Is Bitrue A Scam? Complete Review About Bitrue

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Blockchaingalaxy

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The crypto exchange industry is decentralized as it has numerous centers all over the world. One of the centers in Singapore. Many cryptocurrency brands are hailing from this country including Bitrue. Is Bitrue the best cryptocurrency course out there or Is it a scam? If you want to know about this exchange in detail then continue reading this Bitrue review.

What we like and do not like about Bitrue

Bitrue is a cryptocurrency exchange company founded in 2018. Bitrue is characterized by huge liquidity, an intuitive interface, a high-end core pair trading system, and a layered security structure. More than that, Bitrue supports over 300 cryptocurrencies, allows users to trade cryptocurrency futures, buy or sell crypto in one step.

Bitrue: Pros
  • No KYC required​
  • Earn interest on your assets​
  • Supports over 300 cryptocurrencies​
  • 40% discount on fees when paying for them with BTR​
  • Many trading pairs​
  • Competitive trading fees​
  • Earn rates as high as 100% from yield farming and investments​
  • Integration with TradingView​
Bitrue: Cons
  • It is impossible to update your phone number and address if you move to a different country​
  • Back in 2019, Bitrue was hacked for around $4.2 million in user assets​
  • The interface could be much better, at times it is confusing and complicated to use​
  • Many users complain about long waiting periods to get their tickers resolved​
  • Not a top-50 exchange by volume, indicating lower liquidity​
  • Yield farming and investment products are high risk​

Is Bitrue a scam?

What do review websites think about Bitrue?​

cointelligence.com gives this business the following rank:

“Bitrue is an OK exchange. It is probably not a scam designed to steal funds, it does work hard to stay competitive in the crypto exchange industry - but unfortunately, not enough. There are better alternatives out there for many use cases, due to this industry being as competitive as it is.

Bitrue has some positives, such as the XRP base market for those interested or the Power Piggy (earn interest on your crypto) - if you're comfortable with the ambiguous terms. All in all, Bitrue is ok - nothing more than that.” - written by cointelligence.com

tokenhell.com gives this business the following rank:

According to tokenhell.com: “Bitrue offers an amazing platform for crypto exchanges to be carried out. Led by a team of experts, the exchange continually seeks to bring more trading features into its platform. That reflects in the massive growth recorded by the exchange in just the past 12 months.

A factor driving the widespread adoption of this exchange is their XRP focus and unbelievably low fees. Deviating from what is obtainable in the market, the platform incorporates a trading fee model that is almost unbeatable.

In terms of security, the platform through its team of security experts is famed to work round the clock to ensure a glitch-free trading service and the absolute security of their users’ assets.

Their shrewdness for the power piggy innovation has particularly endeared them to the heart of investors who are continuously making profits from it. Users have equally complimented the simplicity of their trading platform, including the web and the mobile application. And being an entry-level exchange, beginners can start their crypto trading portfolios with the exchange.

However, their seemingly poor commitment to their customers through the customer support service has placed a question mark over the exchange. It is left to see if this would be resolved in time to come.”

What do clients think about Bitrue?

Trustpilot.com Bitrue earns average reviews from past users. On Trustpilot, for example, it holds an average 2.2-star out of 5-star rating across more than 194 reviews. Among negative reviews, complaints focus on lost funds, frozen accounts, and poor customer service responses. Positive reviews mention Bitrue’s reliability and ease of use.

Example of Negative Bitrue Review on Trustpilot:

Security- Has Bitrue been hacked before?

Bitrue’s website promotes that “Bitrue was established by a group of blockchain enthusiasts with a goal of providing complete financial services for the currencies of the future. We are dedicated to providing safe, convenient, and diversified services to meet all crypto needs, including trading, investing, purchasing, staking, borrowing, and more”.

Bitrue currently employs strong security practices, including two-factor authentication, cold wallet storage for customer assets, account lockouts, and emailed safety codes in every communication from Bitrue. It holds a dedicated insurance fund of 38 million XRP and 40 million BTR to reimburse users in the event of any future hack that’s Bitrue’s fault.

However, Our trust score for Bitrue is below average: The exchange was hacked for $4.2M in XRP and ADA tokens in June 2019. Bitrue covered the losses, so customers didn’t lose any funds, but the breach is still important to note.

Our question arises, Is Bitrue a Scam? We can't confirm yet. When assessing the credibility of an exchange, we must rely on many factors, including information about the development team, transaction costs, security system and the ability to store assets.

If you were or are a client of Bitrue, please leave your impressions about the company's work at the comment section down below.
 

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