A Beginner’s guide to Bitrue Cryptocurrency Exchange
Launched in 2018, Bitrue is an exchange platform that provides the cryptocurrency community with more than a simple exchange platform.
It is a product from an assembly of crypto experts from Capital One, currently headed by a high-profile individual in the cryptocurrency space, Curis Wang. The exchange has its headquarters in Singapore and Taiwan and has local offices in Europe and the United States.
The team behind the platform continues to spearhead the exchange’s vision of providing a financial service infrastructure built on a cryptocurrency exchange platform. The team laid down the foundation of what is now pioneering financial services in the cryptocurrency industry.
The Bitrue coin BTR is the native cryptocurrency on the exchange, although it supports over ten other crypto coins, including the largest coins, Bitcoin and Ethereum. As of this writing, Bitrue exchange has a volume of $831,101,751, while its BTR token stands at about $ 5 million.
What Makes Bitrue Unique?
From its launch, Bitrue gained traction following its venture on XRP tokens. The platform remains true to its collaboration with XRP so that users can trade almost all crypto coins available on the exchange against XRP.
Making XRP the base pair makes the fees smaller by up to half. Ordinarily, Bitrue charges a flat trading fee of 0.098% and a Bitcoin withdrawal charge of 0.0005BTC. The trading fee is notably lower than the global average cost of 0.25%, and the withdrawal charge also slightly below the average global industry withdrawal fee of 0.000812.
XRP holders also enjoy a 7.3% annual interest reward paid out daily and can be used or withdrawn on-demand as part of the platform’s power piggy program. The power-piggy program rewards holders of any of the listed coins in the program with the daily rewards.
Bitrue’s partnership with XRP makes it an ideal platform for XRP enthusiasts and an excellent passive income source. However, the forum also stands out in various ways for the rest of the cryptocurrency community.
Bitrue’s Accessibility and Ease of Use
Bitrue is easily accessible both on mobile devices and via a desktop web. The application for mobile devices works on both iOS and Android devices to access the platform while on the go. Joining Bitrue starts with a straightforward sign-up process by providing an email address and password and then accepting service terms. The email undergoes a verification process, after which your account is ready to trade.
The platform provides an excellent user experience and accommodates multiple languages, including English, Spanish, and Chinese.
The support is available 24/7 and responds to user concerns timely and with a high level of professionalism.
In 2019, the platform improved its internal systems to ensure a smooth onboarding and continued use for its community.
Bitrue’s Investment Options
Bitrue provides its customers with choices of how they want to earn via the platform and different opportunities for maximizing their earnings. Customers can choose between lock-up investments and flexible investments.
The flexible investment operates as the power piggy staking option, where holders of the trusted coins can earn good rewards depending on the choice of coin. The earnings are usually released every other day and get higher if you hold the platform’s native token.
The lock-up investment option allows Bitrue users to stake their coins for a specified time frame and receive rewards at special rates. The standard period is usually 30 days, within which the crypto holdings used cannot be used for any purpose or withdrawn. The returns are higher than for flexible investments even with BTR in their portfolios and can get as high as 13% APR.
The platform also supports deposits and withdrawals using fiat currencies.
Bitrue has a trading platform where users can buy and sell crypto assets in straightforward steps. There are three buy/sell alternatives provided;
- Legend trading- Here, a user pays very low trading fees of about 0.08%. This legend trading option provides international wire transfer options using currencies like EUR, USD, HKD, GBP, AUD, CHF, and MXN.
- Credit card option- Here, a user can complete the purchase using a Visa and MasterCard debit/credit cards. The transaction takes between 10-30 mins for the coins to reach your wallet.
- Trust token option- This trust token option assures trades using escrow services. This option is available in 5 continents, 70 exchanges, 20 OTCs, and 160 markets.
Bitrue prides itself on an anti-fraud system and a unique uptime record that has a decentralized structure. A double-authentication system maintains safety and the digital assets stored in cold storage, plus the platform guarantees refunds of up to $1 million in case of a hack. Users also have multiple options for securing their accounts.
The platform upgraded its security systems in 2019 after several fraudsters attempted to make fraudulent claims for rewards.
Bitrue Loans Feature
Decentralized finance appears like an upgrade from the conventional centralized finance system. Many financial experts perceive it as a revolutionary technology set to replace CeFi. However, the Bitrue team appreciates that both systems thrive differently, and their strengths can get leveraged rather than the two technologies competing against each other.
Bitrue creates a hybrid between Defi and CeFi and becomes the first exchange to provide cryptocurrency investors with a loan feature. The feature launched in early 2019 and has since seen rapid adoption, with the loaned amounts reaching millions of dollars.
Currently, Bitrue offers loans in coins like BTC, XRP, ETH, USDT, etc.
Bitrue’s Double Token System
Bitrue integrates its native coin BTR in its reward programs and sets up more bonuses for platform users who choose to do business with the token. BTR holders can earn bonus interests of up to 20% when they buy more BTR. Additionally, settling the platform’s trading fees using the native token attracts a 40% discount on the trading fee.
Also, Bitrue merges a second token option dubbed Bitrue Finance Token (BFT). The token on launch was merely a payment token; however, as Bitrue integrates more features, BFTs utility will be increasing.
Among BFTs, possible use cases include;
- Loan interest payment and receipt
- It’s a governance token; thus, the holder can vote for a new coin addition.
- It can be used to balance the demand and supply of coins present in the platform.
Although Bitrue is still new in the crypto space, it qualifies as the ideal trading platform for beginners, intermediate, and advanced traders. It provides excellent opportunities for users at any level to earn passive income without even trading and make more on staking using a variety of crypto coins. Besides, even the largest coins, Bitcoin and Ethereum, are listed among the 11 coins.
The team behind the platform is committed to its growth, as revealed through their continuous improvements. The cryptocurrency experts are increasing the range of financial services for users and integrating adjustments as necessary, especially security. The team focuses on the pillars of simplicity, speed, safety, and user-friendliness, which will only see Bitrue get more into the mainstream as the go-to exchange for investors.