Bitrue Review 2022: Is It Safe To Use?

Avatar

Published

on

Bitrue is one of the most secure cryptocurrency exchange platforms, unlike any other platform but with very advanced trading features having a great potential to earn interest through your investments.

Bitrue was established in the year 2018, with its base being in Singapore, by a group of blockchain enthusiasts. It has proven to be one of the safest and most convenient service providers for crypto traders worldwide.  

Bitrue is available almost all over the world ( except for the United States).

Suppose you are a beginner and want to join the world of crypto. In that case, Bitrue is not exactly a platform for you, as it has more advanced features which can be easily handled by people who have a particular set of experience in the world of crypto. 

After that, you’d still want a brief of The Bitrue’s platform; continue reading if you want to know whether you should join the Bitrue family even if you are an expert.

Table of Contents

Pros And Cons of Bitrue

Pros

  • You can earn multiple incomes from your crypto holdings.
  • Access to advanced trading tools like margin trading
  • Bitrue has more than 100+ cryptocurrencies available to store for its traders
  • Options to earn via the Referral program are available
  • It can be used on any device, iOS, windows, android, and macOS
  • Users have access to a very secure storage system
  • The platform has the option to take a loan where the user is provided digital currency

Cons

  • Does not have a proper phone or live chat support system
  • Fails to keep a low fee rate; using your debit or credit card charges very high rates, especially for XRP traders
  • Bitrue is not available in the U.S and offers a low liquidity
  • Possibility of losing your entire investment. (High-Risk Factor )

Bitrue At A Glance

Official Website https://www.bitrue.com/
Headquarters Singapore
Founded In  2018
Native Token Bitrue Coin ( BTR ) 
Number of Listed Cryptocurrencies 100+
Trading Pairs 160+
Minimum Deposit N/A 
Trading Fee 0.098% - 0.28% per trade 
Withdrawal Fees Depends ( Variable Fee) 
Customer Support Self Serve, Via Submitting a FAQ request 
Industry Financial Software
Parent Company N/A
Supported Fiat Currencies USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

What Is Bitrue Exchange: Company Overview

Bitrue is a crypto exchange platform founded in 2018 by Curtis Wang and based in Singapore. It was founded by a team of cryptocurrency enthusiasts and finance professionals. 

Bitrue has an imposing list of cryptocurrencies access and a very advanced level of trading tools. While new users can also trade in this platform, the platform is built so that it is best suited for users with more experience in crypto or trading markets.  

Even though Bitrue vouches for its strong security today, it has been hacked in the past, facing a loss of more than $ 4 million. Even though the company did pay for the loss of the customers, it could still be a minor bump in their way to growing more extensively. 

Start trading with Bitrue

Cryptocurrencies Supported in Bitrue

Bitrue aims to provide the best of all currencies forward and use Blockchain and new technologies for its users to access fair financial services worldwide. The platform is home to over 100+ crypto projects, which is significantly large compared to any other platform or its competitors. 

Among those 100+, it has access to major cryptocurrencies and small rising currencies. Among those 100, here is a partial list of the top currencies with high trade volume in Bitrue. 

Here’s an overview of the different crypto tokens supported over Bitrue:

BTC AE XRP
ALEPH AIOZ ETH
USDT ALGO ALICE
ASTO ATOM ATRI
BMAX BOBA ATS

Besides, the platform is also open to accepting new and upcoming tokens on its exchange! Therefore, users signing up for the platform have the chance to invest in budding crypto projects in the future without having to sign up with multiple exchanges to diversify their portfolios. 

Key Features Of Bitrue

Bitrue is one of the most popular crypto exchanges in the world, and it would not be a surprise if you get access to almost all the advanced features on the platform. In addition, the platform provides its traders with many more features and functionalities that help Bitrue rank and give you an enhanced trading experience.

Better Incentives

The numerous incentives offered by Bitrue are one of the platform’s most compelling features! Users signing up for the platform have the offer to avail of higher incentives compared to any other exchange with similar features and size. 

To begin with, the platform has kept relatively low fees on individual transactions that also happen to be among the lowest in the industry. Besides, the platform also offers various freebies and tokens as takeaways during its promotional events. 

Seamless Asset Monitor

Seamless asset monitoring is yet another commendable feature at Bitrue. Unlike many other platforms, the users signing up for Bitrue have access to monitor their investments in real-time. This way, it becomes easier for them to notice the change and revise their trading strategies when required. 

Besides, with the asset monitor feature, users signing up for Bitrue have a better chance of leveraging their digital assets to earn more on their investments. A great recommendation by Ripple Labs, the asset monitor feature is touted to be a significant ‘go-ahead’ for beginners ready to delve into trading with Bitrue.

Rewarding Affiliate Program

Next up, we have the affiliate program by Bitrue! The platform is known to provide its users with the best sign-up experiences via the referral reward program. First up is the referral reward that provides users with a percentage of the connected users’ trading commission. Besides, the base level is 25%, and if the users take their wallet balance beyond $10,000, the referral amount increases to 50%.

Besides the affiliate program, users also have the option to increase their money on the second type of bonus. This refers to a bonus for partners, payable at 0.7% per annum. Lastly, there’s also a separate referral program for users who trade futures through Bitrue.

bitrue

Access to Bitrue Loans

BirTrue provides loans in digital currencies, which is one of a kind. First, you are supplied with digital currency. This loan system was introduced so that you could keep on holding your cryptocurrencies and still be able to work on immediate potential trades. The platform allows users to simplify their trading experience by borrowing crypto funds under simple conditions. 

The platform allows you to get a minimum of 100 cryptos once they pledge for a loan. Besides, users have the option to pledge any one of the 20 different crypto tokens the platform allows loans for. Interestingly there’s no limit on the borrowing period. Furthermore, the interest rate is floating and is recalculated daily. Talking of the lending interest rate, the pledged rate starts at 50% – 65%, while the platform charges a 70-90% mandatory delivery rate. 

Advanced Trading Functionalities

Whether you are a beginner or a seasoned trader, we can’t draw enough attention to the analytical charts. But, if you are a trader, everyone would want access to advanced tools. Bitrue provides its users access to all the advanced trading tools, graphs, indicators & analytical charts with real-time data from the market, making it much easier for the traders to keep up with all the trends and trading opportunities.

Additional Features Of The Platform

Above mentioned features are some of the core functionalities and features of Bitrue. However, that’s not all! The Bitrue platform has some great additional features as well. Here’s an overview of the different features in the section below:

  1. Staking-based investment solutions: Bitrue has a dedicated staking-based investment solution called ‘Yield Farming,’ This program allows users to make passive income by storing and lending crypto assets. Users signing up with Bitrue can block their funds for anywhere between 7 to 90 days and receive payments ranging from 2-114.8% per annum once the lock-in period is over. 
  2. Power Piggy: The ‘Power Piggy’ is another exceptional offering by Bitrue. This platform allows users to earn better interest from their investments. Users opting for this feature can also use different conditions for locking in different fiat currencies. 
  3. Great charting options: The exchange section for Bitrue is one of the most convenient places to experience trading with new and better tools. Users signing up for the platform get the option to go for a standard trading interface that comprises order books, real-time graphs, and a candlestick, among others. 
  4. Better options to diversify your portfolio: Having better options to diversify your portfolio is one of the best ways to minimize its losses. This way, users can set automatic prices that decline when the market trend goes against trading circumstances. With 30 different trading options to choose from in the Futures section, users have a better possibility to maximize their trade. 

Trading Experience 

Currently, users signing up for the Bitrue platform can trade in one account. The platform leverages all the different features and functionalities to make the most of its trade. Besides, the platform uses simple methods and allows you to quickly sell and buy the supported cryptocurrencies with your bank accounts. There is a minimum starting fee of 0.08% for direct purchase from your bank account or zero processing fee for moving your fund via ACH. 

You can also make payments via card through Simplex, but the fee is on the high end, meaning it will cost you 3.5% per transaction or $ 10, whatever is on the higher side. In addition, users can continue to trade once they have funded their accounts. Remember, the platform is an active web-based platform where all the advanced tools, charts, history of the currency, and a quick trading form are available.

Unlike the competitors of Bitrue, Bitrue does not use purely centralized or any decentralized models; only the main exchange is centralized, but other services depend on DeFi technologies. Overall, it’s a reliable crypto exchange service to get started with! 

Start trading with Bitrue

Fees Structure 

Fee rates are essential when choosing a crypto exchange that will fit you the best. The reason is apparent: no matter how much you have earned — if this money is taken away from you as fees, you might make less than on the exchanges you consider less convenient.

Unlike the other crypto trading platforms that charge their users the maker-taker fees, Bitrue charges floating fees, depending on the pairs traded. For instance, pairs like XRP/ETH, XRP/USDT, and XRP/BTC are charged at 0.2%. The other XRP-based pairs attract a fee of 0.28% per transaction. 

Similarly, the platform also charges based on a floating withdrawal fee. The fees differ based on different Blockchain conditions and the type of coin. For instance, users can withdraw BTC by paying 0.0005 units of the token in fees. Besides, Tether attracts 2.6 USDT withdrawal fees. 

Payment Currency Pairs Trading Fee BTR Trading Fee 
Card  XRP:( BTC/USDT/ETH)  0.20% 0.014%
Online  Other ( BTC/USDT/ETH trading pairs )  0.098% 0.0686%
  XRP trading pairs 0.280% 0.196%
  Other Trading Pairs up to 0.32 % up to 0.224%

Though Bitrue charges withdrawal fees when you send your cryptocurrency to another exchange or wallet, fiat withdrawals to your bank account are free. 

The trading fees at Bitrue are dynamic; you get a 30% discount if you hold a Bitrue Coin and use it to pay the trading fees. So the fees may be lower than many starting large competitors, but they are not very low either.

Is Bitrue Safe?

Bitrue has one of the most vital security ethics: cold wallet storage for customer assets, account lockout, emailed safety codes, and two-factor authentication. 

Besides, the platform protects by enabling trades via a pre-set pin. This shortcode is requested every time a user tries to initiate a withdrawal. In addition, users can provide their phone numbers to add a better option for enhancing their security.

Apart from that, users are notified of every transaction that happens on their mobile and has the option to create a whitelist of addresses. Though Bitrue had been hacked before in the year 2019, tarnishing its reputation, that may have been one of the key reasons they have made their security strong. Another strange aspect is that there are no such critical comments that we found on the Bitrue official Twitter handle.

Lastly, compared to what it was before, even though they have held a dedicated insurance fund of 38 million XRP and 40 Billion BTR to assure their users in case of any future hack or breach. 

Opening A Bitrue Account

The signup procedure is pretty simple and easy to follow. Below are the steps that you can follow to open an account easily. 

Step 1: Search for the Bitrue website or download it on your device. 

Step 2: Once you download it or come to their main landing site, you’ll see Sign Up on your desktop screen

Step 3: Complete the registration process, where you need to add your details and your govt id to verify your details.  

Step 4: Link in the payment methods if you want to fund your account and start trading.

(Note: Bitrue is unavailable for a few places, like China, Texas, or New York State. So if you are from anywhere around this location, you won’t be able to use Bitrue).

bitrue - sign up

Customer Satisfaction

After its launch, Bitrue gained significant traction after introducing an XRP base market, which became very popular among XRP enthusiasts promoting the exchange. Though the overall set is suitable for Bitrue, there are certain setbacks along the way.

The overall ratio of virtue ratings is 4:6, where Bitrue is complimented for its number of currencies available, which is far more than any cryptocurrency platform. People also liked the way it had advanced-level trading tools & charts. 

Initially, the platform was criticized and complimented for its security. However, the major setback has to be the lack of a customer support system for the platform, as virtue serves as a self-service platform by not having any proper customer support system. 

Bitrue has a rating of an average of  4.1, which is good for any trading platform to have. 

Bitrue Vs. Competition 

Viewing the number of features provided by Bitrue, the platform provides its traders with a wide range of trading options and multiple assets to trade with. Besides being one of the global financial management platforms focusing on digital assets for its users, Bitrue has earned its name and risen to the top of the international exchanges. 

However, the platform has some setbacks compared with other primary competitors. Of course, you can be the judge for yourself and find a suitable platform to trade at, but for now, let us evaluate the performance compared to its primary competitor OKEx. 

Bitrue vs. OKEx

In terms of active user wallets, volatility, and assets, Bitrue and OKEx continues to be the largest and counted in the top exchanges in the market. Both the platforms offer very smooth and versatility in terms of trading assets. Below is a detailed comparison between these two platforms. 

  1. Supported Cryptos: Both the platforms have more than 100+ currencies supported for the users to trade/ buy. However, OKEx might take the lead by a few numbers. 
  2. Loans: OKEs Loan gives users access to many CeFi and DeFi alternatives and immediate borrow markets in one location. Whereas, Bitrue loans can be used to borrow fiats by pledging assets and even have access to CeFi and DeFi, making them the first hybrid platform. 
  3. User Ratings: As per our assessment, Bitrue stands out with 3.4 user ratings, while OKEx has received a 2.5 for its services. 

Looking at these major comparisons, we can say both Bitrue and OKEs provide their users with a reliable trading experience. However, Bitrue takes the lead by being the first hybrid platform to give access to traders with both CeFi and DeFi. 

Start trading with Bitrue

Final Verdict

Should You Consider Using Bitrue?

If you are a person who has an experience in the field of trading and crypto, Bitrue is undoubtedly the platform for you, but if you are a beginner, then you’d not want to join in. Even if you did, it might be quite difficult for a beginner to grasp the system on which the Bitrue is based. Below are a few pointers as a conclusion. 

  1. Wide selection of tokens: Bitrue has almost all of the cryptocurrencies available on the platform, which are accessible for trading or investing. 
  2. Stringent security policies: Though back in 2019, the Bitrue security was breached and faced a huge loss, it still stands strong. Keeping that in mind, Bitrue has worked it through and made the whole system secure and safe. 
  3. A new approach to help as well as earn: Bitrue has the option to take a loan where the user is provided digital currency, which is unique on its terms. 
  4. Advance trading: Bitrue has a very high and advanced level of trading tools that could come in handy for professional crypto traders or investors. It also has advances, analysts, charts, market history, and everything that is needed in order to make advance level trades or investments. 

Shortcomings Of Bitrue

Though Bitrue stands true to its own ethics and culture, which has been followed for years, which means it is one of the best cryptocurrency platforms, it still has some shortcomings which can be taken into consideration: 

  1. Beginner Friendly: Although Bitrue has a simple system, the way the UI/UX is, acts as a huge drawback, as it is not beginner-friendly. The people already in the crypto world can easily understand the where and why, but a beginner who just joined the crypto community gets lost. 
  2. Customer Support: It can be said, though Bitrue is a huge company, it does not have customer support at all. The only customer support system available is the FAQs where you are requested to ask your queries; they do not have any call support or mail support. 
  3. Fee structures: Bitrue may have lower fees than any other huge company, but it does not have a low fee rate compared to other crypto trading platforms, and if you use your debit or credit card, it charges very high rates, especially for XRP traders

This marks the end of our comprehensive review of Bitrue. With this, we hope that you now have a fair idea of the platform and the features and functionalities that come along with it. Besides, the platform has established itself as a reliable and innovative medium for crypto trading and investments. However, this doesn’t mean that the platform has no cons. 

If you’ve had your security concerns and want to stay away from any such events in the future, we suggest you look for some other platform. But, when doing so, ensure that you understand all the terms and regulations before signing up for the platform. 

FAQs

 Can I trust Bitrue?

Bitrue has been there since 2018, and ever since, Bitrue has been growing every day. To date, Bitrue has more than 4milion registered users. Even though Bitrue has been through a security breach, it has still not lost its way out, paid all the money back to its users who faced the loss, and is now one of the most secure crypto trading platforms. Bitrue is a platform with great potential for experienced crypto traders to earn passive income. With all this kept in mind, we can say that you can trust Bitrue.

How to manage Bitrue accounts?

Bitrue has a feature where its users can easily manage their accounts through the Bitrue website and Mobile Apps. Using the virtue will be easy if you have used online trading platforms. Once you have logged into your account, you can make all the essential account updates, add funds and withdraw them, access pages, and buy, sell, trade, and invest digital assets.

 Has Bitrue faced any events of hacking?

Yes, Bitrue was associated with a significant event hack back in 2019. However, the platform has re-built itself in terms of security by bringing stringent measures on its platform.

Crypto Prices Today:

Trending