BitWell Fees and Minimum Deposit - TU Expert review
After considering a crypto exchange’s security, examining its fees is the next crucial step. Lower fees translate to higher potential profits. Newcomers to crypto trading may also want to consider the minimum deposit required to start trading, as they might prefer to begin with a smaller investment.
Traders Union analysts have assessed BitWell fees and minimum deposit requirements to help prospective crypto traders make informed decisions.
Short introduction of BitWell
BitWell, a cryptocurrency exchange founded in 2020, raises several red flags. Despite its Singaporean origins, the exchange is registered in the Seychelles, a jurisdiction known to harbor numerous scam brokers.
BitWell does not have a license from reputable financial authorities, which casts doubt on its reliability. The exchange's website only provides a user agreement, omitting crucial legal information about the company, its license, or address.
Online reviews frequently mention investment losses with BitWell. Traders complain of artificial obstacles to withdrawing funds, with the exchange inventing various fees, insurance requirements, and fines to delay the process and minimize payouts. In some cases, BitWell clients have been unable to recover their funds altogether.
BitWell is an exchange with a dubious reputation, and engaging with it could result in financial loss. It is advisable to seek out more reliable and proven platforms for cryptocurrency trading.
Due to numerous complaints and questionable activities, BitWell has been blacklisted by Forex brokers.
👍 Advantages of trading with BitWell:
•High liquidity and low-delay execution speed;
•Support of Market, Limit and Stop-Limit orders;
•Access to trading ordinary Call/Put options;
•Wide selection of trading instruments;
•No minimum deposit requirement;
•An opportunity to earn passive income by locking cryptocurrencies in your wallet and attracting new clients;
•Universal trading platforms with their interface customized to various strategies and crypto assets.
👎 Disadvantages of BitWell:
•Fiat currencies are not supported;
•Margin trading is available only for orders on futures contracts;
•Staking programs are available from time to time, not regularly.
BitWell Commissions and Fees
BitWell charges a 0.1% taker and maker fees for spot trading. For options trading, makers pay a 0.015% fee, and takers – 0.04%. The fees for trading perpetual futures contracts depends on the 30-day trading volume and range from -0.02% to 0.03% for makers and 0.03% - 0.07$ for takers. Traders pay the blockchain fee for cryptocurrency withdrawal.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 1$ for a USD 1,000 transaction in the Spot | Yes |
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Crypto market:
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Spread – the difference between the buy and the sell price of an asset.
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Commission per lot.
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Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
Why is it important to consider the minimum deposit at a cryptocurrency exchange?
Accessibility: The minimum deposit helps traders determine if they can afford to start trading on an exchange.
Risk Management: Exchange-set minimum deposits ensure traders have sufficient funds to cover potential losses and fees, preventing financial overextension.
Platform Suitability: The minimum deposit amount can be an indicator of the exchange’s target audience and trading volume, aiding traders in selecting a platform aligned with their goals.
Cost Considerations: Assessing minimum deposit requirements helps traders account for trading expenses.
Are the fees and minimum deposit requirements at BitWell suitable for beginners?
Analysis of BitWell shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
FAQs
Why do some brokers set a high minimum deposit?
Many companies with high minimum deposits are focused on working with professional traders with experience and large capital. Therefore, they set a high entry threshold.
Can you reduce the fees?
As a rule, the fees depend on the trading account type. Also, companies may have special offers.
Can you cover the fees with bonuses?
Yes, it is possible. Some brokers offer a welcome or deposit bonus that can be used to cover the fees.
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.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.