What is BTCEX?
BTCEX is a cryptocurrency exchange that provides various options for users including spot trading, perpetual contracts, options, and more. For more advanced traders, the BTCEX derivatives market offers fast trading, high liquidity, and low fees. The exchange also has margin trading, meaning traders can open positions with leverage up to 100x on some pairs.
Where is BTCEX located?
BTCEX is headquartered in beautiful Seychelles, a paradise of white-sand beaches and crystal-blue waters. Seychelles is a country in East Africa. Although they are incorporated in this jurisdiction, they operate from Ontario, Canada. The founding team of this company is composed of experts from top-notch exchanges such as Binance, Huobi, and Bithumb.
So, although they are headquartered in a jurisdiction that is not as well-known for its crypto-friendly policies, BTCEX has the experience to bring top-tier services to customers all around the world.
Most of their customers come from countries where people speak English and Spanish. But they are getting more and more customers from all over the world every day. For example, Japan and Korea are two growing markets for the exchange.
Who created BTCEX?
On Crunchbase, Vikramaditya Kokil is listed as a co-founder of BTCEX. The other founder is named Kevin Ng. When it comes to engineering and development, Vikramaditya Kokil is known as a master of all trades. He is highly experienced in software engineering and has a strong knowledge of blockchain technology.
Additionally, Kevin Ng has been working in the cryptocurrency space for some time now. His experience within different exchanges and trading platforms has enabled him to create one of the most advanced crypto exchanges out there, BTCEX. Kevin Ng officially established the new exchange back in March of 2021.
How to use BTCEX
1. Create an account
The first step would be to create an account. Go to the BTCEX website, enter your email address and create a secure password. You will then receive a verification code to your email address. This is used to confirm that the account is yours and not someone else’s.
After that, you will have to complete KYC. Whether you create the account via your desktop or mobile application, the process is the same and straightforward. You can contact their support team at any time if you are having trouble with this first step.
2. Deposit funds
When your account is created, you will need to fund it. To do so, you need to click on the ‘Deposit’ tab or button and select one of the available payment options. Depending on your choice, you will be asked to follow the instructions to complete your deposit.
Depositing crypto requires that you send the funds from a third-party wallet that has enough cryptocurrency to cover the amount you are looking to deposit. Just make sure that you send it to the correct address, or else you will lose your funds.
3. Decide features
The BTCEX exchange provides a wide range of features that you can take advantage of. You need to decide which ones apply to your overall trading strategy. The tabs at the top of the website are neatly categorized, so it’s easy to navigate through and find the features you need.
If you are not experienced, starting with spot trading or copy trading is recommended. These features allow you to trade in multiple markets and use the strategies of experienced traders to make profitable trades.
Advanced users can take advantage of margin trading and derivatives, which allow you to bet on the price movements of cryptocurrencies with leverage.
4. Start a trade
Once you have decided which trading method you would like to use, you can start making your trades. BTCEX has a user-friendly trading interface that provides all the necessary information and tools to make successful trades. You can select which crypto asset or pair you would like to trade and set the parameters for your trades.
5. Take profits
The last step is to review your trades and take profits if necessary. Simply selling at the right time can help you make a large profit. Charting tools and other analysis tools can help you make informed decisions regarding your trades.
Withdrawing your crypto is also easy, as BTCEX supports withdrawals to external wallets. All you need to do is select the option you would like to withdraw and enter the receiving address. BTCEX will then process your withdrawal. Selecting the correct network and double-checking your address is always recommended, as permanent loss of funds can occur.
How to buy BTCEX crypto
1. Create An Account
Whether you are trading or just looking to buy and hold, you will have to create an account first. This is because you need to store your purchased crypto somewhere and BTCEX provides a secure place to do so.
2. Buy with a credit card
You can then buy crypto directly using your credit card such as a Visa or Mastercard to get started. If this is your preferred option, enter your credit card details and select the amount of crypto you’d like to start with. Your balance will then be credited to your account immediately.
3. Buy crypto using stablecoins
If you have stablecoins such as USDT in your account or have deposited it to BTCEX, you can use them to purchase cryptocurrencies. The process is simple and you simply trade your stablecoins for the asset of your choice.
How to trade in BTCEX
From spot trading and perpetual contracts to options and more, BTCEX has a wide range of services that are accessible to traders. Here are some of the top features of BTCEX.
Spot trading is the most popular type of trading on the BTCEX exchange. It allows users to buy and sell cryptocurrency directly with each other at the current market price.
Perpetual contracts are a type of derivative that allows traders to speculate on the price movements of various digital assets without having to own them. BTCEX offers perpetual contracts with up to 100x leverage. It also proudly advertises no expiry dates and low fees.
Options are also available on BTCEX, allowing traders to buy or sell the right but not the obligation to buy or sell cryptocurrency at a predetermined price in the future. This could prove to be an excellent hedging tool for experienced traders. Quarterly contracts are also available, allowing users to buy or sell cryptocurrency at a predetermined price every 3 months. This instrument is great for long-term traders who want to continuously hedge their positions.
Finally, copy trading is a new feature that BTCEX has recently implemented. It allows users to copy the trades of more experienced traders, allowing them to benefit from their knowledge and experience without having to actively trade themselves.
Deposit Methods
The only deposit method that BTCEX offers is crypto. You can’t wire money in from a bank. However, you can buy crypto via your credit card and start trading with those funds as a workaround.
If you are depositing with crypto, you need to send your funds from your wallet that is currently holding the crypto to the public address associated with your BTCEX account. If you are familiar with cryptocurrency transfers, this should be a familiar process.
For new users, BTCEX has a comprehensive guide on how to deposit crypto. Generally, starting with small amounts to get the hang of the process is advisable.
Pros and Cons of BTCEX
The pros of BTCEX are that it offers a variety of more advanced trading options, such as margin trading, options, and derivatives. It also has competitive fees and fast order processing speeds when it comes to deposits being confirmed. Users are also able to seamlessly withdraw their money at any given time, which is rare among exchanges.
The cons of BTCEX are that it does not support fiat-to-crypto trading and its user base is still relatively small. The exchange also does not have much liquidity when it comes to more obscure coins and tokens due to this small user base. Also, since BTCEX is still quite new compared to other exchanges, it may take some time before its features catch up with the more established competitors.
BTCEX is an exciting cryptocurrency exchange that offers a variety of more advanced trading options and features. Although there are some cons to match the pros, such as its small user base, it is making a name for itself in the crypto space. For those looking to trade with more advanced features and competitive fees, BTCEX is an ideal choice.
Is BTCEX legit?
Yes, BTCEX is a legitimate cryptocurrency exchange. The platform has been running for about two years now, and it offers advanced trading options for both beginners and experienced users. BTCEX is designed to be secure, easy to use, and compliant with all legal regulations.
The exchange is a registered business entity, and the experienced team has acquired the Canadian MSB licensing for forex, virtual currency dealing, and money transfer. They are a private company, so its financials are not made public, but when it comes to legal operations, BTCEX is fully compliant with all relevant regulations.Can I use BTCEX in the US?
Yes, BTCEX is available for US customers. The exchange has gone through a full KYC process and complies with all the necessary rules and regulations to be available for US customers. This means that US customers can sign up and use BTCEX without any worries.
Do I need KYC with BTCEX?
Yes, as a part of regulatory compliance, all users have to verify their identity and address to use BTCEX services. Users can choose the type of document that is accepted to verify their identity.
This process is to ensure that all users of BTCEX are using the platform legally. It may be tedious, but it helps the platform maintain a customer base that is compliant and not using the exchange for malicious activities such as money laundering.
