BitInka Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this BitInka Review.
As its name suggests, BitInka is a Latin American exchange that allows locals to buy or sell Bitcoins easily and safely in their local currency. It is primarily BTC-to-currency exchange, but also offers coin-to-coin trading.
Like most exchanges, it uses two-factor authentication for security purposes. To register, you need a personal bank account and verification is required. You have a maximum of 30 days to verify your account after registration at BitInka, and if you miss the deadline, you will have to do the process again. If you never complete the validation process, you will not have full access to the exchange (deposits and withdrawals in fiat).
Many fiat currencies supported
The most obvious advantage of this exchange is the fact that you can deposit or withdraw in a number of “traditional” currencies: American Dollar, Euro, Nuevo Sol, Argentinian Peso, Boliviano, Real, Chilean Peso, Colombian Peso, Bolivar and Euro; Hong Kong Dollar, Mexican Peso, Chinese Yuan Renminbi and India Rupee.
Being able to deposit and withdraw in their local currency via bank transfer is without a doubt a significant convenience to Latin American traders. When it comes to withdrawal fees, however, they are pretty solid.
BitInka brags about its bank integration with more than 25 banks in America and Europe. The complete list of affiliated banks and companies in each country is available on its website (appendix B in their Terms and Conditions).
Other payment methods
In addition, you can make transactions from any financial institution that offers money transfers, but take into account that this involves bank commissions plus 1% BitInka commission.
Besides, yoy can also use the company’s own payment solution – IncaPay, where the transfer takes are significantly lower than those for bank wire.
Decent amount of altcoins available
By the time of writing the present review, BitInka offers 8 altcoins for trade, including the popular ETH, LTC, DASH, and XRP. Althogh some exchanges, like Bittrex, offer a plethora of altcoins for trade, BitInka’s crypto portfolio is not that limited, considering that its focus is on coin-to-fiat trading.
Despite of this, at the time of writing of the present review the most heavily traded pair is BTC/ETH.
Although this is hardly a major advantage, not all exchanges provide a wallet service.
High trading & transfer fees
All trades on BitInka incur a fee of 0.50%, which is at least double the size of what most exchanges charge (and many of them charge only market “takers”). On top of that, BitInka also applies deposit and withdrawal fees, which are quite high. For example, bank wire deposits in USD, while Bitcoin withdrawals incur a fee of 0.15% . At least, all fees are presented in a clear manner on the exchange’s website.
Available in a limited number of countries
BitInka operates in Argentina, Bolivia, Brazil, Chile, Colombia, Spain, Peru and Venezuela. considering that Bitcoin gives you a chance to go global, we find this a bit of a limitation.
Minimum deposit and order size set
The minimum Bitcoins you can sell or purchase at this exchange is 0.005 BTC and the minimum amount you can deposit is 0.0001 BTC. There are also minimum amounts that you can deposit or withdraw in fiat currency, but they depend on the currency and the country to which you want to deposit or withdraw.
We find this a bit of a limitation, as most exchanges do not set minimum deposit and order size amounts.
As most typical crypto-exchanges BitInka, also does not provide leverage. If you need some, you can check out the offering of exchanges like Kraken or bitFlyer. Besides, forex brokers that offer trading in Bitcoin may also be a good choice for you.Platform lacking basic features
BitInka’ web-based platform has a very simple interface that is easy to use, but lacks some basic features like charting, market depth window, etc.
BitInka is one of the biggest Bitcoin exchanges in South America. Its clients are able to trade in some of the mostpopular cryptocurrencies against their local currencies, as well as to make wire transfers from and to major banks. Coin-to-coin trading is also enabled.
Obviously this is an exchange that targets residents of specific countries, so it is mostly suitable for crypto-investors residing in South America. This could be viewed both as a weak and strong side, depending on the point of view. BitInka’s trading and tranfer fees, however, are undeniably high. Besides, its trading platform looks out of date and has no charting whatsoever. Another thing we don’t like about BitInka is that it ha set some minimum deposit and order size requirements.
BitInka is owned and operated by BitInka Limited – a ompany legally incorporated in Hong Kong, that has a lot of subsidiaries operating across South America and Europe. As is the case with most exchanges, BitInka is not regulated. We remind you that you can also trade in Bitcoin with duly licensedforex brokers, just be sure to understand the differences.
BitInka Review Conclusion
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