Founded in 2014 by the creators of aftermarket.pl, BitMarket is a Polish cryptocurrency exchange that finds itself at number 18 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. This exchange offers 6 trading pairs, all of which are crypto/fiat.

BitMarket has some moderate activity, with almost 100 BTC traded in a single day on its BTC/PLN trading pair. It is recommended for all polish traders, especially those looking for a mid-volume market with a robust API for programmatic trading.

 

BitMarket

bitmarket cryptoURL: BitMarket.net

Launched: 2014

Trading pairs: 6, all fiat/crypto

Deposit Fees: Yes

Withdrawal Fees: Yes

Trading fees: Yes 0.0% – 0.45%

Verification: Yes, three levels

Margin Trading: Yes

Registration

Registration on BitMarket requires a first and last name, an email address, a password, and a current physical address. Once the information is filled out, there are four checkboxes that are required, one of which links to a document that seems to only be available in polish.

Verification

BitMarket has three verification levels, none of which are required unless you want to deposit or withdraw fiat, or are trading more than 15000 EUR in a year.

Verification level one is the simplest to acquire. You are required to send BitMarket a scanned ID that states your current address, or a scanned ID and some proof of residence. For level two, a verification code is sent to your stated address via post. The last verification level is required if you wish to use instant bank transfers to fund your account. Each bank account you want to transfer from has to be verified individually by way of a 1 PLN transfer to BitMarket.

Fees

BitMarket uses the usual Maker/Taker scheme that most exchanges use to structure their trading fees. Specifically, BitMarket bases its fees off of your last 30 days of trading. BitMarket does not state exactly when your current fee bracket is updated. On the low end, makers pay 0.15% for between 0 and 99.99 EUR traded, while takers pay 0.45 for the same. For the high end, over 500,000, makers pay no fees, and takers pay a fee of 0.30%. Margin trades follow the same fees above, with opening a position taking the maker’s fee, and closing a position taking the takers fee. After opening, margin trades pay a daily fee outlined on BitMarket’s fees page

For deposit and withdrawal, the fees you pay depend on the currency and the method of transfer. Cryptocurrencies have no deposit fees and have a small withdrawal fee. For fiat deposit, there is no fee for PLN, while EUR deposits cost between 2 and 5 EUR. Both PLN and EUR pay withdrawal fees, PLN ranging from 2 PLN to 20 PLN, while EUR is a flat 2 EUR.

Limits are set at 100,000,000 PLN or equivalent daily on deposits, aside from cryptocurrencies. And there is a limit of 100,000,000 or equivalent daily for withdrawal on all currencies.

Interface

BitMarket’s interface overall is a very bright white with green and blue accents. There is no dark mode available, meaning that late night trading could be a source of eye strain.

The trading interface feels quite simplistic, with a chart, order submission, order book, and trade history all stacked vertically. The chart itself while informative feels sluggish when changing settings, and overall seems somewhat blurred.

Security

BitMarket seems to have some very trigger happy bot protection in the form of a captcha via Cloudflare. I found myself solving one at least once every three page loads. Otherwise, BitMarket offers Two Factor Authentication by way of Google Authenticator.

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News Bytes for May 3, 2018

Use our news to inform cryptocurrency trading decisions, stay up-to-date on happenings in the industry, and more!

Crypto Exchange BitGrail Legally Forced to Shut Down Just Three Hours After it Opens

Yesterday BitGrail Tweeted “BitGrail is pleased to announce the re-open of our exchange!” only to announce three hours later that “We have temporarily disabled the BitGrail exchange pending further notice.” Users quickly became irritable, some pondering if they were “getting robbed”. BitGrail quickly responded with a post to their web site that they were “notified of a deed by the court of Florence requesting the immediate closure of BitGrail and this situation will persist until a decision is made by the courts…”

SEC Mulls Whether Ethereum is a Security Under US Law

US regulators are cracking down on non-compliant securities issuers, and senior officials are set to meet to discuss whether that group includes the founders of Ethereum.

Telegram Scraps Public ICO as SEC Cracks Down on Token Sales

The company behind wildly-popular encrypted messaging app Telegram has scrapped plans to open its initial coin offering (ICO) to the public, says an anonymous source close to the matter.

Goldman Sachs To Open Bitcoin Trading Desk

Goldman Sachs, hiring their first cryptocurrency trader, becomes the first major Wall Street bank to open a bitcoin trading desk. Trading will start in the next few weeks, accordingly to a New York Times report.

Reddit Likely to Bring Back Bitcoin Payments, Add Ethereum and Litecoin Support

Cryptocurrency payments will likely be returning to popular social media platform Reddit, a company executive said on Wednesday.

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News Bytes for April 30, 2018

Coinbase Internally Values Itself at $8 Billion, Sources Say

Cryptocurrency exchange Coinbase has internally valued itself at approximately $8 billion, sources familiar with the company’s recent acquisition of paid messaging startup Earn.com say.

Miner One Successfully Launches Bitcoin-mining Balloon

Miner One successfully launched its bitcoin-mining balloon today. Space Miner One is a capsule and high-altitude balloon that will “perform data-mining operations at the edge of space”. Miner One’s goal is to “remind people that cryptocurrency is really about the future and the revolutionary technology at its heart: so-called blockchain technology.”
You can watch the launch on Facebook.

Unicef Australia Turns Computer Processing Power Into Cryptocurrency For Fundraising

With nearly 2,000 donors already, The Hopepage website uses some of your computer’s processing power to automatically generate funds for UNICEF Australia.

SEC Remains Cautious But Open To Cryptocurrency Fundraising

Underlining the need for cryptocurrency regulation, the SEC reminds investors to be cautions of ICOs. “If you want to know what our markets would look like with no securities regulation, what it would look like if the SEC didn’t do its job, the answer is the ICO market,” SEC Commissioner Robert Jackson said. However, the agency still remains open to a legal avenue for crypto-investments.

Bitcoin.com Fraud Lawsuit Gains Support From Over 1,000 People

The could-be lawsuit centers around the widely-held belief that Bitcoin.com has deliberately misled users into buying an altcoin instead of Bitcoin itself.

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Cryptocurrency exchange Coinbase has internally valued itself at approximately $8 billion, sources familiar with the company’s recent acquisition of paid messaging startup Earn.com say.

According to Recode, Coinbase assigned itself an $8 billion valuation in its offer to Earn, which included an equity package that distributed shares of the exchange operator’s common stock to Earn investors.

Coinbase has not discussed the terms of the Earn deal publicly, though Earn CEO Balaji Srinivasan said that, in addition to profits already distributed, the buyout had provided investors with a positive return on the more than $120 million they had invested in the company over the years.

In any case, the report indicates that Coinbase believes its value has exploded by several hundred percent in just a single calendar year.

Coinbase became the first “cryptocurrency unicorn” last summer when a funding round pegged its valuation at $1.6 billion. However, the company has experienced breakneck growth in the months since closing that investment round and reportedly brought in $1 billion in revenue during 2017.

This growth was largely — though not exclusively — due to a fourth-quarter cryptocurrency rally that was so pronounced that many exchanges paused new user registrations for months while they scrambled to scale up their internal operations.

According to the publication, brokers have approached existing Coinbase investors offering to buy their shares at prices that would value the company between $4.5 billion and $6 billion.

However, neither these offers nor Coinbase’s internal numbers are official, and Recode notes that the company may undergo a formal 409a valuation — which will be conducted by a third-party auditor — in the near future since it has recently acquired Earn and several other smaller startups.

Though best known for its cryptocurrency exchange and brokerage platforms, Coinbase has recently begun to branch out its product line. Earlier this year, the firm launched a cryptocurrency index fund for accredited investors, and more recently it announced its first venture capital fund.

Featured Image from Pixabay

revolut

Revolut, Europe’s newest fintech unicorn, has announced that it will add support for bitcoin cash and ripple trading to its mobile app, which offers users a digital alternative to traditional banking services.

The UK-based Revolut made the announcement on Friday, in tandem with the revelation that the company has concluded a $250 million Series C investment round. This investment, which was led by the Hong Kong-based DST Global, gives the firm a $1.7 billion valuation less than four years after its launch.

Revolut first began a bitcoin trading pilot program last year, and it proved so popular that the company rolled out the feature to the remainder of its user base and later added support for litecoin and ethereum.

Now, it has confirmed that it will allow users to trade two more large-cap cryptocurrencies: ripple and bitcoin cash. At present, ripple and bitcoin cash rank as the third- and fourth-largest cryptocurrencies, with circulating market caps of $33 billion and $24 billion, respectively.

“Our roadmap has never been more exciting! From product to marketing, our teams have been working hard to create the most useful features requested by our community,” the company said in a statement. “We’re extremely proud to announce that we will be adding Ripple (XRP) and Bitcoin Cash (BCH), alongside the current Bitcoin (BTC), Litecoin (LTC) and Ether (ETH).”

Revolut charges a 1.5% markup on the average exchange price, making it cheaper to use than either Coinbase or eToro.

Though users cannot currently transfer cryptocurrency into or out of the wallet, users can use their balances to pay for everyday transactions by using them to fund their Revolut debit cards.

At present, Revolut is only available in Europe, though the firm plans to leverage its new financing to expand into the United States, Canada, Hong Kong, Australia, Singapore, and New Zeland before the end of 2018.

Featured Image from Revolut