Bitrue Crypto Exchange Reviewed
Bitrue is a leading Singaporean CEX founded in July 2018 by Curtis Wang and a team of crypto enthusiasts and finance professionals. The crypto exchange also has offices in Taiwan, the US, and Europe.
The trading platform comes with a straightforward registration process (KYC is not mandatory) and enables you to buy, trade, and invest in more than 700 crypto assets, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Aave (AAVE), and Cardano (ADA).
In this 2023 Bitrue review, I cover all you need to know about the platform, including trading features, security, and fees.
Bitrue trading features
Listed are the features of the one-stop trading platform:
• Spot trading: at the time of writing, the cryptocurrency exchange enables you to conduct quick, safe (we will detail this later), and cheap transactions in more than 1,000 trading pairs. The CEX is one of the most proactive in the business, having latched onto the Bonk (BONK) and Fronk (FRONK) dog coin trend almost immediately by offering spot options.
• Futures trading: take advantage of numerous perpetual futures margined in stablecoins such as USD Coin (USDC), Tether (USDT), and other digital currencies.
• Leveraged ETFs: leverage trading with near-zero risk of liquidation is made possible by the trading platform.
• Buy and sell crypto: buy and sell a vast range of digital currencies via payment options such as credit/debit card (powered by Simplex), international wire transfer (no wire fee for ACH USD payments) in currencies such as USD, EUR, GBP, AUD, CAD, and CHF, and cryptocurrency (powered by Trust Wallet).
• Bitrue coin (BTR): by holding BTR, you can reap the benefits of a 30% discount on trading fees, voting rights (new token additions), and much more.
• Earn: once you have purchased a crypto asset on Bitrue, you can take advantage of the “Power Piggy” feature. This feature enables you to earn a passive interest rate on your deposited crypto.
• Copy trading: this feature will be launched on the platform soon. Copy trading enables you to automatically copy the positions opened and managed by another trader.
Bitrue trading fees
The XRP-centric CEX charges some of the lowest fees in the industry, with a 0.098% fee applicable on BTC, ETH, and USDT trading pairs, and XRP trading pairs incurring a 0.280% trading fee. XRP/BTC, XRP/USDT, and XRP/ETH trading result in a 0.2% fee (not the usual 0.280% that other XRP trading pairs incur).
Using BTR for transaction fees will make you eligible for an additional 30% discount on the fees mentioned above. Withdrawal fees are dynamically adjusted. Here is a list of some common token withdrawal fees:
• ADA: 1 ADA
• BTC: 0.0005 BTC
• ETH: 0.01 ETH
• LTC: 0.001 LTC
• USDC: 13 USDC
• USDT: 2.6 USDT
• XRP: 0 XRP
Is Bitrue safe?
Bitrue has had its fair share of security troubles. On 27 June, 2019, the crypto platform was hacked, leading to the loss of around $4.2M in XRP and ADA. The hack affected 90 clients and was, at the time, the 17th largest crypto exchange hack in history.
To its credit, the exchange took all the right steps to contact local authorities, issue a formal statement, and refund all customers by 4 July, 2019. On the same day, the CEX launched the BTR token, only for the server to crash immediately.
A token pricing issue occurred on the mobile platform, resulting in some traders buying the token for inflated prices. Some sellers (of course) took advantage of this vulnerability and made some quick money.
The trading platform suffers from periodic deposit and withdrawal issues and other security concerns (an attempted 51% attack on 8 January, 2019, for example). In addition, there are several customer reports of stolen funds, frozen accounts, and inadequate support.
In a nutshell, Bitrue offers some fascinating features without a flashy website, good mobile applications for Android and iOS users, and decent security features. While Bitrue wouldn't be my first choice to trade cryptocurrencies on, it certainly wouldn't be my last (DYOR!).
Author: Surajdeep Singh
Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!