BTCC Review 2020
BTCC is a London-based brand which is involved in the cryptocurrency space. BTCC is owned and operated by BTCC UK Limited, a company which is registered in Pikes End, London. The company commenced operations in 2011 and offers several cryptocurrency-related services. Some of these are as follows:
- Fiat currency – cryptocurrency exchange. This mostly works for exchanging US Dollars for Bitcoin.
- Bitcoin mining services.
- Mobi Bitcoin wallet provision.
- Trading Platforms
- Trade Types/Instruments
- Fee Structure
- Deposits and Withdrawals Options
- Bonus and Promotions
- Customer Support
- Pros and Cons
Regulation of cryptocurrency exchanges in the UK is still an evolving conversation. So while the BTCC exchange is not regulated at the moment, it is very likely that this could all change if the UK government is able to push through laws that will require all cryptocurrency exchanges to be regulated in the UK. However, the present state of BTCC is that it is an unregulated cryptocurrency exchange, just like other UK-based exchanges.
BTCC has been given a full confidence rating on its reliability by several users. BTCC prides itself as being the longest running Bitcoin exchange in the world, and the reliability of the exchange is enhanced by its state-of-the-art security features and its cold wallet storage system.
BTCC offers its services using several platforms. Here is an overview of the trading platforms available for users on the BTCC exchange.
When it comes to fiat-crypto exchange services on BTCC, a browser-based exchange platform is provided. This will require the trader opening an account and using the online interface.
The basic version of the web interface is used principally for purchasing cryptos as tokens. It has the following features:
- There is an interactive chart which indicates the price action. Six chart types are available: line, bar, candlesticks, area, Heiken Ashi and hollow candles. If you love technical analysis, these charts give you what you need.
- The Order Book is listed on the right-hand side of the interface.
- The Order box is also presented at the center of the page. This is where traders can enter their various orders according to the selected order type.
- At the bottom of the page is where you will find the order history of the account.
The advanced version of the platform is for core trading activities and is for users who do not want to buy the cryptos as tokens. It is for more experienced traders only.
BTCC Mobile Trading
BTCC features mobile apps for the Android and iOS devices. These can be downloaded from the respective app stores. They retain the functionality of the web-based platform and also present some modifications to make the apps easy to use. It is better to scan or use the QR code on the BTCC website to download the apps to ensure you get the original versions.
BTCC features more than 70 altcoins in addition to Bitcoin on its asset list. The primary coins against which other altcoins are paired are:
Traders can use the following order types to buy or sell cryptocurrencies:
- Market Orders (Buy/Sell)
- Limit orders (Buy/Sell)
- Stop Orders
When it comes to fees and charges that users will encounter in the course of using the BTCC platform, it should be known that different types of fees will be paid. These fees are:
- Transaction fees for deposits and withdrawals
- Trading fees
- Fees charged for using the mining pools
The following table gives a detailed description of what users can expect to pay in terms of fees that are applied to trading and transactions.
|Service||Currency||Description||Minimum Amount||Maximum Amount||Fee|
|Deposits||BTC||Bitcoin Deposits||0.0001 BTC||No Limit||None|
|USD||Online Bank Deposits||500 USD||100,000 USD Daily||0.10% (Minimum fee of 10 USD)|
|Credit Card||50 USD||5,000 USD Per Day, Up to 20,000 USD Per Month||$5 (50-100 USD)
$10 (100-200 USD)
5% (>200 USD)
|Withdrawals||BTC||Bitcoin Withdrawals||0.0015 BTC||500 BTC Daily||0.0015 BTC|
|USD||Online Bank Withdrawals||100 USD||100,000 USD Daily||0.30% (Minimum fee of 30 USD)|
|BTC / USD||All Orders||0.001 BTC||500 BTC Daily||Maker 0.1% / Taker 0.1%|
Pool Mining Fees
|Cryptocurrency||Mining Model||Pool Fees|
|Bitcoin (BTC)||FPPS||Industry-low 1% fee for all miners.|
|Bitcoin Cash (BCH)||PPLNSG||Low 4% fee for all miners.|
|Litecoin (LTC)||PPS||Low 4% fee for all miners.|
|Super Bitcoin (SBTC)||PPLNSG||Low 4% fee for all miners.|
Deposits and Withdrawals Options
Traders on BTCC can fund and withdraw from their accounts using fiat currency deposit/withdrawal methods. To deposit or withdraw US Dollars, the following methods can be used:
- Wire transfers
- Credit/debit cards
- Crypto Capital
Bonus and Promotions
No bonuses or promotions are offered on BTCC.
Customer support on BTCC can be reached using two channels. These are:
- Email: firstname.lastname@example.org
- Online contact form.
Pros and Cons
- 2-factor authentication is available as an optional security measure.
- Unlimited crypto deposits without KYC.
- Mobile apps available for use on Android and iOS.
- Fiat currency deposits and withdrawals are available.
- Different order types to enable traders to get the best trading scenarios.
- Mining pool also available, which allows traders mine their own coins for a rental fee, saving them the stress of the expensive setup structure that comes with personal mining operations.
- Very limited customer support offering.
- Multiple fee structure can be discouraging for traders with small capital.
- Bitcoin is the only supported cryptocurrency.
Is BTCC regulated?
No. BTCC is not a regulated cryptocurrency exchange.
Where is BTCC based?
BTCC is based in London, UK.
Does BTCC still offer exchange trading of cryptocurrencies?
BTCC’s cryptocurrency exchange service (crypto-crypto) was ended in 2017. BTCC is now a fully-fledged exchange where users can buy Bitcoin using fiat currency only.
How does BTCC make money?
BTCC makes its money by charging fees on deposit/withdrawals, trading transactions, and mining pool rental fees.
How do I deposit and withdraw in BTCC account?
BTCC accepts deposits using USD as the primary deposit currency, and this can be deposited using a bank card or via wire transfer. Withdrawals follow the same channel.
Is BTCC reliable?
Yes, BTCC is reliable. It has enough security features to protect your transactions.
Is BTCC a scam?
No. BTCC is not a scam. No traders have been scammed of their cryptocurrency holdings or their money.
How safe is BTCC?
BTCC is a safe exchange to use for fiat-crypto transactions.
BTCC is a new brand in the market and as such is still trying to find its place in the cryptocurrency exchange market. One thing the brand has going for it is a large number of tokens that can be traded as well as the beautiful platform interface that makes trading a pleasurable experience.
However, the issues of security of the platform are not well articulated by the company behind the site and this could be an area of concern, given the high profile hackings that have occurred on several other platforms. It is hoped that BTCC can address these issues as it aims to compete with other exchanges that are far ahead in terms of volume of trade, security protocols, and exchange processes.
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