RightBTC Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
RightBTC Review – is it scam or safe?
RightBTC is a coin-to-coin exchange headquartered in Dubai where users can trade
Bitcoin, Ethereum, Litecoin, ETP and other digital assets. As is usually the case with most exchanges, RightBTC offers a single account type with no option for margin trading and charges some fees for its services.
RightBTC Advantages
Competitive Trading Fees
Trading fees on RightBTC are flat, amounting to 0.2%, irregardless of the asset you trade, and whether you are a market “taker” or “maker” . Such fees are in-line with the offers of other exchanges.
Decent amount of altcoins
Apart from Bitcoin, at the RightBTC exchange one can trade in ETH, ETC, LTC, BCC, ETP, DLT, ZGC, ZDC, STORJ, and others. Although the total number of instrument at some exchanges exceeds 200 or even 300, we reckon that RightBTC offers a decent amount of altcoins.
Nice and simple trading platform
The platform provided by RightBTC leaves an overall positive impression. It is not that impressive, but its seems like a perfectly functional trading place. Like most similar venues, charts are not advanced like the ones on the popular forex trading platform MetaTrader 4. Also, some users may miss live chat, as RightBTC’s platform doesn’t have such. Here is a screenshot of the platform:
RightBTC Disadvantages
Fiat currencies not accepted
Fiat currencies are accepted at RightBTC, you can only deposit in cryptocurrencies, supported by the exchange. This, of course means, that you cannot use your bank account or credit card in order to start trading at RightBT.
Low trading volumes
As we played around on RightBTC’s platform a bit, we noticed that trading volumes on most pairs are rather poor. The situation with ETH/BTC seems ok, though. This is the most traded pair at RightBTC and currently it constitutes 99.99% of its overall trading volume (according to CoinMarketCap).
Withdrawal fees
RightBTC does not charge cryptocyrrency deposits, but imposes fees on transfers out of the exchange. It uses the following formula: Withdraw Fee = Base + (Withdraw Number × Rate).You can find the details in the screenshot below:
While this is not unusual for crypto-exchanges, it still leaves a bad impression. Besides, RightBTC has set some maximum daily withdrawal limits (15 BTC).
No Leverage available
As we have mentioned above, trading with leverage is not available at RightBTC. In case you are willing to speculate more aggressively with Bitcoin, a forex broker may present a decent alternative.
We must mention there is a serious difference between dealing with a crypto-exchange and a Forex broker. You will not actually be in possession of the given coin, but only make or loose money, based on its price movements. Read all about it here.
No wallets
Unlike other exchanges, however, RightBTC does provide wallets for its clients.
RightBTC Review – is it scam or safe? Conclusion
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