Bitsten
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UPDATE 31 August 2023: We have received reports from a number of independent sources that Bitsten Exchange does not process withdrawals and does no longer respond to support queries.
Accordingly, we have marked Bitsten Exchange as a scam in our database and moved it to our Exchange Graveyard. If we would receive new reports that withdrawals are being processed in a timely and professional manner, and the business is conducted in an overall professional manner, we might consider "reviving" this platform again.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Bitsten Review
What is Bitsten?
Bitsten is a crypto exchange from Indonesia that launched in 2017. Bitsten certainly has grand visions for the future. They state on the website of the exchange’s native token, that:
“Bitsten Token, created to support the Bitsten Exchange project, and will be the largest exchange in Indonesia and Asia in the future, we use a very small fee and share the profit of the company to the token holder as a reward, for its contribution to transaction in Bitsten.”
US-investors
Bitsten is open to US-investors. However, any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.
Bitsten Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at Bitsten:
Bitsten Fees
Bitsten Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.
Bitsten’s fee for takers is 0.20%. 0.25% can be argued to be the industry average taker fees, so 0.20% is neither particularly low or particularly high.
However, this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of Bitsten's offering and can be really helpful for people interested in not picking up existing orders from the orderbook.
The fees are also discounted if you reach certain monthly trading volumes, as follows:
To conclude on the trading fees, Bitsten is doing a great job.
Bitsten 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 approx. 0.0006 BTC per BTC-withdrawal. Bitsten charges 0.0005 BTC, which is slightly below the global industry average. Accordingly, their withdrawals fees are also competitive.
Deposit Methods
Bitsten does offer fiat currency deposits, but you can’t deposit via credit card. Also, you can only deposit IDR (Indonesian Rupiah).
Accordingly, if you for some reason would prefer to deposit to your choice of trading platform via your credit card, or through any other fiat currency then the IDR, then you need to find another exchange. Don’t worry though, you can find an exchange that accept credit card deposits simply by using our Exchange Finder tool.
However, as Bitsten at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.