Is BitWell 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 BitWell is a good crypto exchange to start trading with. In this article you will learn whether BitWell is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker BitWell
BitWell is an exchange for trading cryptocurrency pairs, futures and options headquartered in Singapore. It was established in June 2020, and three months later, the exchange launched its native token WELL that runs on the Ethereum blockchain (ERC20) and is connected to Binance Smartchain BSC (BEP20). BitWell is a platform not only for trading, but also investing in cryptocurrencies, with its trading platforms fully customized to service transactions with derivatives and crypto pairs in the Spot market. In addition, the exchange offers its clients bonuses and partnership programs. BitWell has communities in Telegram, Twitter and Weibo.
| 💰 Account currency: | Cryptocurrencies |
| 🚀 Minimum deposit: | No requirements |
| ⚖️ Leverage: | 1:1 for spot trading and options, up to 1:100 for futures |
| 💱 Spread: | for Spot — 0.1%, for options — 0.015%-0.04%, for futures — -0.02%-0.07% |
| 🔧 Instruments: | Cryptocurrency pairs, futures and options |
| 💹 Margin Call / Stop Out: | No |
BitWell Pros and Cons
👍 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.
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 BitWell Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BitWell offers traders the following conditions.
| 💻 Trading platform: | Web platform, mobile apps for iOS and Android |
| 📊 Accounts: | Standard |
| 💰 Account currency: | Cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Cryptocurrencies |
| 🚀 Minimum deposit: | No requirements |
| ⚖️ Leverage: | 1:1 for spot trading and options, up to 1:100 for futures |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | No requirements |
| 💱 Spread: | for Spot — 0.1%, for options — 0.015%-0.04%, for futures — -0.02%-0.07% |
| 🔧 Instruments: | Cryptocurrency pairs, futures and options |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market, Limit, Stop Limit |
| ⭐ Trading features: | Transactions with fiat money are not available |
| 🎁 Contests and bonuses: | Free airdrops, Welcome Bonus (periodically) |
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 BitWell commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal 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 |
Investment programs of BitWell
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. BitWell offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
BitWell is an exchange where you can trade crypto assets, but also earn passive income by investing in them. The offer is available for holders of WELL tokens. From time to time, traders can earn by staking other cryptocurrencies on BitWell. The available programs are posted in the Staking section on the website. Partnership programs are another passive income option.
WELL Vault — earning income by holding native tokens of the exchange
During the program, investors can buy WELL, and after the program ends, receive free tokens from the prize pool. The minimum purchase amount is 100 WELL. The more money clients put in the pool, the higher the reward. Calculation of free tokens is automatic and based on a special formula.
Prize pool:
100,000 WELL for each 10,000,000 WELL deposited;
200,000 WELL — for 30,000,000 WELL;
300,000 WELL — for 50,000,000 WELL;
400,000 WELL — for 70,000,000 WELL;
450,000 WELL — for 80,000,000 WELL.
The prize pool will start to increase as soon as investors deposit more than 10 million WELL to the vault. Upon reaching this amount, every million of tokens deposited to the pull will bring investors 5,000 WELL more than in case of standard rates.
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.
BitWell Partnership program
Clients of the exchange can receive a reward in the form of a percentage of the trading fees of the traders they invited. At that, both the referrer and the referral receive the reward. The amount of the reward depends on the trading instrument: for Spot, the referrer gets 24% of the referral’s fees, Options and Perpetual — 18%. Referral gets a 16% discount on the fees for Spot trading, and 12% - for options and perpetual.
Previously, BitWell provided an opportunity to a partner to determine the percentage of the reward within the set limits. However, at the moment, the reward is calculated automatically.
Conclusion. Is BitWell good for beginners?
The BitWell 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, BitWell 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.