Bitrue products review in July 2022
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An editor at Coincrop
29 Jul 2022 | 21 min read
he enormous growth in the #cryptocurrency industry and transformation to crypto assets has resulted in new demography of consumers for several crypto exchange platforms. As newcomers, people may find it challenging to make their journey across different companies and identify the those they are intrigued by. The more options available, the more factors one must consider when choosing the best platform and their interests.
Security, accessibility, conditions, rights, etc., are just a few factors to consider before settling on a firm and platform of choice. Bitrue rises as a name, grabbing its place in the most important financial sectors. This article will go over the many features of this exchange platform and more to help you decide if it's a suitable fit for you.
Disclaimer: All of the information written on Coincrop is without influence and based on our analysis. No guarantee is offered concerning the accuracy of this information and therefore, any individual following up on it does as such completely at their own risk. Rates are correct at time of publication.
What is Bitrue?
Bitrue is a cryptocurrency exchange platform and is also a digital asset managing service. It is among the platforms suggested by #Ripple for cryptocurrency trading platforms and #XRP transactions. Bitrue is a one-stop shop where people can purchase, trade, reserve, and withdraw, cryptocurrencies and blockchain-supported digital currencies using their profiles. Bitrue is a comprehensive trading website that specializes in transaction efficiency.
Bitrue is also among the first exchange platforms to provide loans funded and backed by cryptocurrency and blockchain technology. It is an unrivaled system for cryptocurrency enthusiasts. Bitrue encourages trust and a feeling of security in the persons using this exchange platform. Traditionally, cryptocurrency exchanges distributed their functionality over many applications, but Bitrue unifies everything into a single platform.
Bitrue is accessible throughout most nations and provides extensive trading features such as several charting choices, limiting and stop-loss trades, and leveraged margin and futures trade. Bitrue also features an insurance system for customers' security against hacking, mostly comprised of XRP coins.
You may trade nearly 200 different crypto currencies with a Bitrue profile at market rates and with fair exchange charges. Although it is not the largest crypto exchange platform, a wide variety of accepted cryptocurrencies and comprehensive trading and investing make it a viable alternative for many crypto traders.
What is the history of Bitrue?
Bitrue was founded in 2018 by a team of blockchain experts in Singapore to deliver comprehensive financial services for cryptocurrencies. It was established to provide Bitcoin trading and was among the first platforms to publish the XRP cryptocurrency. It rapidly became one of the most prominent XRP trading platforms, particularly after the Securities and Exchange Commission, is a U.S. government oversight agency responsible for regulating the securities markets and protecting investors (SEC) launched an inquiry into Ripple Labs, the firm that produced XRP. The SEC charged Ripple Labs with violating US securities legislation, and the lawsuit continues. Because of the SEC investigation, several exchange platforms discontinued the XRP coin, but Bitrue remained to provide XRP and became the preferred platform for XRP traders.
Within one year, the platform has grown and acquired prominence. In March 2020, the platform ultimately placed 64th in the CoinMarketCap ranking, with a $218 million 24-hour daily trading volume. There was a nearly 500 percent rise in April 2021. The transaction placed 70th on CoinMarketCap and exchanged for more than $1.2 billion.
Although Bitrue maintains efficient security methods now, however, it has previously been breached. The corporation compensated the difference so that clients would not suffer losses, but this might be a warning sign that you should retain your assets on another exchange platform.
What is BTR?
The native coin for Bitrue is called BTR. It's a currency that effectively drives its operations and contributes to the group's goal of delivering suitable financial solutions globally. BTR is an ERC-20 coin, meaning it is based on the Ethereum platform. The BTR token is firmly incorporated into the services provided by Bitrue, from boosting customers' interest rates to determining the firm's growth trajectory. BTR is the main currency on Bitrue, which means you may exchange it for a range of cryptocurrencies, with new pairings being introduced regularly.
If users pay their trading costs on the Bitrue platform with BTR, the charge will be lowered by 20%. Having BTR boosts the rate of return users get on the bulk of their assets. They frequently provide possibilities where you may invest your BTR to engage in mining and earn huge APYs, occasionally up to 80% or more! Owners of BTR can now make critical decisions about the future of the Bitrue platform. Bitrue holds both BTR and XRP for insurance reasons.
Can I borrow from Bitrue?
Bitrue provides a blockchain-based digital loans supported by cryptocurrency. The developers introduced Bitrue loans in 2019. Online loans are available to everybody and have shown rapid uptake, with borrowed amounts approaching millions of dollars. Borrowing cryptocurrency on the website will be displayed in your cryptocurrency wallet. Think of this as a crypto-backed wire transfer rather than a standard bank transfer.
Because digital borrowing is the most popular service offered by the exchange, it provides a variety of transaction ways. Borrowing Cryptocurrency is a simple and convenient procedure with multiple payment options. Frequent users lend money to other customers to get interest payments as a reward. The interest rate might be approximately 15%.
Furthermore, substantial yield-producing loan pools allow these systems to offer borrowers loss coverage. The most significant benefit of P2P lending is that it will enable users to keep their funds and obtain additional market exposure. Furthermore, you will recover your complete security if you return the loan.
How do I use Bitrue?
You can set up a free Bitrue profile using your email account and passcode. After verifying your email account, you may add fiat or cryptocurrency assets and then start trading.
Although Bitrue doesn't demand any authentication process to trade, customers may be required to present identification papers to withdraw cash or engage in specific platform operations. Authentication require uploading a copy of a government-issued picture ID as well as validating your residence.
Customers may purchase cryptocurrencies using either the website or a preferred application. After logging into the Bitrue profile, you can choose any digital currency you want to buy. Bitrue accepts a variety of digital currencies and many other blockchain-supported assets for purchase.
Customers may utilize their credit cards to buy cryptocurrencies on Bitrue, which will be transferred to your wallet within an hour. The cost is 3.5 percent of the transaction amount or $10, whichever is more. So, if you are a high-volume user, you will probably pay 3.5 percent.
For selling, pick the assets you want to sell and start the trade from your web browser or application. However, be aware that he exchanges rate fluctuates, so check the trade pairings and crypto assets carefully. Whenever it comes to purchasing and trading on Bitrue, the XRP market is one of the most active.
Can I earn interest in Bitrue?
Bitrue also offers an interest-earning program, which supports many popular cryptocurrencies and offers annual percentage rates of up to 15%. Bitrue suggests starting with #Power Piggy if you're a beginner to staking. Also, it has no lockup restrictions for Power Piggy investments, meaning that if you believe it's a good moment to sell your assets, you may do so at any moment by removing them from the Power Piggy and trading them on the platform.
Power Piggy supports over 100 separate currencies, with many being introduced regularly, and provides return rates comparable with rival companies. Having BTR boosts the rate of return you get on the bulk of your assets. If you hold a minimum of $500 in BTR, you will get an additional 3% return on your investment, and for a minimum of $10,000 BTR, your return rate will rise by 20%!
You may use their Yield Farming program if you make long-term investments. It is the same as Power Piggy in that your funds will be frozen for a set time, but the returns will be increased to compensate.
How much can I earn from Bitrue?
The following table lists products that pay interest on a flexible terms basis:
|Deposit assets||Reward assets||APY Rate|
Ethereum Classic (ETC)
Ethereum Classic (ETC)
Shiba Inu (SHIB)
Shiba Inu (SHIB)
Binance USD (BUSD)
Binance USD (BUSD)
Is Bitrue secure?
Bitrue provides the same fundamental protection as other crypto exchange platforms: secured servers, whitelisting, and crypto assets stored in offline wallets. Nevertheless, several of the platform's weaknesses have been exploited before, even though it stayed afloat and rebounded, owing to its reputation and distinguishing features.
After the platform was breached in 2019, leading to a loss of more than $4 million, the company is attempting to raise its protection and safety guidelines. The platform was temporarily closed until the concerned accounts were closed and officials intervened. Since the incident, Bitrue has promised to evaluate its regulations and update its safety processes. Although this is alarming, Bitrue has an insurance reserve and was sufficient to cover any losses swiftly.
Bitrue now uses robust security procedures, such as two-factor verification, offline storage for crypto assets, profile lockouts, and emailed secure passcodes across all Bitrue interactions. It has a specific number of insurance reserves to pay traders in the case of a potential Bitrue-caused breach.
Bitrue customer support
Bitrue provides email support and also Telegram assistance. Twitter users may also get general customer service. You must put in a request to start an email ticket with customer support, and a customer support representative will respond within 24 hours.
Bitrue's primary client assistance tool is a comprehensive help section with numerous FAQs and descriptions of how different Bitrue solutions work. The website features various automated web pages and areas to resolve any operational difficulties and address the fundamental concerns. Bitrue, like other cryptocurrency exchange platforms, is a self-service website with few customer assistance alternatives.
Bitrue has received average feedback from previous customers. Users complained about lost payments, suspended accounts, and late answers from the staff due to the significant number of its users. Positive feedback emphasizes Bitrue's dependability and ease of use.
Referral and affiliate programs
A Bitrue Affiliate can produce and deliver unique referral invitations to contacts using Bitrue. The referred contacts must adequately sign up for Bitrue using the special links. Transactions made by your recommendations will yield you a 25% reward on the trading charge. If you have a minimum of $10,000 in holdings, your commission will be increased to 50%! Once your associate has traded on numerous accepted currencies, you may earn up to a 50% reward!
Bitrue will credit the reward within one day in the user’s profile. The amount can be made up of numerous digital currencies. You must link your contact information to your profile to participate in this service. For any deals to be acknowledged, recommended individuals must attach their mobile number and utilize the given special affiliate links or QR code. Bitrue will inspect new profiles for validity and remove any false or duplicate profiles without giving any reward. Bitrue maintains the right, at any moment, to change the reward conditions.
Bitrue exchange is a well-known cryptocurrency trading platform that provides many trading options and accepts a wide range of currencies while maintaining fees cheaper than many other platforms.
Although Bitrue has received mixed customer reviews and has previously been breached, the total collection of services and goods is ideal for several moderate to expert cryptocurrency users trying to increase their returns and take advantage of new currencies and coins. If this fits you, Bitrue may be worth having a look at.