Bithoven Review – Scam or Not?
Bithoven offers a simple user interface along with helpful trading tools and advanced security measure which lets you trade with cryptocurrencies in an easy and hasslefree way. Trade on margin with leverage up to 20x based on bitcoin with the professional Meta Trader 5 trading platform. Is it trading cryptos with Bithoven as good as it sounds? Let’s dig into the details together to see what this trading platform can offer to bitcoin and altcoin traders looking for extra leverage.
Review Contents
- About the Company
- Services offered on Bithoven
- Getting started on Bithoven
- Order Types, Deposits & Withdrawals
- Fees
- Customer Support and Exchange Security
- Supported Countries
- Conclusion
About Bithoven
Bithoven started to offer its services to the public at the beginning of 2019. The company behind the operations is Fortis Ltd. with a registered address in the Caribbeans under Suite 305, Griffith Corporate Centre, PO BOX 1510, Beachmont, Kingstown, Saint Vincent, and the Grenadines. They are a registered entity under the Financial Services Authority of Saint Vincent and the Grenadines, registration number 25256 BC 2019 to provide financial services.
Being an offshore company there is no information available about the owners of the company and Bithoven does not have a Linkedin account, so there is no further information is available about its operations. All is known that platform has united professionals from blockchain, trading, and finance to deliver a product that would tailor to the needs of every trader.
Bithoven just joined Twitter in early 2019, so there are not many posts on their account yet. They regularly share updates related to the coins available to trade on this network. Similarly, only a handful of traders follow Bithoven on Facebook that is also a relatively new account. Here you can get to know the platform, how it works and what are the feature offered.
The site has a good domain ranking and receives its traffic mostly from Brazil.
Services offered on Bithoven
Bithoven.com is an emerging cryptocurrency exchange platform where you can buy and sell bitcoin and various altcoins and in a quick, safe and beneficial way. The platform offers margin trading services, high liquidity in the order book, multiple trading pairs, and flawless order execution.
There are 14 coins you can choose from and you can decide to trade against the US dollar or directly against BTC up to 20x leverage. The coins supported on Bithoven are the followings:
- BTC
- ETH
- LTC
- XMR
- BCH
- ZEC
- DASH
- XRP
- EOS
- BCH
- DASH
- ETH
- XMR
- ZEC
Beyond the list above there are a numerous amount of coins which you can trade with on Bithoven without additional leverage.
You can trade up to 1:20 margin on Bithoven with a select number of coins. Beyond market orders, you can also execute limit and stop orders on the platform along with some advanced order types.
All coins available to trade are carefully selected by their own finance and cryptocurrency professionals to ensure highest liquidity and profitability. Their trade matching engine is based on innovative algorithms which allow traders to always strike the best deals while at the same time let them avoid volatility as much it is possible.
Traders can take advantage of all the tools and instruments available on Bithoven to maximize profit and minimize losses. The in-depth order book, the customizable candlestick chart, the markets overviews are all contributes to the flawless trading experience.
Bithoven is using Meta Trader 5 platform to trade on the market. This is the most advanced and professional trading tool that is used by forex traders widely across the globe. Use on Windows desktop, through the web platform or directly on your mobile. The system enables you to use readily available automated trading bots.
You can select a successful trader to measure the signal efficiency and start copying trades in a couple of clicks. Use automated EAs and custom indicators for fast and efficient buy & sell operations. You can choose and subscribe directly to a signal provider which helps you to clarify entry, exit and target points in real-time, fully automated to save time and boost your portfolio.
Find profitable trading opportunities and make timely decisions by using Meta Trader’s trading robots. This handy option helps analyze markets, process large amounts of data and execute trade operations exactly as programmed. By adopting an automated trading system, a trader can create a number of margin accounts, each with a different strategy, thus diversifying trading and hedging like a pro for maximized profit.fit.
Virtual hosting helps you to trade around-the-clock with a dedicated trader server and uninterrupted power supply.
It is important to highlight here and even though you deposit bitcoin onto the platform, during trading the platform does not buy or sell crypto every time you make an order, only use instruments which are matching the price movements of the coins. Also, Bithoven.com is not involved in any relationship between the subscriber and MetaTrader 5 signal provider, but solely provides the service that enables automatic copy trading.
Before you want to jump in the deep water, you can also test your trading skills using the Demo mode.
Getting started on Bithoven
When you want to sign up to Bithoven you are offered to choose between the Live and the Demo account. The conditions of the accounts are fairly the same the only difference is that the amount of leverage is higher on the Demo account.
In order to sign up at Bithoven, you need to provide an email and password. To speed up the process you can also opt to use Facebook or Google single sign-on services. Confirm your password and the account creation by email and you are good to go.
At the first sign up, the platform asks for a 4 number digit key, this is an additional layer of security which is in place to protect your account. Make sure you write this 4 digit code down and have it handy if the support staff ask for it.
Although you can start using the platform for trading without any verification, after you have confirmed your email, the withdrawals are limited for anonymous users. If you want to lift your withdrawal limits, you need to verify your account with a photo ID and proof of address.
If you sign up now, you get 100 dogecoin for completely FREE! Minimum trade amount is 10 DOGE, thus 100 DOGE coins are best to evaluate liquidity portfolio and to check order execution.
Trading on Bithoven (Deposits, Withdrawals, Order Types)
Bithoven does not charge any fee on deposits and requires 2 confirmation on the blockchain before an amount is credited to the account. You can only deposit bitcoin and other altcoins on your account, but it is not possible to pay with credit card, or link your bank account to your trading dashboard. You need to own coins and send them directly to your account to the unique address generated for deposits. No fiat deposits are accepted at Bithoven.
If you want to withdraw your funds from Bithoven you can do this is all available coins which you can use on the platform. You can setup template which includes your whitelisted addresses where you can deposit funds to, this way you can save time and mitigate the risk of typos.
On the trading dashboard, you can follow the live prices in a candlestick diagram and customize the signals according to the features available in TradingView. Follow the order book of BTC against USDT.
Choose a selected instrument you want to trade with, select the side of the order being Buy or Sell, and set the order type. The fees a visible at the bottom of the Buy/Sell boxes. To finalize a deal, click on the green or red buttons.
For all unverified users who passed email address verification only, the daily withdrawal limit is set at 2 BTC or equal to this sum for all cryptocurrencies supported on Bithoven.com at current exchange rate until relevant identity and address verification documents are submitted and verified according to AML/KYC Policy. Once the identity and address verification are completed, the daily withdrawal limit is set at 100 BTC or equal to this sum for all cryptocurrencies supported on Bithoven.com at the current exchange rate.
Fees on Bithoven
The trading fees and commissions have been designed on Bithover to make the platform accessible and affordable to all registered users.
Bithoven charges 0.2% trading fee which is a reasonably low fee compared to other market participants. Trading fee is applied for opening and closing of a position and it is charged only once when you enter the market (both for opening and closing). In addition to this, a maker fee of 0.1% is added to the cost if you are not the liquidity provider on the market.
The overnight swap rate is 20% p.a for both long and short positions if you decide to trade on margin.
The withdrawal fee is depending on the network the coin uses, but usually, it is just the miner fee applicable for verifying transactions. The minimum withdrawal is the same as the mining fee on the specific network and it usually takes 8 hours to process withdrawals.
There is no deposit fee for any coins on Bithoven.
Customer Support and Security on Bithoven
It is easy to navigate on Bithoven.com site, you will surely find the information you are looking for as it is organized in a neat and structural way. Furthermore the platform has a responsive design you can switch to any other devices from your desktop to phone or tablet, but still have a great user experience when logging in.
However there is no clear distinction between the trading dashboard available after login and the Meta Trader 5 tool, so it can be confusing for traders to understand which one they are using at the moment.
In case you have any questions about Bithoven’s services or terms, you can reach the support team via emails, tickets or directly through the chat on the site.
You can set up a 2FA on Bithoven to access your account in a safe and secure manner. The team also encourage you to do so and list a couple of helpful tips on how to protect your account, including using safe email providers, VPN connections and updated software. The platform automatically logs you out after a certain period of inactivity to avoid unauthorized access to your account.
The timeout period ranges from 5 to 60 minutes. They also recommend you and remind you to change your password frequently to avoid security leakage. At the first sign up, the platform asks for a 4 number digit key, this is an additional layer of security which is in place to protect your account. Make sure you write this 4 digit code down and have it handy if the support staff ask for it.
Supported Countries
You are allowed to open an account from any country.
Conclusion
Bithoven is offering up to 20x leverage in 14 different cryptocurrencies and offering a trading option to more than 70+ other coins. You can deposit directly to your account using altcoins and trade against USDT or BTC on the trading dashboard. The platform is using Meta Trader 5 platform and also offers some additional trading tools and feature to optimize your strategy. Although the features are all sounds promising and the operating company details are provided on the site, Bithoven is still a relatively new player on the market, so there are not many experiences available yet from other users regarding its services.
Pros
- using Meta Trader 5
- lot of different coins are supported
- leverage up to 20x
Cons
- very new exchange with no real track record
- only crypto deposits are available
- can be confusing for newbies