Bitblinx Exchange Review - Is it the best Crypto Exchange?

If you’re someone new to Crypto and have gained some ideas in trading cryptocurrencies, the chances are that you are looking for the best Crypto Exchange to trade. You also probably know very well that finding the perfect Exchange isn’t going to be a walk-in-the-park.

We thought the same until we found Bitblinx Exchange. There are so many Cryptocurrency Exchanges where you could trade your Crypto from that it is almost impossible to find the right one to start.

This post, will not only enlighten you on some tips you need to consider when selecting a Cryptocurrency Exchange but it will also review the Bitblinx Exchange, a cryptocurrency trading platform you ought to consider if your target is to make profits as you minimise your exposure to the risks involved in this industry.

What is a Crypto exchange, and how does it work?

Just as you wouldn’t buy a financial instrument like a stock or bond from a supermarket store, you also can’t just walk into a shopping mall and ask for cryptocurrencies. There are specialised online marketplaces called Cryptocurrency Exchanges where sellers of these currencies offer them for sale. They are digital platforms that enable customers to trade currencies or digital assets for other assets.

Let’s say John wants to buy some coins:

  1. John gets an amount (in the currency that the exchange supports) and deposits it on the Exchange.
  2. John then initiates a buy request by entering the details (quantity of coin and at what price he wants to buy) into an order form on the exchange.

Do not mistake Market Taker and Market Maker

There are two kinds of orders that you can make on Cryptocurrency Exchanges, and there is one of two categories you fall in when you make any of those orders.

  • Category 1 (Market Taker): You are considered to be a market Taker when you place a Market Order. In other words, you initiate an order, instructing the exchange to make a transaction as quickly as possible at the prevailing market price.
  • Category 2 (Market Maker): You are considered to be a market Maker when you place a limit order. In other words, you initiate an order instructing the exchange to complete the transaction only when the transaction meets the price you have set.
  1. The Exchange’s software will then pick this order together with other orders placed by other buyers, and display them on one side of a ledger called an “order book”. On the other side of this ledger, the software will display a list of sell offers that were inserted correspondingly by sellers on the exchange.
  2. The software will then scan through the sell offers to match a buy request having the same details as the sale offer.
  3. When a sell offer matching John’s buy request is identified, the order will then be executed. In other words, the currency he is paying with will be credited off of his account, while the coins he is buying will also get credited off the seller’s account to his account.
  4. John can then withdraw this coin out of the exchange to his wallet. The exchange, on the other hand, collects a fee or commission off  John and the seller’s account for the work of facilitating this transaction.

So put, Cryptocurrency Exchanges are platforms that connect buyers with sellers. However, not all cryptocurrency exchanges are built the same way so before you invest your hard-earned cash on any Crypto Exchange here are some factors to consider first when selecting a Crypto Exchange:

Eight factors to consider when choosing a Crypto Exchange

What are the most important factors to consider when choosing the best crypto broker in the market? Is Bitblinx the best crypto broker? Keep reading.

1. Recognition & Compliance

best crypto exchange

Cryptocurrency businesses are generally unregulated and don’t require Government approval to operate, but if a regulatory authority has registered a Crypto Exchange’s activities, it minimises the risk of managerial misconduct. Bitblinx, for example, is a regulated Crypto exchange.

Prior to being issued an operational license, the business is audited and a background check conducted on its directors to ensure they are suitable to run it.

So if an Exchange has passed this test and received some Government endorsement, there is confidence that the directors have been held accountable to uphold the highest standards of protecting their customer’s investments. Such an exchange is also more likely to navigate future regulatory adjustments that would otherwise wipe out unregistered Exchanges.

It is worth investing your money in the best crypto exchange if a Government Authority officially recognises it.

2. Geographical limitations

best crypto exchange

Even if the internet is free, openly accessible by anyone on earth, not all exchanges are legally permitted to provide their services in every country.

Depending on your nationality or where you reside, you may be restricted by some exchanges from accessing their functions.

Choose the best crypto Exchange whose services you are illegible to access.

3. Always have in mind the Security measures

best crypto exchange

The type and level of security procedures put in place by the exchange are essential in ensuring that your investment is safe.

The best crypto exchange will keep your data, transactions, and wallet secured or at least make an effort to ensure them under all circumstances.

The most basic security safeguards to look for in a good Exchange are:

  • KYC/AML checks:  to prevent unauthorised access and money laundering in crypto exchanges
  • Availability Two-factor authentication, which reduces the likelihood of an attacker accessing your account,
  • Platform’s website is SSL Certified: The Exchange holds a trust-certificate given to websites that are authentic and are enforcing basic security standards.
  • Cold storage, which reduces the likelihood of an attacker stealing funds from the Exchange.

When your hard-earned investment is at stake, no chances can be taken with the security of the Exchange, so choose a cryptocurrency exchange that takes its security seriously.

4. Why are Supported Trading Pairs important?

best crypto exchange

When you are new to the world of crypto, you might find it unusual for an exchange not to have fiat currency paired assets like BTC/USD. This is because most crypto Exchanges pair Cryptocurrencies against other cryptocurrencies.

When you are looking for the best Crypto Exchange from which to make a profit from, don’t just look for an Exchange that has many trading pairs.

Instead, look for one that has the most profitable trading pairs. It is not about the number of coins listed by the Exchange, but rather the quality.

The best and most profitable currency pairs are the currencies paired against high-volume/highly Liquid cryptocurrencies like Bitcoin, Ethereum and some stable coins like USDT, EURS.  In the Crypto market.

Bitcoin and Ethereum are by far, the most preferred quote currencies, against which most cryptocurrencies are paired. This is because if you have Bitcoin or Ethereum, it isn’t hard to trade into and out of any other cryptocurrency.

5. Fees

No one likes to get overcharged. For every trade you are going to make on an exchange, it’s vital that you know in advance what you’ll be charged for each trade. Otherwise, the Cryptocurrency Exchange will keep taking its cut while your investment keeps shrinking.

Comparison
BitblinxBinanceBitfinexBittrexBitMexBitthumbOKExBit-ZHitBTC
Deposit fee00BTC:0.000400BTC: 0.00100
ETH:0.00135ETH: 0
(30 Day Volume = 50 BTC)
Maker/Taker Fee
0.05%0.1%0.200%0.25%0.075%0.25%0.08%0.08%0.07%
0.02%0.1%0.100%0.25%0.025%0.25%0.06%0.03%0.05%
Withdraw
fee
0BTC: 0.0005BTC: 0.000400BTC: 0.0010BTC: 0.0004Fees vary
ETH: 0.01ETH: 0.00135ETH: 0.01ETH: 0.01

There are mainly three types of fees an Exchanges deducts from your account, namely– deposit, transaction, and withdrawal fees.

  • Deposit fees: these are deducted every time you deposit into your account
  • Withdrawal fees: These are deducted every time you withdraw funds out of your account to an external wallet.
  • Transaction fees: These are deductible as a percentage on each transaction you make on the platform. They generally range between  0.1% to 0.25%. Although the Global Cryptocurrency Exchange industry-average is around 0.25%, some exchanges divide the Transaction fee into two categories, i.e. Marker fees and Taker fees.

 The best crypto exchange:

  1. Has low fees: The smaller the fees a cryptocurrency Exchange charges, the less of your hard-earned cash is blown away when using that exchange.
  2. Is transparent about their fees:  An exchange might claim to have low transaction fees. But if it is not open enough to disclose all the other deductions, you may get charged hidden fees as a way of compensating for the low transaction fees the Exchange collects.

If you want to make big profits, start by incurring fewer expenses.

Stay away from Exchanges that ask for regular maintenance fees, massive withdrawal & deposit fees, large spreads, unfair margin rollover fees, or account verification and administration fees.

6. Deposit Methods

If you don’t have any Bitcoin before joining an exchange, it is crucial to find ways of converting your fiat currency into Bitcoin first. This is because the majority of Cryptocurrency exchanges don’t accept Fiat deposits.

The few Exchanges that do accept Fiat payments also have varying transaction timeframes. Some process fiat payment instantly, while others take days or even weeks to process bank-transfers.

Such delays could hinder you from snatching trading opportunities that occasionally present themselves at the right time on the exchange.

7. The Best Crypto Exchange will be Ease to use

Some exchanges have complex systems and layouts that are difficult to navigate and operate. If you are new to crypto trading, you could find yourself wasting more time learning the platform than making trades.

best crypto exchange

The best Cryptocurrency exchange is:

  • Beginner-friendly: the platform's interface is intuitive and can easily be navigated by both newbie and experienced traders without having to consult Customer support frequently. The Account set-up and verification process should be as smooth and stress-free as possible.
  • User-friendly: If the Exchange's system takes minutes to execute or process a function, or slows down a process like depositing or withdrawing, then it's not reliable. Crypto markets are very volatile, and if there is even a slight second delay in executing a trade, it can result in a loss. An efficient buyer-seller matching system, however,  generates profits for traders, faster by performing functions instantaneously.

Good exchanges are exchanges that give good user-experiences.

8. Customer Support

Your time is valuable when you are trading cryptocurrency. Whenever issues arise in the course of your trading, you don’t want to spend long hours waiting for customer support to resolve it.

The best crypto exchange must have an excellent and responsive Customer Support service. It will always attend to your issues on time. This way, more of your time and energy is dedicated to trading than troubleshooting.

Best crypto exchange

Find an Exchange whose Support service is reachable and can tolerate your dumb questions but also respond to your more complex ones, as well as. Bitblinx responded in less than 3 minutes, which is appreciated.

Their Chat Bot also offers ready-made answers for general and FAQ questions. Only the best crypto exchange will offer such useful services.

9. Look for on-the-go tools!

The best crypto exchange will offer the best. Bitblinx App is a new tool any trader can use. This facilitates trading anywhere you are, without the time and place constraints that some users experience with other crypto exchanges.

best crypto exchangebest crypto exchange

In light of the above eight factors to consider when choosing a Cryptocurrency Exchange to trade on, we joined Bitblinx Exchange and here is what we learnt about it. 

What is Bitblinx Exchange?

Bitblinx Exchange is a Cryptocurrency trading platform established in 2019. It is registered in Estonia (company registration number 14753654) located at Harju maakond, Tallinn, Lasnamäe linnaosa, Punane tn 56, 13619

Which countries does Bitblinx Exchange support?

If you don't reside in any of these countries, then you are not eligible to buy and sell Cryptocurrencies on Bitblinx Exchange.

Afghanistan, Algeria, Bangladesh, Bolivia, Democratic People’s Republic of Korea (North Korea), Ecuador, Ethiopia, Iceland, Iran, Kyrgyzstan, Macedonia, Morocco, Nepal, Pakistan, Qatar, Saudi Arabia, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, and the USA , Vanuatu, Vietnam, Yemen, Japan.

Is Bitblinx a safe Exchange to use?

Here are some Security measures Bitblinx has implemented. This is evidence Bitblinx is the best crypto exchange:

  • To provide better protection for customers’ funds,  Bitblinx stores 90% of its customer's assets on multi-signature cold wallets so they can ultimately be isolated from any online intrusion.
  • User's accounts are also protected by complex password requirements, mandatory 2FA, and email confirmations needed for withdrawals and warnings about login attempts made from different IP than usually.
  • The Bitblinx platform is secured by advanced SSL standards and Cloudflare security features incorporated within.

As long as Bitblinx maintains these and more security safeguards that are compliant with the Security industry’s best practices, it is a safe Exchange to use.

What trading pairs does Bitblinx offer?

Currently, Bitblinx Exchange offers 19 cryptocurrency pairs to trade and is continuously working on expanding the list.

Ethereum Pairs

  • XRP/ETH
  • XLM/ETH
  • LTC/ETH
  • DASH/ETH

Bitcoin Pairs

  • XLM/BTC
  • XRP/BTC
  • GTPLUS/BTC
  • GTFTA/BTC
  • LTC/BTC
  • BSV/BTC
  • DASH/BTC
  • BTG/BTC
  • ETH/BTC
  • BCH/BTC

USDT Pairs

  • ETH/USDT
  • BTC/USDT

EURS Pairs

  • BTC/EURS
  • ETH/EURS

GTPLUS Pairs

  • GTFTA/GTPLUS

How much does Bitblinx charge?

Bitblinx exchange does not charge for depositing or withdrawing from the exchange. The exchange uses a maker/taker model and charges a fee for every transaction made.

The maker and taker fee depend on the trader's monthly trading volume and the type of cryptocurrency they are trading, but the Maker fee varies between 0.012% to 0.02% while the Taker fee varies between 0.02% to 0.05%. Here is a detailed breakdown of the Bitblinx Exchange Fees.

What payment methods does Bitblinx?

Currently, Bitblinx accepts deposits and withdraw through all Cryptocurrencies supported on the platform namely: Bitcoin, Ethereum, Bitcoin Gold, Litecoin, DASH, Bitcoin SV, Bitcoin Cash, GTFortuna, GTPlus, USDT, Tether, XRP, Stellar, Stasis

The Exchange plans to launch fiat deposits too, in the future.

What is it like, to use Bitblinx?

The trading platform's simplicity makes it easy for beginner traders, and advanced traders to navigate and operate. Getting Started and executing your trades is as easy as Step 1, 2 and 3.

To create an account:

  1. Select “Sign up” on the top right of the website and enter your email, create a password,
  2. Check the box- “I agree to all terms”, and the “reCaptcha” box, and then click the tab “Create an account”.
  3. Open a verification email sent to your email, click the activation and you are ready to go!

It is as simple as that!

Hence, depositing, withdrawing or placing a buy or sell order on the Exchange is also very straight-forward. For more guidance on this, visit the Bitblinx Knowledge Base:

Additionally, Bitblinx will also be rolling out their Mobile Application soon, where users on Android and IOS can navigate the exchange more easily while they are on-the-go.

How active is Bitblinx Customer support?

When it is your first time to visit or hear about a new trading platform such as Bitblinx Exchange, naturally you would mistakenly assume that since it’s a new Exchange in the industry, your inquiries will take a while to get responded to, or not attended to at all.

That's not the case. Customer support at Bitblinx Exchange can be reached via Live-Chat on their platform, and they are surprisingly fast at responding to inquiries.

Support is also proactive at handling customer's issues through their Facebook Messenger.

And if you consult the FAQs section on the platform's Knowledgebase but don’t find what you’re looking for, you can open and submit a Customer support ticket.

Our conclusion on Bitblinx Cryptocurrency Exchange.

Pros
  • It is recognized by a Government authority – Regulated
  • Apart from a few prohibited countries, it allows many countries to trade on it.
  • Has several Security Features (2FA, SSL, Mail encryption)
  • Supports profitable Crypto trading pairs (BTC & ETC based pairs)
  • Charges low transaction fees
  • Allows Bot Trading
  • Offers a Coupon Gift – So that you can share Cryptos as a present!
  • Its Set-up, Lay-out and functions are intuitive enough for both Beginners & Experts.
  • Has an active Customer support
  • Mobile App Available

Cons
  • Limited Number of trading pairs
  • No Fiat payment options yet (coming soon)

Rating Score

Considering the above evaluation checklist, on a scale of 10, Bitblinx Exchange scores 8.5.

Every exchange has its advantages and disadvantages depending on what the trader wants to achieve.

However, if earning a profit while minimising risks and losses, is your end-goal. Bitblinx Exchange is one of the best Crypto Exchanges platforms you should immediately start trading on.

5/5 (1 Review)

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