BTC-E Review


BTC-E

exchange-btce

BTC-E is one of the most well known exchanges world wide. The main focus of the site is day trading. There are several currency pairs to trade including many altcoins. Dollar-Bitcoin, Euro-Bitcoin, Litecoin-Bitcoin to name a few. UPDATE: Pound Sterling and Yuan have now been added to Bitcoin and Litecoin pairs! The site is easy to use. There is also an infamous chat on the site known as the “troll box”. Anything from discussion, trolling, and attempts at market manipulation are common place.

Ease of use
BTC-E is simple and straight forward to use. Even though there are many trading pairs there are very rarely bugs.

Trust
Nobody knows the identify of the owners of BTC-E. They have been interviewed on coindesk and make an effort to remain anonymous. Merchant bank accounts in England, Web host in Bulgaria, Company registered in Cyprus, and lots of Russian language on the site. There have been issues with long waits for fiat deposits.BTC-E is the best for day trading, however it is probably one of the worst for sending fiat currencies too and the fees for withdrawing fiat are relatively high and can have long delays. One the one hand we don’t know who is behind BTC-E we knew who was behind Mt.Gox and that didn’t stop them from the biggest fraud the bitcoin community has yet seen. BTC-E has had “issues” with deposits, sometimes people waiting months for their deposits that they sent via wire transfer to show up on their account. The same thing can be said for wire transfer withdraws. However withdraws via paypal or other methods seem to work much better from the site. BTC-E has also added as an option the ability to withdraw to a Credit Card. This is a big improvement and should be a way around the long wire transfer waits. There is also an extra feature “BTC-E CODE” that allows users to send funds to another user on the site instantly. You simply create a coupon code from your account in the currency that you want, bitcoin,litecoin, $, € and then give it to a user, they then type the code into their account deposit section and BAMM! the funds are there, no waiting for network conformations. You can now withdraw fiat to a credit card and reports are overall postive from people that have used this withdrawal service.

Security
Although the site has had some small scale issues during high volume trading overall it
does a great job to prevent ddos attacks during spikes in trading volume. It is possible to set up 2FA and if you change your password then withdraws are blocked for 72 hours.

Day Trading
There is a flat 0.2% fee on all trades which is pertty low compared to other exchanges. Only lower are some of the Chinese exchanges and CEX.IO which do not charge any trade fees. It is easy to create a market order or a limit order quickly. You can see the order book on the site. There is a candle chart for every pair traded. The “troll box” also plays a part in day trading. It is basicly people chating trying to get each other to buy or sell, and general chatting. It is called the “troll box” for a reason so do not base any trades from “news” or advice from this chat, only.

Anonymous
No personal data is needed to create an account. An email address is all that is needed. Access of the site with TOR does not work well, in an attempt to block ddos attacks they have blocked most TOR ip addresses.

Ease of use: A
Security: A
Trust: B+
Anonymous: Yes, possible
Day Trading: A+
Altcoins: Yes:Litecoin, Namecoin, Novacoin, Peercoin, Terracoin, Feathercoin, Primecoin

Exchange Ease of use Security Trust Fees Day Trading Altcoins
Coinbase
Review
A A+ A+ C C No
Bitmex
Review
A A+ A+ C C No
SimpleFX
Review
A A+ A+ C C No
Okcoin A A A A A Yes
1Broker
Review
A A+ A+ C C No
Bitcoin.de
review
A A A B C No
CEX.IO
review
A A A A A Yes
BTC-E
review
A A B+ A A Yes
Kraken
review
A A+ A B B Yes
Localbitcoins
review
A B+ A A C No
Bitstamp
review
A B B- B B No