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Bitrue Review – Is Bitrue Scam or Legit?

Bitrue Exchange Rating
Account Types8.8
Trading Speed9.3
Customer Service9
Safety9.2
9.1
Conclusion
Read our Bitrue review and learn why we recommend this exchange for online trading and why it is not a scam, learn all you need to know in this Bitrue review before you sign up with the exchange.

Bitrue Review

Bitrue logo

In our world today, cryptocurrencies are no longer a new phenomenon as many businesses and individuals have begun embracing them as a means of financial settlements. The crypto market consequently became the new trading hive as it bustled with numerous business activities. The good thing about this new finance market is that you can easily conduct business activities from anywhere in the world since cryptocurrencies themselves are digital assets existing in a digitized environment.

With the astronomical rise in the popularity of cryptocurrencies, you may begin to wonder over what brought about this drive. Only 12 months ago, the total market cap for cryptocurrencies stood at roughly $800 Billion. Today, the crypto market cap stands at over $2 Trillion, over 150% increase from its value just 12 months ago. The number of cryptocurrencies as well rose to a figure above 4,000.

Perhaps, as the world stumbled from the difficulties in finalizing financial transactions in the heat of the Covid-19 pandemic, many began to understand how crypto settlements and decentralized finance (DeFi) in general are prudent and safe alternatives to conventional finance and are thus thronging into that direction. As a result, many went for the more popular Bitcoin, which of course, is the leading cryptocurrency in terms of market cap value.

While Bitcoin may be the most popular, there are still some technical issues faced by the giant cryptocurrency – among which are energy consumed during mining, transaction speed, and scalability. These shortcomings and more formed part of the reasons for the development of new cryptocurrencies, with each of them trying to address one issue or the other.

However, this did not reduce Bitcoin’s dominance in the crypto market. The majority of crypto exchanges are still primarily based on Bitcoin as a core part of their trading pairs. Nonetheless, the market is not a monopolized one since there are still other exchanges offering several altcoins in a number of trading pairs. It is, therefore, necessary that the legitimacy of these exchanges is determined through reviews, as there are a large number of them out there. It is also central that we know what altcoins they are based around and the promise they offer in the field of DeFi.

This review shall be addressing every one of these questions as we bring to you comprehensive details which will guide you in deciding which exchange is best for you. Bitrue is our focus for this review as we bring you all the important features the exchange has to offer.

BrokerBitrue
Websitehttps://bitrue.com/
LocationSingapore
Trading platformWeb-based, mobile app
Trading optionCryptocurrencies, Stablecoins
SecurityTwo-factor authentication (2FA), multi-signature encryption, multi-level clustering, cold wallet storage.
VerificationKYC
Customer supportYes: email, Twitter, Telegram
Account neededYes

Bitrue is a cryptocurrency exchange company founded in 2018. The exchange is an XRP focused exchange and accounts for about 10% of the total trading volume of XRP worldwide. It is recommended by Ripple Labs, the company behind the XRP cryptocurrency, and it is the best exchange for XRP holders.

Bitrue website

The exchange, led by a team of crypto enthusiasts which include CEO, Curis Wang, has experienced increased growth and popularity since the past year. In the heat of the Covid-19 pandemic in March 2020, the exchange recorded a $218 million 24-hour daily trading and subsequently ranked 64th in coinmarketcap listing. As of April 8th, 2021, the exchange ranked 70th on coinmarketcap, with an almost 500% increase on 24-hour trading volume which stood at a little above $1.2billion.

This progress isn’t only seen on the market trading volume; the exchange has also expanded to other parts of the world, including Taiwan, the U.S., Canada, Japan, and parts of Europe. Asides from spot trading, Bitrue is one of the first exchanges to offer a Crypto-backed loan program with an annual percentage rate reaching about 15%. The exchange also makes provision for a native token called BTR, which users can utilize for yield farming and settling transaction fees. There are also a host of cryptocurrencies supported on the exchange, paired with XRP, Bitcoin, Ethereum, and the USDT Stablecoin.

Security

The abundance of digital technology in the world today raises the risks of potential breaches to a level that is much higher than what it was ten years ago. The development of new technology over time has further accelerated these risks: hackers are looking for new ways to breach digital systems even as digital systems are exploring new ways to advance their security protocols—the hassle never ends.

Finance infrastructures are no strangers to this problem; they are among the most targeted. Hackers will generally seek to attack financial infrastructures in the hope of compromising the system and making way with users’ assets. That is the more reason why exchanges should have a top-notch security infrastructure.

To mitigate against such attacks, Bitrue has put in place security protocols that would protect both the integrity of their platform and assets deposited in them. The exchange makes use of a multi-level server clustering which would make it impossible for hackers to attack, a multi-signature data encryption model, as well as anti-DDoS protection. To protect user assets, the exchange employs 99% digital assets cold storage and a two-factor authentication procedure. There are also measures for different KYC protocols if an account is suspected to be compromised.

To date, there have not been reports of any cyber-attacks or hacks directed against the system. Perhaps, this could be because the platform’s cybersecurity officials work round the clock, week in week out, to identify potential network weaknesses and cushion against potential breaches.

Trading Platform

Exchanges are known for the nature of the platform which they have put in place for carrying out transactions. While some of these platforms can offer complex features, others are simplistic, and one cannot say which one is the superior platform. Generally, most exchanges offer two trading platforms, a mobile application, and a web application.

Similarly, Bitrue offers these two platforms which users can utilize for trading. Their website provides a range of features, including buy/sell, exchange, power piggy staking, and BTR lock-ups. Basic trading capabilities such as order types, charts, limits, open orders, and history, as well as a unique UI, means that a seamless trading experience is possible from wherever you are in the world, so long as there is an active internet connection.

The mobile trading application is also available and is downloadable for both Android and iOS devices. Its interactive UI and ease of managing assets make it a very useful tool for trading. What many Bitrue users enjoy about the trading platform is the ease with which it can be used to trade. That means that even beginners can work their way around while entering and closing transactions.

Trading Pairs

Exchanges are known for their unique range of trading pairs. Since over 4,000 cryptocurrencies are existing in our world today, a suitable exchange must at least cater to the major ones among them. While most exchanges offer pairs with Bitcoin, several traders would want a cryptocurrency pair other than the world’s most popular crypto. In instances where direct pairing isn’t possible, these traders would have to first convert their crypto into Bitcoin before entering the pair, and in that case, would incur additional conversion fees.

Cryptos like XRP have a huge worldwide following, so it is sensible for an exchange like Bitrue to be XRP focused. That automatically translates into easier transactions for holders of XRP, and in fact, the exchange is recommended by Ripple Labs, the company behind XRP. Alongside XRP, the exchange also offers trading pairs matched to Bitcoin, Ethereum, and the Stablecoin, USDT.

Generally, there are about 75 digital assets listed on the platform and over 50 trading pairs, each matched with BTC, XRP, USDT, and ETH. The more popular cryptocurrencies are within these pairs, thus offering a wide variety of options that users can pick from.

Customer Support

A good exchange platform should provide adequate customer support for its users. The customer support service should be able to cater to the needs of its customers when issues arise. These issues could be resulting from failed transactions, transaction errors, or the difficulties users face in closing transactions.

As a result, Bitrue claims to offer a strong customer support base. The platform boasts a website help center, a 24/7 email support center, and social media outlets: Telegram and Twitter.

While the exchange boasts of an 85% customer satisfaction rating, there have been some reports of lagging customer support among users of the platform. Many of them have claimed unresolved trading issues and subsequent freezing of their assets while the others who claimed to have had their issues resolved by the customer service have cited slow response time after the initial automated response.

Unlike some other exchanges that present with an extensive library of frequently asked questions and a blockchain academy, Bitrue offers only some FAQ support guides and does not have a known blockchain academy or glossary.

Bitrue may be a fantastic option for crypto exchanges and crypto-based loans; nonetheless, their customer support service puts a question mark on the exchange, especially since it holds a centralized nature.

Fees

Fees are a crucial part of any exchange. They act as some sort of lubricant that keeps the exchange going strong. Most exchanges charge three types of fees: deposit, withdrawal, and trading fees. Among these fees, the ones with the most emphasis are the trading fees. These fees are usually either higher or lower than the industry standard average.

Deposits and Withdrawals

Unlike most other exchanges, Bitrue offers one of the most competitive and lowest fees when it comes to making withdrawals. The exchange charges no fees for deposits done on its platform. The fees charged for withdrawals are way lower than standard fees: Bitcoin attracts a fee of 0.0005 (lower than the 0.000812 industry-standard average), ETH is charged at 0.01, and XRP can be withdrawn free of charge.

Deposits can be done over wire transfers and credit cards. One can make credit card deposits using the Simplex payment gateway, and they attract no fees from Bitrue. Wire transfers have recently been added as a means of deposit, supporting 8 currencies, including USD, EUR, and SGD. Wire transfers attract a fee of 0.08%, but ACH USD payments attract zero charges.

The ability for Bitrue to accept Fiat deposits categorizes it as an entry-level exchange suitable for beginners who are trading crypto for the very first time.

Trading Fees

Exchange trading involves their charges. While most exchanges utilize a maker-taker tiered level charges based on an average 30-day trading volume, Bitrue employs a flat fee model pegged at 0.098% for BTC, ETH, and USDT trading pairs. This amount is not different for both makers and takers, and it is much lower than the industry standard of 0.25%.

XRP pairs with BTC, USDT, and ETH attract separate trading fees which are fixed at 0.2%, while other XRP pairs attract fees charged at a rate of 0.280%.

BTR Token

Like most other exchanges, Bitrue utilizes a unique utility token for its platform. This token is known as BTR. It can be purchased on the platform and forms part of the trading pairs. Like other crypto assets, BTR can be used for financial settlements on the exchange.

Holders of the BTR Token can get up to a 30% discount on trading fees. That means that instead of the normal afore listed fees, they’d be paying 0.14% for XRP pairs with BTC, ETH, and USDT; 0.0686 for other BTC, USDT, and ETH pairs, and 0.196% for other XRP pairs.

BTR is also available for exchange on Binance Smart Chain and PancakeSwap. Being a DeFi exchange, PancakeSwap offers holders of the BTR Token to earn rewards when they stake their tokens in the exchange’s liquidity pool.

Meanwhile, with each purchase of BTR, users can earn more bonuses up to around 20%. There are other benefits of holding BTR of which a notable one being a Power Piggy VIP cap which allows holders to invest in Power Piggy whenever they want to. Power Piggy is at present one of the hottest features on the Bitrue platform. It offers investment opportunities that a Bitrue user can leverage for rewards.

Power Piggy

The Power Piggy on offer on Bitrue is one of the most innovative features on the DeFi space. It is one of two methods with which Bitrue users can utilize to earn rewards. Power Piggy ensures investors receive a much higher interest rate than what is obtainable from local financial institutions.

It involves a community-wide cap to determine how many tokens can be sold in a single day, and it is available two times in one day. There is, therefore, a competitive environment ensuring that investors will race against one another to purchase tokens. However, holders of the BTR Token are guaranteed VIP cap status with each BTR they own.

Investors would have to decide over which of the 32 tokens listed for Power Piggy to invest in, with each of them having different APR rates. The highest APR rate is set at 10.3% for USDT.

There is also an option for a BTR 30-day lock-up investment available for 8 supported assets. The interest rate for this one is much higher than that of Power Piggy. The highest APR for BTR lock-ups is set at 16% for USDT. In this method, you invest a certain amount of the related coin to lock up the equivalent amount for BTR for 30 days. After the expiration of the 30 days, you’d get the BTR in addition to the accumulated interest.

Final Words

Bitrue offers an amazing platform for crypto exchanges to be carried out. Led by a team of experts, the exchange continually seeks to bring more trading features into its platform. That reflects in the massive growth recorded by the exchange in just the past 12 months.

A factor driving the widespread adoption of this exchange is their XRP focus and unbelievably low fees. Deviating from what is obtainable in the market, the platform incorporates a trading fee model that is almost unbeatable. In terms of security, the platform through its team of security experts is famed to work round the clock to ensure a glitch-free trading service and the absolute security of their users’ assets.

Their shrewdness for the power piggy innovation has particularly endeared them to the heart of investors who are continuously making profits from it. Users have equally complimented the simplicity of their trading platform, including the web and the mobile application. And being an entry-level exchange, beginners can start their crypto trading portfolios with the exchange.

However, their seemingly poor commitment to their customers through the customer support service has placed a question mark over the exchange. It is left to see if this would be resolved in times to come.

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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