Bitonic

Bitonic Review

What is Bitonic?

Bitonic’s domicile country is the Netherlands. They claim to be the “first and largest Bitcoin company” in the country. The only available cryptocurrency at the platform is Bitcoin. If you want to trade the less popular coins, you’ll have to look elsewhere.

US-investors

The exchange does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship.

Bitonic Academy

Bitonic has also founded something they call the Bitonic Academy. This institution offers education and workshops in blockchain technology, Bitcoin, security in the blockchain sphere, fraud prevention, advanced applications of Bitcoin and much more. Several large companies are co-sponsors of the Bitonic Academy and it has given presentations to many key industry players in the Netherlands.

Bitonic 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 trading 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. At this exchange, there is only an order box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at Bitonic:

Bitonic Fees

Bitonic Trading Fees

This platform is different from most other crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling BTC. When buying BTC from the exchange, the purchase price offered by the exchange is usually slightly higher than the market price. Conversely, when selling BTC to the exchange, the purchase price offered is usually slightly lower than the market price. The mark-up or mark-down is not specified anywhere. 

However, on the date of last updating this review (29 May 2020), we did a test where we compared the price for 1 BTC at Bitonoic, to the current BTC-market price as presented by Coinmarketcap. We then learned that we mark-up was 0.60%. Compared to other platforms with this type of trading method, 0.60% is actually a very competitive fee. 

Bitonic Withdrawal Fees

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.

Here, at Bitonic, you only have to pay the network fees when withdrawing. These are the fees that miners receive to confirm transactions. Only charging network fees is competitive.

Deposit Methods

Bitonic offers wire transfer as a deposit method, but you can’t deposit via credit card. So if you’re a person who likes to flex your credit card everywhere you go (even in cyberspace), this is bad news to you. However, as the exchange accepts deposit of fiat currencies at all, it distinguishes itself from many exchanges that only allows deposits in cryptocurrencies.