Bitexen

Bitexen Review

What is Bitexen?

Bitexen is a cryptocurrency exchange from Turkey. The platform launched in 2018. On the date of first writing this review, the platform offered trading in 28 cryptocurrencies but more will likely follow in the future.

Bitexen 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. Fortunately for them, Bitexen is also available as a mobile application (both for iPhones and Androids).

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.

Bitexen does not allow US-investors on its exchange. In fact, they only seem to allow people that have a Turkish phone number. So if you’re from any other country than Turkey and you would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our Exchange Filters we can help you out.

Bitexen Fees

Bitexen 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. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At Bitexen, the standard trading fees for takers are 0.25%, and for makers 0.15%. 0.25% in taker fees is in line with, or even slightly above, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.

According to the latest empirical study on the subject, the industry average taker fees were 0.215% and the industry average maker fees were 0.162% (for spot trading). Consequently, Bitexen's fees are below the industry average taker fees, but above the industry average maker fees.

You can receive trading fee discounts by holding a certain level of EXEN-tokens, as set out in the below table. The lowest level of fees you can have is 0.125% for takers and 0.075% for makers. These fees are very competitive, and only require you to hold 100 EXEN, which on the date of first writing this review (15 June 2021) was only USD 399.  

Bitexen Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Bitexen charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report) and a quite competitive fee.

Bitexen 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.

Unfortunately, as we could not create an account at this exchange, we have not been able to obtain a picture of the platform's trading view either. We apologize for any inconvenience this may cause.

Deposit Methods

In addition to depositing cryptocurrency to the platform, Bitexen 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, Bitexen qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.