Bitrue Review: Is It Worth It?
Bitrue is a relatively new cryptocurrency exchange that lets you convert over 100 cryptocurrencies to fiat currency. Bitrue also provides an app for mobile trading and 24/7 customer service. Is Bitrue worth it? Is Bitrue safe? Is Bitrue legit? Read our Bitrue review to find out!
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For any questions or inquiries, please do not hesitate to contact the head of BD of Bitrue exchange at jackling@bitrue.com
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
Background and History
Bitrue stands as a progressive cryptocurrency exchange platform that is resolutely committed to delivering digital asset management services steeped in reliability, facilitated through a streamlined, effective, and impregnable framework. Having commenced operations in 2018, Bitrue has established itself as a prominent global entity with its headquarters rooted in Singapore. Central to its mission is the provision of a user-friendly haven for both fledgling and adept traders, one characterized by its unwavering dedication to security and operational efficiency in the domain of digital asset management.
The genesis of Bitrue can be traced back to a consortium of adept minds hailing from the spheres of digital finance, cybersecurity, and blockchain development. This assemblage of expertise coalesces in the pursuit of a shared vision—namely, the transformation of the crypto trading landscape. A synergy of digital finance virtuosos, adept cybersecurity practitioners, and innovative blockchain architects lent their collective acumen to the architecture of Bitrue. This convergence of talent underscores a zeal to redefine the contours of the crypto trading encounter.
Incepted against the backdrop of an ever-evolving blockchain landscape, Bitrue deftly encapsulates the evolving demands of both amateur and seasoned traders. The fulcrum of its service provision pivots on the twin pillars of accessibility and impregnable security. This dual focus dovetails with the contemporary pulse of the crypto sphere, where a seamless and secure interface is of paramount importance.
Bitrue's unique stance finds resonance in its meticulous fusion of intuitive accessibility with cutting-edge security protocols. This blend serves to assuage the concerns of newcomers to the cryptocurrency realm, offering them a judiciously uncomplicated ingress into the intricacies of digital asset management. Simultaneously, the platform caters to the exacting standards of experienced traders, engendering an ecosystem wherein the complexities of crypto trading are harmonized with the assurance of ironclad security.
The core ethos of Bitrue emanates from a resolute commitment to traverse uncharted territories within the realm of cryptocurrency exchange. This is a commitment not just limited to innovation, but one that intertwines innovation with a zealous dedication to the safety and empowerment of its user base. As a consequence, Bitrue emerges not merely as an exchange, but as a dynamic force propelling the broader narrative of cryptocurrency's journey into the future.
Safety and Security
In light of the significant stakes involved, the onus falls on exchanges like Bitrue to exert maximal effort in ensuring the security of users' funds. Bitrue's commitment to this endeavor is evidenced by a range of protective mechanisms it has meticulously developed over recent years.
Bitrue employs proprietary multi-signature cold wallets as a fundamental layer of defense. By expeditiously moving deposited funds into these cold wallets, the exchange leverages their offline nature to thwart potential breaches. In this manner, even if malicious actors were to compromise Bitrue's system, the assets held offline would remain impervious. The multi-signature protocol mandates the collaboration of various Bitrue team members to authorize transactions from these wallets, thereby preempting any rogue internal machinations.
A pioneering advancement emerged in December 2020, manifesting as the Device & IP Whitelist feature. This innovation mandates that withdrawals can only be executed from pre-approved devices and IP addresses. Hence, even in the scenario of login credentials being pilfered, unauthorized withdrawals are thwarted due to unrecognized devices and IPs. This proactive measure underscores Bitrue's emphasis on preemptive security measures.
The vigilant scrutiny of sensitive emails is engendered through Email Safety Codes. These codes, situated atop crucial Bitrue emails like login notifications, serve as authenticity markers. This feature empowers users to validate received emails, allowing them to cross-reference the codes on their accounts' web version. Any discrepancy warrants circumspection, signifying a potential phishing attempt unrelated to Bitrue.
Equally paramount is the mechanism of Account Lockdowns. Included within login notification emails is an emergency account disable link. This intuitive recourse empowers users to promptly immobilize their accounts in situations where unauthorized access is suspected. The agility of this response prevents any potential unauthorized fund transfers.
Addressing contingencies is the insurance fund, a bulwark against improbable mishaps. Should any breach occur on the Bitrue platform, this dedicated fund—encompassing significant holdings of XRP and BTR—serves to recompense affected users. Remarkably, this safety net spans all forms of holdings, reflecting Bitrue's commitment to users' comprehensive security.
The genesis of these protective measures is rooted in Bitrue's cybersecurity acumen. Its pioneering disposition in introducing these mechanisms underscores a forward-thinking stance.
The trajectory ahead promises the sustained evolution of Bitrue's security features. The exchange's resolute mission is to perpetually bolster the impregnability of users' invaluable assets, thereby cementing its status as a sentinel of safety within the dynamic landscape of cryptocurrency exchanges.
Fees
Bitrue's fees are fairly decent, these fees vary depending on the trading pair you're exchanging, also, if you use the BTR token to pay for trading fees, you will always get a 40% discount.
Trading fees are regularly updated in an effort to keep them as low and as fair as possible, for the latest fees, follow the link below.
BTR Token
Functioning as an intrinsic token system, BTR finds itself deeply integrated into the various facets of Bitrue's operations, shaping the contours of its multi-dimensional services.
The versatile design of BTR is evident in its comprehensive support of Bitrue's array of ventures. Its utility extends across a spectrum of domains, encompassing trading fee management, project party cash deposits, facilitation of listing coin selections, empowerment of wealth management initiatives, impending loan programs, and a repertoire that extends beyond.
One of the salient advantages underpinning the BTR ecosystem is its role in refining the cost structure of trading. With an astute appreciation for market dynamics, BTR extends preferential fee reductions that resonate over a span of five years. This framework reflects a dynamic approach: commencing with an aggressive 40% reduction in the inaugural year, followed by a measured progression culminating in a fee equilibrium.
BTR finds its relevance manifest in a diverse range of financial maneuvers. Notably, it serves as a medium for cash deposits from project entities, thereby amalgamating fundraising dynamics within the digital realm. The intrinsic value of BTR transcends mere transactional utility, as ownership entails elevated interest rates within the PowerPiggy framework. This alignment underscores Bitrue's commitment to cultivating mutually beneficial relationships with its users.
The symbiotic relationship between BTR and Bitrue's crypto loan products introduces an innovative dimension. BTR holders are privy to interest deductions that not only underscore the platform's innovative prowess but also reward the loyalty of its user base.
The BTR ecosystem extends its influence into the broader realm of societal welfare. Through the medium of an eco-fund, it galvanizes support for blockchain ventures, charitable endeavors, and the advancement of public goods—a testimony to its multifaceted relevance in a transformative landscape.
The architecture of Bitrue's VIP upgrade framework underscores the paramount status accorded to BTR holdings. Inextricably intertwined with transactional history, BTR ownership is woven into the fabric of user engagement, encompassing a holistic evaluation of user participation.
Beyond its utility in transactional realms, BTR finds resonance in the act of staking. By embracing the concept of staking, BTR holders partake in a dynamic process that culminates in the generation of a lockup cap. This transformative function not only bolsters the economic dimensions of BTR but also fosters a sense of communal engagement.
Power Piggy
Bitrue's Power Piggy, introduced in the early months of 2019, emerges as a hallmark of the platform's innovative investment services. Pioneering a concept that has now become widespread, Bitrue stands distinguished as the trailblazer in this realm, being the first cryptocurrency exchange to offer an investment product of this nature.
The bedrock of Power Piggy's allure rests in its elemental simplicity. The premise is straightforward: entrust your coins to the system and let them mature over time. The dividends are equally straightforward – a daily interest accrual, seamlessly channeled into your Bitrue account. The autonomy lies with the user, who retains the freedom to withdraw their holdings at their discretion. A pivotal element is the daily opening of community caps for each coin, accessible until they reach capacity. This democratic approach underscores Bitrue's commitment to inclusion and broad-based participation.
What distinguishes Power Piggy from the mundane investment offerings is its expansive canvas. With a roster encompassing over 25 different coins, each offering varying interest rates spanning from 2 to 12%, it exemplifies a diversified landscape catering to a spectrum of risk appetites.
For those grappling with entry barriers presented by popular coins, an innovative facet of Power Piggy emerges. Holding the platform's token - BTR - becomes a strategic key, enabling the generation of a personalized VIP cap. This endows users with the flexibility to invest even when community caps are fully subscribed, thus circumventing limitations.
In hindsight, Bitrue's Power Piggy is a manifestation of the platform's far-sightedness, offering a comprehensive investment ecosystem that caters to diverse profiles. It stands as a testament to the exchange's proclivity for innovation, solidifying its status as a pioneering force in the evolving narrative of cryptocurrency services.
Liquidity Mining
In March 2022, Bitrue introduced Liquidity Mining, offering users a simplified entry point to DeFi services, devoid of the complexities that often obscure this landscape. The platform's commitment to democratizing decentralized finance is evident in this initiative, streamlining participation. Liquidity Mining's essence lies in its straightforward nature – users commit their funds for a brief 7-day period, while Bitrue efficiently manages the operational intricacies. The variable nature of interest rates negates guarantees, yet historical data reveals the potential for annual percentage rates reaching up to 300%. However, a note of caution is sounded – albeit infrequent, the possibility of losses exists. Thus, Bitrue emphasizes prudent fund allocation in accordance with individual risk tolerance.
Operational mechanics are channeled through specific coin pairs, each leading to the acquisition of a designated token:
- ETH & FNX (resulting in FNX)
- XRP & BFT (resulting in BFT)
- ETH & BFT (also resulting in BFT)
- ETH (resulting in ETH)
- USDT (resulting in USDT)
- TUSD (resulting in TUSD)
- USDC (resulting in USDC)
Deciding between Power Piggy and Liquidity Mining pivots on a fundamental trade-off: balancing risk against reward. While Liquidity Mining holds the potential for substantial gains, it carries inherent risk, whereas Power Piggy offers assured returns at comparatively lower annual percentage rates.
Bitrue Pros & Cons
Bitrue: Pros
- No KYC required
- Earn interest on your assets
- Available in the U.S.
- 40% discount on fees when paying for them with BTR
- Many trading pairs
- Many security features
- Fast and helpful customer support
- Integration with TradingView
Bitrue: Cons
- It is impossible to update your phone number and address if you move to a different country
- Back in 2019, Bitrue was hacked for around $4.2 million in user assets
- The interface could be much better, at times it is confusing and complicated to use
- Many users complain about long waiting periods to get their tickers resolved
Bitrue Review: Verdict
After our Bitrue review, we were very surprised to find that the team is taking its mission to grow and become one of the best cryptocurrency exchanges in the world very seriously.
Bitrue offers many features to its users, it doesn't require KYC if you want to start trading straight away, it is available in the United States, it has a lot of trading pairs and customer support is very fast and helpful to reply to any enquiries, the fact that Bitrue integrates with TradingView is also very cool.
in 2019, Bitrue was hacked and $4.2 million of users' assets were stolen, that being said, Bitrue took full responsibility for the problem, it paid the stolen amount back to its users, and introduced a lot of new security features to make sure that it would never happen again. Bitrue currently has an insurance fund containing 38 million XRP and 40 million BTR which would be sold in order to remunerate any users involved in a new hacking theft.
It would be great if Bitrue's interface saw some improvements, at times it is a bit complicated and confusing to use, features like Power Piggy are great and Bitrue were pioneers when they introduced it back in 2019, that being said, this feature is more complicated to understand than in other platforms and exchanges.
There are also a lot of customers' complaints about delays in solving tickets and having their funds held to in the meantime, nonetheless, there's no way to find out whether or not these delays and measures are justified.
Perhaps one of the biggest drawbacks to Bitrue is the fact that it does not allow you to update your phone number and address if you move to a different country.
If you would like to sign up for Bitrue, you can do so by following the link below! Remember that you'll get 40% OFF trading fees if you use BTR to pay for those fees and you'll get up to 50% of your friend's trading fees when you invite them to use Bitrue!
Well not sure I can agree with this score seeing as Bitrue will not enact the reserve fund to refund me my coins which were stolen by what appears to be a issue with their login system – resulting in thousands of dollars worth of coins just disappeared.
Hi Chris,
Sorry to hear that, we weren’t aware of this issue, can you send us some more details?