Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless otherwise specified in the Terms of Service, investors whose cryptocurrency assets are commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
benefits explained
- Buy and trade more than 700 different cryptocurrencies at current market prices: Several hundred cryptocurrency assets are supported for spot trading.
- Earn yields of up to 100% through yield farming and investing: Earn up to 100% APY interest with investment products for supported currencies.
- Competitive trading fees: Spot trading fees are 0.32% or less.
Disadvantages explained
- No top 50 exchange by volume, suggesting lower liquidity: Some currencies on this exchange experience less liquidity due to lower trading volumes.
- Income farming and investment products carry a high level of risk: There is a chance that you could lose your entire investment when using cryptocurrencies.
- History of exchange rate losses due to security breaches: The exchange was hacked in 2019, stealing more than $4 million. In April 2023, Bitrue was hacked again, this time more than $23 million was stolen.
introduction
Bitrue is a cryptocurrency trading and investment company with a range of financial products for crypto enthusiasts. Bitrue offers cryptocurrency services including an active trading platform, futures trading platform, lending, and high-yield yield farming and staking.
With a Bitrue account, you can buy and trade over 700 different cryptocurrencies at market prices and with reasonable exchange fees. While not the largest cryptocurrency exchange out there, its large list of supported currencies coupled with advanced trading and investing makes it a solid choice for many crypto investors.
Investing in cryptocurrencies, Decentralized Finance (DeFi) and other Initial Coin Offerings (ICOs) are extremely risky and speculative, and markets can be extremely volatile. Consult a qualified professional before making any financial decisions. This article does not constitute a recommendation by Investopedia or the author to invest in cryptocurrencies, nor can the accuracy or timeliness of the information be guaranteed.
company overview
Bitrue is a cryptocurrency exchange and cryptocurrency financial products company founded in 2018 and based in Singapore. Chances are you live in a location that is supported by the company. Clients have access to an impressive list of spot trading currencies as well as several advanced products.
Newer users can easily buy and sell cryptocurrencies with the simple purchase form. However, the site is based on products that are best suited for those experienced in cryptocurrencies or other active trading markets.
Although Bitrue employs strict security practices today, it has been hacked in the past. The company paid the difference so customers would not incur personal losses. However, this could be a red flag, tempting you to hold your digital assets on another exchange.
Cryptocurrencies available on Bitrue
Bitrue supports several hundred coins on its platform, which is a large number compared to some industry competitors. This exchange also offers its own currency, Bitrue Coin (BTR).
By holding and using Bitrue Coin, you can qualify for lower fees or cheaper interest rates.
Here is a partial list of the main currencies traded on Bitrue:
- Bitcoin (BTC)
- XRP (XRP)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SUN)
- TRON (TRX)
trading experience
A simple purchase form allows you to buy and sell supported cryptocurrencies with a bank account. There are no transfer fees for transferring money via ACH, and there is a low initial trading fee of 0.08% for direct purchases from a bank account. You can also shop with a card through a partnership with processor Simplex, but there is a fee of 3.5% per transaction or $10, whichever is greater.
The web-based active trading platform at Bitrue.
Once you have funded your account, you can continue to use the simple trading form or switch to the active trading platform. The active platform is web-based and includes advanced charts, depth charts, current trades, pending orders, and a quick trade form. Only market and limit order types are supported.
The futures trading platform looks very similar but works with a completely different product. Due to the leverage effect and the risk of loss, futures trading is not suitable for beginners.
A screenshot of the Bitrue futures trading platform.
Unlike competitors, Bitrue does not use a purely centralized or decentralized model. The main exchange is centralized, but other services on the platform are based on decentralized finance technologies (DeFi).
fees
Bitrue’s standard trading fees are competitive. If you own Bitrue Coin and use it to pay fees, you get a 20% discount on trading costs. Overall, these fees are a bit lower than the entry fees you would pay at many major competitors, but they are not the lowest fees you can find.
| currency pair | trading fee | BTR trading fee |
|---|---|---|
| XRP/BTC, XPR/USDT, XRP/ETH | 0.20% | 0.14% |
| Other trading pairs BTC, ETH and USDT | 0.098% | 0.0686% |
| XRP trading pairs | 0.280% | 0.196% |
| Other trading pairs | Up to 0.32% | Up to 0.224% |
Bitrue also charges withdrawal fees when sending cryptocurrencies to another exchange or wallet, although fiat withdrawals to your bank account are free. For certain account requirements that are less common, such as B. international transfers, additional fees may apply.
Security
Bitrue currently employs strict security practices including two-factor authentication, cold wallet storage for client funds, account locks and emailed security codes in all Bitrue communications. It has a special insurance fund of 41 million XRP and 40 million BTR to compensate users in case of any future hack caused by Bitrue.
However, two serious security breaches are damaging the reputation of this exchange. In 2019, cyber criminals stole over $4 million in cryptocurrency funds from Bitrue, Ripple, and Cardano wallets. On April 14, 2023, Bitrue suffered another hack that allowed attackers to successfully withdraw approximately $23 million in assets. In both cases, Bitrue covered the losses so the customers didn’t lose any funds, but the breaches are still important to be aware of.
Opening a Bitrue account
The Bitrue signup process is simple and easy to follow. You start by registering a new account with an email address and password. As with all online accounts, it’s best to use a unique password that you won’t use anywhere else. This is especially true for financial accounts.
Bitrue is not available in China, Texas or New York. This exchange also requires identity verification steps to use all account features.
Customer service
Bitrue’s main customer support resource is an extensive help page with multiple FAQs and explanations of how various Bitrue products work. For further assistance, you can reach support via email via a help ticket system. Like most crypto exchanges, Bitrue should be considered a self-service platform as customer support options are quite limited.
Bitrue receives average ratings from previous users. For example, it gets an average rating of 2.1 out of 5 stars from more than 220 reviews on Trustpilot. Among the negative reviews, complaints focus on lost funds, frozen accounts, and poor customer service responses. Positive reviews mention Bitrue’s reliability and ease of use.
account management
Bitrue users can manage their accounts through the Bitrue website and mobile apps. If you’ve used an online stock trading account before, you’ll likely find that Bitrue offers a similar overall experience.
After logging in, users can make basic account updates, add and withdraw funds, and access sites and apps to buy, sell, trade, and invest in digital assets.
How Bitrue compares to other cryptocurrency companies
Bitrue is part of a crowded cryptocurrency exchange industry. Here is a comparison of Bitrue vs. Coinbase, a market leading exchange:
| Bitrue vs Coinbase | ||
|---|---|---|
| Bitrue | Coinbase | |
| Number of Currencies (Spot Trading) | Over 700 | Over 250 |
| Spot Trading Fees | 0.098% to 0.32% | Up to 1% (Coinbase) or up to 0.60% (Coinbase Pro) |
| Stake/Interest Rates | Up to 100% APR | Up to 6% APR |
| order types | market limit | market limit |
| Additional functions | Futures, lending with crypto as collateral, high yield income | Simple and active trading platforms, standalone cryptocurrency wallet, learning and earning program, lending with crypto as collateral |
| headquarters | Singapore | United States |
Read our full Coinbase review.
Final Verdict
With a number of active and advanced cryptocurrency trading features, Bitrue could be a good choice for many crypto users worldwide. Low fees and a long list of supported currencies are a big plus, as are the stake and yield farming features that can earn you up to 100% APY.
Although Bitrue has mediocre customer reviews and has been hacked in the past, the overall combination of products and services is optimal for many intermediate to advanced crypto users looking to increase earnings and access new coins and tokens. If that sounds like you, Bitrue might be worth checking out.
methodology
Investopedia aims to help those interested in investing in cryptocurrencies to make informed and safe decisions. We strive to provide our readers with unbiased reviews of the best cryptocurrency exchanges for investors of all levels.
Exchanges have been reviewed for security, fees, number of cryptocurrencies available, and more. We also considered whether the exchange would be regulated by an appropriate authority or be fully decentralized. Our full cryptocurrency exchange methodology, including the verification process and weighted data points, is available for review.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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