Bitexen Review – Is Bitexen Scam or Legit?

Bitexen Review

In this Bitexen exchange review, we turn our minds to study one of Turkey’s native crypto trading platforms, which is doing its best to boost the adoption of digital assets in the European country.
First, we would like to reiterate the guiding principles behind our review articles. We assume you have a moderate level of experience interacting with blockchain systems and understand very well how cryptocurrencies work.
We also believe you are very well aware of the high level of risks inherent in the cryptocurrency markets, and that this review (or other reviews) is not financial advice.
Centralized exchanges like Bitexen are not entirely subject to the control of the management team; the users with the highest trade volume can easily manipulate the market, and set prices however they want.
Therefore, what we strive to do in every review is to give an honest rating of the subject exchange in these key aspects: trading fees, security, ease of deposit and withdrawals, number of assets for diversification, the team, the product’s value, and the customer service quality.
We believe these are the most important things to consider before selecting a crypto trading platform. Hence, after reading this article, you will be able to tell if Bitexen suits you well and make an informed decision from there.
Let us get started.
Exchange name | Bitexen |
Registered? | Yes |
Form of trade | Spot |
Assets | Bitcoins, Ethereum, Ripple, etc. |
Learning materials | None |
Trading tools | Daily price chart, news and real-time, and an in-depth trade view |
Fiat currency | 100+ |
Trading platform | Android, Desktop and web. |
Extra fees? | No. |
Customer support | Email, on-site and social media. Typically response in time. |
Website | https://www.bitexen.com |
Headquarter location | Turkey |
Interface | Beginner-friendly |
Introduction to Bitexen exchange
Bitexen is a Turkish crypto trading platform founded by Bitexen Teknoloji A.S in 2017, and is situated within the ITU ARI Teknokent technology development area.

According to the information on the website:
- Its mission is to be the most reliable fintech power of Turkey, creating an ecosystem with a focus on digital assets.
- Its vision is to become a global fintech company that is ranked among the world’s top 10 digital asset platforms.
Several other notable exchanges in Turkey are BitTurk, Narkasa, Paribu, Bitubu, Bitexlive, Coinzo, Bitci, and more.
However, compared to its competitors, its main strength is tied to the fact that Bitexen is just one of very few Turkish exchanges that provide several markets for trading digital assets against the country’s local currency, Lira (TRY).
For example, Bitexen has the following markets available on its exchange: BTC/TRY, ETH/TRY, USDT/TRY, XRP/TRY and EXEN/TRY. The BTC/TRY pair itself records daily volume exceeding 120 BTCs, which makes it the third-highest volume for this pair across Turkish exchanges. And though its daily overall trade volume is nowhere close to standard trade volumes of most global exchanges, Bitexen is reputed as a giant in the crypto investment sector of Turkey.
As of the time of writing, Bitexen has over a hundred crypto tokens listed on its sites, while also offering several trading products (all of which we have covered in the subsequent sections of this article).
Despite all of this, we were quite surprised when several review platforms described the exchange as an unregulated entity. However, after visiting the platform’s web page, we found out that is not true after all. Bitexen is registered with the ICC (Istanbul Chamber of Commerce) with the trade name, Bitexen Teknoloji A.S. Below are the associated details of its licensure:
- Mersis No: 0178118956900001
- Tic. Registration Number: 136687-5
- Tax Office: Sarıyer
- Tax No: 1781189569
The Team Behind Bitexen Exchange
The founding team consists of individuals whose pedigree cut across several professional fields, with some having worked in the banking industry.
Some others have experience working on brokerage platforms for trading parity and derivatives instruments, online payment gateways, the information technology, and security sector, and also as experts in financial fraud prevention that is innovation-driven.
According to the team (some of whom are mostly engineers), the future of Bitexen will be ultimately shaped by their accumulated experience in those areas.
Hence, the main aims behind the establishment of Bitexen will be:
- To create a global powerhouse that will adequately meet the needs of digital assets investors, through a reasonable mix of innovation, analytic insights, and understanding of the global trends in the crypto money system.
- To increase digital asset adaptation and support it in a way aligned with the decentralized principles of Bitcoin by making its platform user-friendly using inputs from the community as the basis for decision-making.
About Bitexen Parent Company: Bitexen Teknoloji A.S
BTA is a technology company that is owned through a joint-stock partnership structure. Before launching Bitexen, the firm had secured a paid-up capital of 25,000,000 Turkish Lira.
As a technology-focused company, BTA uses Bitexen.com as the crypto-focused arm built to offer digital asset trading services. Specifically, Bitexen is meant to be the place for purchasing, selling, storage, and transfer of crypto tokens.
In building the exchange, the entire team members collaborated to design and construct the full architecture, as well as the trade-related functionalities so that the supervision of the day-to-day operational processes are strictly delegated in-house.
In 2018, Bitumen services became officially available for investors to access, and since then the platform has continued to thrive as one of the earliest crypto trading sites in Turkey.
Since its establishment, there have been over 700,000 users actively using Bitexen to trade digital assets daily. Also, many corporate companies use the platform to manage their cryptocurrency investments.
Bitexen exchange security
According to Bitexen, it tries to ensure all its clients can perform transactions safely in the most efficient way possible. With a developer team that consists of system architects and digital security specialists, with experience that span many years, such a feat should not be difficult to attain.
To date, Bitexen has proven itself to be a sufficiently secure and adequately fortified exchange over the years. In 2020, the exchange website went through a complete system auditory conducted by the world-renown security firm, Kaspersky. The test results ended successfully, with positive results. In addition, Bitexen alternate platforms comprising the iOS and Android apps went through similar tests to ensure their safety.
In the application security assessment, BTA CEO, Yahya Tugyan expressed the team’s desire to carry out a critical test to ascertain the ability of the trading platform to fight against cyber threats. Along the process, attempts were made to violate possible security vulnerabilities through an unrecognized external attacker, as well as an authenticated source. In both cases, the exchange proved itself strong.
This is why we believe the Bitexen exchange can be trusted and users should have no problem entrusting their assets to the exchange.
However, we strongly advise that you enable the Two-step verification methods for authenticating every transaction. They are the Google Authenticator method and SMS verification via OTPs.
The Google 2FA method helps you generate dynamic short-timed codes that you can use to access your account either via the mobile or web version of Bitexen. The unpredictability of the code makes it hard for hackers to infiltrate your account.
With the SMS verification method, Bitexen will send you numeric SMS codes to the contact number linked to your account. You will be required to supply the same code within a short interval to access your account.
If you find it stressful using both options, you can choose to enable just one.
For the activation process, go to the Support section of the Bitexen website for the details. A comprehensive how-to guide is available on the exchange.
Bitexen exchange trade services
They are divided into four sub-headings:
- Digital asset trading platform is the main feature on the exchange.
- Technological support comprises the solutions Bitexen provides for startups who wish to create digital tokens.
- Payment systems as a fintech company providing various infrastructures for monetary settlements.
- Training services whereby it transfers its knowledge and experience in the fintech sector to other companies.
As the focus of this article, we will be more concerned with the first of these, the digital asset trading service.
What does Bitexen offer as a crypto trading platform?
The recent spike in the number of circulating digital assets, which continues to increase every day, is one of the key factors that influence Bitexen product offerings as a crypto exchange.
In addition, Bitexen also believes there is a prevailing problem of inadequate infrastructure to cater efficiently to the needs of investors. In Turkey especially, most exchanges have only a few trading pairs available, and the overall tradeview interface does not give depth in terms of the information they provide to the users.
To solve these issues, Bitexen believes an open policy implemented through a professional customer support system would encourage the community to give insightful input that would make Bitexen the best exchange ever.
That said, below are the ways Bitexen stands out from most other Turkish exchanges:
Superior Infrastructure Support
Some of the problems stated above are because most Turkish trade platforms are evidently built with a tight budget and by inexperienced teams who seem to be profit-driven. While building Bitexen, the team generously committed 25,000,000 Turkish Lira to the project. Already we have spoken of the extra measures Bitexen took to ensure it is not exposed to cyber threats, or a possible victim of a possible data theft. In addition to the periodical external audit of the platform, the Bitexen team runs regular internal audits as an extra security measure.
The result? Today, we have seen thousands of users trade on Bitexen seamlessly. Users have also had the benefit of transacting efficiently on the exchange even in times of extreme market volatility.
Numerous Trading Pairs and Depth of Market
There are over 7000+ crypto tokens created, with many more emerging every other day. The joy of every digital investor is to get his hand on the most promising of them all. Unfortunately, most exchanges do not know how to satisfy this need for their clients.
On the Bitexen exchange, there are trading pairs available for BTC, TRY, and USDT tokens. On the Order Board, also referred to as the PRO version interface, users can see the limit and market order features.
The Quick Buy/Sell feature is created in such a simple way that enhances the user trading experience, making it possible to perform instant transactions with any of the 100+ digital assets available on the exchange.
Bitexen also ensures only the tokens of reasonably ambitious projects get listed on the platform. Fortunately, the decision-making for this process requires input from the community. However, if the project is built using Bitexen services, community feedback will not be required before listing.
Successful Customer Service and Community Communication
Bitexen customer service works 24/7 and you can reach them via the official email address, or the social media channels. Like we already pointed out, this is an exchange that strongly believes in the power of communication as an effective tool for building a viable ecosystem. It is not surprising then that during the development process, priority was laid on the need to build the customer support center and a dedicated section for frequently asked questions (FAQs).
Bitexen Commercial Achievement over the years
Shortly after the launch, Bitexen exchange maintained a steady rise up the trajectory, thanks in part to the different phases of the recent bull run in the market. In 2019 alone, the exchange recorded a whopping 169% growth rate. Then later in 2020, that figure more than doubled to a 392% annual growth rate. Today, Bitexen offers crypto trading services to over 700,000, placing it in the upper section of Turkey’s largest crypto exchange sites.
Bitexen native token: EXEN
The platform describes Exen tokens as the “most important element” of its ecosystem. However, the first thing you should know is that there was no token sale event held to kickstart the circulation of the tokens. Rather, a free-distribution model was adopted.
A total of 15,000,000 units were mined (with no additional supply). Through various loyalty campaigns such as trade competitions, marketing, and event registration bonus, all the minted Exen were airdropped to users until there was no additional piece left.
Holding Exen tokens gives users the privilege to access several benefits and recognition on the Bitexen exchange. For example, it can be used to discount trade fees and withdrawal fees. Then, all Exen coins accumulated through this means get burnt every quarter.
Additional usage scenarios in the future are expected.
Token technology
Exen token is an ERC-20 compliant token and has the following contract address: contract address 0xe6cc10ef4de1ccfb821c99c04abfe1859d8eab8f.
You can track the transaction by clicking here.
Buyback & Burn Plan
Exen tokens can only be used to discount a certain percentage of the actual trade fee. This means, a portion of the fee that is to be paid in the form of the traded digital asset, still goes to the exchange treasury.
According to Bitexen, 50% of that revenue plus 100% of the Exen token transaction fee revenue will be used to finance the quarterly buyback and burn events of Exen tokens. This is scheduled to continue until all Exen tokens in circulation are successfully burnt (with zero left).
As of the time of the writing, there are 770,709.19 Exen tokens left since the last token creation date. You can keep track of the burn event by checking the web page for updates.
Exen token use-case and how to calculate the fee
If a user holds Exen tokens, a portion of the transaction fees will be refunded according to the amount of Exen tokens held at the time.
The commission rate also differs according to the type of trade being executed. For makers who create open orders on the trade book, the fee is calculated as 0.075 of the order size. For takers, the percentage is 0.125%.
For full details on the fee schedule, visit the Fees section on the webpage. There, you will also see the applicable fee for the Turkish Lira.
Deposit and Withdrawal on Bitexen exchange
Bitexen supports deposit and withdrawal between native crypto wallet addresses.
For Fiat transactions, you can deposit and withdraw via the credit card options or through bank wires.
The methods are steadily being updated as the exchange continues to partner with traditional financial institutions.
If you wish to transact in the Turkish Lira, it is important you visit the Limit and Rules page on the website for important instructions on how to do so.
Conclusion
Bitexen has a strong team that is ambitiously driven to compete favorably in the crazy space that cryptocurrency trading is.
Moreover, we believe both retail and corporate clients will find the slew of services available on the exchange largely satisfying.
The main setback to overcome will be its largely restricted popularity as a regional exchange. To realize its true potential, Bitexen needs to start competing with global brands in crypto trading.
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