Is Bitsgap 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 Bitsgap is a good crypto exchange to start trading with. In this article you will learn whether Bitsgap is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Bitsgap
Bitsgap is a young Estonian cryptocurrency intermediary platform founded in 2017 by an enthusiastic team of private traders, security experts, and marketers. Their goal was to create a universal platform, the functionality of which will allow a trader to trade not on one, but on several crypto exchanges at the same time. At the moment, every Bitsgap client can exchange cryptocurrencies on 20 world exchanges, thereby adjusting to the market in real-time. Traders who do not want to trade on their own can connect special bots designed for different tasks and trading styles.
| 💰 Account currency: | USD, EUR, cryptocurrencies |
| 🚀 Minimum deposit: | From $1 (the size varies depending on the conditions of the selected crypto exchange) |
| ⚖️ Leverage: | 1:1 (i.e., not provided) |
| 💱 Spread: | market |
| 🔧 Instruments: | Cryptocurrencies, futures |
| 💹 Margin Call / Stop Out: | No |
Bitsgap Pros and Cons
👍 Advantages of trading with Bitsgap:
•a wide range of assets comprising more than 600 pairs of cryptocurrencies;
•the presence of several tariff plans with different subscription rates, the size of which can be reduced by paying for 6 months of use in advance;
•no trading commissions for transactions or additional fees for making a deposit and withdrawing funds;
•trading using bots is allowed without additional commissions;
•integration with more than 20 major crypto exchanges;
•a 7-day trial version of paid plans is available without verification;
•availability of a functional trading platform based on TradingView.
👎 Disadvantages of Bitsgap:
•you cannot trade with leverage;
•lack of a license from a reliable regulator;
•no online chat and phone support.
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 Bitsgap Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Bitsgap offers traders the following conditions.
| 💻 Trading platform: | Proprietary platform based on TradingView |
| 📊 Accounts: | Demo; Free 7-day free trial version of any paid tariff plan; Basic, Advanced, and Pro plans |
| 💰 Account currency: | USD, EUR, cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Bank cards Visa/Mastercard, PayPal, Bitcoin, Litecoin, Ethereum, and more than 50 other altcoins |
| 🚀 Minimum deposit: | From $1 (the size varies depending on the conditions of the selected crypto exchange) |
| ⚖️ Leverage: | 1:1 (i.e., not provided) |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | from 0 |
| 💱 Spread: | market |
| 🔧 Instruments: | Cryptocurrencies, futures |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | No |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market orders, Limit orders, stop-limit orders, Smart orders, Shadow orders |
| ⭐ Trading features: | Trading with automated bots is available, trading conditions depend on the chosen crypto exchange |
| 🎁 Contests and bonuses: | Yes |
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 Bitsgap commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
An analysis by the Traders Union of Bitsgap’s conditions showed that the cryptocurrency intermediary platform does not withhold commissions for trading and withdrawing funds. However, remember that Bitsgap is an intermediary between traders and other cryptocurrency trading platforms that may charge a trading commission. Before trading on Bitsgap, a trader must choose one of three tariff plans with a monthly fee of $29/€25, $69/€59, and $149/€129, so the services of the crypto exchange cannot be considered completely free. The subscription fee can be reduced by paying a 6-month fee in advance.
| Account type | Spread (minimum value) | Withdrawal commission |
| Basic | from $1 | No |
| Advanced | from $1 | No |
| Pro | from $1 | No |
Investment programs of Bitsgap
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. Bitsgap offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Bitsgap allows its clients to conduct independent trading, and also to connect bots for automated trading. The company does not withhold any commissions for providing access to the robot(s). The trader pays only the monthly subscription fee stipulated by the selected tariff plan. Also, every Bitsgap client can become a partner and receive passive income for registering new clients and for their trading.
Bots for algorithmic trading — types and principles of operation
Bitsgap offers 4 bots that are compatible with all partner exchanges. The number of bots available to a trader depends on the tariff plan the trader chooses. Under the terms of the Basic plan, the client can connect 2 bots; with the Advanced plan, it’s 5 bots; with the Pro plan, it’s 20 bots. Buy and sell orders are automatically set by a special algorithm. This happens while the price of cryptocurrencies is moving and when there is a high probability of making a profit. The size of the minimum deposit to start trading with bots is not fixed and is calculated by the system based on the number of grid levels (Grid Quantity) set by the trader and the Investment parameter.
Available bot types:
Sbot is for side markets.
Classic bot is a grid bot with a moderate reward/risk ratio.
Combo bot is a futures bot that uses a combination of DCA and grid strategies.
Scalper bot is HTF-bot for fast trading.
Bitsgap does not recommend launching any of the bots in case of an obvious uptrend or downtrend but advises to wait for the moment when the market enters a sideways movement. The pairs for trading are determined by the trader himself, but Bitsgap helps with this. The Strategies trading terminal widget contains a list of the most profitable pairs for the last 3 days, a week, and a month. It is compiled based on retrospective testing.
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.
Bitsgap’s affiliate program:
Refer A Friend (RAF) is a program with a reward of $10 for each connected referral who has got a paid package. The partner also receives 30% of the subscription fees of all invited friends who continue to use Bitsgap services.
All customers who have a paid subscription to a tariff plan have the right to participate in the referral program.
Conclusion. Is Bitsgap good for beginners?
The Bitsgap 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, Bitsgap 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.