BTC-Alpha Review explained by professional Forex trading experts the “ForexSQ” FX trading team.
BTC-Alpha is a cryptocurrency exchange which allows both crypto-to-crypto and fiat-to-crypto trading (USD supported) via an advanced web-based platform. It also offers a coin listing service.
Like most crypto-exchanges, BTC-Alpha has a two-step verification system (2FA), however completely anonymous trading is not allowed.
Decent amount of altcoins available
BTC-Alpha offers trading in Litecoin, Ethereum, Ethereum Classic, Monero, Zcash, PRISM, and others. Currently, there are 25 pairs available on its platform, the most popular being BTC/USD and ETH/USD (judjing by their trading volumes).
Fiat currencies supported
In fact, this exchange supports only one “traditional” currency, but it is the most popular one– US dollars. So, on BTC-Alpha you can buy some coins with your dollars, or cash out your Bitcoins.
Competitive trading fees
BTC-Alpha charges market “takers” and market “makers” alike with a fee that varies based on their monthly trading volume. Given that most exchanges charge 0.20% – 0.25%, even BTC-Alpha’s highest fees are competitive.
Trading platform with advanced charting
BTC-Alpha offers its services via a browser-based trading platform equipped with technical indicators, charting options and add-ons, provided by TradingView. There is a neat order book, Trade history window, Chatbox, as well as the latest tweets of the company.
Bank transfers & credit cards not accepted
Although BTC-Alpha supports fiat currencies, it does not allow tranfers via bank wire, nor credit card payments – one of the most convenient and popular payment methods. Instead, its users can make blockchain transfers and deposit/withdraw USD via AdvCash, Perfect and Apha Code.
Relatively high withdrawal fees
Apart from not allowing bank wire and credit card payments, BTC-Alpha charges some fees on deposits and withdrawals, which are not to be underestimated.
Like most similar venues, it does not charge blockchain deposits, however, certain fees apply to withdrawals. For example 0.001 BTC, 0.1 ETH, etc. Besides, both deposits and withdrawals in US dollars are charged, apart from those via Apha Code.
Clients’ funds stored online
We are not sure whether this is true, but unlike most crypto-exchanges, BTC-Alpha does not claim to keep clients` assets in cold storage. Besides, we read some user reviews according to which clients’ funds are stored online.
It seems that BTC-Alpha is an exchange made by Russians and used predominately by Russians, judging by the name of its CEO Vitalii Bodnar, the main language of the website and the Chatbox. However, the company owning the exchange and the site is registered in the UK. Like most exchanges, it is not overseen by any authority.
No margin trading
Unlike some cryptocurrency exchanges, like Kraken, GDAX and others, BTC-Alpha does not offer leverage. Those who want to use some margin, may either choose another exchange, or try out trading in Bitcoin CFDs with a forex broker.
No anonymous trading
Although Bitcoin was launched with the idea of anonymity, many crypto-exchanges actually do not allow trading without verification with user ID. BTC-Alpha is one of them.
BTC-Alpha offers trading in decent number of digital coins and also supports USD fiat currency. Its trading platform is web-based with charts by TradingView. On the downside, deposit and withdrawal methods are rather limited, and some of them involve relatively high fees. Besides, BTC-Alpha does not allow margin, nor anonymous trading, and rumor has it that clients’ funds are kept online.
It Looks like the people behind the exchange and the majority of users are Russian-speakers. Nonetheless, the company owning and operating BTC-Alpha is registered in the UK. Unsurprisingly, it is not licensed, nor overseen by any authority
User reviews-some users complain their accounts have been blocked without any explanation
If you would rather do business with a regulated corporate entity, you can also trade in cryptocurrencies with some forex brokers. Make sure you are aware of the specifics of such trading.
BTC-Alpha Review Conclusion
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