Bleutrade Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Bleutrade Review.
Bleutrade is a cryptocurrency exchange that offers spot trading in a fairly wide selection of cryptocurrencies: Bitcoin, Ether, Litecoin, Dash, Dogecoin, Bitcoin Cash, Bitcoin Gold, Name Coin and a whole lot of other more obscure tokens, a total of 55 cryptocurrencies and 1485 pairs.
The platform, however, does not support fiat currencies and the cryptocurrencies can only be traded for each other.
Bleutrade is by far not the only exchange that does not support fiat currencies. Others, like Binance, Okex, Bittrex, Quoine’s Qryptos offer similar services. Some of them, for example Bitmex and Qryptos even provide the option for leveraged trading, which is not the case with Bleutrade.
On the other hand, there are spot cryptocurrency exchanges who accept fiat currencies, as well as platforms that provide leveraged trading of alt-coins for fiat currencies and the other way around.
There are also forex and CFD brokers who offer trading in CFDs with cryptocurrencies as an underlying asset, but one must keep in mind that this is fairly risky, as per FCA’s recent warning. For that matter, trading in cryptocurrencies in general is quite risky, as they are prone to extreme price volatility and one can lose a lot, especially when engaging in leveraged trading.
The company says it does not require user identification, which suggests clients can remain anonymous. Indeed, Bleutrade does not even require e-mail verification.
The Company. Security of Funds
Bleutrade is a Brazilian cryptocurrency exchange, although this does not become immediately apparent, as the company does not provide much information about itself. It says it accepts clients from across the world.
It is in the top ranked cryptocurrency exchanges by 24-hour volume. It has been launched in 2014 and claims it has around 30 000 users. It is by far not the only cryptocurrency exchange operating in the country. There are several local ones, as well as global ones like Coinmama and Local Bitcoins who offer their services in Brazil.
According to a statement of the Central Bank of Brazil from 2014, the cryptocurrencies are not regulated. Recently, however, the c-bank’s governor Ilan Goldfajn said bitcoin and the likes are a bubble and likened them to a pyramid scheme. He also said that “the central bank is not interested in bubbles or illicit payments”. At the same time, reports of a Brazilian non-profit organization revealed that in 2016 bitcoin trading among Brazilian cryptocurrency exchanges surpassed gold spot trading on Brazil’s securities exchange.
According to user comments, trading on Bleutrade is actually slow and there is not enough liquidity. Another user notes that “there are so many bots that it’s hard/slow to enter and get out of a trade” and describes it as a “terrible experience”. In another forum users claim the site is often down or that they cannot log into their account. One notes that if Bleutrade wants to remain in the cryptocurrency business, it should “step up its game”.
Like most cryptocurrency exchanges Bleutrade has its own web-based trading platform that has just the basic trading functionalities, without additional charting and analysis tools, usually associated with multiasset trading platforms like MetaTrader 4 (MT4).
It has a buy and sell fields, order book, market trade history and some basic price charts for the assets.
Methods of payment
As we have already said, Bleutrade works with cryptocurrencies only and does not accept any fiat currencies. There are no transaction fees for deposits and the transaction fees vary from coin to coin.
The exchanges who accept fiat currencies usually accept banking transfers, but some, quite conveniently, also process payments with debit/credit cards.
Bleutrade seems to have started with great intentions and fairly well, judging by the initial company posts from 2014 in popular bitcoin forums and the following user comments. Something along the way, though, has gone downhill and towards the end of 2017, when this review is written, the predominant mood among the exchange’s clients is that of dissatisfaction. Frankly, we agree with the user comment that Bleutrade should step up its game, if it wants to remain in the cut-throat business of the bitcoin exchanges.
The main advantages of Bleutrade is the anonymity and the large number of cryptocurrencies on offer, although one user has aptly described the small ones as “crap coins” and we think he has a point. They will surely not attract serious investors, but should keep the geeky customers happy.
Bleutrade Review Conclusion
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