Is Bitci 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 Bitci is a good crypto exchange to start trading with. In this article you will learn whether Bitci is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Bitci
The Bitci exchange is a regional cryptocurrency platform launched in Turkey in 2018. It offers a standard set of trading tools such as cryptocurrencies for active trading, including top coins and fan tokens as well as staking of their proprietary Bitcicoin. Trading is carried out through their browser platform, which is presented in three variations: a buy/sell terminal, a standard platform, and a platform for professional trading with charts and TradingView tools. The arsenal of trading instruments is more than 60 cryptocurrencies, the largest turnover — more than 50% — falls on Bitcicoin and fan tokens. The total daily turnover is 400-800 thousand USD. The exchange rating according to CoinMarketCap is 3.5 out of 10.
| 💰 Account currency: | Turkish lira (TRY), cryptocurrencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Bitci Pros and Cons
👍 Advantages of trading with Bitci:
•Relatively low commission for exchanging cryptocurrencies among its users. Average market commission for transactions with cryptocurrencies and fiat money.
•Guaranteed redemption of fan tokens by the exchange within 6 months.
•High partner reward of up to 25% of the referral commission.
•Opportunity to win coins when participating in draws.
👎 Disadvantages of Bitci:
•There is a commission for withdrawing money.
•A relatively small selection of trading assets.
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 Bitci Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Bitci offers traders the following conditions.
| 💻 Trading platform: | TradingView-based proprietary platform |
| 📊 Accounts: | Single client account |
| 💰 Account currency: | Turkish lira (TRY), cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Cryptocurrencies |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | 1:1 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | N/A |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | N/A |
| ⭐ Trading features: | There are fan tokens and proprietary Bitcicoin cryptocurrency |
| 🎁 Contests and bonuses: | Available from time to time; bonuses from the Traders Union |
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 Bitci commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
The analysts at the Traders Union conducted a comparative analysis of the commissions of the Bitci exchange and compared them with the tariff policy of its competitors. For exchange operations “cryptocurrency/cryptocurrency”, the commission of takers/makers is 0.15%/0.10%, respectively. For exchange operations “cryptocurrency/fiat”, the commission of takers/makers is 0.20%/0.15%. These commissions are charged subject to the volume of transactions per month in the amount of 0 to 100,000 Turkish liras. The larger the trading volume, the lower the commission. There is also a commission for withdrawing money, which is fixed in the withdrawal cryptocurrency.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 0.15% | Yes |
Investment programs of Bitci
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. Bitci offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The platform has two instruments that can be classified as an investment. The first is fan tokens. These are coins issued and placed on the exchange by individual teams related to sports. For example, tokens of the Turkish Basketball Federation or the Brazil national football team. Some of them can be purchased on a few exchanges, including Bitci. Some of them are not included in the CoinMarketCap rating, but Bitci provides a 100% buyback guarantee. For investors, buying fan tokens is an opportunity to support their favorite team or sport and receive discounts on tickets, team football merchandise, etc.
Bitcicoin staking | Purpose and mechanism of investment
The second investment tool is staking Bitcicoin, the exchange’s proprietary cryptocurrency. The coin is a means of payment within the ecosystem, with which you can buy fan tokens and other cryptocurrencies with minimal commissions.
Types of staking tariff packages:Fixed. Coins are blocked for a period of 30, 60, 90, or 180 days. Profitability is 12% - 36% per annum. The longer the coins are staked, the higher the profitability.
Flexible. Coins are fixed in staking for any period specified by the investor without a rigid reference to the period. Profitability is 6% per annum.
Staking is similar to a deposit. The investor buys coins and activates staking. Coins are blocked for a selected period, they participate in maintaining the liquidity and operability of the network, for which the investor receives interest at the end of the term.
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.
Bitci’s affiliate program
This is a classic referral program that offers up to 25% reward for an attracted user. Check with the support service for more details. There are no special tools for analyzing partner statistics in the user account.
Conclusion. Is Bitci good for beginners?
The Bitci 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, Bitci 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.