BitMarket Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this BitMarket Review.
BitMarket is an European exchange that offers both fiat-to-crypto and crypto-to-crypto trading. Its transaction fees depend on the type of transaction, as well as on the user’s trading volume. It also offers leveraged trading and swaps contracts – investments with steady income by providing liquidity to investors trading on margin.
Like most crypto-exchanges, BitMarket uses two-factor authentication (2FA) for security purposes.
Traditional fiat currencies supported
BitMarket supports two “traditional” fiat currencies: PLN and EUR. So, its users can buy cryptocurrencies directly with cash, or cash out their coins.
Bank Wire payments supported (including SEPA)
Supporting fiat currencies is also an advantage as it allows investors to use convenient payment methods such as bank transfer and credit card payments. BitMarket supports bank wire payments, as well as BlueCash express payments, and of course, blockchain transfers.
Margin trading offered
BitMarket offers leveraged trading, which rather unusual for a crypto exchange. Perhaps most exchanges do not provide leverage as it adds aditional risk to trading, and crypto currencies tend to be much more volatile than the established traditional ones.
The maximum leverage ratio at BitMarket is 1 to 4.
Nice trading platform, mobile app available
BitMarket’s trading platform is web-based and easy to use. It has some basic charting, however there are no technical analysis tools.
At BitMarket, you can also trade by using API, and there are Android or iOS apps for those who prefer to trade on the go.
Verification is not required at BitMarket if you only sell cryptocurrencies, but the exchange has set certain limits: you are allowed to keep digital assets worth no more than EUR 15000 in your non-verified account (in a calendar year). Keep in mind that verification is required before you add funds to your account in PLN and EUR, regardless of the amount. Pending account verification, you may still use most of the functionality of our exchange.
Not many coins available for trade
There are only four digital coins available at BitMarket and you can trade in the following pairs:
As a number of crypto-investors have asked BitMarket to launch trading in Ethereum, the exchange plans to introduce ETH/EUR and ETH/PLN in the near future.
Not regulated, registered offshore
Indeed, most crypto-exchanges are not licensed, not overseen by any governmental authority, however BitMarket is a Polish exchange which is registered in the Seychelles, which makes the situation a bit worse. Companies registered offshore generally do not inspire a lot of trust.
High market taker fees
The trading fees at BitMarket are higher than what we are used to seeing at other exchanges. Those who don’t trade in large volumes are charged with 0.45% Taker fee, which is double the size of the what most other companies charge (around 0.20% – 0.25%). Here is the complete information on trading fees at BitMarket:
A Polish crypto-exchange registered offshore, BitMarket offers trading in several cryptoicurrencies and accepts fiat currencies. Our impression is that it is a reliable platform, despite the fact that the company behind it, BitMarket limited, is registered in the Seychelles. It has been in business since 2015 and also offers options of margin and anonymous trading.
The BitMarket exchange has been developed by the creators of AfterMarket.pl, a large domain marketplace in Central Europe. The company is also a member of the Polish Business Center Club.
As regards security, BitMarket claims that customers’ funds are kept in a cold wallet. Another fact worth noting is that to this date, the exchange has not been hacked. As regards user reviews on the exchange, the very few we found are a mixed bag.
What we dislike about this exchange is the relatively limited digital assets portfolio, and the high taker fees. We remind you that you can also trade in Bitcoin and other altcoins with forex brokers.
BitMarket Review Conclusion
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