UPDATE 2019: BitMarket cryptocurrency exchange has unexpectedly closed it’s operation. Please proceed with caution.
The continuation of a series of articles in which we are looking for the best cryptocurrency exchange led us to one of the longest operating websites on the market, BitMarket. We scanned the exchange for commission, security, ease of use and many other factors that may affect the investor’s satisfaction. The final question is as always: which cryptocurrency market exchange is the best and is it worth creating an account just there?
BitMarket is one of the longest operating cryptocurrency market in the UK and Poland. It was founded in 2014. One of the most important claims brought by this crypto exchange, thanks to an early start, is the trophy of the first stock exchange in the world (!), which has implemented instant deposits and withdrawals. Thanks to the fact that the exchange owner runs a lot of business in the domain industry, investors quickly gained confidence in BitMarket, allowing it to grow quickly.
Only a few cryptocurrencies on BitMarket, but…
The exchange remained dramatically behind in terms of the number of supported cryptocurrencies. The cryptocurrency market, which in 2018 only supports Bitcoin (Bitcoin Cash and Gold also due to its easy implementation), Litecoin, Dogecoin, Ripple and Ethereum are definitely not enough. These coins are the most popular choices of investors and biggest capitalizations as well, on the other hand side. What are the other factors that play in favor of BitMarket?
A lot of perks for traders on BitMarket
In the area of perks for traders, there is little to criticize. Bitmarket wins with other European cryptocurrency exchanges. Within a free account, an investor gets:
- the possibility to use BTC or LTC leverage and invest using borrowed money
- BTC and LTC swaps, which allow investors to get paid for borrowing capital to speculating investors
- LiteMineX contracts, synthetic deposit in Bitcoin, paying 7.3% per annum
There are opportunities that are really rare among crypto exchanges. However, some pairs are not very liquid, especially swaps, and you have to wait quite a bit if you want to enter the market at a good price.
Let’s take a look at fees. Firstly, fees for withdrawals are low ($0.6 for a transfer), deposits in USD, EUR or PLN are free. The withdrawal limit for verified account is staggering 1 million PLN, which translates to over 250k USD.
Trade commissions are progressive and decrease from 0.6% to 0.3% depending on turnover. A crypto investor who reaches 2000 euros of turnover will pay 0.1% commission as a market maker (someone who submitted a new purchase or sale offer in the order book) or 0.4% being a market taker (someone who performs a transaction with an existing order sheet offer). The market maker has to wait for a transaction partner, so the lower commission is for those who do not have to buy or sell immediately.
What are your needs as a crypto trader?
The BitMarket cryptocurrency exchange, being a pioneer on the Polish and UK market, is a company incorporated in Great Britain and Seychelles. It is worth remembering and adjusting your risk perception, because it may turn out to be a foreign entity you have to deal with, if you have serious issues. Some also may not like the old-fashioned interface, without rounded and modern shapes.
However, it can not be underlined enough that trust plays a big role, and the exchange, which has been functioning for years, has managed to establish a good brand. If you think you could use BitMarket,
create a free account and take advantage of opportunities such as cryptocurrency pairs, swaps and leverage or simple instant deposits and withdrawals with a large limit.