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BTC China Bitcoin Exchange Review

BTC China Bitcoin Exchange Review

Author
Users
  • Reliability
  • Security
  • Transparency
  • Exchange Fees
  • Customer Support

BTCC is a Shanghai-based exchange firm which was formerly known as BTC China and is one of the oldest Chinese exchanges. It was founded in June 2011. Even in terms of volume, it is one of the biggest largest Bitcoin exchange. Most of its customers are Chinese since the exchange in the international arena is quite limited.

Nonetheless, BTCC does have a standing in the international platform too. They have tried various fee structure systems ranging from charging only a small fee on both sides of no fees as well as a maker-taker system. BTCC works with both Litecoin and Bitcoin and also runs many side-operations like a mining pool.

Services offered and Features
The services of BTCC exchange is outstanding. The fact that it has abolished all kinds of trade execution fees makes it very popular despite the fact that it only offers Bitcoin and Litecoin to trade. The BTC and LTC pair roughly have 13 basis points of bid-ask spread. Such low bid-ask spreads are rare but it is because of the absence of trade fees. However, it does charge fees of 0.38% on bank withdrawals. The website is also very easy to comprehend and navigate.

There is also a trading app that can be downloaded on your mobile phones. The app is seen to provide an improved user experience and better performance. BTCC works on all kinds of platforms like the website, android app, as well as an iPhone app.

Reliable & Security
BTCC is a very transparent and secure platform. The Direct Market Access (DMA) makes sure that there is complete market transparency by exposing the entire order book. There are enough countermeasures taken by BTCC to stop any kind of market manipulation. The accounts and funds are also secure with BTCC because they use offline cold storage; SSL encrypted traffic, geographically redundant cloud servers, and have real-time internal controls with strict procedures.

Pros

  1. The biggest amongst all other pros is that there are no trade fees and nearly 0 bids-ask spreads.
  2. 0% fees make it less risky.
  3. It is legitimate because the Chinese government accepts and acknowledges it.
  4. It is one of the biggest names in Chinese BTC

Cons

  1. It lacks proper funding and support for its customers who work internationally.
  2. Its regulatory grounds are a little shaky.
  3. It works from China.
  4. Withdrawals need to be in BTC.
  5. You need to know CNY-USD conversions.

Summary
In summary, it can be said that BTCC has both pros as well as cons for its international customers. Most of the guides related to funding and trading options are translated and have screenshots to make it clear for the customers. This is very helpful to understand the most important information.

It also provides an in-depth guide on Bitcoin, which is unfortunately not, translated making it difficult for the international customers. Similarly, it gives an option to Chinese customers to call their customer support or chat with them. But the international customers can only do so by sending an email. In short, BTTC would be rated high on things like legitimacy, trading utility and ease of use but low on customer service.

One Comment

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