Bitci

Bitci Review

What is Bitci?

Bitci is a cryptocurrency exchange from Turkey. It has been active since August 2018 (so quite exactly 2 years at the date of first writing this review).

Trading Volume

On the date of last updating this review (2 December 2021), the 24-hour trading volume according to Coinmarketcap was USD 2.7 million. In comparison, the same value a year ago on 3 September 2020 was USD 2.9 million. So, no big differences as regards the trading volume over the last year.

Supported Cryptocurrencies

Bitci has a large number of different trading pairs. Many of the more exotic altcoins are supported here as well. There are of course two sides of the same coin here. On a positive note, a large number of supported cryptos means that even the most exotic altcoin trader can stay at this platform and will not have to look elsewhere to cater for all his/her specific trading needs. On the flip side, however, this might also mean that there could be more scam coins available for trading here. Exchanges with a smaller number of supported cryptos generally only support the bigger crypto projects, which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A newly launched altcoin has not been subject to the same scrutiny.

Bitci Mobile Support

Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Bitci’s trading platform is also mobile compatible:

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

It is unclear whether Bitci permits US investors or not. We have read their Terms and Conditions and have not found an explicit prohibition of US investors. We urge any US investors to form their own opinion on the permissibility of their trading at Bitci though.

Bitci Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitci:

It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.

Bitci Fees

Bitci Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book.

Bitci charges what we call flat fees, meaning that both the takers and the makers pay the same fee: 0.20%. These taker fees are quite in line with the industry average for centralized exchanges. Industry average has hsitorically been around 0.20-0.25% but we now see new industry averages being around 0.10%-0.15%.

Bitci Withdrawal fees

Bitci charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. This fee is a bit above the global industry average BTC-withdrawal fees. The current global industry average BTC-withdrawal fee is slightly above 0.0006 BTC per BTC-withdrawal. 

Deposit Methods

In addition to depositing cryptocurrency to the platform, Bitci also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you'll find one in no time at all.

Seeing as fiat currency deposits are at all possible at this trading platform, Bitci qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.