BitoPro Review
The digital asset market over the years has gathered steam and hot interest from investors. One reason is that Bitcoin ascribed more value to Cryptocurrencies for its high value. Are Cryptocurrency markets a goldmine or volatile? What are the good markers of a Cryptocurrency exchange platform? These questions and several others will be answered in this BitoPro exchange review where a proper analysis is carried out on a major Cryptocurrency exchange platform with a track record of great performance.
In December 2017, Bitcoin’s value climbed up to $20,000. And at the beginning of the second quarter in 2021, Bitcoin shot up to $65,000, an all-time-high record.
This high yield market for digital assets opened the floodgates of massive attention globally; not only from investors, but traditional organizations, individuals, and regulatory bodies. Apart from the trading potential that Cryptocurrencies have for making profits, it is volatile in nature. The volatility of Cryptocurrencies is a major reason regulatory bodies and authorities clamp down on its expansion. The fact is, the Cryptocurrency market has extensive room to expand and grow despite the obvious risks.
| Exchange Platform | BitoPro Exchange |
| Website | https://BitoPro.com |
| Security | Automatic Anti-Cracker, SSL Qualys labs A Class Certification, Offline Encrypted Servers, and Two-factor authentication, Web Wallet, HIL Safe Transaction System |
| Trading platform | Web-based and mobile app |
| Trading Fee | 0.20% |
| Payment method | Web Wallets, Bank Wire Transfer, Deposit at convenience stores |
| Trading assets | Bitcoin Diamond, Bitcoin Gold, Bitcoin, Ethereum, Litecoin, Mithril token, Nem Coin, Pandacoin, Pundi X Token, Quanta Utility Token, Ripple |
Investors are looking at expanding their investment portfolio into digital assets. It is at this point that selecting an exchange platform for cryptocurrencies is a risky decision. To allay the fears of potential investors, Bitopro guarantees the safety of client’s assets. Their tokens are facilitated by the Ethereum Token Standard – ERC 20. This standard allows its tokens to be used as smart contracts that are sold and purchased on exchange platforms.
The Swiss Financial Market Supervisory Authority (FINMA) distinguished the three types of tokens issued by BitoPro Exchange as payment tokens, utility tokens, and asset tokens. BitoPro issues the utility types where holders of such tokens use them to transact services and related applications within BitoPro Exchange platform. BitoPro, also known as BitoPro International Digital Asset was launched by BitoEx in Taiwan. BitoEx rallied BitoPro after it facilitated trading services and the creation of Bitcoin wallets for clients in Taiwan. This guide is basically a review of the primary features, benefits, and services of BitoPro to traders and investors in Asia.
BitoPro is registered in Taiwan and it eases cryptocurrency exchange in Asia with the hopes of branching out to provide service to the whole world. Its services kicked off in 2017. Unlike other Asian countries such as Singapore and Hong Kong, there are fewer exchanges that are registered in Taiwan. Apart from facilitating Cryptocurrency exchange, BitoPro is interested in blockchain startups with potential as they are gradually establishing a token marketing service that is comprehensive. Also, BitoPro provides services solutions such as the creation of business applications, digital wallets, financial audits among others.
As a fiat-to-cryptocurrency Exchange, BitoPro works hand in hand with financial regulators to create financial choices for product trading for investors and traders around the world.
Although BitoPro started operations in 2017, its parent company, BitoEX Technology Limited was incorporated in 2014 in the British Virgin Islands. BitoEX promotes the adoption of Cryptocurrencies in Taiwan and provides quality services to clients trading the Cryptocurrency market.
They believe that Cryptocurrencies and decentralized transactions will become secure, more user-friendly, accessible, and eases business for clients. And there is also the long-term creation of sustainable applications as the Cryptocurrency ecosystem expands in the future. The exchange platform was created by Titan Cheng – the CEO and Co-Founder, and Jimmy Liu who is the CFO and Co-Founder.
Titan Cheng has more than fifteen years in developing software with a specialization in creating distributed file systems and financial systems. Jimmy Liu, on the other hand, has remarkable experience in the development of software products for governmental projects.
In 2002, they worked together to create a software called the ISCSI system which gave them huge recognition from institutes and academic institutions. By 2014, the brilliant software developers created BitoEX for the Asian region, especially Taiwan.
Now, BitoPro is not only the dominant sales channel to purchase Bitcoins in Taiwan, it is the biggest cryptocurrency market in Taiwan. The objective of BitoPro is to promote the adoption and acceptance of Cryptocurrency in Taiwan. They provide quality services to customers to increase the adoption of Cryptocurrencies and their broad applications for trade for trade. They also reiterate their commitment to providing customers with a quality user experience. Similarly, they have a commitment to evolving their trading services to users that will ensure asset security.
BitoEX Exchange, the parent company of BitoPro, introduced the very first wallet services for Bitcoin to Taiwan users as a way of reiterating their commitment to providing a quality user experience to their customers. To provide a reliable fiat-to-Crypto exchange, BitoEX created more than 3,000 convenience stores in Taiwan to facilitate the exchange of Bitcoins. They have made the exchange of Bitcoin convenient for customers with the convenience stores outlet that they created.
With their outstanding operational experience, BitoEX launched the BitoPro International Digital Asset Platform to create financial solutions in the present Cryptocurrency ecosystem. BitoPro was designed to create awareness about Cryptocurrencies. The Exchange platform is also looking at grabbing a fair share of the emerging markets in cryptocurrency exchanges.
Eventually, BitoPro will expand into other Asian countries by establishing operation centers in Singapore, Malaysia, India, Japan, and the Philippines. The expansion into these Asian countries is meant to reduce the risks inherent in trading and investment barriers.
Let us examine the primary features and services of BitoPro Exchange to determine their strengths and peculiarities for traders and looming investors.
Registration and Verification of Account
Signing up for an account with The Rock Trading exchange is quite simple and straightforward. The first step is to visit the exchange’s website where you will see the “Register” button – click on it to begin registration. Go to the BitoPro Exchange website to sign up. Tap the “Sign up” button to commence registration.
A registration prompt covers your display where you will fill your email, username, and password into the fields provided. Once you accept their terms and conditions, tap the “Sign Up” button. Check your email to confirm and verify your email address with them. The trading platform does not stop US-investors from conducting trade. Investors coming from the United States must conduct their due diligence to participate in offshore trade. A major problem that investors from the United States will face arise from residency or citizenship. Apart from that, there are no significant trading barriers.
The next step of registration is account verification. Your account should be verified to withdraw and deposit funds with the account. You will be requested to provide a valid means of identification.
For the means of verification, the Republic of China Nationals will submit a front photograph of their ROC National ID card. Non-ROC nationals submit front and back photographs of their Alien Resident Certificate. Both documents are valid means of identification and registration for the categories of customers. To verify identity, upload a photograph of yourself holding an ID card or ARC card.
Any other handwritten notes could as well be used to verify identity. However, the handwritten note will contain “Apply for BitoPro account”, which also includes a date and signature. Once you have uploaded the documents and photographs, confirm them on the information provided for registration to complete your verification process. Verification takes 2-3 working days. The BitoPro customer representative will call intending clients that are verifying online.
When accounts are not verified after three days, due to several users getting verified at the same time, potential clients could place a call to their customer representative. Another reason that verification takes a long time is because audit time is usually extended when several users are getting verified simultaneously.
BitoPro is also open to foreigners from different parts of the globe. Although, the extent of the services open to all is restricted by the user’s jurisdiction and financial regulation. On BitoPro, nationality restrictions are not a barrier to register on BitoPro.
Once your account has been verified, you can begin to trade Cryptocurrencies
Security Protocol
Bitcoin scams evolved with the pace of changes within the Cryptocurrency space itself. The rise in Cryptocurrency prices, especially Bitcoin in 2017 changed the way crypto scams were implemented within Bitcoin. As the investor base of Bitcoin increased with the introduction of Initial Coin Offerings (ICO), there was a corresponding increase in ICO scams. ICO scams are not the only common scams; other prevalent scams are Ponzi schemes, fake ICOs, and exchanges that are fraudulent.
These scams have been replicated on other performing Cryptocurrencies and it looks like there is no end to them. Apart from complying with industry best practices for Know Your Customer (KYC) and Anti Money Laundering (AML) policies, the BitoPro platform does not joke with your assets. They ensure that investor’s funds are kept in safe hands with the necessary infrastructure put in place. Such infrastructure that ensures asset safety are Web Wallet, SSL Qualys labs A Class Certification, Offline Encrypted Servers, HIL Safe Transaction System, Automatic Anti-Cracker among others.
- WebWallet
Traders and investors have a similar need, which is storing their digital money inside a Cryptocurrency wallet. There are several wallets to store your cryptocurrency assets such as an Online wallet, Desktop wallet, Hardware wallet, and paper wallet. BitoPro offers the safest web-based exchange out there that does not give private keys to users.
- SSL Qualys labs A Class Certification
While an SSL certificate is regarded as a global standard security technology that facilitates the exchange of communication between a web browser and a web server, SSL labs offer tools that protect your sensitive information. BitoPro deploys several documents, thoughts, and tools that are similar to SSL functionality. The BitoPro Exchange platform ensures that your web-based activities are conducted with supportive safety measures and concerns. This means that for investors and users, your sensitive information such as usernames and passwords are secure on the BitoPro Exchange.
- Automatic Anti-Cracker
Investors and traders will generally use passwords to authenticate their accounts. Because the logic behind passwords is highly expedient and practical, its relative ease also introduces certain vulnerabilities that password crackers use to steal unsolicited information, gain access to users’ accounts, and cause a data breach. The BitoPro Exchange prevents the passwords of users from being compromised with its password combination that thwarts the attack of password crackers.
- Offline Encrypted Servers
Using Cryptographic programs and protocols, messages are encrypted securely to ensure authentication, integrity, confidentiality and nonrepudiation for online information. BitoPro stores messages from clients using offline encryption systems by storing the ciphertext or exchanging it with another user on the internet.
- Dual identity verification
BitoPro Exchange ensures the safety of your account by asking for verification after you log into your account, withdraw, and change your password. On the platform, there are two authentication methods, which are SMS authentication and OTP authentication.
Supported Cryptocurrencies
The BitoPro Exchange is a centralized platform, which means several Cryptocurrencies are traded. There are about 16 supported cryptocurrencies and more than 28 pairings listed below;
The 16 cryptocurrencies supported are listed below;
Bitcoin Cash Sv
Bitcoin Diamond
Bitcoin Gold
Bitcoin
Ethereum
Mithril token
Nem Coin
Pandacoin
Pundi X Token
Quanta Utility Token
Ripple
Six Domain Chain Token
Tether
Tron Coin
The paired cryptocurrencies are listed below;
USDT with SDT/TWD pairing
Bitcoin with TC/TWD pairing
Ethereum with TH/TWD pairing
BNB with NB/TWD pairing
XRP with RP/TWD pairing
LTC with TC/TWD pairing
TRON with RX/TWD pairing
Bitcoin with TC/USDT pairing
Ethereum with TH/USDT pairing
EOS with OS/TWD pairing
BitoPro Exchange with ITO/TWD pairing
Ethereum with TH/BTC pairing.
Bitcoin Cash with CH/TWD pairing.
Yearn finance with FI/TWD pairing.
Bitcoin Cash with CH/USDT pairing.
Litecoin with TC/USDT pairing
Yearn Finance with YFI/USDT pairing
BitoPro Exchange with BITO/BTC pairing.
Bitcoin SV with BCHSV/TWD pairing.
BitoPro Exchange with BITO/USDT pairing.
Bitcoin Diamond with BCD/TWD pairing
EOS with EOS/USDT pairing
BitoPro Exchange with BITO/ETH pairing.
Apart from these supported Cryptocurrencies, there are about 7 other pairings that are regarded as “unverified markets” on CoinMarketCap that are supported by the BitoPro Exchange.
Trading Platform
A great trading platform lets investors and traders optimize their trading position individually or through financial intermediaries. Generally, a trading platform that supports several currencies must provide currency pairs to investors and traders. Apart from being able to track accounts, a trading platform runs with simultaneous services usually in real-time such as charting software, news feeds, quotes, and premium analysis.
Investors want to see their order being processed directly online, with web-based access points, a mobile application, and a software program. Sometimes traders rely on a hybrid functionality to deposit and withdraw Cryptocurrencies, monitor trade analysis, and engage other indicators and tools.
Both veteran and newbie investors like to use a trading platform that caters to all their needs. However, the needs of regular traders may require technical analysis in real-time, a newbie investor ends up being confused with technical terms. Several Exchanges will offer different trading platforms to investors and traders. Generally, what makes a good trading platform are the following; security, coin availability, trading volume, fees, and user-friendly experience.
The BitoPro exchange chides itself as a user-friendly platform. A platform that is focused on customer professionalism and a great trading experience. The BitoPro Exchange supports Android and iOS users as well as users that prefer trading on large desktop screens. Users can select one that suits their trading preferences. If you are not trading on Desktop, you can opt for mobile trading for convenience.
Several exchanges facilitate trading views that are different from one another. There is no best view out there. investors and traders determine the trading views that complement their trading preferences. However, trading views have a commonality such as a complete or at worst, an incomplete display of the order book, order history, and a price chart selected for any cryptocurrency. BitoPro Exchange displays comprehensive trading views with an order book, a price chart of a cryptocurrency, buy and sell-boxes
Commissions and Fees
As a trader or investor, you cannot joke with the trading fees of any exchange that you run. You must be aware of them before engaging in any form of trade. Trade is facilitated on any Exchange between two players: the maker and the taker. While the maker creates liquidity in the market, the taker takes the liquidity once the maker’s orders are matched.
- Trading Fee
On the BitPro Exchange platform, takers will pay 0.20% of trading fees, which is basically an industry average. Makers on the other hand are offered a discount where they trade at a fee of 0.10%. investors who are trying to avoid taking existing orders from the order book will judiciously appreciate the special discount offered to them.
- Withdrawal Fee
For every withdrawal on BitoPro, 0.0004 BTC is deducted. Compared to what other exchanges are charging, this withdrawal percentage is quite low and below industry average. Other Exchanges charge as much as 0.0006 BTC against 0.0004 BTC which reflects the commitment of BitoPro towards creating consumer-friendly services.
Withdrawals and Deposits
There are several ways that BitoPro Exchange supports the deposit of funds for investment purposes. Once the deposit has been validated, investors and traders can begin to trade their digital assets and Cryptocurrencies. Apart from deposits being made, investors can also withdraw their profits whenever they can from the Exchange platform.
Exchange platforms provide payment methods that clients can choose from to deposit and withdraw funds. Investors can directly make fiat deposits using one of the several convenience stores available in their locality in Taiwan.
BitoPro Exchange partners with Family Mart and Hi Life to create a deposit option that is consumer-friendly to facilitate TWD deposits with QR code payment. Users will select fiat deposit through a convenience store where a QR code is subsequently generated and the funds required to be deposited with Family Mart/Hi Life within a period. Once the payment has been made, go through your BitoPro wallet to see the deposit. The least amount required is 100 TWD and the maximum is 20,000 TWD. 30 TWD is the Handling fee while 100,000 TWD is the personal limit for any individual daily.
- Bank Wire Transfer
BitoPro accepts wire transfer deposits and no credit card deposits.
- Prepaid Card
BitoPro does not support cards.
- Cryptocurrency Wallets
The BitoPro Exchange supports web-based trading amongst users
Customer Support
Another important feature traders evaluate when choosing an exchange is the customer support provided by such an exchange. Trading in the crypto market is a difficult task itself, therefore investors and traders require all the assistance they can get when trading. Most importantly, this assistance is especially needed when unforeseen circumstances arise making trading a more difficult task.
In times like this, traders and investors look to rely on the support of their exchange platform, and failure to get such support is detrimental to the trading outcome and experience of traders. The negligence of such an exchange platform to provide the required support and assistance to meet up the needs of traders defeats the significance of such an exchange.
The BitoPro Exchange created a cryptocurrency platform that fosters user experience and support. New users can confidently navigate the platform with ease the first time. There is a FAQ section addressing the concerns of fresh investors.
There is a support center for users and clients. Examples are telegram chat, live chat, and social media giveaways. The customer service is handles by seasoned professionals, offering round-the-clock service.
Final Thoughts
The caliber of the BitoPro Exchange team and their collective commitment to creating superior services and brand quality to users in Taiwan and across the globe is laudable. They also boast of cool features such as securing users’ assets and creating user-friendly platforms for desktop and mobile.
With years of acquired operational experience, BitoPro Exchange is a platform that is definitely here to stay.
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