Review of the BTCBear cryptocurrency exchange
BTCBear is an international cryptocurrency platform that makes it possible to trade Bitcoin and Litecoin. The main focus of the service is aimed at the safety of traders and the speed of payments. The project was created in August 2015. The company is headquartered in London.
Among the founders of the site are Mohammad Sadegh Daneshvar and Morteza Rezaei. The platform team includes both professional traders and experienced developers, investors, and miners. Their main goal is to make cryptocurrency trading available to anyone.
The main language of the site’s website is English. The exchange maintains accounts in the following social networks:
There is also a referral program on the platform. To do this, we invite new clients to BTCBear and get a small reward for them. Today it is 40% of the trading commission received by the exchange from the transactions of your referrals. You can invite an unlimited number of new users. Payments are calculated daily.
To contact the service team, you can write to firstname.lastname@example.org or leave a message on the site using a pop-up window.
Registration on the BTCBear exchange
Before you can start trading tokens, you need to create an account on the exchange. To do this, fill in all the fields in a special form. We indicate:
- referral code (optional).
You will receive an activation link by mail. We go through it and get to your personal account, where you can change your mail, password and secure your account using two-factor verification.
You can work on the exchange without verification. It will be required when you want to withdraw large amounts from the site. In particular, without providing personal information about yourself per day, you can withdraw a total of 50 bitcoins plus 500 Litecoins, plus 2,500 thousand dollars and euros. You can deposit funds on the exchange without restrictions.
To pass verification, you need to upload scans of documents to the service. You will need a passport or ID card to verify your identity. To confirm the address of residence – a bank statement or an invoice for payment of utilities. Documents can be submitted in PDF, JPEG or PNG formats.
BTCBear deposit and withdrawal methods
The exchange works with both popular cryptocurrencies and fiat money. Dollars and euros can be brought to the site using the following payment systems:
- Advanced Cash;
Supports service and bank transfers from Visa or MasterCard. The minimum deposit is $ 1. To add funds to the site, go to the “Funding” tab, select a convenient payment system, enter the amount. In the adjacent field, the service will show the amount of money that will be received on the account minus the commission.
Balance replenishment form on the exchange
Next, you will be taken directly to the website of the payment system, where you will need to confirm the transfer. Below the form of transfers on the exchange, the balance of your wallets for each currency is shown, as well as the history of transactions.
The commission depends on the payment system. PerfectMoney will take 2% if you deposit dollars and 0% if you are in euros. Payeer will withdraw 4% and 4.5% respectively. Advanced Cash – 3% and 2% of the total.
To withdraw money, select “Withdraw”. At the first step, we select the currency and the payment system to which the funds will be transferred. Then we indicate the amount and at the third step we confirm the operation. On average, the withdrawal is made within 1-2 days.
Exchange and trade for BTCBear
You can buy and sell on the service Bitcoin and Litecoin. The following currency pairs are available to traders:
You can place different types of orders on the site:
- by market;
- stop loss and take profit.
On the trading platform, the chart of the currency pair is displayed in the center. There are many settings provided for it. You can draw trend lines, apply patterns, write text on the chart, display indicators. From time intervals 1, 5, 15, 30 minutes, as well as 1 hour are available. On the left are open buy and sell orders. Below is a form for self-opening applications by users.
The commission for buying and selling on BTCBear is 0.2% of the transaction amount.
It is difficult to understand the average daily trading volume – on the exchange itself, only zeros are displayed in place of this indicator. This service is absent in the ratings of cryptocurrency platforms.
Security issues are a priority for the exchange team, and therefore 95% of user funds are stored in cold wallets without an Internet connection.
Two-factor authentication will also help prevent theft of funds, which increases account security by an order of magnitude. You can activate it in the settings of your personal account. To do this, we install Google Authenticator on our mobile device, scan the code and enter the numbers in a separate field.
In addition, if you change your e-mail, account password or disable 2-factor authentication, all funds put on withdrawal will be frozen for a day. The personal account of the exchange also keeps statistics of all visits to your account. In particular, the time and date are indicated, as well as from which IP the login was made.
Advantages and disadvantages of BTCBear
We will pay special attention to the positive and negative aspects of the service, which attract or, conversely, repel customers from it.
What to praise
The pluses of the exchange include:
- Purchase of tokens for fiat money – dollars or euros.
- Work with payment services, as well as Visa or MasterCard.
- The presence of a referral program, which allows you to additionally earn money by attracting users. Convenient for those who have good traffic sources or many familiar traders.
- Cold storage of most of the funds.
- Different types of orders are available.
- Fast account opening process.
- The ability to trade on BTCBear without verification.
WHAT TO CHECK FOR
Among the disadvantages, we note the following factors:
- Small trading volumes.
- There has been no recent activity of the exchange team on the Internet.
- The site is in English – no translations provided.
- Few cryptocurrencies.
- The service often requires you to enter a captcha.
Reviews on BTCBear
Users rarely leave reviews about the site. The exchange team was also active on the forums until mid-spring 2016 – mainly messages related to changes in commissions for deposits and withdrawals of funds and platform updates. Then the activity dropped sharply, on some forums the accounts of the exchange were completely banned.
In addition, back in 2016, the creators of the service promised to add support for such payment systems as Payza, WebMoney, OKPay, but so far the promises have remained in words.