What is Bitrue
Bitrue is a centralized cryptocurrency exchange platform that allows users to buy, sell, and trade a variety of cryptocurrencies. The exchange was founded in 2018 and is based in Singapore.
Bitrue offers a user-friendly interface and supports a wide range of trading pairs, including fiat-to-crypto, crypto-to-crypto, and stablecoin-to-crypto pairs. The platform also provides features such as staking, lending, and margin trading.
One of Bitrue’s unique features is its Power Piggy program, which allows users to earn interest on their crypto holdings. The platform also offers its own native token, BTR, which can be used to pay for trading fees and receive discounts on the platform. The exchange has also been approved by the Singaporean government’s regulatory body, the Monetary Authority of Singapore.
The history of Bitrue
Bitrue is a relatively new cryptocurrency exchange, having been founded in 2018. The platform was created by a group of blockchain enthusiasts and entrepreneurs who aimed to provide a safe, user-friendly, and efficient trading platform for cryptocurrencies.
Bitrue initially started as a small exchange with a handful of trading pairs. However, it quickly gained popularity among cryptocurrency traders due to its user-friendly interface, low trading fees, and wide range of trading pairs.
In 2019, Bitrue suffered a major hack, during which around $4.2 million worth of cryptocurrency was stolen. However, Bitrue responded to the hack quickly and transparently, reimbursing all affected users and implementing additional security measures to prevent future attacks.
Despite the hack, Bitrue continued to grow and expand, adding new trading pairs and features such as staking, lending, and margin trading. Bitrue also introduced its own native token, BTR, which provides users with additional benefits such as discounted trading fees and access to the Power Piggy program.
In 2020, Bitrue announced that it had received regulatory approval from the Monetary Authority of Singapore, making it one of the few cryptocurrency exchanges to receive such approval. This helped to further cement Bitrue’s reputation as a trustworthy and reliable cryptocurrency exchange.
Today, Bitrue continues to grow and expand, providing traders with a wide range of features and trading options, and working to further improve its security and user experience.
How Bitrue works
Bitrue is a centralized cryptocurrency exchange that operates on a similar model to other cryptocurrency exchanges. Here’s how it works:
- Creating an Account: To use Bitrue, users must first create an account by providing some basic personal information and completing the verification process, which typically involves providing a valid form of ID and proof of address.
- Depositing Funds: Once the account is set up, users can deposit cryptocurrency or fiat currency into their Bitrue wallet. Bitrue supports a wide range of cryptocurrencies and also accepts deposits in several fiat currencies.
- Trading: After depositing funds, users can begin trading on the Bitrue exchange. The platform offers a wide range of trading pairs, including fiat-to-crypto, crypto-to-crypto, and stablecoin-to-crypto pairs. Bitrue also offers features such as margin trading, staking, and lending.
- Withdrawing Funds: When users are ready to withdraw their funds, they can do so by sending the cryptocurrency to an external wallet or bank account. Bitrue charges a small fee for withdrawals, which varies depending on the cryptocurrency and the amount being withdrawn.
- Security: Bitrue takes security seriously and uses measures such as two-factor authentication, cold storage, and regular security audits to protect user funds. The platform also implements Know Your Customer (KYC) and Anti-Money Laundering (AML) policies to prevent fraudulent activity.
- Fees: Bitrue charges trading fees that vary depending on the user’s trading volume and whether they are using BTR, the platform’s native token. The fees are generally lower for users who hold BTR tokens.
Overall, Bitrue provides a simple and user-friendly interface for trading cryptocurrencies, and offers a wide range of trading pairs and features to cater to the needs of both novice and experienced traders.
Does Bitrue charge a fee
Yes, Bitrue charges trading fees for buying, selling, and trading cryptocurrencies on its platform. The fee structure varies depending on the user’s trading volume, the trading pair, and whether the user is using Bitrue’s native token, BTR.
For example, Bitrue charges a maker fee of 0.1% and a taker fee of 0.15% for trading Bitcoin (BTC) against USDT. If the user pays the fees using BTR, the fees will be reduced to 0.08% for makers and 0.12% for takers.
The trading fees on Bitrue are competitive compared to other cryptocurrency exchanges, and they are reduced for users who hold BTR tokens. Additionally, Bitrue charges withdrawal fees that vary depending on the cryptocurrency being withdrawn.
It’s worth noting that trading fees are just one aspect to consider when choosing a cryptocurrency exchange. Other factors such as security, user experience, available trading pairs, and customer support should also be taken into account when evaluating the overall quality of an exchange.
Step-by-step guide of using Bitrue
Sure, here’s a step-by-step guide on how to use Bitrue:
- Register an Account: To begin using Bitrue, you’ll need to register an account. Go to the Bitrue website and click on “Sign Up” to create an account. You’ll be asked to provide some basic information, including your name and email address.
- Complete Verification: After registering, you’ll need to complete the verification process. This typically involves providing a valid form of ID and proof of address. Follow the on-screen instructions to complete the verification process.
- Deposit Funds: Once your account is verified, you can deposit funds into your Bitrue wallet. Click on “Wallet” and select the cryptocurrency you want to deposit. You’ll be given a deposit address to send the funds to.
- Trade Cryptocurrencies: After depositing funds, you can begin trading on the Bitrue exchange. Click on “Trade” and select the trading pair you want to trade. You’ll be taken to the trading interface, where you can place orders to buy or sell cryptocurrencies.
- Withdraw Funds: When you’re ready to withdraw your funds, click on “Wallet” and select the cryptocurrency you want to withdraw. Enter the withdrawal amount and the external wallet address you want to send the funds to. Bitrue will charge a small fee for the withdrawal.
- Optional Features: Bitrue offers several optional features, including staking, lending, and margin trading. To use these features, click on the relevant option in the top menu and follow the on-screen instructions.
- Security: To ensure the security of your Bitrue account, be sure to enable two-factor authentication and other security measures. You can also check your account activity and login history to monitor your account for any unauthorized activity.
Overall, Bitrue provides a user-friendly interface for buying, selling, and trading cryptocurrencies. However, as with any cryptocurrency exchange, it’s important to be cautious and do your own research before investing your funds.
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