Unlike traditional brokerage firms, cryptocurrency exchanges are not members of theSecurities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds asunsecured creditors.
Pros Explained
- Trade more than 250 different cryptocurrencies at current market prices: Several hundred cryptocurrency assets are supported for spot trading.
- Earn rates as high as 100% from yield farming and investments: Earn up to 100% APY interest from investment products for supported currencies.
- Competitive trading fees: Spot trading fees are set at 0.32% or less.
Cons Explained
- Not a top-50 exchange by volume, indicating lower liquidity: Some currencies on this exchange see less liquidity from lower trading volumes.
- Yield farming and investment products are high risk: There is a possibility of losing your entire investment when staking cryptocurrency.
- History of exchange losses due to security breach: The exchange was hacked in 2019, with more than $4 million stolen.
Introduction
Bitrue is a cryptocurrency trading and investment company with a range of financial products for crypto enthusiasts. Bitrue offers cryptocurrency services, including an active trading platform, futures trading platform, loans, and high-interest yield farming and staking.
With a Bitrue account, you can trade over 200 different cryptocurrencies at market prices with reasonable exchange fees. While it isn’t the biggest cryptocurrency exchange around, a large listing of supported currencies paired with advanced trading and investments makes it a good choice for many crypto investors.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Company Overview
Bitrue is a cryptocurrency exchange and cryptocurrency financial products company founded in 2018 and based in Singapore. Odds are you live somewhere that’s supported by the company. Customers have access to an impressive list of currencies for spot trading, plus several advanced products.
Newer users can buy and sell easily with the simple cryptocurrency purchase form. However, the site is built around products that are best for those with experience in crypto or other active trading markets.
While Bitrue employs strong security practices today, it’s been hacked in the past. The company paid the difference so customers wouldn’t experience any personal losses, but this could be a red flag that leads you to hold your digital assets on another exchange.
Cryptocurrencies Available on Bitrue
Bitrue supports several hundred coins on its platform, which is a large number compared with some industry competitors. This exchange offers its own currency, Bitrue Coin (BTR), as well.
Holding and using Bitrue Coin may qualify you for lower fees or more favorable interest rates.
Here’s a partial list of the top currencies traded on Bitrue by volume:
- Bitcoin (BTC)
- XRP (XRP)
- Ethereum (ETH)
- Cardano (ADA)
- Solana (SOL)
- TRON (TRX)
Trading Experience
Using a simple purchase form, you can buy and sell supported cryptocurrencies with a bank account. There are no transfer fees for moving funds via ACH and a low 0.08% starting trade fee for direct purchases from a bank account. You can also make purchases with a card through a partnership with processor Simplex, but there’s a fee of 3.5% per transaction or $10, whichever is greater.
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Once you’ve funded your account, you can continue using the simple trading form or switch to the active trading platform. The active platform is web-based and includes advanced charts, depth charts, recent trades, outstanding orders, and a quick trading form. Only market and limit order types are supported.
The futures trading platform looks very similar but works with an entirely different product. Due to leverage and the risk of losses, futures trading is not suitable for beginner investors.
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Unlike competitors, Bitrue doesn’t use a purely centralized or decentralized model. The main exchange is centralized, but other services on the platform rely on decentralized finance (DeFi) technologies.
Fees
Standard trading fees at Bitrue are competitive. If you hold Bitrue Coin and use it to pay for fees, you get a 30% discount on trading costs. Overall, these fees are a bit lower than the starting fees you would pay with many large competitors, but they’re not the very lowest fees you can find.
| Currency Pair | Trading Fee | BTR Trading Fee |
|---|---|---|
| XRP/BTC, XPR/USDT, XRP/ETH | 0.20% | 0.14% |
| Other BTC, ETH & USDT trading pairs | 0.098％ | 0.0686% |
| XRP Trading Pairs | 0.280% | 0.196% |
| Other Trading Pairs | Up to 0.32% | Up to 0.224% |
Bitrue also charges withdrawal fees when sending cryptocurrency to another exchange or wallet, although fiat withdrawals to your bank account are free. You may run into additional fees for specific account needs that are less common, such as international wire transfers.
Security
Bitrue currently employs strong security practices, including two-factor authentication, cold wallet storage for customer assets, account lockouts, and emailed safety codes in every communication from Bitrue. It holds a dedicated insurance fund of 38 million XRP and 40 million BTR to reimburse users in the event of any future hack that’s Bitrue’s fault.
However, one major past security breach tarnishes this exchange’s reputation. In 2019, cybercriminals took over $4 million in cryptocurrency funds from Bitrue, Ripple, and Cardano wallets. Bitrue covered the losses, so customers didn’t lose any funds, but the breach is still important to note.
Opening a Bitrue Account
The signup process at Bitrue is simple and easy to follow. You start by registering a new account with an email address and password. As with all online accounts, it’s best to use a unique password that you don’t use anywhere else. This is especially true for financial accounts.
Bitrue is not available in China, Texas, or New York. This exchange also requires identity verification steps to use all account features.
Customer Service
Bitrue’s main customer support resource is an extensive help page, with several FAQs and explanations of how various Bitrue products work. For more help, you can reach support through email with a help ticket system. Like most crypto exchanges, Bitrue should be considered a self-service platform, as customer support options are fairly limited.
Bitrue earns average reviews from past users. It holds an average of 2.5 out of 5 stars rating across more than 150 reviews on Trustpilot, for example. Among negative reviews, complaints focus on lost funds, frozen accounts, and poor customer service responses. Positive reviews mention Bitrue’s reliability and ease of use.
Account Management
Bitrue users can manage their accounts through the Bitrue website and mobile apps. If you’ve ever used an online stock trading account, you will likely find Bitrue offers a similar overall experience.
Once logged in, users can make basic account updates, add and withdraw funds, and access pages and apps to buy, sell, trade, and invest digital assets.
How Bitrue Compares to Other Cryptocurrency Companies
Bitrue is part of a crowded industry of cryptocurrency exchanges. Here’s a comparison of Bitrue vs. Coinbase, a market-leading exchange:
| Bitrue vs. Coinbase | ||
|---|---|---|
| Bitrue | Coinbase | |
| Number of Currencies (Spot Trading) | Over 250 | Over 150 |
| Spot Trading Fees | 0.098% to 0.32% | Up to 1% (Coinbase) or up to 0.60% (Coinbase Pro) |
| Staking/Interest Rates | Up to 100% APY | Up to 5% APY |
| Order Types | Market, Limit | Market, Limit |
| Additional Features | Futures, lending with crypto as collateral, high-yield earning | Basic and active trading platforms, standalone cryptocurrency wallet, learn and earn program, lending with crypto as collateral |
| Headquarters | Singapore | United States |
Read our full Coinbase review.
Final Verdict
With a suite of active and advanced cryptocurrency trading features, Bitrue could be a good choice for many crypto users worldwide. Low fees and a long list of supported currencies are a major draw, as are staking and yield farming features where you could earn as much as 100% APY.
While Bitrue has mediocre customer reviews and has been hacked in the past, the overall combination of products and services is optimal for many intermediate to advanced crypto users looking to boost their yields and access new coins and tokens. If that sounds like you, Bitrue could be worth checking out.
Methodology
Investopedia is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the review process and weighted data points, is available for review.
