Is BankCEX a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether BankCEX is a good crypto exchange to start trading with. In this article you will learn whether BankCEX is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker BankCEX
The BankCEX exchange has been in business since 2017. It presently doesn’t support fiat currencies and only offers cryptocurrencies for trading. New coins are listed regularly, so over 200 cryptocurrency pairs are available to its clients. BankCEX’s daily trading volume exceeds $75 million. On May 5, 2021, the exchange presented its native token, the BankCoin (BANK). The total BANK reserve is 210 million coins. BankCEX’s trading platforms are proprietary. They support two interface types: basic with standard functions and advanced with professional technical analysis tools.
| 💰 Account currency: | BTC, ETH, LTC, BANK, and other cryptocurrencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | 0.1% |
| 🔧 Instruments: | Over 200 cryptocurrency pairs |
| 💹 Margin Call / Stop Out: | No |
BankCEX Pros and Cons
👍 Advantages of trading with BankCEX:
•The trading fees are moderate and comparable to those charged by its competitors;
•There are no requirements regarding the minimum deposit;
•Clients can choose a trading platform that meets their requests;
•New coins and tokens are listed regularly;
•The referral program offers a high percentage reward;
•Traders can apply limit orders, including stop loss;
•BankCoin holders have additional advantages.
👎 Disadvantages of BankCEX:
•Fiat currencies are not supported;
•The trading platforms sometimes hang;
•Leveraged trading is not available.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for BankCEX Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BankCEX offers traders the following conditions.
| 💻 Trading platform: | Basic and advanced web platforms, as well as mobile apps for Android and iOs. |
| 📊 Accounts: | Standard |
| 💰 Account currency: | BTC, ETH, LTC, BANK, and other cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Most cryptocurrencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.0001 BTC/BANK/USDT and 0.001 ETH |
| 💱 Spread: | 0.1% |
| 🔧 Instruments: | Over 200 cryptocurrency pairs |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Limit, stop-limit, and market |
| ⭐ Trading features: | One cannot trade Monero (XMR), and staking is unavailable |
| 🎁 Contests and bonuses: | No |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of BankCEX commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
A trading fee on the BankCEX exchange is a percentage of an order cost. For takers and makers, its default value is 0.1%. A client can cut the fee in half if he holds at least 5,000 BANK coins in his wallet. The exchange charges fees for depositing only those cryptocurrencies for the burning of which fees are also charged. For instance, the fee for depositing WHX is 0.01%; for SHIBS, it’s 2%; and for ROK, it’s 10%. But at the same time, BTC, ETH, LTC, and BANK are deposited for free. Withdrawal fees are adjusted regularly depending on the conditions of the blockchain. At the time this review was written, the withdrawal fees for some of the popular currencies were as follows: 0.0005 BTC, 0.008 ETH, and 0.009 LTC.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | $1 for a $1,000 order | Yes |
Investment programs of BankCEX
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. BankCEX offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
BankCEX doesn’t offer common investment programs such as staking. The only way to earn passive income is through the referral program.
Additional income for BANK token holders
This exchange doesn’t allow average traders to earn money passively. Additional income is only available to the holders of large amounts of the exchange’s utility token, BANK. But this income isn’t completely passive because to earn it, one has to not only hold coins but also trade assets. Fifty clients with the largest amounts of BANK receive the status of “premium investors”. The following payments are available to them:
A percentage of the exchange’s revenues. BankCEX distributes 30% of its profits among large investors. The funds are accrued daily in the same currency in which the exchange gains profits.
A percentage of the income earned on the exchange. Every week, traders receive 10% of the profits in their e-wallets.
In theory, the above payments are available to all clients who have 5,000 BANK units or more in their accounts. But the ranking of premium investors posted on the BankCEX website suggests that a percentage of the exchange’s revenues mostly goes to traders who have over 350,000 BANK units in their balances. The top 5 holders list is updated regularly, so the amount of tokens necessary for the accrual of passive income can change.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
BankCEX’s affiliate program:
Initially, the referral reward rate is 10% of the transactions made by the invited clients. To increase this rate to 50%, the referrer must have 5,000 BankCoin or more in their wallet.
The funds are paid in real-time, as soon as the invitees buy or sell cryptocurrency. The referral bonuses are paid in the same digital coins in which the trading fees are collected.
Conclusion. Is BankCEX good for beginners?
The BankCEX cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, BankCEX could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.