bitcoin exchange

Today, New York Attorney General Eric T. Schneiderman initiated the Virtual Markets Integrity Initiative, a reality discovering investigation into the arrangements and practices of platforms utilized by purchasers to exchange virtual or “crypto” monetary forms like bitcoin and ether. As a component of a more extensive push to secure cryptographic money speculators and purchasers, the Attorney General’s office sent letters to thirteen noteworthy virtual cash exchanging platforms asking for key data on their activities, inside controls and defends to ensure client resources.

The attorney general is asking for data on the platforms’ activities, inside controls, and safeguards to ensure client resources, as per an announcement from Schneiderman’s office. “As the letters explain, the initiative seeks to increase transparency and accountability as it relates to the platforms retail investors rely on to trade virtual currency, and better inform enforcement agencies, investors, and consumers,” Schneiderman said in a statement.

Platforms

The Investor Protection Bureau of the Office of the Attorney General sent letters to the following virtual currency trading platforms:

The initiative, in which the attorney general’s office sent letters to 13 virtual cash exchanging stages, tries to expand straightforwardness and responsibility as it identifies with the online offices that retail speculators depend on to exchange virtual money and better educate requirement offices, financial specialists, and shoppers.

Virtual Markets Integrity Initiative Questionnaire

The letters sent to the platforms include the questionnaire. It comprised of following sections:

  • Ownership and Control
  • Basic Operation and Fees
  • Trading Policies and procedures
  • Outages and Other Suspensions Of Trading
  • Internal Controls
  • Privacy and Money Laundering
  • Protection against Risks To Customer Funds
  • Written Materials

“With cryptocurrency on the rise, consumers in New York and across the country have a right to transparency and accountability when they invest their money. Yet too often, consumers don’t have the basic facts they need to assess the fairness, integrity, and security of these trading platforms,” said Attorney General Schneiderman. “Our Virtual Markets Integrity Initiative sets out to change that, promoting the accountability and transparency in the virtual currency marketplace that investors and consumers deserve.”

Founded in 2013, LakeBTC is a Shanghai-based cryptocurrency market that hosts 8 trading pairs. It offers an API for programmatic trading and finds itself at #17 on BlockExplorers top 25 Cryptocurrency Exchanges of 2017 list. While writing this review, LakeBTCs website went down for a little over a day, which could indicate some technical issues.

LakeBTC has some activity on all of its trading pairs. As such, LakeBTC would be recommended to mid or low tier traders looking for somewhere active but somewhat small to trade.


lakebtc crypto

LakeBTC

URL: lakebtc.com
Total Trading pairs: 8
Founded: 2013
Deposit Fees: No
Withdrawal Fees: No
Trading Fees: Yes, 0.00%-0.2%
Verification: Yes, One level

Registration

Registration on LakeBTC is a two-step process. The first step to registering is entering an email address and password. Before you can log in, you are required to follow the link emailed to you in order to confirm your address.

Verification

LakeBTC offers a single verification level. You are only required to verify your account if you wish to deposit and withdraw fiat via a bank wire. The process of gaining the verification level has one step and involves a decent amount of personal information. Specifically, you are required to provide your full name, full address, proof of residence no older than three months, and photo government ID. An image of you holding the ID submitted is required if you intend sending “high volume bank wires”. Though what constitutes ‘high volume’ in this context is not stated.

Interface

LakeBTC has two trading interfaces, both of which are a bright white with black text and blue highlights. The more simple interface has no chart and has tabs for buying and selling your selected trading pair, with an order book alongside the order placement form. This extremely simplistic trading interface feels very restrictive, as most of the information even novice traders would want is not available. Otherwise, the more advanced trading interface seems to use flash, which makes it impossible to use on most modern browsers.

Security

LakeBTC has some good practices and some bad ones. It offers two methods of Two Factor Authentication. Specifically, SMS based and Google Authenticator based 2FA. Otherwise, LakeBTC still uses Adobe Flash, which is a known security vulnerability.

HitBTC is a Chicago based cryptocurrency exchange founded in 2014 and is #12 on BlockExplorer’s top 25 exchanges of 2017 list.

HitBTC supports a huge number of trading pairs, with high amounts of activity on most of them. All of the trading pairs on HitBTC are crypto/crypto and offers an API for programmatic trading.

HitBTC is recommended for mid to large scale traders looking for a high activity exchange.

HitBTC

hitbtc cryptoURL: hitbtc.com
Total trading pairs: 273
Deposit fees: Yes, for some currencies
Withdrawal fees: Yes
Trading fees: Yes, -0.01% – 0.1%
Verification: Yes, but unneeded

Registration

Registration is exquisitely simple, requiring only an email and password. After submitting the registration form, you will receive an email with a confirmation link.

Fees

HitBTC breaks its trading fees into the usual maker/taker model. Where takers pay a fee of 0.1% on all trades, makers receive a fee of -0.01%, meaning makers receive additional currency when making trades. Otherwise, fees for deposit and withdrawal are set per currency and can be seen on the wallet page.

Interface

HitBTC’s interface is highly configurable. While defaulting to a day mode with bright colors, it has a night mode with darker colors. The main exchange page has plenty of information presented in an organized manner. On the main page there is a chart of the currently selected pair, a method of switching trading pairs, buy/sell order forms, an order book, a small chat window, and a list of your current active orders. On the top right of the page is your current balances that are relevant to the currently selected trading pair, alongside their estimated worth in BTC and USDT

The chart can be switched between HitBTC’s chart and a chart generated by TradingView. The TradingView chart is more configurable, but it does not follow your configured theme, so you may find it to be extremely bright if you switch to it during a late night trading session. Otherwise, the entire layout of the trading page can be changed to your personal preference.

Verification

At the time of writing, verification was unnecessary to do any sort of trading, and unverified accounts had the “general” designation. The language around the verification page seemed to indicate that this would change at some point in the future. The “General” verification level is given to all new accounts and has no withdrawal or deposit limits.

Getting verified is a single step process where you email a large amount of personal information to HitBTC’s compliance department. The personal information required is as follows:

  • Full name
  • Date of Birth
  • Country of birth
  • Address
  • Bank account information
  • Government ID
  • Proof of residence
  • Proof of bank account ownership

After sending your email, verification should take between three and five working days.

Security

HitBTC pays attention to security features, passwords have no length limits. You can configure automatic logout after a set amount of time, and to go with that, you can log out all active sessions.

Coinone is a South Korean cryptocurrency exchange founded in 2015, it is #8 on BlockExplorer’s top 25 cryptocurrency exchanges of 2017 list. Coinone is one of the larger Korean cryptocurrency exchanges, and as such, it is recommended to mid to large-scale traders, specifically those looking to trade in Won. As all trades on Coinone occur in Won, and all Coinone trading pairs are cryptocurrency to Won.

Coinone

coinone cryptoURL:  coinone.co.kr
Total trading pairs: 9
Deposit fees: No
Withdrawal fees: Yes, per currency
Trading fees: 0.00% – 0.15%
Margin Trading: Yes
Verification: Yes, multiple levels

Registration

Registration is simple, requiring you to enter an email address, password, and solve a simple CAPTCHA-like puzzle. You receive an email to confirm your email address, though it is all in Korean. You can change the language emails are sent in the account configuration, though by default this is set to Korean.

Fees

Coinone breaks down its fees into a tiered maker/taker scheme that is based on the total you have traded in the last 30 days. And that total is updated daily at 3 AM. On the low-end fees are 0.1% for both makers and takers with 100,000,000 Won or lower in trades. On the High end, fees are 0% for makers and 0.02% for takers with 50,000,000,000 Won or more in trades. All margin trades carry a flat 0.15% fee for both makers and takers.

There are no deposit fees, and withdrawal fees differ by currency, there is a list of fees per currency available on Coinone’s site.

Interface

Coinone’s interface is a very clean and bright white with blue highlights. While the trading interface is well thought out there are some sections that are in Korean even when the selected language is English.

There is a chart of your currently selected trading pair at the top of the page. Below the chart on the left is the current order book for the selected trading pair and on the right is where you can submit buy or sell orders. On the right of the entire page is an overview of all currencies Coinone trades and their current price, below which is the status of your current orders. Further below on the right is your current fee rank, with how much more you need to trade to move up a fee level.

Verification

Coinone has four verification levels. And to withdraw currency you are required to have at least level one. Each verification level has higher withdrawal limits than the previous one

Verification Level Requirements Withdrawal Limit
Level 1 Email and location 1,000 KRW
Level 2 Phone number based authentication 500,000 KRW
Level 3 OTP Registration 1,000,000 KRW
Level 4 Review by operations team 100,000,000+ KRW

 

Security

OTP (One time password) also referred to as 2FA is available, though the method of configuration is unclear.

Bitfinex was founded in 2012, is based in Hong Kong, and is owned by iFinex inc. It is one of the largest Bitcoin trading platforms by trading volume, and It provides regular and margin trading against 105 trading pairs. Bitfinex has trading, deposit, and withdrawal fees, though the deposit fees are waived on deposits over $1000 USD or equivalent.

Bitfinex’s high trading volume makes it good for any investors, while the simplicity of its interface will make new traders feel comfortable, without hiding information from more experienced investors. There is also an API available for programmatic trading.

Bitfinex

bitfinex logo

URL: bitfinex.com
Total Trading Pairs: 105
Deposit Fees: Yes for small deposits
Withdrawal Fees: Yes
Trading Fees: 0.00%-0.20%
Margin Trading: Yes
Verification: Only for fiat withdrawal

Fees

Bitfinex breaks its trading fees down into the usual maker/taker system. With fees going down as the amounts go up based on your total trading over the last 30 days. Starting at 0.1% for makers and 0.2% for takers for orders between $0 and $499,999.99 USD. And 0.0% for makers and 0.1% for takers at $30,000,000.00+ USD. Aside from standard trading, Bitfinex offers an OTC desk with no fees, so long as you allow Bitfinex to broker the transaction.

For deposits, there is no fee so long as your deposit is larger than $1000 USD or equivalent, for withdrawals there is a flat fee for all currencies.
You can find the exact numbers for both withdrawals and deposits here

Interface

Bitfinex’s trading interface is a nice dark blue-green background with light off-white text. Which makes it awesome for late-night trading without eye strain.Bitfinex's default trading interface

There is a large amount of information presented on the main screen which all updates in real time:

  • Your current balance on all wallets
  • An interactive chart of the currently selected trading pair
  • Your current regular and margin orders
  • The current order book (which can be filtered to show only your orders)
  • A list of all Bitfinex’s trading pairs and their current price, with the ability to switch  to them
  • The most recent trades on the current trading pair

The chart is extremely configurable, you can change every colour and the style of the candlesticks. It also has a screenshot button to grab an image of the chart as it stands. There is also a fully interactive tour of the interface, which even provides a small amount of basic trading information. Overall the interface feels comfortable and easy to use.

Verification

Bitfinex requires verification only if you intend to withdraw fiat currencies, you are free to trade and withdraw crypto at any time. Verification requires you to be at least 18, your phone number, your address, two forms of government photo ID, a bank statement indicating you as the account holder, and proof of address no more than three months old.

Security

Bitfinex offers various account and email security features. For email security, you can request that all communication is encrypted with PGP. And on the account side, you can enable 2FA with optional hardware key support, monitor the IP addresses that use your account, any unknown IP addresses attempting to withdraw from your account will be blocked until the withdrawal is confirmed by an administrator.