Exchange Review: BTC-e

BTC-e
  • Editor Rating
  • Rated 1 stars
  • 20%

  • BTC-e
  • Reviewed by:
  • Published on:
  • Last modified: March 31, 2017
  • Trades
    Editor: 68%
  • Funding
    Editor: 37%
  • Platform
    Editor: 60%
  • Help & Support
    Editor: 39%
  • Legitimacy
    Editor: 0%

BTC-e is one of the more experienced exchanges, which started Live trading in August 2011. It is still one of the biggest Bitcoin exchanges.

Trades

Being an older exchange, BTC-e does not seem to have updated its range of offered cryptocurrencies available for trading. It is remarkable to see some of the current major altcoins missing. Nevertheless, Bitcoin and Litecoin have remained the most traded pairs over time so this does not hurt the exchange that much. There are eight cryptocurrencies available for trading in total. Trade fees may vary between 0.20% and 0.50%. Liquidity on the exchange is generally good, given a 0.23% bid-ask spread on average on the BTC/USD currency pair. The exchange allows users to make limit orders; normal market orders and advanced order types are not available. These advanced options are available through the supported MetaTrader 4 trading platform.

Funding

When it comes to funding, BTC-e does offer support for a relatively broad range of fiat markets. Unfortunately this is one of the few highlights, as most of the funding options can be classified as either costly or slow, or both. Likewise, the minimum deposit or withdrawal can be high depending on the chosen option. A USD Wire transfer has a minimum size of $2,000, and costs at least one percent in fees excluding additional bank charges. It may take 7-10 days before the transaction is processed. Making a UER SEPA transfer is cheaper, as bank charges are low for this transaction type. The minimum deposit size is still 2,000 and BTC-e charges one percent in fees identical to USD deposits. Deposits may also still take several days to be processed.

There are cheaper ways to fund a BTC-e account. Users also have access to OKpay, to which lower fees are applicable. The problem is that this is a third party that needs to be funded separately (additional costs may apply). Okpay also requires notarized documents in order to verify its customers to satisfy AML/KYC policies. So even though this route may look like a better alternative initially, third party services can be quite torturous as well.

Platform

BTC-e offers a good platform to trade cryptocurrencies on. There are limited cryptocurrency pairs on the exchange, which makes navigating between them on the trade screen very easy. The remainder of the trade screen also excels in simplicity, providing all the required basics including an order book and price graph. Placing an order does not require many actions, providing optimal ease-of-use. The website is not adjusted for mobile screens, making it less easy to use on other platforms. Like most exchanges, BTC-e does not offer portfolio performance analysis tools or general research amenities. BTC-e does support the MetaTrader 4 trading platform, which includes several research amenities and has its own Andriod/iPhone apps. All accounts on BTC-e can be secured with two-factor authentication.

Help & Support

The information offered in the FAQ is limited at best. Fees are, for example, not accurately specified: “This transaction fee may vary and may be different for each individual account” On the other hand information is even incomplete. For instance, the supported payment methods do not mention OKpay. There is very little that can be added on this brief FAQ, and the support is not a whole lot better. BTC-e has a ticket system for the remaining questions. There is a user chat, which may provide some relief to the previous.

Legitimacy

The company’s legitimacy has been evaluated  with the help of a Fraud Risk Assessment. A summary is provided below, and the full assessment can be found by following this link.

A weighting factor of 40% is applied to legitimacy in calculating the final rating. A weighting factor of 25% is applied to both trading and funding, while a weighting factor of only 15% is applied to both platform and support. If the legitimacy score is 0% then the total rating is automatically set to the lowest possible result.

 

  • BTC-E is an interesting exchange to say the least….it amazes me that an exchange that transacts millions of dollars is able to do it entirely under wraps.

    • Well, exchanges like BTC-e are likely to remain popular among some more shady types at least. It’s good to see that the average quality of exchanges is already so high (although there is still a lot of upside) that it makes BTC-e the odd one out. If they do not come along then they will certainly disappear in the end.

  • Samson

    Bitc-e eat my $14 worth of bitcoin. The money I transferred from Bitc-e didn’t hit my personal wallet. I have tried to contact support but they are not responding.