Beginner’s Guide: Bitrue Exchange Review
Founded in July 2018 by a mix of digital finance experts, cyber-security specialists and blockchain developers, Bitrue is registered in Singapore, with offices across the United States, Singapore and Taiwan. The team drew on their vast experience when designing the exchange and three words are prominently visible on their website: Security, Speed and Simplicity, which resemble the company mission towards crypto traders.
How Does Bitrue Stand Out
Bitrue differentiate itself from the competition in a couple of distinct ways worth mentioning:
Low fee structure: Bitrue has a generally low fee structure. They issue a flat trading fee of 0,098% and their withdrawal fee is relatively low. BTC withdrawals cost 0,005 BTC for example.
FIAT Markets: Bitrue offers FIAT deposits and withdrawals through their platform.
XRP Based: Bitrue has a thorough collaboration with XRP. Not only can you trade almost every cryptocurrency on their platform against XRP, but also when you use XRP as your base pair the fees are even smaller,up to 50%, shrinking to 0,05% flat fee. They are openly avid fans of the XRP Coin and have made it their mission to increase the fluidity of the cryptocurrency.
XRP holders can rejoice in the fact that Bitrue has a program in place that rewards holders by giving a 7,3% annual interest return, which is paid out daily. Even more surprisingly, you are allowed to withdraw or use your XRP whenever you want. In short, if you are a XRP holder and want to trade and use your XRP for passive income then Bitrue is your platform.
Accessibility: While most of the cryptocurrencies exchanges are only mobile and tablet responsive, Bitrue went ahead and developed a dedicated application for both Android and iOS mobile devices, both working as intended with a friendly UX design, which reminisces a bit to the Binance and Kucoin apps.
Multiple Language Supported: Their site is available in multiple languages, ranging from English to Chinese and Spanish, although it sometimes does show that English is not their native language.
Rewarding Platform: Apart from their rewards towards XRP holders, Bitrue shines in the number of active promotional events on their platform. There are daily raffles or contests and the team is constantly making giveaways, especially for newly listed coins. Another interesting promotion is the Reward Task program available to all mobile app users. All you need to do is to complete the required tasks in your account to gain your XRP every day!
Powerpiggy Program – Hold cryptocurrencies to get paid! Similar to the rewards for XRP holders, Bitrue offers 7.3% annual interest to hold your coins onto their exchange. There are ‘Powerpiggy’ rewards for ten cryptocurrencies including Bitcoin, Ethereum, Tron and Vechain. You don’t need to worry about losing your coins with Bitrue; the exchange currently secures most of their customers’ funds in cold wallets, and they guarantee an up to 1 mil USD worth of token refund in case of any hack or security breach.
Bitrue pats itself on the back for being very customer friendly, and with the low fees, and all the rewards available on their site I can see why and can only agree.
Superb Security: Bitrue team pride themselves on providing a secure platform and employ the most reliable security technologies available. You can really feel how secure the exchange is just by accessing the “Security” tab of your account, where you can find multiple options to secure your account.
Customer support for Bitrue is very good, with multiple methods of contacting the support team. Support is available 24/7, and team members are addressing customers’ issues in a timely and professional manner. It is possible to contact them by email at firstname.lastname@example.org. In addition to customer support, Bitrue also offers a fairly comprehensive Knowledge Base with Q&As and troubleshooting guides.
The Sign-up process is straightforward; you just need to type in your e-mail address, a password and accept their terms and conditions. For security reasons, an e-mail verification code will be sent, and after that, you are free to trade.
Your account can be further enhanced by enabling 2FA, something we highly encourage you to install since it makes it a lot harder for someone else to get access to your funds! To top it up, you can enable multiple options to secure your, such as pin code before logging in. The “S” for security, simplicity and safety are clear after your sign up process!
After registering you can withdraw up to 2 BTC every 24 hours, however, if you choose to get identified using your ID, you can withdraw up to 100 BTC every 24 hours.
According to Coinmarketcap, Bitrue has a daily adjusted trading volume of roughly $22.000.000, making them the 67th exchange by volume. Unsurprisingly we see cryptocurrencies trading with XRP as the base pair as the most traded pairs. It is good to see that Bitrue also lists coins from competitors, like BNB coin. This shows they are trying to give their customers what they want. In total, there are 43 XRP-based pairs, 56 different cryptocurrencies available, resulting in 164 trading pairs.
Just as their app design, the UX is consumer friendly, showing everything that is needed in one screen. Pairs can be sorted by volume and change in price, and the graph in the center can be enhanced by inserting certain indicators.
I am happy to see that trigger orders for buys and sells are available. An option that some of the bigger exchanges are somehow still lacking!
A relay nice feature that has been added on the trading screen is the information shown about the currently traded cryptocurrency, simply by hovering over a sign in the left corner of the trading screen. It gives both a (subjective) rating and project information about the coin.
Even though Bitrue is still a relatively young exchange, their focus is on the right pillars: Security, Speed, Simplicity and Customer friendliness. Bitrue is definitely the perfect place for XRP holders and traders. Even more encouragingly, Bitrue has already stated they are planning to make a XRP base pair available for every cryptocurrency on their platform.
If you are not that much into XRP, there is still enough to see for every other crypto trader. The raffles, lotteries and especially the ‘Powerpiggy’ program make this exchange stand out above the others. The signing-up process is easy and as far as I know also available for US citizens. There are enough cryptocurrencies and base pairs available and your trading screen has everything that you should need to start trading immediately!