BTSE Review

The cryptocurrency derivatives market has seen a sharp rise in recent years. Traders are always looking for better and improved cryptocurrency exchanges. BTSE is a licensed cryptocurrency exchange platform that caters to all individual and institutional traders in the crypto world.

BTSE offers innovative features that have made a mark in the crypto industry. The platform provides high liquidity and quick settlements in a secure ecosystem. Although the exchange was launched in 2018, it has already gained a large user base and is continuing its growth trajectory.

BTSE offers state-of-the-art security systems and a broad range of digital assets and their derivative products. It supports several currencies and has multiple indexes. The mission of the company is to use modern Blockchain technology to boost financial freedom around the world as well as make crypto trading services more accessible.

BTSE is designed to work as an interface between crypto and traditional economies. Customers can make use of its unique features to engage in highly efficient and responsive trading services provided by the platform to earn substantial profits. The exchange is continuously working on adding new features to the mix, which separates them from their competitors. 

Company

The exchange was launched in September 2018. One of the co-founders, Jonathan Leong, was named the CEO. Their core team includes Brian Wong, who is the co-founder and Chief Product Officer, Joshua Soh is the Chief Operating Officer, and Yew Chong Quak is the Chief Technical Officer. This executive team has vast experience in the financial technology industry and has previously worked on high-speed trading platforms. 

The founding team has a strong consensus regarding the purpose and operations of the company. They have created a well-equipped platform that can provide a one-stop service to cryptocurrency traders around the world. 

The company is registered in the names BTSE Commercial Brokers LLC and BTSE Payment Service Providers LLC. It is licensed by the Dubai government’s Department of Economic Development and is regulated by the Central Bank of the United Arab Emirates.

BTSE is one of the exchanges that reviews the markets regularly and has become the first exchange to introduce Monero (XMR) futures

The trading platform achieves a volume of over $10 million every day due to the Bitcoin-US dollar trading pair. The Bitcoin perpetual hits more than $50 million daily, while the Ethereum perpetual hits $2 million on average. BTSE has managed to maintain a low spread of about 0.01% despite having a low trading volume. 

The platform has one of the highest order capacities in the industry and can process about 2 million requests per second. That is one of the highest processing speeds in the industry.

Moreover, the company has recently launched its BTSE token to be sold publicly from 5th March 2020. It is the first exchange token that will run on Liquid. The Liquid is a Bitcoin sidechain-based settlement network for all traders. It will allow BTSE to benefit from confidential trading, inter-exchange settlements, and quick transactions. 

Features

The platform offers a wide range of financial services to traders and has some distinctive features, which provide it a competitive advantage over all other cryptocurrency exchanges. Some key features of BTSE are listed below:

Linear futures

The platform’s linear futures use simple calculations that enable more control over all assets and contracts. Price changes in the contracts are directly translated into profit or loss. This makes the hedging process simpler and removes the risk exposure associated with non-linear futures.

Multiple asset trading

Traders can make marginal trades and settle their contracts in either fiat or cryptocurrency. This ensures that liquidity remains high. Moreover, it allows convertibility amongst assets through settlement channels. 

Collateral Posting

Traders can maximize their assets with the multi-asset collateralization feature. Any combination of assets, which includes both fiat and digital assets, can be posted together in all markets. BTSE supports the following fiat currencies: USD, JPY, SGD, EUR, CAD, HKD, CNY, and GBP. It also supports the following coins: BTC, LTC, USDT, ETH, USDC, TUSD.

Margin Control

BTSE provides superior margin control, which allows traders to take advantage of market volatility without facing the risk of cryptocurrency fluctuations. The platform provides a multi-asset wallet which provides a lot of flexibility and quick asset management for users. 

High Leverage

BTSE offers up to 100x leverage across markets to boost earnings for traders. 

Multi-Currency Spot Trading

The platform uses a single order book for all its users to share the liquidity pool, regardless of the currencies traded. It allows increased participation across markets and ensures improved liquidity, lower costs, and greater trading efficiency. 

Swift Transfers

BTSE has strong partnerships with several banks worldwide to ensure the stability of its settlement services. Users can easily deposit and withdraw their assets with minimal fees and a simple verification process.

Global P2P Market

The platform provides a global marketplace where buyers and sellers can directly engage in making transactions. BTSE is not affiliated with these transactions. It only facilitates users to locate merchants who are closer to them to ensure quick transactions. Users can also apply to become a merchant themselves and make offers in the market. 

Stablecoins

The platform provides quick conversions of fiat into crypto assets through their spot exchange.

On Platform Transfers

BTSE allows users to pay for services to other users instantly by using their BTSE username and registered email address. 

Referral Program

The platform has a strong referral program that lets users earn 20% of their referees’ trading fee and 10% of their earnings. The referred person also receives a 20% fee discount for one month.

Fees

The platform uses a maker and taker fees model. Users are assigned with an account VIP level, which is based on the trading volume of a month on a rolling basis. It is calculated once per day. The VIP levels of all users are displayed in their account profiles. The volume of trade is calculated in bitcoin, and trades made in other currencies are also first converted to bitcoin equivalents at the prevailing exchange rate.

For accounts trading, which is less than 100BTC per month, the maker fee is 0.05%, while the taker fee is set at 0.1%. Accounts with higher trade volumes are given a fee reduction of 80% maker fees and 70% on taker fees. Thus, VIP VII accounts only have to pay 0.01% maker and 0.03% taker fees. 

BTSE does not charge a deposit fee, and there is no minimum deposit limit for users. In the case of Bitcoin trading, the minimum withdrawal limit is 0.002BTC, with a fee on 0.0005BTC levied on it. 

In tether trading, the minimum withdrawal limit is 10 USDT, with a fee of 5 USDT.

If the withdrawal is being made in US dollars, then the minimum amount is $1000, with a fee of 0.1%. The minimum deposit is $1,000 without incurring any fee. All fiat deposits are charged with a bank fee, which depends on the bank. 

Users must make all deposits and withdrawals very cautiously to avoid any unnecessary losses. For example, the correct wallet address must be added while making any transaction from the platform to prevent any loss of assets during the process. 

There is also a Funding Fee mechanism in place. It facilitates market fairness and to ensure that the perpetual futures market price is as close to the index price as possible. When there is a difference between these two prices, BTSE’s system will charge a funding fee from the traders who have made a profit due to this price deviation. This is done at every 8-hour interval. The funding fee is then credited to the traders who have suffered a loss because of the price difference.

Verification: Is KYC required?

BTSE requires Know Your Customer and ID verification for making deposits in fiat currency. Their verification process has two levels. The first level requires you to enter your full name, phone number, date of birth, citizenship, and country of residence. It also requires you to upload an ID card, e.g., your driver’s license, national ID, or passport. Level 1 is the most basic level of verification. 

Level 2 verification requires proof of your residential address. You will have to submit a document such as your credit card bill, utility bill, phone bill, or bank statement issued within the previous three months. You should ensure that your name on the document matches your ID card.

After submitting the required documents, BTSE reviews your application, and if their criteria are fulfilled, they will verify your account. This process is reasonably quick if the users meet all the guidelines provided. 

The platform allows additional unlocked services once a user passes the verification steps.

On account registration, users can only access essential trading functions like cryptocurrency deposits, spot trading, and futures trading. On an email verified account, users can further access digital asset withdrawal functions. In an identity verified account, users will be given access to fiat deposit and withdrawal functions as well. The two-factor authorization setting can further enable auto-confirmation functions for making deposits and withdrawals. 

Countries

BTSE allows users from most countries in the world. However, residents of some countries placed on the economic sanction list are not allowed to trade on the platform. It is done to comply with international economic sanctions regulations imposed. The countries that are barred from using the platform are Belarus, Balkans, Congo, Cuba, Cote d’Ivoire, Iran, Eritrea, Iraq, Libya, Lebanon, North Korea, Liberia, Somalia, Russia, Syria, Ukraine, Sudan, Yemen, Venezuela, and Zimbabwe.

Deposit & Withdrawal

BTSE has a simple deposit process. Users can follow these steps if they want to make a deposit:

  1. Go to the “Wallets” section and click on Deposit. 
  2. Create your digital currency address.
  3. Enter the amount you want to deposit to your BTSE wallet and click on enter.

The process is complete. It is important to note that each cryptocurrency has a unique wallet address. When BTSE’s bank receives the funds and the transaction number, the desired amount will be credited to your wallet within 4 hours. It is also vital that users double-check their wallet addresses before making their deposits. The platform also offers deposit bonuses to create incentives for its users. For every $1,000 deposited, traders will receive $100, which is credited to their accounts. 

Users can also make a fiat deposit using SWIFT remittance or SEPA transfers. However, BTSE does not support any deposits made from ETH smart contracts. If the deposited balance is less than your desired amount, it is because the bank may have charged its own fees. 

The withdrawal process is also similar. The steps that need to be followed are:

  1. Go to the “Wallets” section and click on Withdraw.
  2. Select the blockchain for the transaction.
  3. Enter your withdrawal address and the amount.
  4. Click on “Confirm.”
  5. BTSE will send you a confirmation email. Click on the confirmation link provided in the email to submit the withdrawal request. This link expires in an hour. 

BTSE will then send your request to the blockchain within half an hour after receiving your confirmation.

Users can also withdraw fiat assets by using their SWIFT remittance log-in. You can also add multiple bank accounts to your profile and choose the account you want your money to be credited to. All payment details are sent to the chosen bank within 24 hours.

Account: Register & Login

 Getting started on BTSE requires new users to register for an account. This can be done by following these simple steps:

  1. Go to the BTSE website and click on the Register button.
  2. Enter a username, email address, password, and a captcha code. (You can also add your referral code.)
  3. Click on Submit. BTSE will send an account activation email to the email ID provided.
  4. Open the email and click on the confirmation email link provided. It will activate your account.
  5. A 6-digit one-time password will be sent to you. You have to enter this password after logging into your account to complete the process.

Your registration process is now complete. To start trading cryptocurrencies, you can log into your account and go to the “Trading” link on the website. Click on the “Market/Limit/Index” button and choose the buy or sell option. Follow the instructions to place your order. 

Orders can be managed from the “Open Orders” tab. There is also an order cancellation option available. This tab also displays the status of transactions and the history of your orders. Users are free to trade as much as they want to after they have completed the verification process. 

Safety & Security

One of the reasons why BTSE has achieved unprecedented growth is due to its security practices. Despite only launching two years ago, the platform has been lauded for bringing institutional-grade safety to cryptocurrency traders. 

Not only is the company a legally licensed entity but, it also applied recently for a VFAA cryptocurrency exchange license from Malta. Being thoroughly regulated, the platform can be held accountable for any misuse of funds. This is what makes it a reliable platform for investors, unlike other popular exchanges. 

The BTSE team is highly experienced and trained in industry giants like IBM, Goldman Sachs, and SingTel. They are well equipped to maintain the best security standards for the company and its system. The company also has a reputation to behold in the crypto industry. 

BTSE is one of the exchanges that self-hosts and does not rely on lax third-party security, which can lead to data breaches. The platform has not been compromised since its launch. All security practices are compliant with international standards. 

All data and assets of their users are securely kept in cold storage wallets. Their cold storage system is accessed through multiple keys to provide an added layer of protection. All data is kept on multiple data centers offsite, and the systems are protected with firewalls and SSL encryption protocols. 

BTSE also makes use of Google’s two-factor authentication system, which is required by users when they wish to make a withdrawal or change their API keys. It ensures that their accounts cannot be accessed from any unauthorized user. Users are also given the option to set a list of whitelisted IP addresses, to prevent any suspicious websites or attackers from misusing their funds. The system employs strict data privacy regulations to ensure that their customers’ data is protected and cannot be used illegally. 

Customer Support

BTSE has a competent customer support team that has quick response times and is highly efficient. The exchange uses an internal ticket system as their primary option for direct customer interaction. The exchange also has an active presence in the Telegram community. Users can find a lot of useful information and help from their telegram support related to the BTSE ticketing system.

 

BTSE’s social media presence is also very strong on Facebook, Reddit, and Twitter, where users can direct their queries and learn about product updates and company news. The CEO of the company also tries to make himself available through his Twitter account. Their team can also be reached via email or through phone for additional supports. It has been reported that their response time is less than 24 hours, which is remarkable. 

BTSE has a comprehensive and educational support desk that helps its users resolve any issues that they might face. Their support desk has a chatbot that helps users navigate through the website and search for answers to their questions. Their help contains detailed information regarding the site and its features. It also has simple instructional guides for users to follow. 

Additionally, the platform has created a separate platform called the BTSE Academy, which has a bundle of related content related to the cryptocurrency industry. It contains articles and blogs specially written for crypto traders to help them improve their trading skills and keep up to date regarding the latest news in the industry. 

BTSE blog hosts a technical analysis of BTSE traders who are experienced in cryptocurrency trading. This is done for the benefit of less experienced novice traders who want to learn about the technicalities of the crypto industry. This technical analysis is conducted regularly and serves as a starting point for beginners.

Conclusion

BTSE has proven to be a very useful exchange for beginners due to its simple interface and technical analysis. The introduction of a separate educational platform, the BTSE academy is gaining a lot of popularity amongst cryptocurrency traders. Similarly, experienced traders find the platform intriguing due to the speed of the exchanges, which is unmatched in the industry.

The platform also offers lucrative incentives like deposit bonuses and referral programs, which has played a massive role in boosting its user base. 

Another great feature offered by the platform is its Testnet trading platform, where newcomers can test the features of the website using fake money. In this way, they can learn about the platform’s services before risking their money and placing orders. 

BTSE also has some unique features compared to its competitors. For example, the platform provides access to verified merchants to its users. Furthermore, it gives its users to become verified merchants themselves after some additional verification processes. The platform is relatively faster than other exchanges and offers high flexibility and liquidity to its traders. 

Additionally, BTSE offers traditional spot markets. Users can make deposits in fiat currency like dollars from their bank accounts and buy Bitcoins. Alternatively, they can sell their Bitcoin for dollars as well. Other exchanges do not offer this service and deal primarily in Bitcoin alone. The platform is launching constant updates and offers negligible downtime in processing order requests.

However, the platform has not launched its phone application yet. They are running behind in this regard as most crypto exchanged have already developed their phone apps to facilitate traders on the go. 

BTSE is gaining a lot of popularity in the crypto world. The company is focused on introducing new products like launching their token to offer more to their customers and become one of the leading platforms in the industry.