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A cryptocurrency platform that specializes in 24/7 derivative short-term contract trading is TurboXBT. The user-friendly and simple platform has UP and DOWN contracts to earn up to 90% by predicting price moves that are ideal for beginners. In this TurboXBT review, we take a look at the cryptocurrency spread betting platform to determine if is it worth your investment and if it's safe to use.
The trading experience on TurboXBT is satisfactory compared to other brokers and spread platforms. However, it will be not a suitable platform for experienced crypto traders and high net-worth individuals that want to own the actual asset. It is also worth noting that spread betting comes with a high level of risk with the vast majority of retail traders and investors losing money. A better option is to use a top-tier cryptocurrency margin exchange for speculating which has lower fees and spreads.
- Simple-to-use platform to predict the direct of the cryptocurrency market
- Suitable for newer traders to become familiar with the market (but carries significant risk)
- Demo account to start trading without a deposit
- Very difficult to become profitable by giving up 10% of profits on winning trades and losing 100% of failed predictions
- Unregulated crypto trading platform, responsibility is passed onto the user
TurboXBT At A Glance
TurboXBT is a cryptocurrency platform that is designed to offer both new and professional traders the ability to earn potential profits by predicting the direction of the market. The platform is focused on spread betting derivatives products with short-term contracts that mimic the price of cryptocurrency pairs, foreign exchange markets, precious metals, and crude oil. TurboXBT allows traders to place a bet on whether the price of the trading pair will increase or decrease without taking ownership of the underlying asset.
Some key features of TurboXBT that we will assess are:
- Beginner-friendly trading platform for short-term traders
- 24/7 trading environment with BTC/USD and ETH/USD pairs
- Start a new account from $1
- Demo trading account to practice short-term predictions without risk
- Customer funds are stored in a combination of hot and cold wallets
|Cryptocurrency||BTC/USD, ETH/USD, Forex pairs, Metals & Crude Oil|
|Contract Duration||30 seconds, 1 minute & 5 minute|
|Withdrawal Fee||Standard blockchain network fee|
How TurboXBT Works
TurboXBT is a spread betting platform that focused on the derivatives market for liquid trading assets such as cryptocurrencies and foreign exchange (FX). The platform is integrated with high-liquidity partners to provide the best bid and ask prices for the selected trading pairs. The website does not state who the liquidity partners are and appears to have similar prices to the top crypto exchanges such as Kraken, Huobi and KuCoin for the BTC/USD and ETH/USD pairs. Although, there appears to be a difference in spread.
Related: What is spread in crypto trading?
Traders on the platform can then speculate or predict whether the short-term price will increase or decreased after a short duration (i.e. 1 minute, 5 minutes, 10 minutes or 15 minutes). If the prediction is correct at the time of the contract expiry, the trader will be rewarded with up to 90% of the profits. If the prediction is incorrect or at the same price level, a loss will be incurred.
To place a trade on TurboXBT:
- Select the currency
- Choose the prediction currency
- Enter the duration and amount of funds
- Click on the UP or DOWN button
Once a prediction is finalized, the funds will automatically be deducted from the account balance. The funds will be returned to the wallet with a successful prediction. For example, the BTC/USD pair has a potential profit return of 85% if a correct prediction is made within the time frame. Assuming an amount of 0.01 BTC is allocated to a short-term trade, a winning prediction will net an income of 0.00850000 BTC.
|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|
|0.1%||Up to 500 USDT in bonuses||Visit KuCoin||KuCoin Review|
TurboXBT Features & Benefits Reviewed
Suited For Beginners
TurboXBT has designed a unique trading experience that is ideal for beginners to gain exposure to cryptocurrency and traditional markets. There is a low barrier to entry where traders can make short term price predictions with little technical expertise or understanding of the fundamentals. The interactive chart price gives beginners exposure to price volatility and crypto charting without owning the actual asset using a traditional crypto exchange.
Practice With Demo Mode
TurboXBT comes with its a full demo trading mode that allow new users to experience the trading platform, test out the features and practice predicting the short-term price without having to create an account. There is zero risk for traders to become familiar with spread betting on TurboXBT which can be accessed on the TurboXBT website. The demo trading mode is credited with an initial starting balance of 1,000.00 USD.
Minimum Trading Amount
Traders can get started with a minimum of $1 to fund a new account and begin spread betting. The supported currencies that can be deposited include Bitcoin (BTC), Ethereum (ETH), USDT and USDC which can be transferred from a personal wallet. To fund an account with Bitcoin, 3 confirmations are required which can take between 10 minutes and 1 hour based on the average speed to transfer Bitcoin. Ethereum and ERC-20 tokens (USDT and USDC) require 6-10 confirmation which takes around 4 minutes.
Is TurboXBT Regulated?
TurboXBT is incorporated under the laws of Saint Vincent and the Grenadines and is not governed by any regulatory framework under Section 2.7 of the Terms & Conditions. The trading platform specializes in short-term contracts and not the actual cryptocurrency asset. In this case, TurboXBT does not need to become a regulated exchange. However, if a customer loses funds as a result of trading on TurboXBT, they will not be protected under any country or state's laws.
Can US Investors Use TurboXBT?
The company behind TurboXBT is not a licensed company under the strict rules and regulations set by FinCEN in the United States. Therefore, residents of the United States of America are not allowed and will need to find a US crypto trading exchange. Other countries that are forbidden include Japan, Saint-Vincent and the Grenadines, Canada, Algeria, Ecuador, Iran, Syria, North Korea, Sudan, American Samoa and Russia.
TurboXBT is compatible with highly liquid asset classes to allow adequate price volatility on the smaller time frames. The supported assets include cryptocurrency pairs BTC/USD, ETH/USD and forex trading instruments such as EUR/USD, GBP/USD and AUD/USD. Other assets that can be traded are metals and crude oil.
What Are The Fees?
There are no fees or commissions applied to an open position. However, traders on TurboXBT should be mindful that a successful prediction only pays up to 90% of the profit depending on the trading pair. In effect, there is a minimum 10% premium that is incurred. There is a withdrawal fee that is determined by the blockchain network for transferring coins out from a Turbo XBT wallet to another exchange or wallet.
TurboXBT features several security measures to protect customer funds that are deposited to the spread platform. These safety mechanisms include 2 Factor Authentication (2FA), offline cold storage, multi-sig and address whitelisting. All withdrawal requests are manually reviewed by the TurboXBT team to check for fraudulent activity.
Overall, TurboXBT appears to have implemented the minimum measures to protect user funds, however, this does not mean the platform is 100% safe. A number of crypto exchange hot wallets have been hacked in recent years.
Customer support is an important consideration when looking for a cryptocurrency platform to speculate on digital currencies. It is even more critical for new traders and beginners. On review of the TurboXBT website, there isn't a 24/7 help desk or live chat bot.
There are links to social media profiles such as Telegram and Twitter, however, there was no contact page with a direct email address to contact the support team. The website does provide articles with how-to guides, tutorials and several frequently asked question articles. Overall, the level of support on TurboXBT is below industry standard and should be improved.
To conclude our review on TurboXBT, in our opinion the platform is best suited to beginners and new traders. The spread betting market is simple and individuals do not need to worry about purchasing and storing the actual asset. More so, TurboXBT is a good exposure to the world of investing in liquid assets such as the cryptocurrency and foreign exchange markets.
In addition, trading low timeframes such as 1 minute or 5 minute can encourage poor trading habits when using an actual cryptocurrency exchange. Read our article on crypto trading tips to stop losing money for more information.