What is Bitsten?
Bitsten is a cryptocurrency exchange based in Indonesia that was established in 2017. The platform aims to become the largest exchange in Indonesia and Asia, with a unique approach to rewarding token holders.
Bitsten Token
Bitsten Token is the native token of the Bitsten Exchange project. It plays a crucial role in supporting the exchange, with the promise of being the leading platform in Indonesia and Asia. The exchange utilizes a small fee structure and shares company profits with token holders as a reward for their contributions to Bitsten's transactions.
Accessibility for US Investors
Bitsten is accessible to investors from the United States. However, potential US investors are advised to independently evaluate any issues related to their citizenship or residency before engaging in trading on the platform.
Trading on Bitsten
Understanding the trading environment on Bitsten is essential for users. The platform provides a variety of trading views, and users should choose the one that aligns with their preferences. Common features include order books, price charts, and order history, along with buy and sell boxes.
Trading Fees
Bitsten employs a fee structure that distinguishes between makers and takers. Takers, who place orders that match existing ones, are charged a fee of 0.20%, which is in line with industry averages. Notably, makers, who provide liquidity to the market, incur no fees, promoting liquidity at the exchange and making it an attractive option for certain traders.
Withdrawal Fees
Withdrawal fees on Bitsten vary depending on the cryptocurrency being withdrawn. The fees are competitive, with BTC withdrawals incurring a fee of 0.0005 BTC, slightly below the global industry average. The platform's approach to withdrawal fees contributes to its competitiveness in the market.
Deposit Methods
Bitsten supports fiat currency deposits, specifically in Indonesian Rupiah (IDR). However, it does not allow deposits via credit card. For users looking to deposit in other fiat currencies or through credit cards, alternative exchanges should be considered. Bitsten is considered an "entry-level exchange," making it suitable for new investors entering the cryptocurrency space.
In summary, Bitsten offers a unique token system, competitive trading and withdrawal fees, and accessibility to US investors, making it a noteworthy player in the cryptocurrency exchange landscape.
What are the trading fees on Bitsten?
Bitsten employs a fee structure that distinguishes between makers and takers. Takers, who place orders that match existing ones, are charged a fee of 0.20%, which is in line with industry averages. Notably, makers, who provide liquidity to the market, incur no fees, promoting liquidity at the exchange and making it an attractive option for certain traders.
Does Bitsten offer leverage trading?
Bitsten does not currently offer margin trading or leverage options.
Is Bitsten 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.
