By Shelly Melancon (Switzerland)
SecondBTC Review
Cryptocurrency is currently a major force in today’s global financial market. Up to the point where it is now being traded and exchanged on several exchanges. Such exchanges provide a means for the buying and selling of crypto tokens. Thus, individuals can increase ownership of tokens and even trade coins for profit gains and rewards. The SecondBTC exemplifies such platforms where trading activities in crypto take place. It belongs to the earlier form of exchanging system which is the centralized exchange. A point worthy of note is that the centralized systems were the platforms with which cryptocurrency was introduced and attracted global attraction.
For cryptocurrency to be accepted by institutions, governments and financial establishments, centralized exchanges have to play a vital role to see it happen. They have now become platforms for the purchasing and selling of cryptocurrency worldwide. Their role transcends from merely being an avenue for crypto investors to do business to become significant contributors to the establishment of public trust in the adoption of cryptocurrency properties. This was possible through several strategic actions carried out such as a partnership with regulators, guaranteeing security and providing a satisfactory user experience at all times.
CEXs as they are often known provides an avenue that allows crypto trading to occur with payments to be made in either fiat currency or digital investments. The responsibility of these platforms is a tasking one as they initiate trade by acting as middlemen who can be trusted. This allows them to store and place in safekeeping the funds of users. In addition to offering trading services, they also facilitate basic aspects of crypto trading ranging from market regulation and price monitoring, security, adherence to regulations, to the provision of a variety of crypto tokens and consumer protection. Even though decentralized exchanges are becoming popular among crypto investors, the place of CEXs remains a guaranteed one in the financial market.
Although SecondBTC Exchange doesn’t rank among the leading CEXs presently, it is a feature that cannot be overlooked in a haste. Within this review, all the relevant information about this platform will be shared thereby allowing crypto enthusiasts to delve into its use. SecondBTC is a guaranteed means through which traders can fully maximise profit in cryptocurrency which is an added advantage in our world today.
| Exchange platform | SecondBTC |
| Website | secondbtc.com |
| Variety token | 19 |
| Account needed | Yes |
| Verification | Yes |
| Verification levels | One |
| Trading platform | Web-based |
| Payment | MetaMask |
| Customer support | Email, Twitter, Telegram, Reddit |
What is SecondBTC Exchange?
As it is not well known, most crypto traders are therefore not too familiar with it. However, this platform is from India and was introduced in 2018. The need for a centralized exchange solely focused on providing favourable conditions for users to trade conveniently led to the development of this platform. This implies that the exchange considers trading to be a major priority and sets up strategies to ensure that users are enabled to trade successfully. It is to this end that coins are listed on the platform for free out of which users can choose which to trade-in. An interesting feature of this exchange is that it aids users to channel their digital assets into tokens and coins that are highly prospective. This explains why there is a limited number of tokens listed on the platform.
Users of the platform are treated as high-value assets and therefore their success in the crypto market is of importance to this platform. For new crypto enthusiasts who are not familiar with the terrains of the crypto world, this platform offers just the right tokens to kick start your journey into the digital market. However, the exchange in recent times seems to be experiencing a downward trend as, within the space of four months, the volume of trading dropped drastically. An exchange that used to experience over six hundred thousand dollars in daily trading has now seen a drop to one hundred and ninety-four thousand dollars. Nevertheless, the platform is still committed to helping users achieve market success and trade profits while performing transactions.
It is also important to note that SecondBTC has lost its favour with American crypto investors as a huge number of them avoid trading on it. This also is in connection to the rapid fall of trading volume which has caused traders to lose confidence. Although investors from the US are allowed to transact on it, further assessment is required relating to citizenship status and residency permissions. As with CEXs, when trust issues begin to arise, it reflects solely on usage and transaction levels within them.
SecondBTC trading services
The buying and selling of crypto assets are made easier and more efficient on this exchange. This is because the emphasis here lies on the provision of the ease of transfer of tokens and coins. Therefore, users have an assurance form of concentration on their sole reason for choosing the platform. The platform lists popular tokens whose market prices have achieved a form of stability for users to transact with. This is a form of protection offered to users, especially those her to be familiar with the crypto world. By doing this, users are advised to take advantage of price stability and achieve market success in the shortest possible time.
SecondBTC Exchange is also dedicated to the progress of its users in such a way that it sensitizes them at the advent of a purchase or an order. That way, users can make wise market decisions that will be beneficial to them. The platform also serves as a third party to safeguard the reserves of users and guarantee the safekeeping of their tokens while conducting transactions. The exchange is fully focused on the market strength and success of users. Along with listing profitable tokens, it also exposes users to events in the crypto market keeping them up to date and current. Market analysis is conducted simply and is easily understandable by the average user. By doing this, users are not left speculating and in the dark even as transactions occur.
Exchange withdrawal and deposit fees
Users are attracted to different exchanges for several reasons including the fees charged upon withdrawal or deposit. The number of transaction fees is one of the many things that differentiate several platforms from each other. Transactions on crypto trading platforms attract two payments which are the maker fees and the taker fees. Normally maker fees are usually lower than those of takers as they are rewarded in that regard. However, certain platforms do not distinguish between the two fees and therefore charge flat fees.
As proof of its willingness to encourage trading services, SecondBTC accepts the payment of flat fees of 0.10% for both parties. It is a relatively low charge when compared to fees taken on other platforms. In the crypto industry, the average fee for a taker is 0.2181% while makers are charged around 0.178%. When placed in comparison with the platform’s charges, a conclusion is established that the exchange demands fees below the average standard. This way users get to carry out more transactions and conduct more trades without being worried about fees.
Withdrawal fees on this platform are also below average standard as every BTC withdrawal attracts a charge of 0.0005. This figure is in contrast with the standard fee of 0.0008. Therefore, users are assured of a reduction in transaction fees while trading on this platform thus providing them with the ability to trade more and earn profit. Deposits on this exchange are strictly restricted to the use of tokens and coins. It implies that fiat currency is not accepted on the platform and this can be an element of discouragement to new crypto investors. However, new users can be introduced properly to the cryptocurrency market while transactions on the exchange.
How to trade on SecondBTC
Due to the involvement of a third party and the need for security, most CEXs have very complicated registration processes and requirements. These processes include verification of identity, completion of KYC and some other measures to guarantee security. All these procedures can be cumbersome and tiring which is why most crypto traders opt for decentralized exchanges. However, SecondBTC stands out in this regard as most of the usual procedures are reduced while not compromising on security.
The first step to trading on this platform is the creation of an account which would involve the submission of personal details such as names, email and user’s phone number. After the submission of these details, a confirmation email would be sent via email which would require activation. The activation will be followed by a six-digit password that can be used only once and would be utilized in accessing your account. Wallets are also required as a mode of payment and receipt of tokens. A connection between the user’s wallet and the exchange would be needed for transactions to take place. MetaMask is recommended for trading on this platform.
Users can begin to place orders and conduct once their account has been created and confirmed. To ensure the smooth withdrawal and conduct of trade, authentication of identity is required. It involves the upload of a legal document backing up the user’s identity on the platform. Such a simple registration process does not undermine the secured state of the exchange but rather encourages an influx of traders to access it. Crypto enthusiasts are introduced to the trading process simply and straightforwardly.
Cryptos available on SecondBTC
Most exchanges list and offer a variety of crypto tokens for users to trade and it is commonplace to see over a hundred tokens on such platforms. SecondBTC however differs on a broad scale. It is a unique platform that chooses to concentrate on trade in certain crypto tokens. This is because the trading of tokens and the satisfaction of their users’ needs are major sources of concern for them. Therefore, the platform ensures that users are not burdened with several tokens up to the point that confusion sets in and disrupts an already achieved trading schedule.
The exchange achieves this by narrowing and limiting the number of tokens listed with a guarantee of excellence and profitability. Most of the currencies available on the platform are those with a high market value which would bring profits when traded. For new investors in the crypto market, the platform serves as the perfect starting point and an avenue to amass both crypto assets and knowledge.
SecondBTC interface
The interface of exchanges can either be a strength or its weakness as user experience is paramount to continuous trading activity on a platform. An interface that feels right to a user would experience a high volume of transaction performance. Since user experience is an integral feature of SecondBTC, its interface testifies to that end. Simplicity is also a major feature of this exchange as it conveys terminologies in cryptocurrency in simple terms to maintain the interest of users. Apart from being easily understood, it is also simple to navigate with the homepage providing all the trading services available.
Its high-quality display gives users a worthwhile experience while in the business of exchanging tokens. Its unique design also offers users the ability to switch view modes to match their time. This implies that users can interact with the platform in both day and night mode, thus giving a sense of comfortability. With an interface designed to give users a good experience, the exchange helps to boost users’ commitment to crypto trading.
How secure is SecondBTC?
In every crypto exchange, whether centralized or decentralized, security is a primary factor that cannot be undermined. The existence of the digital market offers risks and threats of cyber attacks and server hacks. The responsibility of CEXs to the protection and safekeeping of their users’ assets has also contributed to making them targets for hackers. However, SecondBTC has established strategies to deal with both internal and external threats of a breach. There’s the existence of a one time password to authenticate your login.
Users can also set passwords to their accounts and change them as they please. The option of an account password offers a sense of security. The platform is also under regulations and adheres to the laws of privacy thereby concealing user details from third-party. Therefore, all personal information submitted on the platform can be regarded as safe and secure. Users are also guaranteed the safety of their tokens as it is the duty of the platform. Trading is therefore carried out on this exchange with an assurance of the safety of tokens and also the transaction process as customers’ safety is held in high regard.
Customer support
Essential to the success of any crypto trading platform is its relationship with its users. Being a market controlled and run by automated means, issues that can be both human and technical are bound to occur. Support is therefore required by users in seeing to the resolve of such cases. This exchange provides several mediums through which its users can reach out and have their matters handled successfully. It also offers a platform for feedback as user experience is important information.
The platform’s mail is reserved for the handling of sensitive account issues which can be technical or otherwise. Capable hands have been employed to coordinate such matters and they are always treated as urgent.
Several updates are made available on the exchange’s Twitter page to keep users informed about current developments and events as relates to the platform. Users can also have their questions answered on an official basis here.
- · Telegram
It is an avenue for users to connect, share ideas and offer feedback about their experiences on the platform. However, the exchange does not provide any official support via this means. All interactions on Telegram are strictly between users in different parts of the world.
Recent projects and developments of this platform included newly listed coins and partnerships are conveyed to users through this means. This way users improve their knowledge of cryptocurrency increasing their confidence towards trading it.
Conclusion
Although the SecondBTC is not as popular as other exchanges, it offers customers the opportunity to have a good experience trading. The low input of American users has not changed the simplicity which it is known for. Centralized exchanges are gradually fading away but this platform is still committed to the growth and success of its users.
With a focus on offering trading services, it narrows the options for users helping them enjoy the profitability of chosen tokens. This is possible as the number of coins available are limited and restricted to those of high prospects. Safety of both assets and details is also guaranteed on the platform. One distinct feature of this crypto exchange is the low transaction fees charge which allows users to buy or sell more crypto volumes. Customers’ issues, questions and observations are handled with utmost importance on this platform giving users a sense of belonging. Over the years, SecondBTC has proven to be an outstanding platform capable of helping users trade cryptocurrency successfully.
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