BitKonan Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this BitKonan Review.
BitKonan Review
BitKonan is a relatively small Croatian crypto-exchange that offers spot trading in USD against Bitcoin and Litecoin. Coin-to-coin trading is not an option at this exchange, nor leveraged trading, however the fees charged by BitKonan are comparatively low.
Minimum investment amount is set at 50.00 EUR or USD (for SEPA and International bank wire deposits) and deposits are free of charge, except SEPA and SWIFT ones.
BitKonan Advantages
Competitive Trading Fees
BitKonan charges only market “takers” with 0.29% per trade, which is in line with what most similar venues charge. As a comparison, Bitstamp (a popular exchange, which also accepts fiat currencies) charges both market takers and market makers with a flat fee of 0.25%).
Cash accepted
One of the major benefits of using BitKonan is that this exchange supports fiat currencies, and EUR and USD in particular. Deposits in Croatian Kuna (HRK) are automatically converted to USD. This basically means easy access to cryptocurrencies, which is usually appreciated by newcomers in the crypto-world.
Bank transfers, including SEPA, supported
Bank wire transfers sometimes take longer and may not be the cheapest transfer solution, but it’s convenient for many. The EU SEPA system in particular is easier and faster than traditional bank transfers, so the fact that BitKonan offers it is definitely an advantage.
Solid track record
BitKonan has been running smoothly since 2014, without any major hacks.
Simple registration, anonymous trading available
Those users who just want to register and trade by providing simply an email, are able to do so at BitKonan, however they can only deposit, withdraw and trade cryptocurrencies. Otherwise, they need to verify.
BitKonan Disadvantages
Few coins available
As we mentioned above, the cryptocurrencies available at BitKonan are Bitcoin and Litecoin and they are traded against USD. Such digital assets portfolio is very limited, as more and more tokens emerge, and a number of exchanges add them due to user demand. If you want to dive into more exotic altcoins, you can check out the offerings of Kraken’or CoinExchange.io.
No crypto-to-crypto trading
Although BitKonan support both Litecoin and Bitcoin, users are not able to trade in the BTC/LTC pair.
No wallet offered
Unlike many other crypto-exchanges, this one does not offer an in-house wallet.
Trading platform rather poor
The web trading platform offered by BitKonan is simple and functional, however it looks out of date and its charting is relatively poor, not supporting technical indicators of any kind. Besides, it is certainly disappointing to those who prefer to trade on the go, as it is not mobile-friendly. In addition, some users complain of frequent down-times of the website.
No leverage available
There is no margin trading at BitKonan, which is typical for most crypto-exchanges. If you need some leverage, other, usually larger exchanges offer such (Kraken, QUOINE, to name a few). Besides, there is a growing number of forex and CFD brokers who offer speculative margin trading in Bitcoin CFDs and they usually offer higher leverage ratios.
Keep in mind, however, that with forex brokers you will be trading a financial derivative and not actually owning any coins.
BitKonan is a simple Croatian entry level exchange, which allows users to buy Bitcoin and Litecoin via some of the most popular payment methods. On the good side, its fees are competitive, fiat currencies and SEPA transfers are supported; BitKonan has been operating rather smoothly for several years and allows anonymous trading.
However, its offering is limited to BTC/USD and LTC/USD and its platform is rather poor. Besides, BitKonan does not offer an in-house wallet, and margin trading is not available either.
BitKonan is owned and operated by Digital Assets d.o.o, based in Split, Croatia. Unsurprisingly, the company is not regulated, as there isn;t any legal framework on cryp[tocurrencies and exchanges in the country yet. This creates some uncertainty, as well as a potential for counterpart risk, however this is the current situation with most similar exchanges worldwide.
Furthermore, BitKonan doesn’t have any special security measures except the standard two-factor authentication (2FA), and mentions nothing about cold storage, which makes us think that clients’ funds are held in hot wallets.
On the other hand, some of the forex brokers offering Bitcoin CFDs which we mentioned above, are a much safer option. They are licensed and overseen by trustworthy agencies, like the UK’s FCA, or Cyprus’CySEC.
BitKonan Review Conclusion
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