- Editor Rating
- Rated 2.5 stars
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- TradesEditor: 57%
- FundingEditor: 35%
- ComplianceEditor: 24%
- PlatformEditor: 70%
- Help & SupportEditor: 38%
Bter is a Chinese cryptocurrency exchange operated by Maxcloud Inc., which is registered on the British Virgin Islands.
Bter is an altcoin exchange that offers well over 50 cryptocurrencies to trade in. But even though the trade fees might be low at 0.20 percent per trade, the bid-ask spreads are not that great to say the least. On BTC/USD the spread is over five percent, indicating low liquidity and making the exchange very expensive to use. Fiat markets are also limited to USD and Chinese Renminbi (CNY). Bonus programs such as interest on deposited funds and bonuses for active traders offer some compensation to the spreads, but this is hardly enough to make up. Orders can be executed as limit orders, market orders or advanced order types are not available.
Depositing or withdrawing funds is not just costly, it also a painfully slow process. Bter does not take direct wire transfers, but uses third party service EgoPay. To get funds in your EgoPay account, you need yet another service which does take wire transfers. Obviously, this route is quite costly and far from fast enough. There is also a minimum deposit of $100, but there is something to be a little positive about as the daily deposit/withdrawal limit is set to $20 thousand.
Being registered on tax haven the British Virgin Islands is probably one of the best ways to operate under a cloak of secrecy. The exchange did not provide a public Proof of Reserves audit, and has not made any attempt to change this despite the fact that a significant amount of NXT coins were recently stolen from the exchange.
Offering many cryptocurrencies creates a risk of making the platform too crowded. In the case of Bter, that is exactly what happened. Navigating could be easier, although there is a search function that offers some help. Other than the previous the exchange is very easy to use. The exchange also has an Android App available for easy use on mobile platforms. Note that accounts can be secured through two-factor authentication.
Help & Support
The support offered the exchange is probably great if you are Chinese. The contact page shows an available chat and phone number but all in Chinese. There is a user chat, and the exchange can be contacted via email so getting support is definitely not impossible for international customers. The guides/FAQ probably have not been translated either, or they have been very well hidden. From an international perspective Bter does not score very high on this area.