Bit Trade is an Australian startup that provides a platform for businesses to trade cryptocurrency. Crypto Bit Trade has been around since 2013, when it was launched with only one cryptocurrency asset - Bitcoin (BTC). In the past, it has only added Ethereum (ETH) and Australian Dollars to its trading portfolio. Because of this, it is primarily geared towards casual investors and newcomers to the crypto market. However, traders can purchase and sell Bitcoin and Ethereum on the exchange for Australian Dollars. It is also possible to use the exchange as a base for transferring cryptocurrency to other platforms, including other cryptocurrency exchanges.
| 👑 Cryptocurrencies | BTC, ETH, LTC, XRP, BCH, XLM |
| 📈 Securities tradable | 6 cryptocurrencies |
| 💵 Cost per trade | 1% |
| 💬 Customer service | Email : Yes, Phone support : No, live chat : Yes. |
| 💰 Desposit Fees | None |
| 💰 Withdrawal Fees | Fees vary |
| 💰 Payment Methods | Credit card |
| 🔋 Mobile app | IOS App : Yes, Google Play Android App : Yes |
Initially, Bit Trade only offered trading via Bitcoin, but gradually started adding more digital currencies that suited its decentralized standards. It has now expanded its list to include more digital currencies like Litecoin, Ethereum, XRP, as well as many others that offer promise and suit its criteria.
Bit Trade is a cryptocurrency platform that was founded in 2017 the current CEO is Arthur HaYes. Bit Trade has headquarters in Sydney, New South Wales, AU and offers the buying and selling of over 6 cryptocurrencies to customers all over the world. Buying and selling cryptocurrency can be done online. If you are looking to trade crypto using your mobile phone, Bit Trade offers native mobile apps to buy and sell cryptocurrencies, directly from your phone.
You can use exchanges to trade one cryptocurrency for another like Bitcoin to Dogecoin. With Bit Trade you can also exchange your cryptocurrency with fiat currency, such as the UK Pound or US Dollar.
Risk warning : Trading cryptocurrencies is high risk. When trading CFDs losses may exceed deposits.
Bit Trade works best particularly for active retail traders seeking to trade as well as store multiple digital currencies, as it offers an element of convenience. The platform also happens to be a viable option for institutions and businesses looking to utilize digital currencies, and it allows traders to convert one digital currency to another.
Following are the advantages of using Bit Trade:
Bit Trade is considered one of the simplest platforms for cryptocurrency investing. You can easily register and deal in digital currencies within minutes. Bit Trade also offers a learning platform that rewards users with cryptocurrencies to learn about how they work.
Bit Trade has an impressively extensive range (over a hundred and growing) of digital currencies that you can trade, not to mention the most popular ones like Bitcoin, Cardano, Solana, and many more. This is in stark contrast to other financial applications or brokers that offer the promise of cryptocurrency trading but provide only a few of the most popular coins.
High liquidity guards investors from price slippages in a market that is already volatile. Bit Trade currently ranks among the highly liquid exchanges.
Bit Trade offers an entire course of tutorials and exams as a means of educating users about digital currency trading as well as some of the digital currencies being offered. Taking classes also earns you certain digital currencies.
Contrary to brokers focused on trading, Bit Trade enables traders to take custody of their cryptocurrency assets for themselves. Bit Trade provides its cryptocurrency wallet, but traders can bring their wallets. This way, traders can pick the solution that suits them the most.
Bit Trade also enables traders holding digital currencies with them to take part in staking rewards. Staking is similar to earning interest with a bank account. This, however, comes with different risks. Staking generates revenue from traders’ holdings as they are utilized for validating transactions in a digital currency. Bit Trade shares that type of reward with its traders. Bit Trade takes care of the technical side, and the extra coins are sent to the trader’s account on an established schedule.
Following are the disadvantages of Bit Trade:
Although Bit Trade has a vast variety of altcoin choices for beginner investors to interest themselves in. Those seriously wanting to trade in altcoins may not find a good selection there.
Bit Trade has higher fees compared to other exchanges. Its fee structure can also be confusing. If you are using Bit Trade ‘s basic platform, you will not be able to find a schedule before you proceed to place a trade.
Bit Trade allows you to trade around 6 digital currencies including BTC, ETH, LTC, XRP, BCH, XLM and many more.
Bit Trade has 6 cryptocurrencies available to registered users. These cryptocurrencies include BTC, ETH, LTC, XRP, BCH, XLM.
Bit Trade offers its own stablecoin called Bit Trade. Stablecoins are meant to mitigate volatility in relation to digital currencies like Bitcoin. Stablecoins are usually pegged to stable reserve assets like the US dollar or gold. Traders can buy stablecoins on Bit Trade.
Bit Trade has a decent variety of altcoins for traders to choose from with over 6crypto assets including alt coins listed on Bit Trade.Bit Trade has a decent variety of altcoins for traders to choose from with over .
Different cryptocurrencies at Bit Trade come with different limitations and set withdrawal amounts. You may only be able to trade some with fiat currencies like the US dollar. Some may also be restricted in some countries. Users can buy cryptocurrencies via debit card. They can also purchase crypto with funds in their Bit Trade wallet.
Bit Trade has upwards of 6 cryptos available in multiple regions of the world.
Bit Trade allows users to take custody of their cryptocurrency assets themselves. Users can either use Bit Trade’s crypto wallet, or their own. Bit Trade also has over 1 fiat currencies available including AUD all accessible to registered users.
Bit Trade enables customers holding crypto to take part in staking rewards. It is similar to interests in a bank account; however, it comes with its risks. This generates revenue from a user’s holdings because they are used to authorize crypto transactions. That revenue is shared with customers.
Bit Trade Users will have to pay a 1% trading fee as well as deposit fees of None when buying and selling cryptocurrency with Bit Trade.
Outgoing Bit Trade transactions to outside crypto addresses normally require a network fee, also known as a mining fee. This ensures the processing of transactions on crypto networks. This fee is then forwarded to crypto miners, the systems processing the transactions.
Trading commissions at Bit Trade work similarly to traditional share dealing fees. That means users have to pay a variable commission. The standard trading commission at Bit Trade is 1.49 percent, so users will have to pay this percentage when they buy or sell a digital currency.
With Bit Trade standard cryptocurrency to fiat withdraw fees varies by cryptocurrency, instant cash-out of your Bit Trade account. A withdrawal fee of (Fees vary) may also be required for certain 3rd party payment methods instead of using cleared bank funds.
Bit Trade charges a percent flat fee on all currency conversions which you will have to factor into your crypto trading.
The payment methods offered at Bit Trade are Credit card. Bit Trade also offer wallet, wire transfer, crypto conversion, ACH transfer, and credit transactions.
If you have cryptocurrency or traditional fiat currency in your Bit Trade account and want to withdraw it, you must use the same payment method that you used to deposit it. This is because of anti-money laundering legislation.
Users can withdraw their digital currency from Bit Trade to fiat at any time through an ACH transfer. Such transfers usually take 1-2 working days to complete. Bit Trade also allows instant cash-outs that run twenty-four-seven, to cards or bank accounts in exchange for extra fees (1 percent).
Contrary to holding cash in a traditional bank, cryptocurrency is not secured under federal laws. Bit Trade stores 98 percent of its users’ cryptocurrency offline in what is known as cold storage. The remaining 2 percent is meant for facilitating trading volume. The platform also has an insurance policy that protects users’ cryptocurrency holdings.
Bit Trade holds its customers crypto in its free wallet service. Users can even choose to hold their cryptocurrencies in separate wallets. Bit Trade requires its users to finish a 2-factor authentication process to log in to their accounts. Other than that, Bit Trade also has biometric login (fingerprints and Face ID) security as well as AES-256 encryption when it comes to private keys. Aside from all this, it helps to use strong passwords, i.e., ones that should not be used elsewhere.
Bit Trade holds your cash in one of three locations: custodial accounts found at US banks, US money market funds, US Treasuries and for European Bit Trade clients FCA regulated European banks may be used.
Bit Trade does offer two-factor authentication for added security.
Specific device whitelisting is a feature that enables cryptocurrency withdrawals to only be sent to devices that are allowed. The two-factor authentication feature is required to enable or disable the feature. This allows Bit Trade customers to withdraw to authorized devices.
Bit Trade has a large amount of liquidity. In that case, wide spreads should not be a big concern. Liquidity also allows for significant transactions without any problems.
To open an account at Bit Trade, the first step to get started is to provide your name, email address, password, and the state you live in. Choose “create an account” and move on to verify your email. Once you log in, you will be asked to provide your number and verify it. The next step is to fill in your personal information and answer any questions about the account creation. After that, you verify your identity (a two-factor authentication setup is recommended). The last step is to link a payment method.
Bit Trade has a simple, user-friendly interface.
Bit Trade offers features like crypto investing, custodial accounts, an advanced platform for trading, and its own designated US dollar stablecoin.
Bit Trade is fairly easy to use. The sign-up process takes only a few minutes. The overall interface is brilliant and easily navigable, with a search bar that lets you explore the crypto offerings available at Bit Trade.
The availability of mobile applications for such platforms is highly crucial for investors that are always on the go. This way, they can effortlessly place market offers, and keep tabs on live market data, i.e., shares, currencies, stock indices, commodities, etc. Bit Trade has highly rated applications for both iOS and Android.
The Bit Trade app can be found on Apple’s App Store on all Apple devices, offering the same features as the desktop website.
The Bit Trade app can be found on the Play Store on all Android devices, offering the same features as the desktop website.
Bit Trade enables entitled customers to learn about digital currencies through their educational resources offered. Users can even unlock lessons educational content and earn cryptocurrency in the process.
Bit Trade registered users can request support through email, phone, live chat when available. Support options are available through the Bit Trade website and apps. If you have an issue that needs to be resolved you also speak to a representative by filling out a form on the Bit Trade website. Bit Trade also has a help page for solving common problems with your Bit Trade crypto account.
Bit Trade phone support can be accessed by called them on .
Bit Trade email suport can be reached at [email protected]. Although Bit Trade usually respond within 2 days it may take up to 7-14 days for a response to some queries during peak times.
Customers can reach out to Bit Trade via live chat at any time if they have issues or difficulties with their Bit Trade account that they can't solve. Obtaining assistance via live chat is by far the most common means of customer service compared to other types of support.
Bit Trade is available in over 100 countries. Bit Trade does not operate in the following countries : Afghanistan,Haiti,Iran,Iraq,Jordan,Kazakhstan,Kosovo,Lebanon,Libya,Macau,North Korea,Palestinian Territories,Panama,Sierra Leone,Syria,Yemen.
Bit Trade offers remarkably high limits and they depend on the user’s account level. A user’s account level is determined by the amount of information they have verified. Fully verified users can buy up to 50K USD worth crypto every day.
Bit Trade is a regulated company that is backed by major investors and holds licences for all the districts it operates in.
Yes, Bit Trade is among the safest web wallets available. It keeps 98 percent of its assets in offline cold storage. Assets cannot be hacked while in cold storage. Bit Trade also ensures other ways to safeguard funds, i.e., two-factor authentication and AES-256 encryption. Your wallet is also covered up to 250K, courtesy of FDIC Insurance.
Yes, Bit Trade is compliant with all applicable regulations in every jurisdiction it operates in.
Bit Trade ‘s customer support can be contacted via email, live chat, and via Twitter. Users can also schedule a call from a representative by filling a form on Bit Trade‘s website. Bit Trade also has a “Help” section for less complicated issues.
Bit Trade makes a solid choice for traders looking to trade crypto as it has a sleek, easy-to-use interface, signing up is straightforward, and most of its processes are simple. It offers a vast collection of cryptocurrencies to trade, and users can also earn staking rewards, among other things.
🤴 Used By: 1,000,000
⚡ Crypto Available: BTC, ETH, LTC, XRP, BCH, XLM and 6 more cryptocurrency.
📈 Traded Volume: 46,701,244,822
💵 Deposit Methods: Credit card
💰 Trading Fees: 1%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 23,200,000
⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
📈 Traded Volume: 41,693,321
💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,
💰 Trading Fees: Fees vary. Overnight and weekend fees apply
💰 Withdrawal Fees: US$5 (minimum withdrawal of US$50)
💰 Deposit Fees: Fees vary (conversion fees for non-USD deposits)
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 13,000,000
⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
📈 Traded Volume: 42,043,394
💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,
💰 Trading Fees: Fees vary
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Fees vary
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 4,000,000
⚡ Crypto Available: BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, UNI and 820 more cryptocurrency.
📈 Traded Volume: 5,945,756,067
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: Maker: 0.20%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 1,000,000
⚡ Crypto Available: BTC and 1 more cryptocurrency.
📈 Traded Volume: 612,000,000
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: None
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Fees vary
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 8,000,000
⚡ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO and 434 more cryptocurrency.
📈 Traded Volume: 110,957,137
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: 0.10%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 10,000,000
⚡ Crypto Available: BTC, BCH, ETH, XRP, LTC, BTG, DASH, ETC, EOS, QTUM and 320 more cryptocurrency.
📈 Traded Volume: 924,266
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: Maker: 0.2%
💰 Withdrawal Fees: None
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 73,000,000
⚡ Crypto Available: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and 73 more cryptocurrency.
📈 Traded Volume: 7,622,846,254
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: Fees vary
💰 Withdrawal Fees: Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
💰 Deposit Fees: Credit/debit card: 3.99%
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 450,000
⚡ Crypto Available: BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR and 42 more cryptocurrency.
📈 Traded Volume: 64,141,140
💵 Deposit Methods: Bank transfer
💰 Trading Fees: Maker: 0.05-0.15%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: No Fees
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 10,000,000
⚡ Crypto Available: BTC, ETH, USDT, XRP, ATOM, XTZ, XLM, LINK, CRO, BCH and 153 more cryptocurrency.
📈 Traded Volume: 2,630,000,000
💵 Deposit Methods: Credit card
💰 Trading Fees: Maker: 0.04-0.20%
💰 Withdrawal Fees: Cryptocurrency: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 2,300,000
⚡ Crypto Available: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and 10 more cryptocurrency.
📈 Traded Volume: 86,072,667,390
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: 2.9-3.9% (depending on loyalty level)
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Credit card: 5%
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
Following are the most commonly asked questions (and their answers) about Bit Trade:
Yes, Bit Trade is backed by high profile investors and regulated by reputed financial authorities.
Users can withdraw their crypto to fiat any time they want through an ACH transfer. Such transfers normally take 1-2 working days. Bit Trade also allows instant cash-outs to cards or bank accounts in exchange for extra fees.
Yes, because of how easy-to-use its web and application interfaces are, Bit Trade is seen as one of the best options for beginner traders.
You will need to pay taxes on any cryptocurrency profit you accrue. How cryptocurrency is taxed differs on where your country of residence is and where you are in the world. In the USA federal income tax purposes, cryptocurrency is considered "property," which means the IRS classifies it as a capital asset. This means that the crypto taxes you pay are the same as the taxes you'd pay if you had a profit or loss on a capital asset sale or exchange.
Any earnings made on crypto assets held as a personal investment in the United Kingdom will be taxed. It is stated that you must pay capital gains tax only on gains that exceed the annual exempt level.
Individuals must pay taxes on cryptocurrency received as a result of mining, airdrops, confirmation incentives, and cryptocurrency acquired as a paycheck from an employer. Unless the donation exceeds the acquisition cost, crypto assets donated to charity are not subject to capital gains tax.
Check with a local accountant to check if any tax is due on your cryptocurrency trading.
If Bit Trade isn’t quite what you are looking for you can check out some of the best Bit Trade alternatives below.
If you would like to see Bit Trade compared agains some of the best Bit Trade alternatives available right now you can do so by clicking on the links below.
Adam Rosen - Lead financial writer