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Bit.com crypto exchange review
Bit.com is a derivatives-oriented cryptocurrency exchange with a wide range of products and services that are designed to meet the needs of both institutional and retail investors. The Seychelles-regulated exchange boasts high liquidity, spanning more than 40 spot markets, and an innovative Unified Margin System that makes margin trading more accessible and lucrative.
Bit.com was founded in February 2019 and enjoys backing from some of the most prominent companies in the blockchain space, including Bitmain, Polychain, Dragonfly Capital, and IDG Capital. Day traders will be happy to hear that the exchange’s underlying matching engine can process 10,000 transactions per second (TPS), ensuring a lag-free trading experience.
The pros of trading cryptocurrency on Bit.com:
- Trade futures with up to 50x leverage
- BTC, ETH, and BCH options with up to 10x leverage
- Unified Margin System increases capital efficiency and optimizes margin trading
- Low trading fees for casual and advanced traders
- Built with top security and risk management features (safeguarded by Cactus Custody)
- Reliable and trustworthy (household name Matrixport, a billion-dollar company)
- Complete and high-quality API documentation
The cons of trading cryptocurrency on Bit.com:
- A relatively small selection of supported digital assets but currently working on listing more assets
- Not available in the U.S.
Bit.com features review
Bit.com offers access to the most popular cryptocurrency markets and a comprehensive margin trading offering that lets users stake their capital to borrow additional funds and trade with up to 50x leverage with futures and up to 10x with options.
Bit.com trading – easy to use interface with advanced charting features
The Bit.com team has obviously put a lot of thought and effort into its trading interface – all of the most important features, including access to limit and market orders as well as recent trades and open positions, are readily available and located where you would expect them to be. Also, the interface itself feels responsive and reliable.
Moreover, the trading section is powered by TradingView and can be modified with rich customization tools and expanded with the most popular trading indicators, allowing traders to create an interface tailored to their particular set of needs.
Trading view offers all of the most relevant trading data at a glance and provides advanced charting tools. Image source: Bit.com
As mentioned above, Bit.com offers access to market and a number of limit orders, including Good Till Cancel (GTC), Fill Or Kill (FOK), Immediate or Cancel (IOC), which allow traders to buy or sell their assets at a predetermined price.
Here are some of the digital assets that can be bought and sold on Bit.com*:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Polkadot (DOT)
- Litecoin (LTC)
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Solana (SOL)
- Uniswap (UNI)
- XRP (XRP)
- Tether (USDT)
- USD Coin (USDC)
*For a complete and up-to-date list of supported cryptocurrencies visit the Bit.com website.
Futures trading
Bit.com allows users to access additional funds to execute leveraged trading orders with greater sums of capital than when using conventional trading methods. To put it simply, Bit.com traders can bet on the future price of various crypto assets with borrowed capital.
In addition, Bit.com offers perpetual swaps as well, which are basically future contracts just without an expiration date. The company charges a 1.5% maintenance margin fee which ensures liquidity doesn’t reach critical levels even when the market conditions are notably volatile.
The highest rate of leverage offered on Bit.com is 50x and applies for both Coin-margined (COIN-M) and USDT-margined (USDT-M) futures.
Options trading
Bit.com offers four different expiration dates for options, including daily, weekly, monthly, and quarterly contracts. At the time of this review, the exchange supports BTC/USD, ETH/USD, and BCH/USD as underlying assets.
Trading interface showing Bitcoin “calls” and “puts” for daily options contracts. Image source: Bit.com
Traders can choose to increase their exposure to market volatility by trading options with up to 10x leverage. As is usually the case when trading leveraged financial products, keep in mind that the higher the leverage, the higher the potential losses.
Unified Margin System (UM Mode)
When trading spot, margin, perpetual, futures, and options on Bit.com you can opt in to use the Unified Margin System, a special risk-mitigating tool that lets customers utilize all assets in their accounts as collateral.
Basically, Bit.com’s special system merges various digital assets and denominates them into USDT to increase capital efficiency and make managing collateral and margin positions less cumbersome. For instance, whereas in classic mode spot and futures accounts are treated separately from one another, in the UM Mode, they are treated as a single unified account.
For more information about the Unified Margin System, click here.
Rebalancing market maker (RMM)
Bit.com recently launched a special rebalancing system, called the Rebalancing Market Maker (RMM). The system automatically places orders on behalf of an investor at predetermined parameters and is designed to buy low and sell high, which ultimately results in a balanced portfolio between allocated currencies. To learn more about the automated rebalancing system, check out this helpful explanation from Bit.com.
Bit.com trading fees
The exchange features a very competitive tiered fee structure that allows both casual and high-volume traders to enter and exit positions at a low cost. The maker fees for futures and perpetual swaps start at 0.01% and decrease based on the user’s total trading volume in the past 30 days. Similarly, taker fees start at 0.05% and can reach as low as 0.035% for the most active traders.
Options’ maker fees range from 0.02% to zero percent, whereas taker fees start at 0.03% and decrease to 0.02% for traders in the highest VIP tier.
Last but not least, spot maker fees start at just 0.08%, while spot taker fees start at 0.1%. For a complete breakdown of Bit.com’s fee structure, click here.
Mobile app
Those who preferred trading on the go will happy to learn that Bit.com offers native apps for both iOS and Android operating systems. The mobile applications offer the complete functionality of their desktop counterpart and are tailored for the smaller screen estate of handheld devices.
Customer support
Bit.com support staff can be reached 24/7, 7 days a week in a multitude of ways, including via email, a direct form on the website or mobile app, or through a dedicated live chat feature. Moreover, users can get in touch with customer support of the most popular social media platforms, such as Facebook, Twitter, and Telegram.
Bit.com competitors
The Bit.com cryptocurrency exchange has a unique set of features that differentiate it from most competitors in the market. The closest competitors are perhaps BitMEX and Bybit, which are focused on derivatives but lack certain features, namely Unified Margin System and rebalancing mechanism, that make Bit.com stand out from the rest.
Bit.com Review Verdict
Although the exchange is still a relative newcomer on the exchange scene, Bit.com has already established itself as one of the best trading platforms for traders who are looking to engage in derivatives tradings, while still wanting access to the most popular crypto spot markets.
With a highly customizable user interface and mobile offering, Bit.com is quickly becoming one of the best choices for crypto enthusiasts and newcomers to the blockchain space alike.
