in mind that there are a lot of differences between trading cryptocurrencies on an exchange and with a forex broker. You may find all the details about it here.
No platform
The service offered by Bits Blockchain is a simple order box, rather than a trading platform. There is no charting, no order book, let alone advanced features such as analysis indicators. Then again, we must admit that this makes the service simple and easy for newcomers in the crypto world.
Minimum deposit amount
Bits Blockchain has set a minimum deposit requirement for fiat investments (100 EUR/USD), which is not that unusual for exchanges that support traditional currencies, but yet we consider it a limitation.
Bits Blockchain seems like an entry level cryptocurrency exchange that offers trading in several coins and supports some of the most popular fiat currencies. The exchange places a special focus on its own coin, ATMC. While Bits Blockchain’s fees are clearly presented, they are pretty high, especially considering the fact that their trading platform is anything but advanced.
The Management Company of Bits Blockchain and ATM Coin is ATM Global Investments LLC, headquartered in Macau, China, but it seems that the developers originate from South America. As is the case with most similar companies, it is not regulated.
The main issue with most crypto-exchanges is the inherit risk of the system, as well as the counterparty risk. Even some of the most reputable exchanges have been hacked, not to mention the price volatility of Bitcoin and the other digital assets. That is why we recommend investing with trusted and well-regulated companies. Some forex brokers, like HYCM and IG , are also offering a form of Bitcoin trading, and they are duly licensed.
Bits Blockchain Review Conclusion
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