- Editor Rating
- Rated 2.5 stars
- Reviewed by:
- Published on:
- Last modified:
- TradesEditor: 40%
- FundingEditor: 26%
- ComplianceEditor: 49%
- PlatformEditor: 70%
- Help & SupportEditor: 44%
Founded in the USA 2011, CampBX is already one of the oldest Bitcoin exchanges. It is operated by BulBul Investments LCC which has its headquarter in Alpharetta, Georgia.
CampBX is a very straightforward exchange, given that it only allows for trading Bitcoins against the US Dollar. This immediately reveals its biggest weakness, as the trading possibilities at the exchange are very limited as a result. If this is the case, then it is absolutely required to offer something extra on this particular currency pair in order to compete with other exchanges. Sadly, only the opposite is true as the trade execution costs at CampBX are relatively high. The trade fee is currently at 0.55 percent per trade, which is not cheap to begin with. Secondly the order book looks extremely thin, which can easily drive up the bid-ask spread. At the time of this review the bid-ask spread was hovering around a staggering two percent.
Users do not get much control over their trades either, as the advanced order types are not available yet. The exchange does promise to activate these soon along with the option to engage in short selling. Market orders are available, but this order type would not be advised given the low liquidity at the exchange. On a medium size order of several coins, users could easily incur a five percent additional loss upon execution.
Limited funding options could be one of the main reasons why the liquidity at CampBX is low. After all, CampBX is not the only “pure” Bitcoin exchange and also not the one with the highest fees. But CampBX has disabled both (international) wire transfers and ACH bank transfer since January this year. The only way to fund an account is via money orders, and withdrawals are only processed for US customers via checks by mail. The latter takes anywhere between five to ten business days, and costs $15 in processing fees. It also causes an imbalance between deposits and withdrawals, as there are less barriers for depositing than for withdrawing. This translates to there being more Bitcoin buyers than sellers, and a price that constantly hovers above the average Bitcoin market rate since high costs prevent the creation of an arbitrage opportunity.
CampBX is one of the oldest Bitcoin exchanges despite being only three years old. The exchange was founded in the USA in 2011, and is operated by BulBul Investments LCC which has its headquarter in Alpharetta, Georgia. The exchange claims to have a strong focus on security, as it says to certified compliant with several security standards and undergoing a daily security audit. However, these claims could not be verified with the information provided. And despite the implied experience with third party audits, the exchange has not participated in a public Proof of Reserves audit either. What could be verified is that BulBul Investments LCC is registered with the Financial Crimes Enforcement Network (FinCEN) per July of this year under registration number 31000052952558.
Being already several years old, CampBX could have put more effort in keeping its platform up to date. Instead, the main website is not even responsive making it inconvenient to use on mobile platforms. An iPad or iPhone app is said to be in development, but for now CampBX is mainly for desktop users. For this group, the website has a high ease of use, which is partially the result of the exchange’s limited functionalities. Simplicity is what defines CampBX’ website. Like most other exchanges, CampBX allows users to enable two-factor authentication.
Help & Support
The guides available at CampBX sufficiently cover the basics of Bitcoin and various elements of CampBX’ platform. There are, however, no mentions of the risks inherent to Bitcoin and several parts of the FAQ seem outdated. For example, when listing the available features on the platform items such as stop loss orders are included. This contradicts the information at the trade screen, which shows stop loss orders as “not enabled”. Another example is provided by the money withdrawal section, which mentions $20 in costs for a check by wire transfer even though this has been lowered to $15. Should the FAQ leave any questions unanswered, then the exchange can be contacted through either its ticket system or live chat support.