Is BitoPro 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 BitoPro is a good crypto exchange to start trading with. In this article you will learn whether BitoPro is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker BitoPro
The BitoPro exchange is designed for active cryptocurrency trading and investing in blockchain projects. Bitcoin (₿), Litecoin (Ł), Ethereum (Ξ), Tether (₮), Ripple, EOS, MATIK, and many other cryptocurrencies and coins are traded on the site. Investing is represented by classic staking (the user lends to the exchange partners). There is only the Taiwan dollar (TWD) among fiats. There is no minimum deposit, commissions are below average for the segment and depend on the trading volume. The fees are 0.1%/0.2% (maker/taker) for a novice trader. Fees can be reduced not only by increasing the trading volume but also by trading the token of the BITO platform and through Traders Union’s rebate program. The exchange operates transparently and there is a multi-channel call center and technical support service.
| 💰 Account currency: | Cryptocurrencies, TWD |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
BitoPro Pros and Cons
👍 Advantages of trading with BitoPro:
•large trading volumes, and a significant range of cryptocurrencies and coins;
•a comprehensive catalog of investment solutions with different assets;
•low commission fees and several options for reducing commissions;
•high stability of the TradingView terminal in the browser;
•proprietary application for mobile trading;
•no minimum deposit, simple account verification;
•high level of platform information security;
•many options to contact technical support (phone, email, tickets).
👎 Disadvantages of BitoPro:
•only the Taiwan dollar is used as a fiat;
•demo accounts are not available;
•the site is not localized.
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 BitoPro Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BitoPro offers traders the following conditions.
| 💻 Trading platform: | TradingView in browser |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies, TWD |
| 💵 Replenishment / Withdrawal: | Bank accounts, electronic and cryptocurrency wallets |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptocurrencies, fiat currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | Variety of cryptocurrencies and coins, Taiwanese dollar, no referral program, many staking programs with a good percentage, a call center |
| 🎁 Contests and bonuses: | Bug Bounty, Traders Union rebates program |
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 BitoPro commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Exchange commissions don’t depend on the assets traded by the client. The main determining factor is your activity and the volume of your monthly trades, which assumes seven trading levels, including zero. The highest commissions at zero level are 0.1%/0.2% for the maker/taker. This level corresponds to a trading volume of less than TWD 3,000,000.
At the highest (sixth) level, the fees are 0.03%/0.11% for the maker/taker. Having set a goal to get to this level, you need to trade a volume of over TWD 1,300,000,000 within 30 days.
An alternative indicator is BITO trading. For example, the second level can be obtained not by trading TWD 3,000,000, but by making deals for 7,500 BITO. Please note that transactions with BITO are taken into account only for the past day.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | up to 0.2% per application | Yes |
Investment programs of BitoPro
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. BitoPro offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
There is an investment service on the platform called BitoDebt. It operates on the principle of classic staking. The client of the exchange lends funds for the development of the blockchain’s projects. The exchange itself acts as an intermediary. Blockchain projects agree with the exchange, undergo a multilevel verification procedure, and in case of a positive result, their programs shall be included in the general list.
The programs are constantly updated since the partners of the website need loans of limited volume in most cases. As soon as the required amount is collected, the program closes. Usually, the total amount of investments required for a specific project doesn’t exceed 100-150 thousand USDT or the equivalent of another asset.
Programs differ by 3 indicators:
an asset that the client lends to the project;
minimum deposit (there is usually no maximum);
program period and interest rate.
In most cases, the term of the deposit is 7, 13, or 55 days. The program can be closed before the expiration of the deposit period. In this case, the deposit shall be returned before the expiration date, and the investor will get fewer payments. The interest rate varies, it can be 6.5%, 7%, 8%, and more. Rates over 10% are rare. Usually, they are applied to blockchain projects that need urgent loans.
The cryptocurrency exchange charges 20% of the amount paid to the investor as a commission. It is impossible to withdraw the deposit before the expiration of the period specified in the terms. The deposit is returned after the expiration date along with interest. Extra steps are not required to participate in the program. Just follow the BitoDebt section and select a program. It is only necessary that the account has a sufficient amount of the asset that will be loaned.
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.
BitoPro’s affiliate programs:
The cryptocurrency exchange doesn’t offer referral programs, which is not typical for modern platforms focused on attracting traders by all means. Clients of the exchange can invite other users to the site, but they will not get any bonuses or benefits from this. Some experts regard the absence of an affiliate program as an indicator of the company's confidence in its abilities and a stable progressive development confirmation.
Conclusion. Is BitoPro good for beginners?
The BitoPro 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, BitoPro 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.