As the Government of Pakistan yet hasn’t regulated the crypto industry or centralized crypto Exchanges, as average retail traders, we always have doubts in our minds regarding the safety and security of our funds. If you are having these doubts as well, then let us introduce you to BTCEX, a Centralized crypto Exchange.
In this review, we’ll do an in-depth overview of BTCEX Exchange, including its trading benefits, why it is best for Pakistani traders, and more. So, if you are interested in knowing, then stay with us and read this review till the end.
What is BTCEX?
BTCEX is a cryptocurrency exchange providing various trading options, including spot trading, perpetual contracts, and options. For more advanced traders (Crypto experts), The company’s derivatives market offers fast trading, high liquidity, and low fees. The Platform also has a margin trading feature, meaning traders can open positions with leverage up to 100x on High Market Cap pairs such as BTC, ETH, and more.
Where is BTCEX located?
The entity 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 a jurisdiction, they operate from Ontario, Canada. The founding team of the company is composed of experts from top-notch exchanges such as Binance, Huobi, and Bithumb.
Most Platform customers come from countries where people generally speak English and Spanish. But they are getting more and more customers from all over the world every day, including countries like Pakistan, Japan, and Korea, where cryptocurrency trading is rapidly growing.
As BTCEX is headquartered in a jurisdiction that is not well-known for its crypto-friendly policies, the Seychelles situated exchange, still to this day, has managed to provide top-tier services to customers all around the world including, of course, Pakistan.
Who created BTCEX?
Exchange was initially founded by Kevin Ng, who has more than ten years of experience in the trading and financial industry, along with some other developers like Vikramaditya Kokil, who is listed as a co-founder of BTCEX on Crunchbase. 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.
As for the question of Kevin Ng’s experience, he 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. Kevin Ng officially established the new exchange back in March of 2021.
How to use BTCEX in Pakistan
1. Create an Account & Deposit Funds
- In order to use Platform for trading in Pakistan, the first step a beginner needs to take is to create an account on BTCEX. To do this, visit the official website, click on Register, and complete the sign-up process by putting the required information and setting up a secure password.
- Once you tap on “Register” on the sign-up form, 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.In order to have an enhanced experience, users from Pakistan will have to complete KYC process. There are two KYC levels on the Exchange.
- KYC Lv1 Basic Verification
- By doing this verification, users can instantly get access to any type of deposit and withdrawal features available and can increase their withdrawal limit to $100K USDT per day.
- Requirement for Pakistani users: Pakistani users are required to select nationality, then input their ID Card number and upload both front and back side images of their ID card.
- By doing this verification, users can instantly get access to any type of deposit and withdrawal features available and can increase their withdrawal limit to $100K USDT per day.
- Lv2 Advanced Verification
- After completing lv1 verifications, users can proceed with Lv2 advanced verification, which will allow them to increase their account withdrawal limit up to $500K.
- Requirements for Pakistani users: Lv2 Advanced verification requires all Lv1 information plus additional facial recognition and address verification.
- KYC Lv1 Basic Verification
- Once your account is created, you will need to fund your account. To do so, first, 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 traders to send 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.
2. Decide Features & Start a Trade
- BTCEX provides a wide range of features that Pakistani investors can take advantage of. Pakistani traders have the freedom to decide which ones apply to their overall trading strategy and which ones should be excluded. 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 beginners to trade in multiple markets and use the strategies of experienced traders to make profitable trades with almost zero knowledge of technical analysis.
- Advanced users can take advantage of margin trading and derivatives, which allow investors to bet on the price movements of cryptocurrencies with leverage.
- Once you have decided which trading method suits you, then you are free to start making your own trades.
BTCEX has a user-friendly trading interface that provides all the necessary information and tools to make successful trades. Investors can select which crypto asset or pair they would like to trade in and set the parameters for their trades.
3. Review Your Results & 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 make informed decisions regarding your trades.
- Withdrawing crypto is also as easy as transferring because BTCEX supports withdrawals to external wallets. All you need to do is to select the option you would like to withdraw and enter the receiving address and click on “Withdrawal.” BTCEX will then process your request.
Make sure to select the correct network and double-check the deposit address, as permanent loss of funds can occur.
How to buy BTCEX crypto in Pakistan
- Buy directly with a Credit Card
- Traders can then buy crypto directly using their credit cards, 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. Once your fiat card is charged, then the balance will be credited to your account immediately.
- Buy Crypto using Stablecoins
- If you have stablecoins such as USDT in your account or have deposited it to BTCEX, then use them to purchase cryptocurrencies. The process is simple, and beginners will simply need to trade their stablecoins for the asset of their choice.
Whether you want to trade or just looking to buy and hold cryptocurrencies from Pakistan, the first step always will be to create an account. This is because you need to store your purchased crypto somewhere, and BTCEX provides a secure place to do so.
How to trade in BTCEX from Pakistan
From spot trading and perpetual contracts to options and more, BTCEX has a wide range of services that are accessible to traders from Pakistan. Here are some of the top features of Exchange offered to Pakistani users.
- Spot Trading
- Spot trading is the most popular type of trading on BTCEX. It allows Pakistani users to buy and sell cryptocurrency directly with each other at the current market price.
- Perpetual Contracts
- Perpetual contracts are a type of derivative that allows Pakistani traders to speculate on the price movements of various digital assets without owning them. Exchange offers perpetual contracts with up to 100x leverage. It also proudly advertises no expiry dates and low fees.
- Options Trading
- 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
- Similar to other major exchanges, Quarterly Contracts allow Pakistani users to buy or sell cryptocurrency at a predetermined price every three months. This instrument is great for long-term traders who want to continuously hedge their positions.
- Copy Trading
- It’s a still pretty much new concept, and you might haven’t seen it on most exchanges, but recently BTCEX has integrated this option to allow Pakistani beginners to earn profits with ease.
By participating in copy trading sections, Pakistani users can copy the trades of experienced traders, allowing them to benefit from their knowledge and experience without having to actively trade themselves.
Pros and Cons of BTCEX Exchange
Pros
- One of the main Pros of BTCEX exchange is 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.
- Pakistani users are also able to seamlessly withdraw their money at any given time, which is rare among exchanges.
- Available for Pakistan
Cons
- The cons of BTCEX exchange are that it does not support fiat-to-crypto trading, and the Pakistani 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 its 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.
Conclusion
BTCEX is an exciting cryptocurrency exchange that offers a variety of more advanced trading options and features for Pakistani and global users. Although there are some cons to match the pros in this review, such as its small user base, it is making a name for itself in the crypto space. For those from the Pakistan area looking to trade with more advanced features and competitive fees, BTCEX is an ideal choice.
FAQs
Can I use BTCEX in Pakistan?
Yes, BTCEX is available for Pakistan customers. The exchange has gone through a full KYC process and complies with all the necessary rules and regulations to be available for Pakistan customers. This means that Pakistani customers can sign up and use BTCEX without any worries.
Do I need KYC with BTCEX in Pakistan?
Yes, as a part of regulatory compliance, all users from Pakistan will have to verify their identity and address to use website 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 maintain a customer base that is compliant and not using the exchange for malicious activities such as money laundering.Is BTCEX legit for Pakistani users?
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.Deposit Methods for Pakistani Clients
The only deposit method that BTCEX offers for Pakistani users is crypto. You can’t wire money in from a traditional 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 pretty easy 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.
