What is Bitlo?
Bitlo, launched on June 5, 2018, is a centralized cryptocurrency exchange based in Istanbul, Turkey, operated by Bitlo Teknoloji A.Ş. As one of Turkey’s leading crypto platforms, Bitlo serves a wide user base with over 205 cryptocurrencies and 279 trading pairs, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), Shiba Inu (SHIB), Dogecoin (DOGE), and unique tokenized assets like GRAMG (crypto gold, indexed to 1 gram of gold) and GRAMS (crypto silver). The platform reports a 24-hour trading volume ranging from $2.57 million to $3.54 million, with a trust score of 6/10 (BeInCrypto), ranking 143rd among exchanges for reliability. Bitlo focuses on providing a user-friendly, secure, and reliable trading experience, particularly for Turkish users, with seamless Turkish Lira (TRY) fiat on-ramps and withdrawals via official bank accounts without transaction fees.
Bitlo’s ecosystem is designed for both novice and advanced traders, offering Basic and Advanced Buy/Sell interfaces with market, limit, and stop-limit orders, enhanced by chain orders and price alerts. Its “Convert” feature enables instant crypto-to-crypto swaps, while the Bitlo Academy provides educational resources, including interactive lessons, video tutorials, and expert analyses on topics like BTC trends and gold chart reading. Additional products include Social Trading, a Launchpad for new tokens, Auto-Invest plans, and a Referral System offering up to 50% commission on referred users’ trades. Bitlo’s mobile app (iOS and Android) integrates TradingView charts, real-time market tracking, and portfolio management, earning praise for its intuitive design and English support. The platform also offers basket tokens (e.g., Token 10, NFT, Metaverse) and commodity-backed tokens like GRAMG, enabling 24/7 trading with low spreads.
Security is a core focus, with Bitlo employing two-factor authentication (2FA) via Google Authenticator, cold storage, and high-speed transaction networks. The platform has no reported hacks and received the Diamond Award for customer excellence at the A.C.E Awards (2021–2023) by Şikayetvar, reflecting strong 24/7 support via live chat, email, and social media. However, the lack of public proof-of-reserves data and minimal regulatory oversight (no major licenses beyond Turkish registration) raise transparency concerns. Services are unavailable in restricted regions like the U.S., Canada, and sanctioned countries (e.g., Iran, Syria). User reviews highlight fast TRY withdrawals and a reliable interface but note occasional liquidity issues for smaller coins and higher fees (0.25% base) compared to global competitors like Binance. Recent X posts promote market updates (e.g., Bitcoin at $90,000, XRP ETF approval) and campaigns like a 200 TRY GetirYemek discount for new users, reflecting active engagement. For Turkish traders seeking a regulated, TRY-focused platform with innovative products, Bitlo is a strong option, but its transparency gaps and regional focus warrant caution.
What are the trading fees on Bitlo?
Bitlo charges a base trading fee of 0.25% for both makers and takers on spot trading, slightly above the industry average of 0.177% (maker) and 0.221% (taker). Fees can be reduced for higher trading volumes or through promotional offers. TRY deposits and withdrawals via official bank accounts incur no transaction fees, while crypto withdrawals carry network-specific fees (e.g., 0.0004 BTC for Bitcoin, below the industry average of 0.000812 BTC). Fiat purchases via third-party providers may incur additional fees (e.g., 2%–5% for card payments). Users should verify rates on Bitlo’s fee schedule at bitlo.com, as fees may vary based on market conditions or account tiers.
Does Bitlo offer leverage trading?
No, Bitlo does not currently offer leverage trading, margin trading, or futures trading. The platform focuses on spot trading with Basic and Advanced Buy/Sell options, supporting market, limit, and stop-limit orders, and prioritizes accessibility for Turkish users. Traders seeking leverage should consider alternatives like BTCC (up to 500x leverage) or Poloniex (up to 100x leverage), noting regional restrictions, as these platforms are unavailable in Turkey.
Is there a research audit report for Bitlo?
Bitlo does not publicly disclose comprehensive third-party audit reports or proof-of-reserves data, with exchange reserves listed as unavailable on CoinGecko and CoinMarketCap. The platform emphasizes security through 2FA, cold storage, and a high-speed transaction network, with no reported hacks and a Diamond Award for customer trust (A.C.E Awards, 2021–2023). However, the lack of transparent reserve audits raises concerns about fund safety compared to exchanges like WOO X (live reserve dashboard) or Kinesis Money (biannual bullion audits). Users should approach with caution and monitor Bitlo’s official channels for updates on reserve transparency.
Is Bitlo safe?
While many major CEXes boast stronger firewalls than most governments, history has witnessed numerous instances where exchanges have fallen victim to hacks, resulting in the loss of customer funds. DEXes are generally safer option as you have control over your funds at all times as long as blockchain is up and running. Its all based off contract code so you can clearly look whats behind the scenes, and how their contracts work.
Does have customer support?
Almost all exchanges provide customer support, but the quality, speed and continuity of this service varies from time to time depending on the budget conditions of the companies. We recommend that you experience the support service provided by the stock exchange by asking a question to the support section on its website.
