Bitsten Exchange from Indonesia - Is it a safe place to trade your crypto asset?

Bitsten Exchange is a

cryptocurrency

exchange platform that was established in 2017. It is based in Indonesia and offers a range of digital assets for trading, including popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many others.

US-investors

Bitsten is open to US investors. However, any US-investors interested in trading here should in any event form their own opinion on any issues arising from their citizenship or residency.

Bitsten Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy-and-sell boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. This is the trading view at Bitsten:

Bitsten FeesBitsten Trading fees

Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker‘s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.

Bitstens fee for takers is 0.20%. 0.25% can be argued to be the industry average taker fees, so 0.20% is neither particularly low or particularly high.

However, this exchange does not charge any fees for makers, thus promoting the liquidity at the exchange. This is a very strong part of Bitsten's offering and can be really helpful for people interested in not picking up existing orders from the orderbook.

The fees are also discounted if you reach certain monthly trading volumes, as follows:

To conclude on the trading fees, Bitsten is doing a great job.

Bitsten Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the

crypto exchange

market, we found that the average BTC-withdrawal fee was approx. 0.0006 BTC per BTC-withdrawal. Bitsten charges 0.0005 BTC, which is slightly below the global industry average. Accordingly, their withdrawals fees are also competitive.

Deposit Methods

Bitsten does offer fiat currency deposits, but you cant deposit via credit card. Also, you can only deposit IDR (Indonesian Rupiah).

Accordingly, if you for some reason would prefer to deposit to your choice of trading platform via your credit card, or through any other fiat currency then the IDR, then you need to find another exchange.

However, as Bitsten at all accepts fiat currency deposits, it qualifies as an “entry-level exchange” where new investors can take their first steps into the thrilling crypto world.

Users' Review

Conclusion

Overall, Bitsten is a reliable and user-friendly

cryptocurrency exchange

that offers a wide range of cryptocurrencies, competitive fees, and robust security measures. The exchange's simple fee structure and user-friendly interface make it an excellent option for both novice and experienced traders. The exchange's commitment to security and excellent customer support also make it a safe and reliable platform for trading in cryptocurrencies. If you're looking for a trusted and reliable exchange to buy, sell or trade cryptocurrencies, Bitsten is definitely worth considering.