What Is BtcTrade?

BtcTrade was founded in Canada in 2013 and today it operates in China. The international part of this exchange was launched in 2014. The exchange strives to provide its customers with a world-class trading experience. Traders can trade Bitcoin, Litecoin, Dogecoin, and YBC.

Deposit of funds is automatic and once a confirmation is complete, the funds are credited to the exchange account. BTC automatically deposits to the exchange after two conformations, LTC does this after 3 confirmations, Doge after 6 confirmations, and YBC after three conformations.

Application approval for withdrawal of funds takes about five minutes and if this takes longer than ten minutes traders are advised to contact support. However, after withdrawing their coins the duration for receiving the coins on the receivers end depends on the methods of withdrawal and the network the user is using.

The exchange provides leveraging trading, allowing users and traders to borrow money or coins to create a position that is larger than the position that they would get from their assets. For instance, if a trader could buy 50,000 Dogecoins before, the trader can decide to borrow money and be in a position of 100,000 Dogecoins. The user’s investment amount does not change but his trading results will double. If there is a 10% increase in Dogecoin value, then the trader gets more returns on the original investment.

BtcTrade has an easy to use interface that allows for easy navigation even for new cryptocurrency traders. With easy two-factor authentication, users can easily open an account. The trading screen is also user-friendly allowing traders to easily navigate and use it to trade. The site also has Chinese to English translations to make it easy for English users to understand the instructions.

However, the platform has a lot of Chinese language, and although the English translation is available, it is a bit sloppy. Those who understand Chinese will find the platform easier to use. English traders might want more details written in English to point them in the right direction.

The site also offers great customer support in terms of chat services and an operations guide. In case a trader is stuck, the customer support team is more than ready to help. You can also send an email and await feedback on your question.

The main concern that most users complain about is the high costs associated with this exchange. The exchange charges only 10 basis points on USD trades. However, what is of concern is the bid-ask spreads that can be as much as 30% or more. Due to the high costs, few traders are willing to be part of this platform.

There are concerns about the compliance and security of the exchange. It would be expected that the exchange would be registered with the Canadian Financial Regulator since it was registered in Canada but it is not.

Another concern that many traders might have is the few number of coins that BtcTrade allows on its platform. It would be better if they had an array of coins to trade in allowing investors to get a chance to earn from trading in both the popular and not so popular coins. The fact that the exchange lets traders trade Dogecoin over other coins is another red flag.

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