RightBTC Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this RightBTC Review.
RightBTC is a coin-to-coin exchange headquartered in Dubai where users can trade
Bitcoin, Ethereum, Litecoin, ETP and other digital assets. As is usually the case with most exchanges, RightBTC offers a single account type with no option for margin trading and charges some fees for its services.
Competitive Trading Fees
Trading fees on RightBTC are flat, amounting to 0.2%, irregardless of the asset you trade, and whether you are a market “taker” or “maker” . Such fees are in-line with the offers of other exchanges.
Decent amount of altcoins
Apart from Bitcoin, at the RightBTC exchange one can trade in ETH, ETC, LTC, BCC, ETP, DLT, ZGC, ZDC, STORJ, and others. Although the total number of instrument at some exchanges exceeds 200 or even 300, we reckon that RightBTC offers a decent amount of altcoins.
Nice and simple trading platform
The platform provided by RightBTC leaves an overall positive impression. It is not that impressive, but its seems like a perfectly functional trading place. Like most similar venues, charts are not advanced like the ones on the popular forex trading platform MetaTrader 4. Also, some users may miss live chat, as RightBTC’s platform doesn’t have such.
Fiat currencies not accepted
Fiat currencies are accepted at RightBTC, you can only deposit in cryptocurrencies, supported by the exchange. This, of course means, that you cannot use your bank account or credit card in order to start trading at RightBT.
Low trading volumes
As we played around on RightBTC’s platform a bit, we noticed that trading volumes on most pairs are rather poor. The situation with ETH/BTC seems ok, though. This is the most traded pair at RightBTC and currently it constitutes 99.99% of its overall trading volume (according to CoinMarketCap).
RightBTC does not charge cryptocyrrency deposits, but imposes fees on transfers out of the exchange. It uses the following formula: Withdraw Fee = Base + (Withdraw Number × Rate).You can find the details in the screenshot below:
While this is not unusual for crypto-exchanges, it still leaves a bad impression. Besides, RightBTC has set some maximum daily withdrawal limits (15 BTC).
No Leverage available
As we have mentioned above, trading with leverage is not available at RightBTC. In case you are willing to speculate more aggressively with Bitcoin, a forex broker may present a decent alternative.
We must mention there is a serious difference between dealing with a crypto-exchange and a Forex broker. You will not actually be in possession of the given coin, but only make or loose money, based on its price movements. Read all about it here.
Unlike other exchanges, however, RightBTC does provide wallets for its clients.
RightBTC has left us with mixed feelings. It is a crypto-to-crypto Dubai-based exchange whose offerings are nothing special in the crypto world: it has a relatively nice and simple platform with competitive trading fees, but also charges withdrawals. What bothers us most with RightBTC, apart from the low trading volumes on most assets, is that it does not provide any information on the company behind it.
After all, one’s security of funds is way more important than fees and the instruments available for trade. While most crypto-exchanges worldwide operate without any license, almost all share with the public who are the people behind it and provide some company background. So, RightBTC appears to be shadier than most exchanges, although it claims to keep clients’ coins in cold storage. Also, we couldn’t find reports of major hacks oft this exchange, which is always a good sign.
We remind you that you can always find a well-regulated and reliable forex broker, with whom to trade in cryptocurrency CFDs. Just make sure you understand the differences between trading with such brokers and on exchanges
RightBTC Review Conclusion
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