If you’re living in Europe, and especially in Poland, then you might want to take a look at the exchange services being offered by BitMarket. It’s an established cryptocurrency exchange operating out of Poland since 2014, and serving cryptocurrency traders across Europe.
It provides fiat to crypto trades as well as crypto to crypto trades and is most popular in Poland, Austria, Finland, Germany and Estonia. While it isn’t the largest exchange, it provides traders with all the tools and features needed to make successful trades.
BitMarket Review: Regulations
Cryptocurrency exchanges simply haven’t been regulated yet, and BitMarket is no exception to that. There’s no doubt that regulation will eventually come to the cryptocurrency markets, but for now if not having a regulator watching over the shoulder of the exchange and ensuring honest behavior bothers you, then cryptocurrency trading isn’t for you.
BitMarket Review: Reliability
Since 2014 the BitMarket exchange has never been the victim of a successful hack. Nor has it experienced any type of loss of funds or security complaints. This means it’s as reliable as they come when looking for a cryptocurrency exchange. To maintain that good reputation and safety of client funds the exchange uses the latest in encryption protocols, and nearly all funds are kept offline in cold storage.
Customers are also able to set up two-factor authentication on their accounts to protect both the login and funds withdrawal. This helps to keep BitMarket a reliable and secure exchange.
The Trading Platform at BitMarket
Over the course of four years BitMarket has been able to develop a trading platform that is very user-friendly and simple to use for both buying and selling. The platform has even been designed with beginners in mind, and everything has been kept as intuitive and simple as possible.
The trading platform is web-based, and is accessible from the BitMarket website. You’ll find a technical chart right in the middle of the interface, which is great for technical analysis and trading as it gives you a complete view of price history and market action for your chosen cryptocurrency pair.
Because the platform has been designed with beginners in mind the features are somewhat limited, and experienced traders looking to conduct advanced technical analysis will need to look elsewhere. If you don’t need advanced technical analysis tools though, you’ll find the trading platform at BitMarket to be quite enjoyable.
BitMarket Mobile Trading
In addition to the web-based tradingplatform BitMarket also has a mobile trading platform which is available for both Android and iOS operating systems.
You’ll notice that the mobile apps have had some serious thought put into their design, and they also contain all the same features available from the web-based platform. This makes it easy for traders to transition from web-based trading to mobile trading.
One of the downsides to trading with BitMarket is the limited number of assets available to trade. There are only 6 cryptocurrencies and 2 fiat currencies being offered. The cryptocurrencies and fiat currencies on the platform are as follows:
All of the cryptocurrencies are matched with the two fiat currencies. Unfortunately, the only cryptocurrency matched with Bitcoin is Litecoin, so you can trade BTC/LTC if you like.
The trade types are more than simple vanilla buy and sell orders, which is a step above some other cryptocurrency exchanges. You are able to place stop loss and take profit orders, which gives traders more control over their own fate.
BitMarket is also somewhat unique among cryptocurrency exchanges because it allows for the use of margin trading. The two pairs that allow margin are BTC/PLN and LTC/PLN. Currently the platform allows leverage of 1:1.5 all the way up to 1:5. Margin trading will magnify your trading gains, but it will also magnify your trading losses, and so it should be used with caution.
Account Types at BitMarket
BitMarket does not use account levels like many cryptocurrency exchanges. Everyone who registers for an account has the same level of access.
Additionally, there is no verification required to setup an account, but without it you aren’t able to deposit, withdraw or trade with fiat currencies. When you consider there is only one crypto-to-crypto pair available you can see that most users will need to go through additional verification.
This consists of submitting government issued photo ID and proof of address. Once those are processed and verified you can deposit PLN and EUR into your account and use it to trade.
There is also a limit of 15,000 euro worth of cryptocurrencies allowed to be held in your account until you are verified. Once verified there is no limit to how much cryptocurrency you are allowed to hold.
BitMarket Review: Commissions and Spreads
The fees charged by BitMarket are clearly shown on their website here. You’ll note that these fees are pretty high when compared with other cryptocurrency exchanges. For example, most cryptocurrency exchanges have a taker fee of 0.20%, but at BitMarket the taker fee is 0.45%.
Maker fees begin at 0.15% and decline to as low as 0% depending on your monthly trading volume. This is more reasonable, but the high fees could be one reason why BitMarket hasn’t gained more traction.
In addition to the trading fees there are also withdrawal fees, which are based on the currency being withdrawn.
Deposits and Withdrawals Options
Deposits and withdrawals can be made in all six of the cryptocurrencies traded on the platform, as well as in PLN and EUR via bank or electronic transfers.
In addition to the trading fees assessed by BitMarket, there are also withdrawal fees. These depend on the currency you’re withdrawing. In the case of deposits there are no fees, with the exception of euro deposits, which carry a fee of between 2 to 5 euro. The full range of deposit and withdrawal fees can be viewed here
BitMarket Review: Customer Support
Customer support is said to be quite satisfactory at BitMarket, which is an improvement over nearly all cryptocurrency exchanges. Support is offered 24/7 via email and live chat. Responses are made in a timely manner, and reports are that the support staff are both friendly and professional.
In addition to the support personnel there is also an extensive FAQ section that serves as a support library. Most basic questions are answered there, but you always have the option of contacting support if there’s no answer to your question in the FAQ documents.
BitMarket Review: Security
As I mentioned above, there has never been a successful hack at BitMarket, and no funds have ever been lost. The platform uses the latest encryption technology, and keeps nearly all funds in cold storage wallets. User logins and withdrawals are protected with 2-factor authentication.
BitMarket Review: Conclusion
BitMarket offers a very solid platform, especially for beginners who might only be interested in the top cryptocurrencies and basic trade features. While the fees are a bit high, the support for PLN and EUR is ideal, and the safety of the exchange is unmatched.
In addition, the platform is quite easy to use, with an intuitive interface. While the exchange is not regulated, it has proven itself to be reliable and trustworthy since 2014.