1 Level
1 Review
0 Karma
Review on BTC-Alpha by AO OM KHO RACH
BTC-Alpha is a crypto exchange registered in UK, although we believe it to be…
BTC-Alpha is a crypto exchange registered in UK, although we believe it to be operated from Ukraine. The exchange offers trading against USD, although it is rather misleading – they do not accept traditional methods of depositing USD (i.e bank transfer) but several esoteric internet-based payment methods which most customers will probably not trust. Their site is pretty basic, not displaying a high functionality or an inviting UI, and their fees are quite average for the industry – 0.2%. There are around 100 coins tradeable on BTC-Alpha, with around 200 trading pairs in total. The team is all based in Ukraine, from what we could gather, with the CEO not being very experienced in blockchain technology and no-one appearing in searches who is in charge of managing risk. The exchange appears to have started operations in 2018. There exist many reports from users online which claim the exchange is having trouble processing their withdrawal requests, at times even leaving the users with unresolved problems – although in the Telegram group, the admins assure users that any issues they are experiencing will receive personal help from team members in attempt to resolve them. To conclude, BTC-Alpha does not appear fraudulent, although it does appear like the founding team wanted to quickly capitalize on an attractive crypto market (in early 2018 terms) and quickly built an exchange which has many technical problems and does not serve its users very well.
Pros
- In spite of being a generally new crypto exchange in the industry, BTC-Alpha features a noteworthy number of digital forms of money available to buy, offer, and exchange on their platform. Also, the exchange underpins trading with the US Dollar (USD) fiat cash for a number cryptos. The markets in which digital forms of money can be exchanged include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the US Dollar (USD) markets. Bitcoin has the biggest number of crypto trading sets with more than 70 digital currencies available to exchange against Bitcoin. Ethereum is the following biggest with 23 cryptocurrency trading sets. Litecoin has 2 crypto trading sets, and the USD market has 40 available trading sets. The degree of the USD to crypto market is immense. We have never observed a cryptocurrency exchange offer this many trading sets with the USD as BTC-Alpha. Therefore, in terms of exchange markets, BTC-Alpha appears to exceed a significant part of the opposition.
Cons
- This trading platform charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is also in line with industry average, but not especially competitive. As you surely know, there are a number of top crypto exchanges that do not charge different fees between takers and makers. Usually, you say that such exchanges’ trading fees are “flat”. This exchange offers a flat trading fee of 0.20%. The exchange does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. The flat trading fee of 0.20% is slightly below the industry average which can be argued to be around 0.25%. Disadvantages: withdrawing money for a long time, too high fees, a long time deposit, too poor security, easy to hack ... too loose
