BTCC Exchange Review & Guide
What Is BTCC?
BTCC is among the first crypto exchanges that have been established back in 2011 in Shanghai. Along with Huobi and OkCoin, BTCC was one of the Chinese “Big Three” exchanges that had the highest volume in the Asian area.
BTCC enables users to exchange cryptos or convert them into fiat currency, while also offering other crypto-dedicated services, such as Physical Bitcoins (Mint) and Mobi Bitcoin Wallet. A great advantage of the BTCC platform is that you can access both exchanges and all services by just making one account.
Even through BTCChina has closed its doors in October, 2017, because of China’s ICO ban in the country, its BTCC DAX and BTCC USD exchanges are still operational, and the company operates via its subsidiaries located in the UK and Hong Kong BTCC (UK Limited or XO Market Limited).
Due to pressures from Chinese government bans on cryptocurrency, BTCC has decided to suspend all trading operations on its platform. While it closed all trading in China, the exchange reopened in South Korea as BTCC Korea.
BTCC supports a variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, EOS, and other less known altcoins, such as Teleomere Coin(TXY), GANA, Scanetchain (SWC), OmiseGo(OMG), Gnosis (GNO), Status(SNT), Augur, Storj, Golem (GNT), Aragon (ANT), 0x(ZRX), MSD, and Donaocle(DNL).
The three markets in which you can trade are BItcoin, Ethereum, and the Korean Won.
Currently, there are no pairs featured on Coinmarketcap for the BTCC exchange.
BTCC Koreas feature an app compatible with mobile devices. The mobile apps can be installed Android and iOS systems, and they are available for download on Google Play and Apple Store.
Operating for nearly 8 years, BTCC is one of the longest-running Bitcoin exchanges in the world. It was the number one trader in terms of CNY/BTC volumes before closing its home branch.
BTCC so far has not had any hacking incidents that we know of. It claims that it keeps 95% of its users’ digital funds in cold wallets with multi-signature controls in order to deter any hacking attempts or losses. We have no information regarding BTCC Korea’s security implementations.
Volume and liquidity
BTCC used to always be ranked in the top 20 exchanges regarding 24-hour trading volume, but at the time of writing, there is no liquidity featured on Coinmarketcap.
The trading fee charged by BTCC is below 0.1% which is pretty reasonable. BTCC Korea’s withdrawal fees vary depending on the coin and amount withdrawn.
Also, BTCC has no fees for blockchain deposits.
There is also a minimum deposit and withdrawal amount that must be met:
When in China, BTCC exchange did not have any licensing and was not overseen by any official regulatory body. BTCC Korea presumably adheres to the regulations imposed by the South Korean government, as exchanges are required to be licensed there in order to operate.
BTCC is one of the few exchanges that support fiat deposits and conversions. This is a great advantage for new traders who are looking to buy their first coins, as they do not have to go to other exchanges in order to convert their assets. Traders that want to use a credit card or bank account will find this exchange very convenient.
On BTCC Korea, South Korean residents are able to fund and withdraw their accounts by using their local fiat currency, KRW(South Korean Won). While there is no clear information on how users can fund their accounts, BTCC once accepted these payment methods:
- Wire transfers
- Credit/debit cards
- Crypto Capital
- Additional features
BTCC used to own one of the largest and top-rated mining pools in the world, but in November 2018, they shut down BTCC Pool Limited after four years of operating.
While BTCC Exchange was once a highly regarded exchange, there is very little information online about its Korean subsidiary.
Featured image: Digiconomist