Review on Bitrue by Temitope Babatunde
If You Love Ripple Go To Bitrue Exchange
Launched inin 2018 byby its CEO and founder Curtis Wang. It has offices inin Singapore, USA, Taiwan and Europe. Which means might it be suitable for the Americans. The major language of the website is Chinese this explained why it is very hard for English speaking citizens to dealt with them when dealing with the customer service.
You can deposit some number of crypto for trade on the platform. If you want to deposit USD âne EUR you can do that using credit card. There depositing with crypto is free but credit card carry some charges from the service provider.
Bitrue is a strong supporter of XRP that explained why they have it as one of their trading pair. In terms of customer care bitrue is trying and the fees are very lower to what is obtainable in the market, which is 0.05 percent if you are trading with XRP and 0.098 for other pairs. It has a native token called BTR.
But security wise it seems the platform is not doing enough that is why the hacker succeeded inin hacking it in 2019.
In conclusion bitrue is legit but is operating under a stiff competitive environment and still have areas of improvement.
Pros
- It has crypto backed loan which allow user to pledge their coin while they can still hope to get it back when they pay their loan.
- Those who are paying their trading fee with bitrue token will enjoy 40 percent discount.
- There is an interest earn program which they tagged Bitrue Power Piggy, it give users the opportunity to loan out their cryptocurrencies with interest.
- The trading fee is lower to what is obtainable in the market.
- It deviate from the general practice where most of the exchanges uses bitcoin as the major trading pair, but with bitrue it is XRP, this made it interesting for XRP lovers.
Cons
- It was hacked in July 2019,this shows that the security of the exchange is not all that strong.
New products
Comments (1)
September 17, 2020
Bittrue exchange allows user to use the exchange for deposit and trading without initial KYC, though if you want to enjoy the exchange to the fullest you need to do the KYC. Like any other hot wallet, you should not store large amount of asset on it because it can be hacked.
