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Finding a cryptocurrency exchange and reasonable trading volume can be difficult. However, one platform that has garnered a lot of attention is Bitrue as its a no-KYC crypto platform. But how does it compare to other popular trading platforms? Throughout this Bitrue review, we'll analyze vital aspects of the exchange, including its features, fees, and ease of use.
Bitrue is a good crypto trading platform for individuals that want to trade using XRP as the base pair. With over 50 XRP trading pairs and 114 supported crypto assets, Bitrue is geared toward customers that want to grow their XRP portfolio. However, there is a lack of broader features for savvy crypto investors, constant technical issues on the app according to existing users, and there is a history of security incidents.
- XRP-focussed trading platform with over 50 XRP trading pairs
- Advanced trading platform with Tradingview charts
- Competitive trading fees between 0.098% and 0.28%
- Supports crypto staking and loans to earn interest on funds
- Previous security incidents that resulted in loss of customer funds
- Limited information on its compliance to regulations and licensing information
- Confusing trading fee structure
- XRP Focused. Due to its recent issues with the Securities and Exchange Commission (SEC), finding a platform that supports XRP is easier said than done. However, Bitrue uses the asset as a base pair, making the platform excellent for those intrigued by the XRP ecosystem.
- TradingView Charts. TradingView is the leading provider of analytical tools. Bitrue being integrated with TradingView makes it possible to easily plot advanced strategies without ever leaving the exchange.
- Competitive Fees. It's common for crypto exchanges to offer trading fees between 0.1% and 0.2%. As such, Bitrue's rate of 0.098% means that users can get slightly better value for money using Bitrue compared to platforms like Binance.
- Staking and Loans. Whether it's to earn a yield or avoid tax implications, crypto loans and staking have become incredibly popular. As Bitrue offers reasonable yields and fees, those looking to build passive income should see what's available.
- Security Issues - Security is one of the most important aspects of a crypto exchange. Unfortunately, a 2018 hack resulted in lost funds for Bitrue customers. While the exchange has stated that it's taken steps to improve things, this breach is something to be aware of before registering.
- Unregulated - While some users prefer unregulated exchanges as they typically do not require verification, they provide no recourse to users should something go awry. As such, keeping funds on unregulated exchanges only when necessary is advisable.
- Confusing Fees - Between the separate XRP pair fees, OTC fees, loan fees, and Simplex fees, there's a lot to remember when using Bitrue. As such, beginners will likely get hit with unexpected fees unless they take the time to read through Bitrue's terms.
Bitrue Compared and Alternatives
|0.1% (spot) and 0.02% / 0.04% (Futures)||Up to $100 welcome bonus||Visit Binance||Binance Review|
|0% (spot), 0.06% / 0.01% (futures)||0% trading fees for 30 days (spot only)||Visit ByBit||ByBit Review|
MEXC Global Exchange
|Spot: 0% (maker) / 0.2% (taker), Futures: 0.02% (maker) / 0.06% (taker)||10% discount on trading fees||Visit MEXC Globa...||MEXC Global Exchange Review|
Bitrue At A Glance
Bitrue Exchange is an unregulated cryptocurrency trading platform allowing customers to buy and sell Bitcoin and other crypto assets safely and securely. While headquartered in Singapore, Bitrue is available globally, with offices in the United States, Europe, and Asia Pacific. Bitrue has a long-standing relationship with Ripple and is well-known for offering a wide range of XRP-based trading pairs.
|Features||XRP-Based Trading Pairs, Staking, Crypto Loans|
|Accepted Fiat Currencies||USD, EUR, GBP, AUD, CAD, JPY, NOK, DKK, ZAR, CHF|
|Deposit Methods||Cryptocurrency, Credit/Debit Card, Wire Transfer, ACH|
|Supported Cryptocurrencies||760 (1,256 trading pairs)|
|Trading Fee||0.098% to 0.28% per trade|
|Deposit Fee||3.5% per transaction for credit card|
|Customer Support||Ticket System|
|Security Measures||2FA, Cold Storage|
|Mobile App||Yes (IOS and Android)|
Bitrue Features and Services Reviewed
XRP Focussed Trading
Bitrue is one of the best places to buy XRP and is also suited for investors and traders that are looking to trade XRP pairs to accumulate the tokens. The exchange added XRP as a base pair in July 2018 and now has over 50 trading pairs to buy and sell XRP for other cryptos. According to the Bitrue website, more than 10% of the world's trading volume for XRP occurs on their platform.
Bitrue Piggy Bank
Bitrue has a feature called the 'Piggy Bank' which allows verified users on the platform to deposit funds and participate in a staking pool. The feature is on a first-come-first-serve basis, therefore the funds must first be deposited to the wallet to be eligible. Bitrue has added support for popular tokens such as DOGE, SAFEMOON, SHIB, SOL, HBAR and others with an Annual Percentage Rate (APR) of up to 15%.
The minimum amount to get started is relatively low, making it suitable for beginners with smaller accounts. For example, the minimum deposit amount for Bitcoin is 0.01 BTC which can earn 1.9% annually. Holding 2% of funds in BTR tokens can raise the interest rate to 2.28% with no lock-up periods. This means the users can withdraw the asset at any time. However, the pools sell out quickly.
Similar to crypto interest platforms such as NEXO and Crypto.com which allow its customers to deposit crypto and take out loans, Bitrue has its own lending service called Bitrue Loans. In addition to mainstream coins like BTC and XRP, users can also pledge stablecoins and popular altcoins like LINK, XLM, SHIB, and BNB.
The benefit of taking out a loan against an asset is to leverage capital to use elsewhere without selling your coins and triggering a taxable event. The interest rates are calculated daily with flexible repayment schemes available. For example, to borrow USDT, the daily interest rate is between 0.024% and 0.055%.
Additionally, this feature offers existing users an opportunity to earn a yield on idle assets. However, for people looking for ways to grow a portfolio, the Bitrue Loan products don't quite stack up to some of the best lending platforms that offer a wider variety of coins and interest rates.
Creating and Verifying a Bitrue Account
To start with Bitrue, new customers must create an account and login into the platform. The registration process is simple and requires that the user inputs an email address and password. As the exchange is predominately a crypto-to-crypto trading platform, there is no requirement to immediately complete the Know-Your-Customer (KYC) process. However, for features such as Bitrue Loans and the OTC Desk, the account must verify by providing a photo ID (passport, driving license) and proof of address (bank statement, utility bill).
Supported Fiat Currencies and Deposit Methods
The easiest and quickest way to deposit funds to Bitrue without verification is to transfer cryptocurrency. The exchange supports 789 coins that users can deposit. Adding funds to an account is similar to other trading platforms, which involve selecting the asset and copying the unique wallet address or QR code.
There is also the option to buy crypto with fiat currency to fund a new account or top up the trading balance of an existing account. Bitrue's Over The Counter (OTC) desk is a third-party platform integrated with the exchange to send a wire transfer using ACH for USA investors or an international wire transfer.
Unfortunately, there is a 0.08% Wire transfer fee which is high compared to other crypto exchanges we've reviewed, such as Kraken and Gemini, which offer free deposit fees for wire transfers using USD.
There is also the option to buy crypto using a credit card through the payment provider Simplex. This external service provider charges fees of 3.5% per transaction or 10 USD, whichever is higher. Mastercard and VISA payments are fast and secure, with the coins arriving at the Bitrue wallet between 10 and 30 minutes. However, it is not recommended to buy crypto with a credit card due to the high fees.
Bitrue Supported Cryptos and Trading Pairs
Bitrue offers an impressive range of cryptocurrencies and trading pairs. While there are 970 cryptos available, the number of trading pairs shoots up drastically to 1,256, including all 3x tokens. This impressive quantity of trading pairs will likely appeal to experienced traders who are always searching for opportunities. Although the leveraged tokens could be complex for beginners to understand, they're still a nice addition to the platform.
Bitrue Trading Fees
The fees on Bitrue depend on the trading pair selected and vary between 0.098% to 0.28%. The more liquid trading pairs against BTC, ETH, and USDT have a trading fee of 0.098％ per transaction for buy and sell orders. XRP trading pairs have a 0.2% to 0.28% trading fee applied. Paying for transaction fees using the native Bitrue coin (BTR) applies a 30% discount.
The overall trading fees are relatively competitive in the market, particularly for BTC, ETH, and USDT pairs. For example, the costs are slightly cheaper than Binance and KuCoin, which use tiered fees starting from 0.1% per buy/sell position. However, the pair-based fee structure present on Bitrue is likely confusing for new users.
OTC Trading Fees
All Bitrue users with a KYC-verified account can use the OTC desk to buy crypto with fiat currencies. The fees for buying crypto with traditional money depend on the trade size but range between 0.08% and 2% per transaction. The fees reduce for larger transaction sizes which is beneficial for high-net-worth individuals. However, Bitrue will charge a 1.5% premium for purchases between $2,000 and $10,000.
Deposit & Withdrawal Fees
Bitrue is a cryptocurrency trading exchange that does not charge a fee to deposit funds using digital currencies. The fees for withdrawals are dependent on the coin and the blockchain network congestion at the time. While Bitrue claims not to charge an additional withdrawal fee for crypto, Bitcoin is listed with a 0.0005 BTC withdrawal cost with Ethereum at 0.01 ETH, both considerably higher than the standard network fee.
Bitrue Fees Compared
The fees offered by Bitrue are slightly better than the industry average. Below, we’ve compared the fees between Bitrue and a few leading exchanges.
|Crypto trading platform||Trading fees (spot)|
|Binance||0% to 0.1%|
|ByBit||0% to 0.1%|
Bitrue Ease of Use
The trading and charting user interface on Bitrue closely resembles the advanced mode on Binance, which is the largest and most widely used trading platform for buying and selling digital currencies. The charts and trading tools are powered by TradingView, which offers hundreds of technical indicators and drawing overlays. In addition, there is a Day and night mode to change the background color of the user interface, improving accessibility.
The order types on Bitrue do not match the variety offered on Binance. However, it does include a couple of widely used orders, such as Market, Limit, and Stop-Limit. Furthermore, the Bitrue trading platform offers Trigger Orders that enable users to place a limit order once a specific price gets hit - very useful for short-term traders that want to sell XRP and also beginners to manage trade risk.
Placing a trade is straightforward and intuitive, thanks to the familiar green and red color scheme. A user needs only decide on an order type, enter a price and quantity, and then place the order. Furthermore, Bitrue offers a range of 3x leverage tokens enabling users to multiply their profits and losses without venturing into the derivatives market.
Want to trade crypto derivatives? Here's our list of the best leverage platforms for crypto traders.
Overall, charting and trading on Bitrue is suitable for altcoin traders who can benefit from the range of technical indicators to analyze the charts and place orders in the market. With that said, Bitrue's lack of advanced order types, position size calculators, and automated price alerts are likely to alienate traders searching for the most advanced platform.
Bitrue Mobile App
A mobile app is available on Android and iOS devices that allows users to replicate the trading features available on the desktop version of Bitrue. The app has an overall 4/5 star rating on the IOS app store. Upon being opened, the Bitrue app will prompt the user to register or log in. After doing so, the user will be met with a screen providing quick links to core aspects of the platform (deposit, loans, Bitrue partners, etc.) and highlighting trending digital assets available to trade on the exchange.
Although the majority of features on the desktop platform also exist on the mobile application, traders will struggle to utilize complex strategies as the mobile charting tools are limited to simple crypto indicators like RSI, SMA, and MACD. However, the app still features an order book-style trading screen, meaning some asset-related information is available to users.
While the Bitrue app is reminiscent of most other exchanges (Binance feeling especially similar), its lack of indicators and charting tools somewhat limits its usability. As such, while likely suitable for people attempting to place basic trades, anyone wanting to perform in-app analysis will probably prefer mobile apps with full TradingView integration.
Bitrue Customer Support
The customer support offered by Bitrue is lackluster at best. While the exchange does offer users a help center that contains various articles and tutorials on topics ranging from the basics of futures to placing a trade, the quantity of articles is limited, meaning it's unlikely for a user to find an answer to a specific question.
Like most crypto exchanges, Bitrue offers a ticket-based support system that enables crypto enthusiasts to ask questions via a form to receive email support (although users report the team is often unresponsive). Unfortunately, Bitrue lacks any other form of support, meaning that users preferring to communicate via live chat or phone will be left disappointed.
Bitrue Security Measures
Bitrue provides industry-leading security features to ensure funds and personal information are kept safe and secure, such as 2FA and cold storage wallets holding 99% of users' assets. Since the Bitrue hack in 2019, the exchange has been incident-free and is now considered a safe platform to trade crypto. In addition, the website has been individually assessed by third-party security companies such as Mozilla Observatory to check for vulnerabilities and security weaknesses.
While the Bitrue team has worked hard to improve security since the now-infamous 2019 hack, it remains vital for a user to secure their account using a unique password and an authenticator app to provide an additional layer of security should the company suffer another security breach in the future.
Frequently Asked Questions
There is limited information on Bitrue's regulatory compliance in supported regions, indicating the platform is unregulated. However, the "Service Agreement" says the individual must adhere to their country's local laws and regulations, which is vague and leaves too much up to interpretation.
Bitrue has been involved in several security incidents, including the crypto exchange hack in 2019 that resulted in the loss of $4.5 million worth of crypto from its hot wallets. However, customer funds lost in the hack were reportedly reimbursed by the exchange soon after. Thankfully, due to the exchange's security architecture, most users' funds were stored in offline multi-signature cold wallets and were unaffected by the hack.
Yes, users that buy crypto and withdraw fiat currency on the platform using a third-party provider will need to complete KYC.
Bitrue is a global cryptocurrency trading exchange available in most countries, including the US, UK, and Australia. However, residents in Texas or New York within the USA are not permitted due to applicable laws, regulations, and policies. Other countries that are forbidden to use the Bitrue platform are China and counties on the OFAC list.
Bitrue is the 28th largest cryptocurrency exchange in the world by traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. At the time of writing, Bitrue processes over $1 billion in daily transaction volume, with BTC/USD and XRP/USD as its most significant trading pairs.
Final Verdict and Scores
To conclude our Bitrue exchange review, we were impressed with the features offered, and the trading interface stood out with its modern design and advanced tools. Users can speculate on the wide selection of XRP trading pairs not offered elsewhere, and there is no need to complete ID verification. However, customer support needs more in-depth support articles for troubleshooting issues. While the ticket system was reasonably responsive, the lack of live chat is unacceptable for such a large platform.
After completing our research for this Bitrue review, we determined that while the exchange is excellent for those looking to trade XRP-based pairs, the lack of advanced order types and confusing fee structure means that another platform will better serve most users.
|Review Criteria||HedgewithCrypto Rating|
|Features||3.2 / 5|
|Supported Fiat and Deposit Methods||2.4 / 5|
|Supported Crypto & Trading Pairs||4 / 5|
|Fees||3.4 / 5|
|Ease of Use||3.5 / 5|
|Customer support||3.5 / 5|
|Security Measures||4 / 5|
|Mobile App||4 / 5|