RightBTC Review
If you’re new to cryptocurrencies and want to lay your palms on some coins, you’ll need to figure out which exchange platform or trading channel might be the most ideal for you. There are several, but the top exchange platforms aid buying and selling cryptocurrencies with ordinary fiat money very easily. In addition, bitcoin exchanges often enable users to store bitcoin. Still, if safety is the top concern, you will want to keep your virtual cash in a reliable bitcoin wallet that you control completely.
Before you go for this opportunity, you will need to know what to search for in a reputable Exchange platform for the particular requirements you have. The exchange’s list of supported cryptocurrencies is an excellent place to begin. You’ll have to choose amongst the numerous cryptocurrencies in circulation in addition to Bitcoin. Ethereum, XRP, Dogecoin, and other popular alternatives are just a few. It’s also important to pay interest in the type of fees charged. Even though all Exchange platforms incur transaction costs, it is clear that the platform with the least amount of fees is the ideal option.
On the other hand, low costs may often be at the price of other essential characteristics and features. It’s also worth remembering that bitcoin is a very dynamic asset with large price fluctuations. A good rule of thumb for anybody buying cryptocurrencies as a beginner is never to put in more money than you can bear to lose. RightBTC offers a user interface that is easy to use and has a lot of excellent features.
RightBTC is a digital currency exchange based in Kuwait. It is, as far as we know, Kuwait’s sole cryptocurrency exchange. Although US investors are not banned from trading on this exchange, they should conduct their independent evaluation of any issues resulting from their residence or citizenship. RightBTC is a cryptocurrency that may be used on a variety of sites. You may use it on your smartphone in addition to utilizing it online on your PC, regardless of whether you have an iPhone or an Android. RightBTC is a cryptocurrency exchange that caters to traders and investors all around the world. RightBTC, a regular in the top 25 crypto exchanges by volume, offers new and seasoned customers alike 24/7 customer service and trading tools. With iOS and Android applications for your smartphone or tablet, you can trade at your desk or on the move.
| Exchange platform | RightBTC |
| Website | rightbtc.com |
| Crypto Variety | 40+ |
| Account Necessary | Yes |
| Verification | Mandatory |
| Levels of Verification | Two |
| Platforms for Trading | Application (Android, IOS), Web-based |
| Method of Payment | Wire transfer, Crypto transfer, Credit/Debit Card |
| Customer Support | Social media platforms |
RightBTC: What Exactly is it?
RightBTC is a controlled cryptocurrency exchange founded in 2014 to provide a safe and quick trading environment for experienced and novice traders. Advanced order types such as IOC, FOK, Limit, and Stop orders are available and specialized iOS and Android applications, derivatives trading, crypto savings accounts, and 24/7 customer service. The exchange, based in Dubai, was established in 2014 by a group of experts from well-known online businesses. RightBTC, like other bitcoin exchanges, is currently unregulated by any recognized regulatory bodies. The exchange welcomes traders from all around the globe, but they can only communicate in English or Mandarin Chinese. While RightBTC claims to be a highly competent and well-established exchange with a rigorous screening procedure for the cryptocurrencies accessible on their site, there is little information about the exchange’s trustworthiness. In this review, we look at the many elements of this cryptocurrency exchange to discover what sets RightBTC different from the competitors and whether they can be trusted. RightBTC is a centralized cryptocurrency exchange and asset management service that supports USDT, BTC, and ETH.
RightBTC charges a 0.2 percent taker fee and a 0.1 percent maker fee. The SSL encryption communication protocol ensures the platform’s security. Customers are subject to KYC verification. The platform supports various order types, including IOC and LIMIT-HIDDEN FOK. The website is available in English, Vietnamese, and Chinese. Apple and Android users may download the branded mobile app.
RightBTC is a cryptocurrency trading platform with a worldwide digital asset management platform. The exchange focuses only on crypto-to-crypto trading, claiming to provide only the finest digital assets with the highest rates of return on investment. The RightBTC cryptocurrency exchange, apart from the competition, is that each cryptocurrency featured on its platform is thoroughly vetted to ensure that it meets its stringent investing criteria. The exchange claims to have a thorough screening procedure in place and a team of experts with extensive knowledge of the financial and blockchain sectors. The exchange’s mission and primary aim are to assist investors in more responsibly allocating their digital assets.
Available Currencies
Users may trade Bitcoin, Litecoin, Ethereum, ETP, and many more digital assets of immense value on RightBTC, a coin-to-coin exchange based in Dubai. RightBTC, like the majority of exchanges, has a unique type of without a margin trading option and charges certain costs for its services. Regardless of the particular asset you buy and sell or if you are the taker or maker, trading fees on RightBTC remain constant at 0.2 percent. These costs are comparable to those offered by other exchanges. Aside from Bitcoin, RightBTC platform supports ETH, LTC, ETP, ZGC, STORJ, and many more cryptocurrencies. Although other exchanges have more than one hundred or even two hundred instruments, we believe RightBTC has a good selection of altcoins. RightBTC’s platform makes a good first impression. It isn’t very spectacular, but it looks to be a perfectly functioning trade location. Like those on the famous forex trading channel which is called MetaTrader4, the charts are not as sophisticated as those on other comparable sites.
Furthermore, since RightBTC’s site lacks live chat, some platform users may not see it. RightBTC accepts fiat money. However, you may deposit in the exchange’s approved cryptocurrencies. This therefore implies that you won’t be able to trade at RightBTC using your credit card or your bank account. If you spend any time on RightBTC’s platform, you’ll find that most pairings have low trading volumes. However, the issue with Bitcoin and Ethereum appears to be stable. This is RightBTC’s most popular pair, accounting for 99.99 percent of the exchange’s total trading activity.
RightBTC would typically not charge fees for crypto deposits but does charge fees for transfers made outside of the Exchange platform. While this isn’t uncommon for exchange platforms dealing with cryptocurrency, it nevertheless gives the wrong impression. Furthermore, RightBTC has established certain daily withdrawal restrictions (15 BTC). Trading using leverage would not be possible at RightBTC, as previously stated. If you want to be more active with your Bitcoin investments, a forex trader could be a good option. A significant difference exists between working with a Forex and cryptocurrency exchange broker. However, you would not have the currency in your hands; instead, you will earn or lose money depending on the fluctuations. Here’s where you can find out all you need to know about it. RightBTC, unlike many other exchanges, does offer wallets for the platform users.
Exchange Platform
When we reviewed RightBTC, the first thing we noticed was how well-designed their exchange interface is. The platform is very simple to use and comprehend, with all of the essential functions conveniently accessible. Traders may quickly see and study the chart in the center of the screen, extending to the left. The various cryptocurrency markets are shown on the right, and traders may access the order book, trading history, and order windows by scrolling down. While the site is well-designed and simple to use, the charting tools and capabilities are rather restricted. The platform is adequate for novice to intermediate traders, but experienced cryptocurrency traders will need to utilize additional charting tools to begin charting analysis. However, for the vast majority of bitcoin investors and dealers, the platform is more than enough. Furthermore, RightBTC’s free mobile application for Apple and Android smart devices makes the platform completely compatible with mobile devices.
Exchange Trading View
Many exchanges have numerous perspectives for trade. You would experience a smooth trading process if you can decide for yourself the particular trading perspective that is ideal for your trading. The order book, or at least a part of the book, a chart of a specific cryptocurrency, and order history are few of the typical views. Before deciding on an exchange, look at the trading view to decide if it seems appropriate to you.
Fees charged by RightBTC
Every trade involves two parties: the maker, who puts the order that matches (or “takes”) the maker’s order on the order book before the trade, and the taker, who places the order that matches (or “takes”) the maker’s order on the order book. Makers get their moniker from the fact that their orders create liquidity in a market. Takers reduce this liquidity by matching manufacturers’ orders with their own. The trading costs for takers at RightBTC are 0.20 percent. This charge is higher than the industry standard. The industry standard is thought to be about 0.25 percent. Therefore, makers get a reduction on the trading charge and trade with a 0.10 percent trading fee.
Methods of Deposit
Because this exchange only accepts cryptocurrency as a form of payment, new investors are effectively barred from trading. If you don’t have any cryptocurrency but want to start trading on this exchange, you’ll need to purchase some from another platform and then pay them there. You may use the Exchange Finder to locate a cryptocurrency exchange that accepts fiat money deposits, which is fortunate for you.
Markets
As previously said, RightBTC specializes in the crypto-to-crypto market and chooses which coins are offered for exchange on their site with care. RightBTC offers a wide range of cryptocurrencies that may be traded on the following crypto exchanges: Bitcoin, Metaverse, Ethereum, and Bitcrystals. In comparison to Bitcoin and Ethereum, the latter two marketplaces feature fewer crypto trading pairings. Around 20 cryptocurrency assets are accessible to trade on the Bitcoin and Ethereum marketplaces. The majority of the cryptocurrencies on sale seem to be trustworthy and possibly lucrative ventures. However, few of the cryptos on offer are referred to be “shit coins” by the cryptocurrency community. Despite this, traders may still make a lot of money with these shitcoins.
Fees
Right BTC charges its traders extremely fair and competitive fees for their services. Trading costs for all cryptocurrencies are a fixed amount of 0.2 percent for every transaction, regardless of whether the deal is a maker or taker trade. Withdrawal fees are also charged to traders, and we must note that these costs are quite modest compared to many of the industry’s top rivals. In the picture below, you can see the varying withdrawal costs for various cryptocurrencies. Withdrawal costs vary depending on whatever crypto asset you’re withdrawing. However, they’re usually a fixed proportion of the relevant crypto asset, unlike trading fees. According to Cryptowisser.com’s empirical research, the industry average BTC withdrawal fee is 0.0006 BTC. Each BTC withdrawal costs 0.0015 BTC at RightBTC. This withdrawal charge is about 250 percent more than the industry norm, making it very uncompetitive. We hope that, for the benefit of this platform, their BTC withdrawal costs are adjusted to the industry average soon to retain existing traders and attract new ones.
Security
The uncertainty about RightBTC’s degree of security and reliability is an unpleasant feature of the exchange. When it comes to the exchange’s owners and founders, there is a lot of secrecy. Furthermore, there is no information on where their headquarters are situated on their website. On the other hand, the exchange claims that its web servers employ high-level SSL encryption transmission methods and that the bulk of customer money is stored offline in cold storage wallets. Regarding the exchange’s fairness, it seems that all users are treated equally, with no extra advantages for greater trading volume or deposit amounts. All costs for trading and withdrawals are clearly defined on the site and disclosed before any actions are done, and withdrawals are processed instantly.
Support
Traders on RightBTC have extremely few support alternatives. The only method to contact a customer service person is to use their live chat feature. However, customers are often compelled to leave a short note via the live chat site since no one is accessible. According to customer evaluations, support staff may be slow to react but are very helpful. In addition, the exchange has no FAQ website or external resources to assist traders in the event of a problem. RightBTC has a lot of room for improvement in terms of customer service.
Pros
- It’s very simple to use and navigate.
- The vast majority of money is kept in cold storage wallets.
- Competitive trading commissions
- A good number of bitcoin assets are available.
- BTC exclusively takes bitcoin as a form of payment.
- You may withdraw your bitcoin from Right BTC by transferring it to your wallet address.
- Right BTC’s downloadable mobile application allows you to trade using your mobile device.
- Right BTC has proved to be a trustworthy and dependable exchange that has never been hacked. Their customer service, on the other hand, is not the greatest.
- Right now, BTC is a fair exchange that is not a fraud. Traders, on the other hand, should exercise caution since they are not yet regulated.
Cons
- Customer service is slow, and the choices are restricted.
- There are no fiat currencies accepted.
- Options for graphing and analysis are limited.
- There is little to no information about the business.
- BTC is not a regulated cryptocurrency exchange, to be sure.
- For each trading transaction, Right BTC charges market maker and taker fees. They also impose fees for withdrawals.
Conclusion
RightBTC looks to be a trustworthy and capable bitcoin exchange. They have a good selection of bitcoin assets that seem to be promising. However, few of the most promising blockchain and cryptocurrency initiatives are not currently available on their platform. Trading costs are competitively cheap, and the exchange interface is simple to use and provides sufficient functionality for novice to advanced traders and investors. It’s a pity that no fiat currencies are offered and that little information about the business is accessible. RightBTC, on the other hand, has proved to be a reliable cryptocurrency exchange thus far.
We have mixed emotions about RightBTC. It is a crypto-to-crypto exchange headquartered in Dubai with standard crypto offerings: it has a reasonably good and easy interface with reasonable trading costs. However, withdrawals are charged. Apart from the low trading volumes on most assets, what concerns us the most about RightBTC is that it does not offer any information about the business behind it. After all, the safety of one’s money is much more essential than the costs and trading tools offered. While most crypto exchanges operate without a license, nearly all reveal who is behind them and give some background information to the public. RightBTC looks to be shadier than other exchanges, even though it promises to store customers’ funds in cold storage. We also couldn’t discover any significant hacking reports for this exchange, which is usually a positive indication. We remind you that you can always find a reputable and well-regulated forex broker to trade bitcoin CFDs with. Just make sure you know the distinctions between dealing with such brokers and trading on exchanges.
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