How Bitsten works
What is Bitsten
Bitsten is a cryptocurrency exchange platform that allows users to buy, sell, and trade various digital assets. It was founded in 2018 and is headquartered in Singapore, but has expanded its operations to other regions including Indonesia, Vietnam, and Malaysia. Bitsten supports a wide range of cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, and many others, and provides users with a variety of trading pairs and advanced trading tools. The platform also offers a mobile app for iOS and Android devices, as well as a web-based trading interface for desktop users. Bitsten is known for its low trading fees, high liquidity, and robust security measures to protect user assets.
The history of Bitsten
Bitsten is a relatively new cryptocurrency exchange platform that was founded in 2018. The company is based in Singapore and was founded by a group of professionals with extensive experience in the financial and technology sectors. Since its launch, Bitsten has quickly gained popularity among cryptocurrency traders in Southeast Asia and beyond.
In its early days, Bitsten focused on building a solid foundation for its platform, including developing its technology infrastructure, building a strong team of experts, and establishing partnerships with other key players in the cryptocurrency industry. The platform initially launched with a limited number of cryptocurrencies and trading pairs, but has since expanded to support a wide range of digital assets.
In 2019, Bitsten introduced its mobile trading app for iOS and Android devices, allowing users to easily trade and manage their digital assets on-the-go. The platform also launched a range of advanced trading features, including margin trading and futures trading, which have proven popular with more experienced traders.
Today, Bitsten is a well-established player in the cryptocurrency exchange space, known for its low trading fees, high liquidity, and robust security measures. The platform continues to expand its operations, with a focus on reaching new markets and providing innovative products and services to its users.
How Bitsten works
Bitsten is a centralized cryptocurrency exchange platform, which means that all trades are conducted through a central order book managed by the platform. When a user places an order to buy or sell a cryptocurrency on Bitsten, the platform matches the order with another user’s order of the opposite type, based on the price and quantity specified.
The algorithm used by Bitsten to match orders is based on a first-come, first-served basis, where the oldest order at a given price takes priority. This ensures that users receive the best available price for their trades and that the platform operates efficiently, with no delays or errors in order execution.
In addition to its basic trading features, Bitsten also offers advanced trading tools such as margin trading and futures trading. These features allow users to increase their trading leverage and potentially earn higher profits, but also involve higher risks.
To facilitate these advanced trading features, Bitsten uses specialized algorithms to manage the risk of these trades, including margin calls and liquidation processes. These algorithms are designed to automatically monitor users’ margin positions and ensure that they maintain sufficient collateral to cover their positions, in order to reduce the risk of losses for both the user and the platform.
Overall, the algorithms used by Bitsten are designed to provide users with a fast, reliable, and secure trading experience, while also mitigating risks associated with more complex trading strategies.
Does Bitsten charge a fee
Yes, Bitsten charges fees for trading on its platform. The fees vary depending on the type of trade, the trading volume, and the user’s membership status.
For spot trading, which is the buying and selling of cryptocurrencies at the current market price, Bitsten charges a flat fee of 0.1% for both makers and takers. The maker fee applies to users who place limit orders that are added to the order book, while the taker fee applies to users who place market orders that are executed immediately.
For margin trading and futures trading, Bitsten charges a slightly higher fee of 0.15% for both makers and takers. In addition to the trading fees, Bitsten also charges withdrawal fees for transferring cryptocurrencies out of the platform.
However, Bitsten offers a tiered fee structure that rewards users who trade higher volumes with lower fees. The platform also offers a membership program called Bitsten Premium, which provides users with additional benefits such as lower fees, higher withdrawal limits, and access to exclusive features and services.
Overall, while Bitsten does charge fees for trading on its platform, its fees are generally lower than many other cryptocurrency exchanges, making it an attractive option for cost-conscious traders.
How to use Bitsten
Here is a step-by-step guide on how to use Bitsten to buy, sell, and trade cryptocurrencies:
- Create an account: Go to the Bitsten website (www.bitsten.com) and click on the “Register” button in the top right corner of the page. Enter your email address and create a strong password. You will receive a confirmation email, which you will need to click on to verify your account.
- Complete KYC verification: To start trading on Bitsten, you will need to complete the Know Your Customer (KYC) verification process. This involves submitting a government-issued ID and a selfie of yourself holding the ID. Follow the instructions on the website to complete the KYC process.
- Deposit funds: Once your account is verified, you can deposit funds into your Bitsten account. Click on the “Deposit” button in the top right corner of the page and select the cryptocurrency you wish to deposit. Follow the instructions to transfer funds from your external wallet to your Bitsten account.
- Place an order: To place an order, click on the “Trade” button on the Bitsten website and select the cryptocurrency you wish to trade. You can choose to place a limit order, which allows you to set a specific price for the trade, or a market order, which executes the trade at the current market price. Enter the amount of the cryptocurrency you wish to buy or sell and click on “Buy” or “Sell.”
- Manage your trades: Once you have placed an order, you can manage your trades on the Bitsten website. You can view your open orders, order history, and trade history, as well as monitor the current market prices and trading volumes.
- Withdraw funds: When you are ready to withdraw your funds, click on the “Withdraw” button in the top right corner of the page and select the cryptocurrency you wish to withdraw. Follow the instructions to transfer the funds to your external wallet.
Overall, using Bitsten to buy, sell, and trade cryptocurrencies is a straightforward process, but it is important to follow the platform’s security protocols and to be aware of the risks involved with cryptocurrency trading.
Want to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Bitcoin Cash (BCH)? We recommend WELLCOINEX! WELLCOINEX.COM is the trusted way of exchanging money and buying cryptocurrencies!