Review on Bitay by Naomi Ilani
Bitay, The Turkish Exchange Platform
TReviewing exchanges can go a long way in helping so many traders out there who are ignorant of an exchange platform to carefully select an exchange platform. Some traders get into an exchange platform not because they chose it but because they were refered to the exchange platform by a friend and have by chance deposited some funds into it. The problem would now be in withdrawing these funds (as some exchanges charges exuberantly for withdrawal fees). I guess this is a major reason why reviewing exchanges is a very important practice. That aside, I would be reviewing another exchange today. One that is completely different from the most popular exchanges in its popularity, nationality and even fees. This exchange platform seems to baffle me alot and I thought it right to check their service out.
The exchange platform in question goes by the name Bitay. When I first saw the name, I thought it to be Bitpay but later discovered it wasn't. This exchange platform unlike the many popular ones seems to have just some thousands of traders actively trading cryptos on their platform. One might easily guess that the exchange platform seems to have some unpleasant stuffs, well if you did, then you guessed right. The exchange platform unlike many other popular exchanges seems to be founded in Turkey. A country that people barely know of in relation to cryptocurrencies (I think this should be among the reason for the exchange platform having few traders on their platform). This Turkish exchange platform was founded in the year 2018 and acknowledges itself as Turkey's most trusted exchange platform. I don't really have anything to say here because this exchange platform seems to be the first from Turkey I've ever heard of. The exchange platform seems to have some features I don't really like and I would be discussing some of these features today and on this review. The first one is their language. For the purpose of this review, I had to check out their services on the web and I discovered that everything was written in Turkish. Although there was an option for changing it to English language, I didn't really like that fact that one would have to be welcomed with the Turkish language, it makes me feel they care for citizens of Turkey only. Another thing is their trading fees. As an active trader, the first thing I check when going through the services of an exchange platform is their trading fee. This is because I can't afford spending very much for trading fees when there are other platforms that can offer me the same trading for a lesser fee. As for this exchange platform, I consider their fees too high. This is because they charge Takers 0.32% and Makers 0.24%. Normally, I classify a trading fee above 0.1% as high not to talk of one that is even above the industry's average for takers and slightly below the same average for makers. This fee alone discouraged me. Another thing about this fee I guess is that the exchange platform could still survive with this fee due to its nationality. The fact that it serves the Turkish people well should be the reason the exchange platform is still surviving and having a nice trading volume. I can't just imagine seeing a Chinese or an Asian exchange platform with that fee ๐
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. I'm quite sure that exchange platform won't survive because the Asian market is a competitive one and almost all their exchanges have quality services and a lesser trading fee. As for the interface of the Bitay exchange platform, I think it really need to be worked on as I don't find it easy to understand at all.
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Pros
- The exchange platform seems to have a nice range of cryptocurrencies
- I think it's suitable for Turkish traders mainly because of its interface being translated in their language and its origin
Cons
- The exchange platform charges too much for trading fees
- I don't really like their interface, mainly because I got introduced with their language and not English. It makes me feel they are targeting only the Turkish market
- Their exchange platform looks complicated to me, not easy to understand at all
