bitonic

Overview of bitonic

Bitonic is a virtual currency exchange company registered in the Netherlands. It was founded in 2012. They claim to be the “first and largest Bitcoin company” in the country. The only available cryptocurrency at the platform is Bitcoin. If you want to trade the less popular coins, youll have to look elsewhere.

Pros and cons

- Pros:

Rich experience: The exchange has been in business since 2012

Wide range of educational Resources: Bitonic provides a range of educational resources and tools to support users in their cryptocurrency trading journey.

User-friendly experience: Bitonic offers a user-friendly interface that makes it easy for both experienced traders and newcomers to navigate.

No minimum deposit requirements: There is no minimum deposit requirements on this platform.

- Cons:

Limited number of cryptocurrencies available: Bitonic supports only a limited number of cryptocurrencies for trading.

Not regulated: Bitonic is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

Limited payment methods: Bitonic primarily supports transactions through bank transfers and iDEAL.

Doesn't support leverage: Bitonic doesnt provide leverage.

Regulatory Authority

Bitonic is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange.

Unregulated exchanges lack the oversight and legal protections provided by regulatory authorities. This can lead to a higher risk of fraud, market manipulation, and security breaches. Without proper regulation, users may also face challenges in seeking recourse or resolving disputes. Additionally, the absence of regulatory oversight can contribute to a less transparent trading environment, making it difficult for users to assess the legitimacy and reliability of the exchange.

Security

The platform of Bitonic holds user security at utmost priority. Bitonic ensures the maintenance of strict data privacy by protecting the users against hackers and unauthorized third parties. The platform takes the following steps to preserve the security of the users:-

• The security department conducts extra surveillance for the detection of suspicious activity at the platform.

• The users must check and match the first four characters of the wallet address before initiating a purchase transaction.

• Check the return address in case of sales, order, and stop the sale transaction of Bitcoin if you notice any change in the return address.

Implement a 2FA password in the platform for additional security.

Cryptocurrencies Available

This platform is different from most other crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling BTC.

How to open an account？

The exact registration process for Bitonic is as follows:

• Go to the Bitonic website and click on the “Create Account” button.

• Enter your email address and password.

• Select your country of residence and the type of account you want to create (individual or corporate).

• Read and agree to the Terms of Service and Privacy Policy.

• Click on the “Create Account” button.

• You will receive an email with a verification link. Click on the link to verify your email address.

• Once your email address is verified, you can log in to your Bitonic account.



Fees

This platform is different from most other crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling BTC.

The fee structure of Bitonic is as follows:

• Bitonic Fee: This is a varying percentage and thus the total Bitonic fee is dependant on the amount of purchase.

• SEPA Fee: This is a static fee for processing the SEPA transaction. This fee does not change and/or depend on the amount of purchase. Static fees do however have large influence on lower purchase amounts due to their proportion being significantly higher than with larger purchase amounts.

• Network Fee: This is the fee that is withheld for the direct or indirect sending of the bitcoin to users' own wallet. The fee is paid towards the miners who will process the transaction on the Bitcoin blockchain. The height of this fee will depend on how busy the Bitcoin network is.

The transaction fee of Bitonic vary with the trading amount. The average transaction fee is about 1%.Here are some example of the transaction of different trading amount.

Example 1: For an order by the amount of €100, you will pay a fee that is relatively lower.

Fees	Amount in euro	Percentage of order
Bitonic Fee	€ 0,76	0,76%
SEPA Fee	€ 0,13	0,13%
Network Fee	€ 0,02	0,02%
Total Fee	€ 0,91	0,91%

Example 2: An order by the amount of €5. For an order of €5 you will pay a relatively high amount of fee.

Fees	Amount in euro	Percentage of order
Bitonic Fee	€ 0,04	0,80%
SEPA Fee	€ 0,13	2,60%
Network Fee	€ 0,001	0,002%
Total Fee	€ 0,17	3,46%

Payment Methods

Bitonic Supported payment methods:iDEAL,SEPA and Bancontact / Mister Cash. SEPA transfer enables international bank payment for buying cryptocurrency with fiat currency. The local bank of the Netherlands is iDeal. It facilitates payment in euros for purchasing cryptocurrency. Bancontact is the local bank of Belgium that allows customers to buy cryptocurrency with Euro. It should be noticed that you can‘t deposit via credit card. So if you’re a person who likes to flex your credit card everywhere you go (even in cyberspace), this is bad news to you.

Fees for service and/or processing. Determined by the fiat currency and a banking or payment system, it is:

• 0% when you transfer funds via Bancontact in Euro.

• 0% when you transfer funds via iDEAL in Euro.

• 0% when you transfer funds via MyBank in Euro.

• Commission applied when you receive the funds to SEPA Transfer in Euro: 0%

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. Making deposits at the platform is not charged with additional fees. You only have to pay the network fees when withdrawing. These are the fees that miners receive to confirm transactions. Only charging network fees is competitive.

Educational Resources

Bitonic has also founded something they call the Bitonic Academy. This institution offers education and workshops in blockchain technology, Bitcoin, security in the blockchain sphere, fraud prevention, advanced applications of Bitcoin and much more. Several large companies are co-sponsors of the Bitonic Academy and it has given presentations to many key industry players in the Netherlands.



Is bitonic a Good Exchange for You？

Here are some target groups that may find bitonic Exchange suitable:

1. Beginners: Bitonic's user-friendly interface and reliable reputation make it a good choice for beginners who are new to cryptocurrency trading.

2. Casual Traders: If you are a casual trader who wants to take part in the cryptocurrency market without dedicating significant time or resources, Bitonic can be a suitable option. With a limited number of cryptocurrencies available, Bitonic offers a simplified trading experience that can be easier to navigate for those who are not actively pursuing complex trading strategies.

Conclusion

Bitonic is the oldest and the most trusted cryptocurrency trading platform in the Netherlands. However, its status being a pioneer in the cryptocurrency industry of Holland does not stop the platform from innovating and improving its interface and services.

The review process reveals that Bitonic focuses on developing faster and more transparent cryptocurrencies and fiat currencies. The platform stands out as one of the most popular choices among Bitcoin traders because of its affordable fee structure.

The users of Bitonic only have to pay the Blockchain network fee to conduct trading and investment across Europe. It is evident from Bitonic reviews that the platform is not only reliable but resourceful as well. Traders love to be a part of Bitonic Academy to learn more about Bitcoin trading. A few improvements that can be implemented include adding more cryptocurrencies and fiat currencies to the portfolio, expanding services beyond Europe, and better customer service. Overall, Bitonic is perfect for cryptocurrency trading for both beginners as well as advanced traders.

FAQs

Q: What is the advantage of using Bitonic compared to other exchanges？

A: Bitonic stands out for its reliable platform, established presence in the market, and user-friendly experience, making it a trustworthy choice for individuals interested in virtual currency exchange.

Q: Are there any fees associated with transactions on Bitonic？

A: Yes, Bitonic charges a fee of around 1% on transactions made on its platform.

Q: What cryptocurrencies are available for trading on Bitonic？

A: Bitonic only supports 1 cryptocurrency: BTC

Q: What payment methods does Bitonic accept？

A: Bitonic primarily supports transactions through bank transfers and iDEAL. Traders should consider whether these payment methods suit their preferences.

Q:What is Bitonic？

A: Bitonic is a virtual currency exchange company registered in the Netherlands. It was founded in 2012.

User Review

User 1: I've been using Bitonic for a while now, and I have to say, the security measures they have in place really impressed me. With features like two-factor authentication and encryption protocols, I feel confident that my funds and personal information are safe. The fact that they operate under the regulatory authority of the Dutch Central Bank also adds an extra layer of protection. However, I do wish they had a larger selection of cryptocurrencies available for trading. Overall, I would recommend Bitonic for its strong security measures and regulatory compliance.

User 2: I recently started using Bitonic for my cryptocurrency trading needs, and I have to say, their customer support is top-notch. Whenever I had a question or concern, their team was quick to respond and provide me with helpful guidance. The user interface is also very intuitive and easy to navigate, making it a great platform for both beginners and experienced traders. However, I did find the trading fees to be a bit higher compared to other exchanges. Despite this, I appreciate the overall stability of the exchange and the reliability it offers.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.