Bitrue Review – Is It Safe to Use?

Although Bitrue exchange is popular, do you think your cryptos are safe on the platform? Read this Bitrue review before you make a move.
Bitrue Review

Bitrue exchange started in 2018 and has grown considerably to become one of the leading cryptocurrency exchanges in the world. Although it’s not in the caliber of top crypto exchanges such as Binance and Coinbase, Bitrue records over $20 million in daily trade volume. That’s not a small number, at all.

Known widely for its massive adoption of XRP, there are over 100 other cryptocurrencies traded on Bitrue, plus over 200 actively traded pairs. Among the lots are BTC/USD and XRP/USD.

Bitrue has a portfolio of world-class experts, and its CEO, Curis Wang, has a life-long history in the cryptocurrency industry. Although the company is headquartered in Singapore and Taiwan, it has offices in the US and some European countries.

In this Bitrue review, we’ll dive into the nook and crannies of the platform and what it has to offer to crypto investors.

Range of Offerings

Bitrue exchange is a safe trading and crypto exchange platform for users from across the globe. However, there may be exceptions due to regulations from local authorities. Bitrue is one of the pioneers of crypto-based loan services, allowing you to borrow loans just as you do in the centralized public banking system. 

As such, you can borrow popular coins, such as BTC, ETH, XRP, and USDT, and payback with interest rates as little as between 0.024% – 0.072%.

The good thing about using Bitrue’s loan service is keeping your cryptos while doing business or trading another crypto. Plus, you have an unlimited time interval to return your borrowed loan. To access this service, simply log in to your Bitrue exchnage account and click on the “Loans” menu at the header.

You can buy and sell crypto using your credit card or wire transfer (for US users), and you can exchange your altcoin using popular cryptocurrencies as the base currencies. With Bitrue Power Piggy, you can earn a considerable amount of interest from your staked crypto, which will be paid directly into your Bitrue account every day.

Image source: Bitrue

The interest rate ranges from 1% to 56%+. However, the rate is dependent on the coin or token you choose to stake. To use this service, you must be a verified user on the platform, and you must be willing to stake up to the stipulated minimum quantity of the coin or token you want.

It’s noteworthy that it’s not all cryptos that are listed on the Bitrue Power Piggy service. Click here to see the list of available cryptos, their interest rates, and their lock-up period. The lock-up period is the number of days the crypto you staked must remain staked before you withdraw.

While some have an unlimited (which means zero days) lock-up period, others can be as long as 30 days or 90 days. Another interesting thing to know about the Bitrue Power Piggy feature is that there is a maximum quantity of each crypto that can be staked. 

Once that volume is exceeded by other members of the Bitrue community, you won’t be able to stake that coin until that particular staking cycle is over.

Just like Binance, Bitrue exchange has its own token known as the Bitrue token (BTR). Although it shares a resemblance with Binance’s BNB, it is still peculiar to the Bitrue platform and beyond. You can also get rewards for holding BTR.

Bitrue’s app is feature-rich and allows for full-scale trading. Although there have been complaints about glitches, it still has a good rating on Google Playstore and Apple Store.

Commission and Fee Structure

In terms of fees, Bitrue fees are quite lower than you find in most exchanges, even lower than Binance. The fees are deposit and withdrawal fees, makers and takers fees, and in-house fees, which may come from inter-crypto-transfers such as blockchain fees.

Fees range from 0.0686% to 0.28%, depending on the pair traded and its market volatility. For BTR, transaction fees have 30% discounts, making them considerably low in contrast to fees spent trading high volume pairs.

On an average note, the general fees include a 0.14%-0.28% fee for XRP pairs against top-volume cryptocurrencies such as USDT, BTC, and ETH. For other pairs other than XRP, transactions attract fees of 0.098%. 

Image source: Bitrue

If you’ve completed your KYC and are verified, crypto purchases could have lower fees between 0.08% to 2% for OTC trades. The higher the amount deposited, the lower the fees.

As a Bitrue exchange user, you may want to make bulk purchases to trade at lower fees because any crypto purchases you make, no matter how small, attracts a fee. See more about Bitrue fees here. You can also earn commissions when someone uses your invite code to sign up and buy/sell crypto.

Ease of Account Opening

It is free to sign up and set up your account on Bitrue. Setting up your account shouldn’t take more than five to ten minutes if you follow the right steps. Here’s a breakdown of the account setup and verification process:

Image source: Bitrue

#1. Create an account

Visit the Bitrue exchange website and enter your email at the center-left corner of the screen. Then proceed to verify your email and password. Read and agree to the terms and conditions and submit the form.

#2. 2FA Setting

Upon successful registration, you’ll be required to complete a Google 2 factor authentication. It is a security measure and would be required before you can withdraw your funds.

#3. Fund Account with Crypto

There are over 100 crypto assets you can begin with on Bitrue. You can buy or deposit any of the readily available crypto assets using crypto-to-crypto transfers on crypto exchanges.

#4. Start Trading

After funding your account with the accepted crypto assets, you can begin trading pairs and speculating the market.

#5. KYC Verification (Optional)

Setting up an account with Bitrue is easy and does not require a KYC process. However, you will be required to run a KYC to start using credit cards to purchase crypto-assets. KYC verification also gives you the privilege of trading higher volumes of crypto, as well as moving more funds between your bank and the exchange platform. 

If you wish to upgrade to trade in larger volumes or pairs, you should provide your valid ID to get verified. After being verified, you can access virtually every feature, tool, or instrument available on Bitrue exchange. 

Deposit and Withdrawal

Fees apply when you deposit or withdraw funds using third-party providers, including credit cards. When using credit cards, a 2% to 3.5% deposit fee applies. For withdrawal, a 0.0005BTC rate applies as well. 

Image source: Bitrue

Bank transfers from $10,000 do not attract charges. However, anything less than $10k using wire transfers may cost between $20 and $50 in fees. The rate is pretty high and not advisable. You may want to avoid these fees by using the crypto-to-crypto funding model.

This means you can purchase crypto from exchanges, such as Coinbase, that do not charge purchasing or deposit fees. Afterward, you can transfer the purchased coin to your Bitrue account using an address.

Platform and Trading Experience

Bitrue is available via three platforms: web, desktop application, and mobile application. You can trade crypto assets comfortably on your desktop using the web version or the desktop application. The Bitrue mobile app has all the features available on the other two platforms.

The app is available to both android and iOS users. With an average rating of 3.7/5, the user experience of the mobile apps is quite above average. On these platforms, you can buy crypto with one-click options and begin trading assets.

Image source: Bitrue

Bitrue’s charting system is standard and adopted from TradingView, in which you can switch between suitable time frames depending on how you wish to hold, analyze, long or short your trades.

You can switch between dark or light modes whenever you feel and also customize your charts and indicators easily. There are also price calculators to help you with setting up your stop loss and take profit orders.

Educational Tools

Bitrue has a news section where you can find resourceful tips about the crypto market and industry innovations that could benefit your trading experience. There is a Medium blog that you can access to learn more about the platform and get crypto-edifying articles that you may apply to your daily trading lifestyle.

There are, however, no clearly stated educational tools where you learn how to trade crypto using the platform. You can only be directed on how to use the platform, but this is for beginner and support trading purposes and has no financially backed reason.

Customer Support

Like most exchanges, Bitrue’s customer support may be lagging in response. After submitting a request, you may have to wait for an uncertain time to get a response. The same applies to email support requests. Although you will eventually get a response, it depends on the occasion and reason for the request.

Image source: Bitrue

Bitrue also has social media platforms such as Telegram and Twitter, which are faster means of getting responses from the support team than sending emails.

Regulation and Security

Due to security concerns, you may want to get a hard wallet when using Bitrue. However, the company has adopted a cold wallet structure following the cyberattack it suffered in 2019, which led to the loss of over $4 million of XRP and ADA tokens. 

Since the attack, the platform has taken top-security measures to avoid the reoccurrence of such attacks. We can say now that the platform is not only safe but very secure for use. The platform also ensures the confidentiality of KYC information, third-party payment services, and in-house information. 

Bitrue, just like Binance, faces regulatory issues, especially in the UK and the US. The company may also be prone to local regulations and tax systems. However, the platform is available globally and accepts top-tier fiat currencies as base currencies, including GBP, USD, HKD, etc. There are no clearly stated licensing and regulatory terms on the company’s website.

The Verdict Of This Bitrue Review

3.5 rating
3.5/5
Total Pug Score
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Bitrue claims to be one of the largest exchanges for XRP. It also offers a wide range of crypto instruments and assets such as Bitcoin, ETH, USDT, etc. You can have a great deal of experience using the platform.

Users fondly say it draws its inspiration from Binance. Well, it has stood out to make a name for itself. Its loan service, Power Piggy reward staking feature, and occasional trading rewards and contests allow users to make passive income while doing business on the platform. That’s an extra ounce of comfort and functionality for its users.

Bitrue is a great all-around exchange with tons of great features and tools for easy trading, including fewer fees than usual. Its user experience may, however, be lagging in vigor but is worth trading on the platform.

Safety is also another perk of trading on Bitrue. However, recent reports have questioned withdrawals with credible sources claiming that funds were melted and lost while using the platform. Fees are considerably okay compared to other top crypto exchanges.

You can buy and sell crypto fast and easily using one-click options. Purchases involving its native token, BTR, come with discounts that are too good to reject. BTR has grown massively and garnered widespread adoption since its launch. You can easily exchange BTR for any high-volume crypto and earn a reward in BTR.

Frequently Asked Questions (FAQ)

Can You Use Bitrue in the US?

Bitrue offers crypto trading services worldwide, but there are exceptions, especially in the US, where it is not permitted in some states such as New York and Texas due to crypto regulatory laws.

Do I Need a KYC to Start Trading on Bitrue?

No. But you may require a KYC to access some features which may need to align with local regulations and tax systems. OTC trades and some third-party payment systems require a KYC.

Is Bitrue Safe?

Bitrue has high-tech security measures to safeguard your information and prevent you from third-party unauthorized access.

Is There a Demo Account on Bitrue?

No, there is none. You may have to look elsewhere. Platforms such as eToro and Plus500 allow you to get a demo account if you wish to get acquainted with trading cryptocurrency pairs.

Can I Borrow Loans with Bitrue?

Yes. Bitrue is the first platform to allow for crypto-supported loan services. Visit Bitrue’s website to access the “Loan” feature at the heading of the home page. Loans attract 12% APR and interest, which is quite lesser than most new crypto-loan exchanges.

Can I Store Cryptocurrency with Bitrue?

Yes. Apart from being an exchange, Bitrue also has a wallet feature where you can store your crypto assets and spend them whenever you feel like it. You can transfer cryptos between wallets and exchanges using your unique address.

Can I Buy Bitcoin with Bitrue?

Yes, you can buy Bitcoin and many other cryptos like XRP, USDT, ETH, and ADA on Bitrue.

Is Bitrue Free?

Getting an account with Bitrue is free, but in-house fees may apply whenever you trade, buy, sell, deposit, or withdraw funds using the platform.

3.5 rating
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