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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Bitrue Review: Background
Bitrue is a forward-thinking cryptocurrency exchange platform dedicated to providing the most trustworthy digital asset management services in a simple, efficient and secure manner. Launched in 2018, Bitrue is a global company based in Singapore with a vision of providing both novice and advanced traders a simple, yet highly secured and efficient environment to manage digital assets in a better way. The company was built by a strong group of digital finance experts, cybersecurity specialists, and blockchain developers, who share the same passion for redefining the crypto trading experience.
Bitrue Review: Security
Your cryptocurrencies are valuable. Many people have slowly converted significant portions of their life savings into these coins as they firmly believe that they represent the new wave of digital finance, and enable them to access fair financial services that are unburdened by the disparity and greed of traditional governments and financial institutions.
With so many livelihoods at stake, it is imperative that exchanges like Bitrue do all that they can to make your funds as safe as possible. Let's take a look at some of the features that Bitrue developed over the past couple of years that are designed to keep users' savings secure.
1. Cold Wallets
When users deposit their funds in Bitrue, they are quickly moved to Bitrue's proprietary multi-sig cold wallet storage solution. Cold wallets are extra secure as they are offline, and so even if a hacker managed to gain access to Bitrue's systems, the funds secured on these cold wallets would be inaccessible to them. Multi-sig means that multiple Bitrue team members must enter passwords when a transaction occurs on this wallet - meaning that a rogue employee at the company would never be able to steal the funds for themselves.
2. Device & IP Whitelist
A new feature that Bitrue recently released in September 2020, whitelists only allow withdrawals to be made if the device and IP address that the request is coming from matches a list that you have pre-approved. Even if a hacker were to steal your account name and password, their withdrawals would be blocked as their device and IP would not be recognized. Bitrue fully recommends adding trusted devices to your account at the very least to maximize the security on your account.
Currently, this feature is only available on Android and iOS, however, it will be coming to the web version very soon.
3. Email Safety Codes
When you receive certain sensitive emails from Bitrue, such as login notifications, you'll notice an email safety code at the top of the message. This code should always match the code associated with your account, which you can see and change at any time by going to your account page on the web version of Bitrue. If the code doesn't match, be very wary of the content inside, as it is likely to be a phishing email that was not actually sent by the Bitrue team.
4. Account Lockdowns
Login notification emails now come with a special account disable link. This is an emergency button for you - if you suddenly receive a login email that you weren't expecting and you suspect that someone has gained unauthorized access to your account, you can lock down your account immediately to prevent any funds from being transferred away.
5. Insurance Fund
And finally, in the unlikely event that funds are somehow stolen from the Bitrue exchange, the team has a separate insurance fund containing 38 million XRP and 40 million BTR. Coins from this fund would be sold in order to remunerate any users involved in a theft that was the fault of Bitrue. It covers all of your coins on Bitrue, regardless of what form they take and whether they're lying idle in your account, invested in Power Piggy, or anywhere else.
Bitrue was the first exchange in the industry to provide some of these features - a reflection of the strong cybersecurity background of its team. In the future, Bitrue will continue to develop more features that will make sure everybody's assets remain completely safe and secure.
Bitrue Review: 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.
Bitrue Review: BTR Token
1. What is BTR?
The Bitrue Coin (BTR) is a platform coin issued by Bitrue and acts as a token system for Bitrue. BTR is designed to support all Bitrue businesses such as trading fee deductions, cash deposits of project parties, voting for listing coins for transactions, wealth management programs, loan programs (to be available soon) and more.
2. What advantages does the BTR ecosystem offer?
1) BTR supports the deduction of trading fees on the platform based on the market price.
First-year: 40% off
Second-year: 30% off
Third-year: 20% off
Fourth-year: 10% off
Fifth-year: no discount
2) BTR can be used as the cash deposit of project parties.
3) BTR ownership entitles a higher interest rate in PowerPiggy
4) BTR holders are entitled to interest deductions from Bitrue's crypto loan products.
5) Eco-fund: support blockchain projects, charity, and public-good expenditure.
6) The VIP upgrade system will regard BTR holdings as a mandatory metric in addition to the transactions.
7) BTR can be staked to generate a lockup cap.
Bitrue Review: Power Piggy
Power Piggy is Bitrue's traditional investment service which was launched in early 2019. Amazingly, Bitrue were true pioneers with this, because although investment products are now common, this was the very first investment product on any cryptocurrency exchange. The concept is simple, just invest your coins and forget about them for a while. Every day you'll receive your interest paid directly into your Bitrue account, and you're free to remove the coins at any time you wish. Every day Bitrue opens up two community caps for every coin which stays open until they sell out. If you find it difficult to invest some of the most popular coins, you can even hold the platform token - BTR - to generate a VIP cap for yourself, which will enable you to invest your coins at any time even when the caps have been sold out.
Power Piggy now supports over 25 coins with interest rates ranging from 2 to 12%.
Bitrue Review: Liquidity Mining
Liquidity Mining will be launching on Bitrue in October 2021 and will allow you to get involved with DeFi services without having to learn the complex terminology and systems that power it. Just stake your funds for 7 days and Bitrue will handle the rest. As the interest rate is variable, Bitrue cannot guarantee the return, but historically returns can reach as high as 300% APR. It's also possible, albeit very unlikely, to lose money through these investments, so the team encourages everybody to only invest funds that users are willing to lose. Upon launch you will be able to invest as follows:
ETH & FNX (to receive FNX)
XRP & BFT (to receive BFT)
ETH & BFT (to receive BFT)
ETH (to receive ETH)
USDT (to receive USDT)
TUSD (to receive TUSD)
USDC (to receive USDC)
So between Power Piggy and Liquidity Mining, which service is right for you? It comes down to risk vs reward. Liquidity Mining is inherently riskier but comes with the potential for unprecedented gains, whereas Power Piggy has guaranteed returns at lower APRs.
Bitrue Review: Pros & Cons
- 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
- 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!