VEBitcoin

[mlawson71]

VEBitcoin is a Turkish entry level cryptocurrency exchange, which is quickly gaining traction in recent months.
VEBitcoin Advantages


Some company background – while there isn’t an extensive presentation VEBitcoin at least provides a company registration number and a physical address. This isn’t that impressive on its own, but given the fact some players in the cryptocurrency space don’t even do this (and the lack of regulation in most countries) this brings some credibility.


Bank transfers and Papara supported –  the transfers will be made to a Turkish bank, so if you are based in another country, the costs may get quite hefty.

Low trading fees– this is probably the main driving force behind the growth in popularity of this exchange. The 0.15% doesn’t feel substantially lower than the 0.20-0.25% charged at most venues, but can definitely add up over time. These fees only apply after your account is fully verified. Otherwise you will get a much bigger 1% charge on each trade.


44 altcoins supported – VEBitcoin offers the major coins, including but not limited to:  BTC, LTC, ETH, XRP, BCH, BTG, XLM, ADA, TRX, MIOTA, NEO, DASH, QTUM, XVG, EOS, LSK, BAT, OMG, STEEM, PAY, CVC and ZEC. They are all traded against the Turkish Lira, which can be a positive, or negative, depending on your point of view.

VEBitcoin Disadvantages


Trading only against TRY – this may seem like a positive for the locals, but even for them it has a negative aspect. If you wish to transfer one coin to another (let’s say Bitcoin to Ether), you will have to make two transfers.


No charting – VEBitcoin offers a simple interface, designed to create a user-friendly experience. On one hand this is nice, but on the other, those who are looking to trade more actively will have to look at other websites for charting.

No margin – this is to be expected from an entry level exchange. More experienced traders may be looking for a way to “gear up” their cryptocurrency trading.

Altcoin volumes are low – this is a common problem for exchanges which accept bank transfers. People create an account there to simply buy some Bitcoin and have no interest in the rest of the offering.


Withdrawal fees are slightly high– charging traders upon withdrawal is a common practice. The Bitcoin fees at VEBitcoin are 0.001, which may not sound like a lot, but is more than what some other exchanges charge.


No info on deposit fees – this may mean deposit are free of charge, but the fact this isn’t clearly stated, leaves doubt.

Conclusion


VEBitcoin is a Turkish cryptocurrency exchange which accepts bank transfers. The company offers very competitive trading fees for fully verified users. The trading interface is great for beginners, but may leave trading veterans slightly disappointed. Given how trading is only done against the Turkish Lira and how the website isn’t translated, we have to say this venue is not that favorable towards foreigners.


While this seems like a legitimate exchange, one must remember the risks involved with cryptocuirrencies altogether – there is little regulation and the price movements are quite volatile.