Bitexen Cryptocurrency Exchange Review : Pros & Cons

What Is Crypto Exchange ?

A crypto exchange, short for cryptocurrency exchange, is a digital platform that enables users to buy, sell, and trade various cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others for other cryptocurrencies or fiat money, such as US dollars or euros.

A crypto exchange works similarly to a traditional stock exchange where buyers and sellers can trade securities. However, instead of trading stocks, users on a crypto exchange trade digital currencies.

Crypto exchanges offer various trading pairs and different features such as market and limit orders, stop-loss orders, and other trading tools to facilitate trades. Some exchanges also provide additional services like digital wallets for storing cryptocurrencies and access to real-time market data.

There are many types of crypto exchanges, including centralized exchanges, decentralized exchanges, and peer-to-peer exchanges. Each has its own unique features and benefits, but all provide a way for users to access and participate in the cryptocurrency market .

What Is Bitexen Crypto Exchange ?

Bitexen Teknoloji A.Ş., established in Turkey and operating in the technology development zone of ITU ARI Teknokent. It is an online digital asset trading platform developed by Bitexen was developed by Turkish engineers who have worked for years in banking, parity and derivatives trading platforms, payment systems, information security, prevention of financial fraud and innovation. Bitexen Teknoloji

Information Table

How To Register At Bitexen Exchange?

To register on CrossTower , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Bitexen Cryptocurrency Account ?

There is no mandatory verification at Bitexen but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the CrossTower , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Bitexen Crypto Exchange?

There are two main options for topping up your balance on Bitexen  Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Bitexen Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Bitexen Account ?

There are several steps you can take to help secure your Bitexen account and protect your funds:

1. Use Strong and Unique Passwords: Create a strong password that includes a combination of upper and lower-case letters, numbers, and special characters. Avoid using easily guessable information like your name, birthdate, or common words.
2. Enable Two-Factor Authentication (2FA): Use a two-factor authentication method, such as Google Authenticator or a hardware security key, to add an extra layer of security to your account. Enable 2FA for both login and withdrawals.
3. Verify the Website’s Authenticity: Always ensure that you are on the official Bitexen website and not on a phishing site. Double-check the URL and look for secure connections (https://) and a padlock symbol in the address bar.
4. Beware of Phishing Emails and Scams: Do not click on links or download attachments from unsolicited emails or messages. Be cautious of emails or messages claiming to be from Bitexen asking for your login credentials or personal information.
5. Secure Your Email Account: Your email account is often the gateway to your cryptocurrency accounts. Ensure that your email account is secured with a strong password and 2FA.
6. Regularly Update Your Software and Devices: Keep your operating system, web browsers, and antivirus software up to date to protect against known vulnerabilities.
7. By taking these steps, you can help protect your Bitexen account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

Bitexen Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At Bitexen, the standard trading fees for takers are 0.25%, and for makers 0.15%. 0.25% in taker fees is in line with, or even slightly above, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.

the industry average taker fees were 0.215% and the industry average maker fees were 0.162% (for spot trading). Consequently, Bitexen’s fees are below the industry average taker fees, but above the industry average maker fees.

You can receive trading fee discounts by holding a certain level of EXEN-tokens, as set out in the below table. The lowest level of fees you can have is 0.125% for takers and 0.075% for makers. These fees are very competitive, and only require you to hold 100 EXEN, which on the date of first writing this review (15 June 2021) was only USD 399. 

Bitexen Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Bitexen Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described.

Deposit Methods

In addition to depositing cryptocurrency to the platform, Bitexen also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits, just use our Exchange Filters and you’ll find one in no time at all.

Seeing as fiat currency deposits are at all possible at this trading platform, Bitexen qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.

Trade On Go Bitexen Is 100% Mobile Friendly

Bitexen exchange has a mobile application that is available for both iOS and Android devices. The mobile application allows users to access the exchange’s services, including buying and selling cryptocurrencies, managing their accounts, and tracking their trading activities on the go.

How To Contact Bitexen Customer Support Team?

If you need help with your Bitexen account or have any questions, you can contact Bitexen customer support through the following methods:

Visit the Official Website: Start by visiting the official Bitexen website. Make sure you are using the official website to avoid scams or phishing attempts. The website URL should be something like “https://www.bitexen.com.”

Look for Contact Information: On the Bitexen website, navigate to the “Contact Us” or “Support” section. This section typically provides contact information and options for reaching out to their customer support team.

Email Support: One common way to contact customer support is through email. Look for the official support email address provided on their website. It might be something like “[email protected]” or a similar address. Compose a clear and concise email explaining your issue or inquiry, and send it to this address.

Social Media: Look for Bitexen’s official social media profiles (e.g., Twitter, Facebook, or Telegram). Some exchanges provide customer support through these platforms and may respond to messages or comments.

No matter which method you choose, be sure to provide as much detail as possible about your issue or question so that Bitexen customer support can assist you efficiently.

Features Of Bitexen Crypto Exchange

Available At Android & IOS Store

Bitexen Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Convenient Payment Methods

Bitexen accepts a wide range of payment methods, including UK bank transfers, debit cards, and credit cards.

Trading Pairs:

Bitexen supports a wide range of trading pairs, including BTC, ETH, USDT, USDC, and more. This allows traders to access a variety of cryptocurrencies and trade them against each other.

Low Trading Fees:

Bitexen charges low trading fees of just 0.03% for market makers and 0.07% for market takers. This makes it one of the most affordable exchanges on the market.

Lowest Costs

No-Fee Trading, trade crypto commission-free.

High liquidity

Bitexen offers deep liquidity with access to institutional-grade liquidity from multiple sources, including exchanges, brokers, and market makers.

Secure

Bitexen is regulated by the Financial Conduct Authority (FCA) in the UK and offers a secure platform for trading digital assets. It also offers cold storage for client assets and uses advanced security measures to protect against cyber threats.

API Connectivity

Bitexen offers API connectivity, allowing traders to connect to the platform using their own trading algorithms and automated trading systems.

Advanced Trading Tools

Bitexen offers a range of advanced trading tools, including market depth, real-time trade data, and order book analytics, allowing traders to make informed trading decisions.

Mobile app

Bitexen offers a mobile app for both iOS and Android devices, allowing users to access their accounts and trade on the

Fiat currency deposits and withdrawals

Bitexen supports deposits and withdrawals in Turkish Lira (TRY), allowing users to easily buy and sell cryptocurrencies using fiat currency.

Customer support

Bitexen offers customer support via email, phone, and social media, with support available in Turkish and English.

Bitexen Good Or Bad Points

Bitexen is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using Bitexen :

Good points:

1. User-Friendly Interface: A platform that is easy to use and intuitive can make trading easier for both novice and expert traders.
2. Security Features: Look for exchanges that prioritize security by implementing features such as two-factor authentication (2FA), cold storage for funds, and frequent security audits.
3. Liquidity : Higher liquidity on an exchange can result in improved price execution and the ability to enter and exit positions more readily.
4. Customer Service: Quick and helpful customer service is essential, especially if you have problems with your account or transactions.
5. Fees: Understand the exchange’s charge structure, including trading fees, withdrawal fees, and deposit fees. Look for exchanges with reasonable fees.

Bad points:

1. Limited Features : Some exchanges may lack advanced trading capabilities or tools, which may be a disadvantage for experienced traders.
2. Concerns about security: If the exchange has a history of security breaches or if users have reported security difficulties, this could be a major issue.
3. Customer Complaints: Negative user reviews or unresolved customer complaints are red flags that indicate possible platform difficulties.
4. Geographic Restrictions: Check if Bitexen has any geographic restrictions or limitations on who can use their platform, as this could impact your ability to trade.
5. Security incidents: Bitexen has experienced security incidents in the past, including a hack in December 2020 that resulted in the loss of some users’ funds. However, Bitexen has since implemented additional security measures to prevent similar incidents from occurring in the future.

Is Bitexen Is Safe Platform To Trade ?

Bitexen is governed by a competent financial body in your country. Regulatory control can provide some assurance about the operation and security of the exchange. Examine the security precautions in place at Bitexen. Two-factor authentication (2FA), cold storage of cash, encryption, and frequent security audits are all desirable features.

Look for Bitexen user reviews and feedback from reputable sources. Keep an eye out for any reports of security breaches, withdrawal troubles, or other issues.Take into account the exchange’s history and reputation within the cryptocurrency community. Established and reputable exchangers are more trustworthy.

However, it’s important to note that no exchange can guarantee complete safety, and there is always some risk involved in trading cryptocurrencies. It’s essential to do your research, understand the risks, and take appropriate security measures to protect your assets.

In summary, Bitexen has taken several measures to enhance security, but it’s still important to be cautious and do your due diligence before trading on any platform.

Bitexen Conclusion

In conclusion, Bitexen is a well-established cryptocurrency exchange based in Turkey that offers a range of features and services for users to buy, sell, and trade cryptocurrencies. The platform is user-friendly, secure, and supports a variety of trading pairs, making it an attractive option for both beginners and experienced traders. Additionally, the ability to deposit and withdraw Turkish Lira (TRY) is a unique feature that sets Bitexen apart from many other exchanges. With its low fees, mobile app, and responsive customer support, Bitexen is a reliable option for anyone looking to enter the cryptocurrency market or expand their existing portfolio.

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