GetBTC (getbtc.org) is a very new cryptocurrency exchange, which mostly serves Russian clients. While they have not officially limited the places from which they accept traders, a lot of things point in that direction, at least at the time of writing of this review (a few months, after the launch). We will update this, when major changes to this project occur.
The company, security of funds
GetBTC Financial Services Ltd. Is the company which operates this exchange. It is based in St. Vincent and the Grenadines, an off-shore destination, which is popular among financial firms.
When it comes to cryptocurrencies, basically all exchanges carry a certain form of counterparty risk. Our experience with forex brokers (which we mostly cover) suggests offshore companies are more likely to be dishonest than the ones regulated in developed countries.
The main service provided by GetBTC is giving customers the option to … get Bitcoin. While accepting fiat currencies, this exchange also provides a relatively decent trading platform, just like Bitstamp. This is not the cases with some other services, where you will simply be sending money and receiving your coins later, such as Alfa Cashier.
This project is so young, no one will be surprised to hear they have not been hacked yet. We usually like to take a look at the user reviews on companies in the cryptocurrency space. The ones available for this exchange are all in Russian and feel more like a Q&A session in the forums. This is to be expected. The tone of the conversations is rather friendly and the team behind GetBTC seems to have solved all the issues, pointed out by users.
Trading instruments (cryptocurrencies)
Bitcoin is the only cryptocurrency, supported by GetBTC. The neat feature is that it is traded against the USD EUR and RUB. Despite lacking altcoins, this is still a relatively nice offer.
GetBTC is one of the exchanges which doesn’t provide margin trading. If you are familiar with other exchanges, you will definitely know that most of them also don’t, as this requires building lending facility from scratch.
Forex brokers, on the other hand, are used to dealing with leveraged trading. With the raise of popularity of cryptocurrencies, a lot of these companies have started offering trading in the most popular coins, as Bitcoin or Ethereum. This is accomplished by the creation of CFDs. These Contracts For Difference only follow the price fluctuations of a given asset, without granting you actual ownership.
The trading fee at GetBTC are 0.20% of the value of each transaction. Such a level is in-line with the current state of the industry. While a few other exchanges go even lower, most companies which are suitable for active traders charge up to 0.25%.
The trading platform provided by GetBTC is web-based. From a trader’s point of view this leaves mixed feelings. Here is a preview of the charting, alongside the chat box:
While the chart looks relatively nice, no technical indicators are provided. In case you are willing to trade Bitcoin in the short term a forex broker, providing the MetaTrader4(MT4) platform, like IG, may be better alternative.
Methods of payment
A lot of Russia-centric payment methods are available at GetBTC. The fees are very clearly specified, which isn’t always the case with crypto-exchanges:
When depositing, one will be charged:
ADV Cash – 2.5%
Perfect Money – 0%
Cryptocapital – 1.5%
QIWI – 3.1%
Bitcoin – 0 BTC
Alfa-Bank – 3%
Other Banks – 5%
When making a withdrawal, the fees will br:
ADV Cash – 1.5%
Perfect Money – 1.5%
Cryptocapital – 0%
Web money – 3%
QIWI – 0%
Alfa-Bank – 3%
Other Banks – 5%
Bitcoin – a minimum of 0.0035 BTC.
GetBTC is a new cryptocurrency exchange, which (currently) targets Russian clients. The project offers direct trading between Bitcoin and three fiat currencies – USD, EUR and RUB. While liquidity and trading volumes are currently low, this company offers competitive trading fees and Russia-specific payment options, so it may very well become a major player for the region.
GetBTC Review Conclusion
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