BTC China Review -
- Company:
Founded: 2011 - Server Location: CN
- Turnover:
- Mobile version: No
- Current BTC price: -
- Currencies: CNY
- Fee: From 0%
- Time: 0.5 day
- API: Yes
- Support: Live chat, Phone call, Email, Facebook
BTC China Review
Overview
BTC China is another Chinese Bitcoin exchange, based in Pudong, a special economic zone in Shanghai. The exchange was founded in June 2011 and at that time it was the first Bitcoin exchange in China, mostly serving Chinese-speaking customers. In November 2013, BTC China raised $5 million in funding from investors from Lightspeed China Partners and Lightspeed Venture Partners. The CEO of company is Bobby Lee, the Stanford University computer science graduate, who previously worked for Yahoo! Walmart China as Vice President of Technology department. The company has 20 employees and by the end of the 2013 it was the largest Bitcoin exchange by volume in the world.
BTC China provide all important information about the company behind the exchange on their website. The name and the address are both given as well as telephone number and email address.
The exchange offers high level of customer security. Besides ability to put withdrawal limits and transactions passwords, two-way Google authentication system is also implemented.
BTC China is also one few cryptocurrency exchanges that also has CNY available as an accepted Fiat currency. Following their rivals OKCoin, BTC China has recently announced they will be adding USD and HKD to their accepted Fiat currency list. In addition to that, two cryptocurrencies are available – Bitcoin and Litecoin. Even though the choice is minimal, we believe that focusing on just three currencies is not a bad approach. It helps to avoid unnecessary troubles that may arise from altcoins, and in addition to that it makes it easier to provide more security.
Registration Process
The signing up process at BTC China is detailed and comprehensive. Straight away the client has to come up with username and password, as well as a password to authorize his transactions. In addition to that, the first page of registration also requires you to provide details of your personal document, such as number of passport or driver’s licence. Immediately after that you are required to verify you phone number either via SMS message of voice call. We strongly appreciate such approach, and even though it looks complicated at first, it is a great way to increase security. We would prefer even stronger security measures, but the ones that implemented at BTC China are among the toughest on the market.
User Interface
The user interface at BTC China is simple and easy to use. It is not that flashy as some other exchanges, such as igot.com or bitstamp.net, but still does its job perfectly. As there are only two cryptocurrencies available, the website is not overloaded with information.
Costs
Fee structure is extremely simple at BTC China. There no deposit or trading fees for any of the available currencies. Withdrawal fee for CNY is 0.38%, however if the amount less than 200 CNY there is an additional 2 CNY fee. BTC withdrawals are charged ฿0.0001 for each transaction. Likewise, LTC withdrawals gets Ł0.001 fee.
We liked:
* Low fees for withdrawals, 0.00% fees for trading and deposits;
* Full company information provided on the website;
* Transparent registration process;
* Well-known, respectable CEO;
* Part of BitcoinFoundation, both the exchange and the CEO;
* USD and HKD are now available to trade.
We weren’t so sure about:
* Only two cryptocurrencies: BTC and LTC
* Based in China.