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Bitrue is a cryptocurrency exchange that allows users to buy, sell, trade, and earn interest on crypto holdings. It was founded in 2018 and is available in most countries around the world (but not in the United States). Bitrue is designed for advanced crypto traders, offering advanced charting and order types as well as futures trading. However, it’s not well-suited for beginners, and it charges high fees for buying crypto with a debit or credit card.
- Pros & Cons
- Key Takeaways
Low trading fees (for most cryptocurrencies)
Margin trading available
Access to hundreds of cryptocurrencies
High fees for XRP traders
No phone or live chat support
Many user complaints about lost funds and locked accounts
- Bitrue is a centralized cryptocurrency exchange that allows users to buy, sell, trade, and borrow against cryptocurrency.
- Bitrue supports a wide variety of cryptocurrency, including leveraged tokens.
- Bitrue offers advanced trading charts and order types (including limit and stop-loss orders.)
- Bitrue supports margin and futures trading.
- Year Founded 2018
- Official Website www.Bitrue.com
- Cryptocurrencies Available 300+
- Customer Support Support ticket, Email, Telegram
Bitrue allows users to buy, sell, trade, and earn rewards on supported cryptocurrency. It also offers margin trading (up to 20x leverage), as well as access to futures trading. Several hundred cryptocurrencies are currently available on Bitrue, with more being added regularly. We’ve reviewed Bitrue’s platform, fees, user experience, customer service, available crypto, and more to determine if it’s a good option for crypto investors and traders.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
Bitrue was launched in 2018 to offer Bitcoin trading, and it was one of the first exchanges to list the XRP token. It became one of the most popular platforms for XRP traders, especially when the SEC began an investigation into Ripple Labs, the company that created XRP. The SEC alleged that Ripple Labs failed to comply with U.S. securities law, and the case is ongoing. Most exchanges dropped the XRP token due to the SEC investigation, but Bitrue continued to offer XRP and became the go-to exchange for XRP investors.
Bitrue operates in most countries around the world but is not available in a few select countries, including the United States, North Korea, Iran, and China Mainland. Bitrue offers advanced trading tools, including multiple charting options, limit and stop-loss orders, and margin and futures trading with leverage. Bitrue also has an insurance fund as protection against theft for users, consisting mainly of XRP tokens.
The insurance fund value is based on the value of the tokens held, which may be very volatile.
Cryptocurrencies That Trade on Bitrue
Bitrue offers access to over 300 cryptocurrencies, including XRP (by Ripple), Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), and Polygon (MATIC). New cryptocurrencies are being added regularly.
Of the top coins in the market, the only popular one that’s missing from Bitrue is the Bitfinex utility token LEO.
Bitrue offers a simple purchase experience through its “Buy/Sell” option. While Bitrue offers fairly low fees for purchasing via ACH transfer, making purchases with a credit or debit card comes with much higher fees. Bitrue uses a third-party platform, Simplex, to process credit card transactions, and Simplex charges 3.5% per card transaction.
Users can also deposit funds, such as U.S. dollars or supported cryptocurrencies, directly to the Bitrue exchange. This allows them to use the trading platform to buy or sell crypto trading pairs, such as XRP/BTC.
Bitrue offers advanced charting with analysis tools, live order books, limit and stop-loss orders, and even access to margin trading (up to 20x). More experienced users can also trade crypto futures, as well as leveraged tokens (both long and short options).
Bitrue’s fees for buying with a credit or debit card are high (3.5%), but its regular trading fees are fairly low. Users can expect to pay between 0.098% to 0.32% for trades, depending on the trading pair. It’s important to note that Bitrue users do a large amount of XRP trading, and the fees are more than three times as expensive for trading XRP as opposed to other assets.
Bitrue does offer a 30% discount to traders that pay fees with the native Bitrue token (BTR).
Bitrue offers the same basic security as most cryptocurrency exchanges, including encrypted servers, whitelisting, and cold storage for assets.
Bitrue was also hacked as recently as 2019, losing about $4.5 million of user funds overnight (mostly in stolen XRP). While this is concerning, Bitrue offers an insurance fund, and it was able to quickly reimburse all losses.
Here are a few of the security features offered by Bitrue:
- IP address & device whitelisting: Bitrue allows you to create a whitelist of devices and common IP addresses that you use for accessing your account. This blocks all other devices.
- Account lock email: Any account logins send an email to the account owner immediately. Inside that email, a user can disable an account with one click. This helps you quickly pause account activity if you see an unknown login.
- Cold storage: Bitrue keeps most crypto balances in “cold storage”, meaning the cryptocurrency is not connected to the internet.
- Two-factor authentication (2FA): Users have the option of turning on 2FA to help secure their accounts. This can be done via SMS messaging or Google Authenticator.
Opening a Bitrue Account
You can create a free Bitrue account using your email address and a password. Once you verify your email address, you can deposit fiat or crypto funds and begin trading.
While Bitrue does not require any identity verification to trade, users may need to submit identification documentation to withdraw funds or participate in certain activities on the platform. The verification process may include submitting a copy of a government-issued photo ID, as well as verifying your address.
Bitrue offers email support as well as support via its Telegram channel. Users can also access basic customer support via Twitter.
To open an email ticket with customer service, you will need to submit a request, and a member of the customer service staff will reach out (via email) within one working day.
While Bitrue does offer basic information through help articles, its platform is difficult to navigate. Most information is contained within announcement posts and is not particularly well-organized.
Bitrue receives several customer complaints on consumer review sites, with many users reporting lost access to accounts or missing funds. Others have reported delays in identity verification, causing funds to remain inaccessible on the platform. While users can open a ticket with the Bitrue team to help resolve these types of issues, the reports of lost funds and accounts being locked are concerning.
There are no formal rating agencies for cryptocurrency exchanges. All user reviews are self-reported and may not be completely accurate.
Bitrue users can log in through a web browser to access their account, deposit fiat or cryptocurrency, place trades, or borrow funds.
Bitrue also offers a mobile app that gives access to user accounts on the go. The app allows users to access profit and loss (P&L) statements, deposit funds, make trades, withdraw, borrow funds, and earn interest. The app is available for both iOS and Android mobile users.
How Bitrue Compares to Other Cryptocurrency Companies
Bitrue is a decent option for advanced crypto traders who are not based in the U.S., as well as fans of XRP. Bitrue also offers a very wide selection of cryptocurrencies, with several hundred listed on the platform (and growing).
However, Bitrue is not a great fit for those new to cryptocurrency trading, and the platform will quickly overwhelm crypto newbies. Here’s how Bitrue compares to another popular crypto exchange.
Bitrue vs. Gemini
Both Bitrue and Gemini offer advanced traders access to multiple trading tools and order types. Both support popular cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin (DOGE). And both allow users to earn interest on crypto holdings.
But while Gemini focuses on robust security and provides options for new investors and institutional investors, Bitrue is designed for advanced traders who want to trade a wide range of cryptocurrencies with leverage.
Here are a few other differences between Bitrue and Gemini:
- Bitrue offers futures trading, while Gemini does not.
- Gemini offers built-in user education tools, including video training and an active blog.
- Bitrue offers access to several hundred cryptocurrencies, while Gemini offers less than 100.
- Gemini is available to U.S. traders, while Bitrue is not.
- Bitrue trading fees are between 0.098% to 0.32%, while fees on Gemini’s ActiveTrader platform range from 0.00% to 0.40%.
Gemini is a decent option for new crypto investors, and while its fees are a bit higher, the clean user interface and secure platform make it ideal for beginners. Bitrue is a trading platform for fans of the XRP token, and it also offers access to many small-cap tokens and leveraged trading.
Read our full Gemini review.
Bitrue is designed for advanced crypto traders, and it caters to the XRP investing community. It offers a huge selection of coins, leveraged trading, crypto borrowing, and the ability to earn interest on crypto assets.
That said, Bitrue recognizes that most of its trading volume is XRP, and charges much higher fees for that token, which is a bit of a rip-off to XRP traders. Other platforms also offer lower fees for active traders, making Bitrue less attractive as well.
Bitrue also receives poor user reviews, and accounts being locked or users losing access to funds for months on end is concerning. And while it offers basic security, the exchange was hacked as recently as June 2019.
Overall, Bitrue is a decent option for active traders that want access to margin and futures trading, but it does have some security concerns.
The Balance is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.
Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the data collection and review processes and weighted data points, is available for review.
U.S. Securities and Exchange Commission. "SEC Charges Ripple and Two Executives With Conducting $1.3 Billion Unregistered Securities Offering."
Twitter. "@Bitrue, 10:16 p.m. Jun 26, 2019."