Bitrue review: Explained by Digimagg

Our Verdict

Our Verdict

Bitrue is a cryptocurrency exchange that has established itself as a significant player in the digital asset trading market since its launch in 2018. It offers a variety of features aimed at providing a comprehensive trading experience, emphasizing security, user satisfaction, and innovative financial products.

Pros

• User-friendly interface
• Strong security measures
• Innovative financial products
• Wide range of cryptocurrencies

Cons

• Limited fiat support
• Regulatory uncertainty
• Occasional technical issues

4.8

Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.

Starting price

$0.04132

Financial services and staking

Yes

Cryptocurrency trading platform

The platform provides advanced trading tools

Overview of the company

Bitrue, established in 2018 and headquartered in Singapore, operates as a cryptocurrency exchange and financial products provider. It offers a wide array of currencies for spot trading, along with advanced financial products. While its platform features a user-friendly cryptocurrency purchase form, it primarily caters to experienced crypto traders. Despite implementing robust security measures, Bitrue has experienced past security breaches, although the company covered any losses incurred by customers. This history of security incidents may prompt users to consider alternative exchanges for safeguarding their digital assets.

Cryptocurrency selection on Bitrue

Security

Bitrue currently implements robust security measures, including two-factor authentication, storage of customer assets in cold wallets, account lockouts, and inclusion of safety codes in all communications. Moreover, it maintains a dedicated insurance fund comprising 41 million XRP and 40 million BTR to compensate users in case of any future hacks attributable to Bitrue.

However, the exchange's reputation has been marred by two significant security breaches. In 2019, cybercriminals siphoned over $4 million in cryptocurrency from Bitrue, Ripple, and Cardano wallets. Subsequently, on April 14, 2023, Bitrue experienced another breach, resulting in attackers successfully withdrawing approximately $23 million in assets. Despite Bitrue covering the incurred losses, these breaches underscore the importance of vigilance regarding the exchange's security practices.

Bitrue boasts support for numerous coins, surpassing many industry rivals. Additionally, it features its native currency, Bitrue Coin (BTR). Below are some of the prominent cryptocurrencies traded on the platform:

• XRP (XRP)
• Bitcoin (BTC)
• Cardano (ADA)
• Ethereum (ETH)
• Solana (SOL)
• TRON (TRX)

Enhanced trading experience

With Bitrue's straightforward purchase form, users can conveniently buy and sell supported cryptocurrencies using a bank account. Transferring funds via ACH incurs no transfer fees, and there's a minimal starting trade fee of 0.08% for direct purchases from a bank account.

Additionally, Bitrue offers the option to make purchases using a card through a collaboration with payment processor Simplex. However, there's a transaction fee of 3.5% per transaction or a minimum of $10, whichever amount is greater.

After funding your account, you can opt to either continue using the simple trading form or switch to the active trading platform on Bitrue. The active platform, accessible via the web, provides advanced features such as comprehensive charts, depth charts, recent trades, outstanding orders, and a quick trading form. It supports only market and limit order types.

Similarly, Bitrue offers a futures trading platform with a similar interface, yet it operates with a distinct product. However, due to leverage and associated risks, futures trading is not recommended for novice investors.

Bitrue stands out from competitors by not adhering strictly to either a centralized or decentralized model. While its main exchange operates on a centralized basis, other services on the platform utilize decentralized finance (DeFi) technologies.

Account management

Bitrue users can oversee their accounts via the Bitrue website and mobile applications. Those familiar with online stock trading accounts will likely find Bitrue offering a similar overall experience. Upon logging in, users can execute basic account modifications, deposit and withdraw funds, and access pages and apps for buying, selling, trading, and investing in digital assets.

Opening a Bitrue account

Signing up for Bitrue is a straightforward process, guided by simple steps. Initially, you register a new account using your email address and a password. It's advisable, as with any online account, to utilize a unique password not employed elsewhere, particularly for financial accounts.

However, it's worth noting that Bitrue is not accessible in China, Texas, or New York. Additionally, the exchange mandates identity verification procedures to access all account features.

Customer service

Bitrue primarily relies on an extensive help page as its main customer support resource, featuring numerous FAQs and explanations of various Bitrue products. For additional assistance, users can contact support via email through a help ticket system. Like many cryptocurrency exchanges, Bitrue primarily functions as a self-service platform, given its limited customer support options.

Bitrue has garnered mixed reviews from previous users, holding an average rating of 2.1 out of 5 stars across more than 220 reviews on Trustpilot, for instance. Negative feedback often revolves around issues such as lost funds, account freezes, and inadequate customer service responses. Conversely, positive reviews highlight Bitrue's reliability and user-friendly interface.