Overview of BTC Trade. Advantages and disadvantages

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BtcTrade.im reviews and reviews of the official website of the exchange

Today there are not many cryptocurrency trading platforms that were launched in the territory of the post-Soviet space. Their appearance immediately attracts the attention of traders, because they are a good alternative to the well-known large services that are used around the world. Today we have a review of the Ukrainian cryptocurrency exchange called BTC-Trade. We will talk about how to use it, discuss the pros and cons and draw conclusions

The exchange was created in 2014 by Bogdan Chaika, a programmer from the Dnieper. Prior to launching his own project, Bogdan was an employee of Privatbank and was engaged in the development of the Privat24 service.

The creator claims that this project is the easiest and cheapest way to buy bitcoins in Ukraine. His idea is to promote the blockchain industry in Ukraine.

BtcTrade.Im is a platform for professional trading in digital cryptographic currency. It was founded by an experienced and professional team and offers convenient, fast, reliable and safe service to all global users. Functionality: withdrawal and trading of digital currency, deposit, BTC, ETH, USC, C2C markets, API connection, language support – English and Chinese, users are given the opportunity to view the latest news, market information and cryptocurrency asset prices. The platform can be considered as one of the promising.

Registration and Verification

Registration for BTC-Trade will not take much time, because it requires only the most basic data. You will need to enter only the desired username, email address and password. Then confirm that you are not a bot using the code from the image and check the boxes that indicate that you agree to the terms of use and are not a US citizen.

After filling out the registration form, you will receive an email with a link to activate your account. You will be given a pin code in the form of a .png image, which is used to increase the security of the account during the withdrawal of funds. It must be placed in a reliable storage or written down on paper.

It should also be noted that for trading on BTC-Trade, no additional checks are required and there is no verification. To start trading, just register.

How to fund your account

To replenish the wallet, you need to go to your personal account and open the “Finance” tab. There will be a table with the balance of all currencies that are available on the exchange. In addition to various cryptocurrencies, BTC-Trade also has the Ukrainian hryvnia. You can enter it using any Ukrainian Visa \\ MasterCard with a commission of 2.2% or using Privat24 with a commission of 2.5%.

To replenish it is necessary to click the “Replenish” button opposite the desired currency. The wallet address for replenishment will appear above the table, and the page will automatically scroll to it. Pretty ill-conceived and inconvenient implementation. It should be remembered that some currencies also require a payment id for the transaction. For example, you must specify it to transfer Karbowanec cryptocurrencies. Well, if you did not specify it, then recently the service team announced that for 0.1 KRB they will take up the search for a lost transaction.

 How to trade on btc trade ua

Trading on this site is no different from any other. After opening the Buy / Sell page, you will see all available trading pairs. We open any, for example, BTC \\ UAH. Here we see a chart of the course, forms for buying and selling, glasses and a list of recent transactions. The latter, by the way, is displayed along with user logins, which is rather strange and deprives even the most minimal anonymity. The graph has no settings, except for the ability to display a segment from one day to a month. You can not adjust the time interval of candles.

To purchase a currency, you just need to enter the desired value and the number of coins you want to buy and publish the application. If there is a suitable offer in the glass for sale, then the purchase will occur automatically. If you indicated a too low price and there are no such requests for sale, a new one will be created in the glass for purchase. The process of selling the currency back is exactly the same, but the opposite is happening. Everything is like everywhere else, no difficulties should arise here.

BTC-Trade has its own mobile application for the Android operating system. You can find him in the playmarket, but he has bad reviews and a rating of a little more than two stars. Users complain about unstable operation and lack of functionality, which is available in the web version. The source code of the application is available on GitHub, so its use is relatively safe. If you still want to try to work with it, then you will need the private keys of the API account. You can find them in your account in the “Profile” tab after entering the PIN code.

 Cash withdrawal

The withdrawal of funds from this trading platform is no different from the input. You also need to select the desired currency and click the “Withdraw” button. Commissions for withdrawing funds on the exchange are adequate. Hryvnia withdrawal is possible on Visa and MasterCard cards. On Privatbank cards, the commission is 1%, and on cards of other banks – 1.3%. Recently, the minimum withdrawal amount was raised from 100 to 500 hryvnias. In general, the conclusion is pretty fast and there are no special delays.

And if you replenished your account with a credit card for the first time, then withdrawal after this is not possible within 36 hours. This is done to protect against money laundering from stolen cards.

Commission

Previously, the commission for concluding transactions on this trading floor was 0.1% and an affiliate program was available to traders. With its help, it was possible to attract new users of the site and reduce the commission to 0.05%. Now it is no longer functioning and the commission for all users is 0.05%, although they forgot to remove information about the possibility of attracting referrals from the site, and the section still exists.

Security

The project managed to undergo serious hacks a couple of times. For the first time this happened in 2015 and the losses amounted to almost 7 thousand dollars. This is a considerable amount for a site of this magnitude and the hack turned out to be really tangible. The second time this happened in less than six months. Losses amounted to 3 thousand dollars and this almost led to the closure of the cryptocurrency exchange. All funds to users were reimbursed by the creator using his personal funds.

After all these events, the developers took seriously the safety of the project and put this issue in the first place. Now you can not withdraw money without a PIN code, which has become the main defense. Automatic recovery of the pincode is not carried out and such cases are considered individually. To do this, write a letter to tech support and contact the administration.

Moreover, the exchange offers the ability to configure confirmation of withdrawal via e-mail and allows users to configure notifications about activity on the site that will come there. It is recommended that you use two-factor authentication email services, such as Gmail.

BTC-Trade is also not very well protected from ddos. At the end of January, for example, one of these attacks was committed. The site was periodically unavailable and users did not understand what happened until the administration explained the situation. Such stories are occasionally repeated.

Despite all the losses that the project suffered at the beginning of its existence, the site continues to develop, attract new users and shows good results.

Support service

Previously, there were reviews that said about poor user support at BTC-Trade. Some encountered difficulties and waited a long time for a response from the administration. There are even stories about the refusal to recover lost funds and some write that the service is a scam. But now the situation has changed for the better. A general chat is available on the exchange, where both the administrator and the moderators are online. You can also contact them through mail or a special form on the site. All important news is displayed directly on the bidding page and customers are promptly informed of all serious incidents and technical work, which does not happen so often.

Advantages and disadvantages

Below are the main pros and cons of using the exchange. It should be noted immediately that there are still more positive aspects.

Advantages 
1. Trading pairs with the hryvnia. Platforms that provide trading pairs with Ukrainian national currency can be counted on the fingers.
2. Good course. The course at BTC-Trade is often below market. This situation is due to the low trading volume.
3. User support. The project team worked hard to create a support service that users will be happy with.
4. Commissions. Despite the fact that the project is regional and not widespread, the commissions are really low both in the case of trade and in the case of money withdrawal.

disadvantages

1. Inconvenient interface. Many elements of the exchange interface require refinement and it looks really outdated. For example, developers could make more flexible graph display settings and add interactivity.
2. Lack of localization. Despite the fact that the exchange is positioned as Ukrainian, it lacks the ability to choose the Ukrainian language. Developers could also add English, which would bring the project to a new level and attract foreign users.

 Conclusions

Sometimes something on BTC Trade does not work as we would like, but these are trifles. The exchange can be considered an excellent trading platform for users from Ukraine. The ability to deposit and withdraw from Ukrainian bank cards simplifies trading, as well as the availability of trading pairs with major cryptocurrencies. Of particular note is the support of the first known Ukrainian cryptocurrency – Carbovanets (KRB). The exchange is developing in parallel with the spread of the cryptocurrency industry in Ukraine and is constantly attracting new users.

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