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Bitexen Exchange Review: Bitexen Is Legit & Secure Exchange

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About Bitexen Exchange

Launched on 4 May 2018, Bitexen is a centralized cryptocurrency exchange based in Istanbul, Turkey with an estimated 2 million+ users. Bitexen provides users fiat on-off ramps for Turkish Lira, instant and pro trading features with customer support 24/7 available. Users can reportedly use native exchange token BTXN for the purpose of lower fees and other privileges.

How To Sign Up & Start Trading

ExchangeDetails
Exchange NameBitexen Exchange
Exchange TypeCryptocurrency
Withdraw Fee0.0005 BTC
Support24/7
LangugaeEnglish
Taker Fee0.25%
Maker Fee0.15%
Website Homepage

How To Sign Up & Start Trading

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You Sign Up For A User Account By Providing Basic Information.

On Every Exchange You Will Get Option For Sign Up Or Create Account . Just Fill Some Basic Details Like Name , Email , Password , Security Question Etc For Registration . It Is First Step To Start Trading On Any Exchange

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You Then Receive An E-mail In Your Mailbox To Activate Your Account.

Before You Can Login, You Must Active Your Account With The Code Sent To Your Email Address.Then You Will See A Message That Your Financial Account Is Activated And Ready To Go. This Means That You Can Log In And Start Trading In Cryptocurrency.

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Identity Verification

For Successful Verification You Will Need Identity Documents. For Example, You Can Use A Driver’s License Or Passport, Where The Name Is Duplicated In Latin Letters.Confirmation Of Identity On Exchange Is An Optional Step. The Procedure Must Be Completed Only If You Want To Remove The Restrictions Of Btc On Deposit Or Withdrawal Of Funds Per Day.

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Bitexen Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At Bitexen, the standard trading fees for takers are 0.25%, and for makers 0.15%. 0.25% in taker fees is in line with, or even slightly above, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%.

the industry average taker fees were 0.215% and the industry average maker fees were 0.162% (for spot trading). Consequently, Bitexen’s fees are below the industry average taker fees, but above the industry average maker fees.

You can receive trading fee discounts by holding a certain level of EXEN-tokens, as set out in the below table. The lowest level of fees you can have is 0.125% for takers and 0.075% for makers. These fees are very competitive, and only require you to hold 100 EXEN, which on the date of first writing this review (15 June 2021) was only USD 399.  

Market MakerMarket Buyer
EXEN Amount *CommissionCommission Refund RateNet Commission RateCommissionCommission Refund RateNet Commission Rate
0 EXEN0.15%0%0.15%0.25%0%0.25%
10 EXEN0.15%10%0.135%0.25%10%0.225%
20 EXEN0.15%20%0.12%0.25%20%0.2%
30 EXEN0.15%30%0.105%0.25%30%0.175%
50 EXEN0.15%40%0.09%0.25%40%0.15%
100 EXEN0.15%50%0.075%0.25%50%0.125%

Bitexen Withdrawal fees

Withdrawal fees are usually fixed and vary from crypto-to-crypto. If you withdraw BTC, you pay a small amount of BTC for the withdrawal. If you withdraw ETH, you pay ETH. The last time we did an empirical study of the BTC-withdrawal fees in the crypto exchange market, we found that the average BTC-withdrawal fee was 0.0006 BTC per BTC-withdrawal.

Bitexen charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report) and a quite competitive fee.

Deposit and Withdrawal Fees

UnitCodedepositDo not Pull
0xZRX (Ethereum (ERC20))0 ZRX24 ZRX
1inch1INCH (BNB Smart Chain (BEP20))0 1INCH0.2 1INCH
1inch1INCH (Ethereum (ERC20))0 1INCH11.124 1INCH
API3API3 (Ethereum (ERC20))0 API33.66 API3
Barley ChainARPA (BNB Beacon Chain (BEP2))0 BARLEY4,788 BARLEY
Barley ChainARPA (BNB Smart Chain (BEP20))0 BARLEY2.58 BARLEY
Barley ChainARPA (Ethereum (ERC20))0 BARLEY140.4 BARLEY
aaveAAVE (BNB Beacon Chain (BEP2))0 AAVE0.00264 AAVE

Deposit Methods

In addition to depositing cryptocurrency to the platform, Bitexen also lets you deposit fiat currency. However, only through wire transfer (not credit or debit card). If you need an exchange accepting credit or debit card deposits.

Seeing as fiat currency deposits are at all possible at this trading platform, Bitexen qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.

Bitexen Exchange Features

Easy, reliable, fast

Turkey’s easy, reliable and fast Bitcoin and Altcoin trading platform. Sign up now, buy and sell crypto-assets anytime, anywhere, easily!

5th Anniversary Special Contest Begins!

To celebrate 5th anniversary, they are preparing a special competition for you! Keep following to learn the details of competition.

Mobile 

AppsManage your orders from anywhere with Bitexen iOS and Android applications, and get the realized transactions instantly in your pocket. Never miss the market!

High Security

With the highest level of system security, your crypto-asset investments and all your data are safe.

API Support

Execute the orders yourself if you want, or let the algorithms you write do it for you.

Customer Support

BitExen offers customer support through a variety of channels, including email, live chat, and social media. The support team is available 24/7 and is known to be responsive and helpful.

Users can also find answers to common questions and troubleshoot issues on the platform’s comprehensive FAQ section. Additionally, the exchange has an active community on Telegram and other social media platforms, where users can connect with other traders and get support from the BitExen team.

Conclusion

Overall, BitExen is a solid choice for anyone looking to trade digital assets. The exchange offers a wide range of trading pairs, low trading fees, and a user-friendly interface. It also prioritizes security and offers a range of services for managing digital assets. The responsive customer support and variety of payment methods also make it a convenient choice for traders. However, as with any cryptocurrency exchange, it is important to do your own research and assess if it’s the right fit for you.

FAQ

What is Bitexen?

Bitexen is a Turkish cryptocurrency exchange platform that allows users to buy and sell cryptocurrencies.

What cryptocurrencies are supported by Bitexen?

Bitexen supports Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, and Tether.

Is Bitexen regulated?

Yes, Bitexen is regulated by the Turkish government’s financial regulatory agency, the Financial Crimes Investigation Board (MASAK).

What fees does Bitexen charge?

Bitexen charges a trading fee of 0.25% for both buyers and sellers. Deposits and withdrawals are free of charge.

How do I deposit funds into my Bitexen account?

You can deposit Turkish Lira into your Bitexen account via bank transfer or credit/debit card.

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Disclaimer

Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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