Review on Bitrota by Stephen Toluwani
An exchange with a working product, it just needs more traders on board
My first impression on learning about Bitrota exchange was for a scam but it turns out that it's not. The exchange is very well much alive and functioning but has a lot of lags that might tag it unreliable. The exchange actually presents a pretty good UI which to me was how much the exchange was willing to go far in making their projectproject work. Signing up and trying out some of the exchange features, I was only limited to deposit and withdrawals, alongside trading though but with very large spreads between the buying and selling orders, I couldn't waste my money. I would have set up a limit order but checking the order book history, I could see that orders barely gets through on this exchange. This shows how unpopular the exchange is and really needs to work on promoting it's exchange to the local users especially.
In terms of speed in communication, the exchange has a good reputation for that, spending over 1,000 naira to contact them over their listed contact number, I could confirm that the exchange activity is still in full swing. Having both a phone number and mailing address indicates how reliable the exchange might be but many people can get turned back by the fact that Bitrota is marked as an untracked listing on CoinMarketCap, the reasons I don't know but I believe is largely placed in the fact that the exchange hardly gets any of it's orders through.
I personally liked the exchange but I feel it's more suited for Turkish resident as they support fiat trading pairs and mostly speak the local dialect in their chats. I could still consider the exchange for Arbitrage opportunities when I understand better, the value of the TRY fiat
Pros
- Bitrota exchange focuses in Turkey and has made fiat pairs of the local currency available for trading
- Low cost trading fee of 0.2% for all pairs on the exchange
- Exchange is very well much alive and functioning
- Contact phone number and mailing address are provided to reach the team and both mediums works very well
Cons
- There is very low liquidity on the exchange alongside low trading volumes
- Bitrota exchange is tagged untracked listing on CoinMarketCap, this will affect its reliability
- High spreads between buying and selling orders
