BitCoke Review

BitCoke Review: PROS

To start things off, we’ll begin by taking a look at the most prominent benefits of the BitCoke exchange. While there isn’t an overwhelming number of user BitCoke reviews found online, one thing is evident - reading the reviews, the biggest benefit associated with the exchange in question is its fee model. So, let’s start with that, shall we?

Some of the Lowest Trading Fees in the Industry

Trading fees are arguably among the most important features to look into, when you’re picking out the best cryptocurrency exchange for yourself. The fee model that the exchange imposes could be the determining factor between you making a profit, and your trades resulting in a stalemate.

Coincidentally, fees are actually often overlooked, as well. As ironic as it may sound, people get drawn into using one exchange or another with some flashy features or promotions, and often don’t even pay attention to the fee model that the platform employs.

Reading through the user BitCoke reviews, this is, evidently, rather weird. However, most users of the exchange in question mention the BitCoke fees due to one, simple reason - they are incredibly low.

In the world of crypto (and financial asset trading, in general), there are two types of trading fees - market maker, and market taker. The industry-standard fees for both of these types are 0,25% - anything below is awesome, anything above is expensive.

BitCoke fees blow these numbers out of the water - trading cryptocurrencies on the exchange platform in question, makers will be paying 0,02%, while taker fees are going to be 0,03%.

Yes, you’ve read that right - no, it’s not a typo. Without a single doubt, those are some of the best fees available on any regulated cryptocurrency exchange out there!

If you’re a retail investor in crypto, and aren’t planning on constantly trading huge sums of money back and forth, you might not even notice the fees. However, if you’re a large-scale day trader, and trading cryptocurrencies is your day job, well - BitCoke fees become *that* much more important. They can save you huge amounts of potential crypto profits!

No matter how you look at it, one thing remains clear - the fee model present on BitCoke is a huge advantage for any and all crypto traders and investors. Great start!

Quanto Swaps - Super-Complex, Yet Very Useful

While reading through user BitCoke reviews, there is one term that you’ll see come up pretty frequently - “quanto swaps”. Googling the definition might not suffice, since the term is surrounded by difficult finance industry jargon.

To put it very, very simply, and in terms of crypto, quanto swaps allow users to different cryptocurrencies and cryptocurrency pairs, while using one of the assets that they hold as margin. What this essentially does is it provides a lot of flexibility to the trader, and lowers the risk exposure levels (at least in certain scenarios).

Think of it this way - say, you are currently holding Bitcoin. You believe that Bitcoin’s price will rise long-term, but in the short term, you believe that Ethereum will perform better.

With BitCoke’s quanto swap functionality, you would be able to use your Bitcoin as margin, and trade Ethereum for USDT. The profits from that trade would be settled (finalized) in Bitcoin.

Quanto swaps are especially useful when you participate in leverage trading. They allow you to not sell certain assets that you would believe in, and instead, use their potential price growth, in the form of margin trading.

Admittedly, the concept isn’t super-simple to understand, even when you break it down. If you’re never heard about it before, it’s not really surprising - BitCoke claims to be the very first cryptocurrency exchange platform that would provide its users with quanto swap functionality.

If you’re an advanced-level crypto trader, and are a professional when it comes to margin and leverage trading, quanto swaps can be a really useful feature to add to your trading tools. While not being as useful to beginner-level traders, it’s definitely still worth considering, nonetheless, especially granted the fact that BitCoke might just be the only exchange platform offering this feature to its users!

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Top-Tier Security Features

Security is, quite obviously, the very main feature that you should be looking into, when searching for a top-tier crypto exchange. While things such as fees and additional features will undoubtedly be important to look into, if the exchange of your choice doesn’t have strong, dependable security features, it’s not worth exploring further, in the first place.

The reasoning behind this is rather obvious, as well. If an exchange lacks in the security department, every time you trade, store your crypto on it, or interact with the platform in any way, you risk losing your cryptocurrency assets to a hack, or some sort of another security breach.

Is BitCoke legit, though? How does this exchange platform fare, in regards to its security features?

Well, user BitCoke reviews will tell you that the platform is actually at the top of the security game!

In order to find out about all of the security features employed by the exchange in question, all that you need to do is visit their official website. Naturally, at the very top of the list, you’ll find one of the most important security features that an exchange could utilize - cold storage.

For anyone wondering is BitCoke legit, think of it this way - same as you could go out and purchase a hardware wallet for yourself (say, a Ledger or a Trezor), cryptocurrency exchanges do also utilize hardware (cold) storage, as well. BitCoke, for one, claims to keep 95% of all of its assets in cold storage devices.

Combine that with the fact that the company utilizes multi-signature wallet addresses for all of their deposits and withdrawals, and you have a situation where, even if a security breach was to happen, there’s a super-slim possibility that the hackers would get access to your funds.

Cold storage is an industry-standard, and is one of the most effective security features that exchanges could employ. Thankfully, even by reading a few user BitCoke reviews, it’s evident that the company’s cold storage decision is rather effective, asset safety-wise.

Following that, BitCoke does also utilize a pretty significant list of additional security features, as well. Multi-authentication requirements for any and all significant processes happening on the platform (hardware access, deposits, withdrawals, etc.), AWS, user account security measures, trading engine protection, and many more.

All in all, the point here remains true - if you’re looking to find out is BitCoke legit and reliable, I’m glad to tell you that, as far as security is concerned, the exchange does have a wide list of some awesome and provably-effective security features at its disposal!

Mobile App Support

Most cryptocurrency traders prefer to perform all of their trades on their computers - laptops or PCs. This is due to the convenience factors of the entire ordeal, and general trade engine functionality.

However, as time goes on, more and more people turn to trading crypto (and other financial assets) on their smartphones. This is especially so true if you’re a day trader, and trading crypto is your main job - in other words, you do this for a living.

Day traders require tools that would enable them to react to any and all market tendencies in a super-quick manner. With the crypto markets being as volatile as they are, every minute counts - if you don’t have your laptop with you, being able to perform trades on your phone could be crucial.

Many exchanges do offer a mobile app to their users. Multiple BitCoke reviews will tell you that the platform in question is no exception!

BitCoke does have a mobile app that’s available on both Android and iOS devices. So, if you prefer using your phone to trade crypto, this will be possible with the BitCoke exchange!

COKE - The Native Token of the Exchange

Many cryptocurrency exchanges have their own native platform tokens. The BitCoke exchange is no different in this regard - the native token of this platform is called COKE.

So… What can COKE be used for?

Well, the token actually has a few different use cases. But before we explore them, let’s first take a look at the tokenomics of the project, in order to be as comprehensive as possible with our BitCoke review.

The initial circulation of the COKE token was 23 million. With a maximum supply of 1 billion tokens, the initial supply isn’t all that large.

20 million COKE tokens were offered on the IEO (Initial Exchange Offering) of BitCoke, while the additional 3 million came from events such as airdrops and trade-mining. A unique feature here is that the tokens were available to be traded as soon as the spot pair went live (no initial lock-up period).

Additionally, it’s worth mentioning that BitCoke plans to implement a burning mechanism for the tokens. In other words, there will be a method for the token to battle inflation.

So, what can all of these tokens be used for? Well, as BitCoke itself puts it, COKE has three uses:

• The platform token for the BitCoke exchange
• The reward token for the CokeDEX
• The governance token for the CokeDAO

While not many user BitCoke reviews talk about this, put simply, the company behind BitCoke aims to create an entire ecosystem around its operations, with a dedicated decentralized exchange (DEX), as well as a DAO-powered (Decentralized Autonomous Organization) model of governance.

In essence, token holders would be able to vote on future proposals regarding the functionality of the platform, and all of its features. This could add to the answer to the question “is BitCoke safe?”, as well - DAOs are often considered a pretty safe method of governance, at least when it comes to asset management, and compared to less-known centralized corporate entities.

A KYC-Less Crypto Exchange

KYC is definitely the most controversial topic when it comes to features of cryptocurrency exchanges - this BitCoke review is surely not an exception. I won’t go too deep into the matter, since it’s an entire article, in of itself. Suffice to say that, while some people think that KYC is a great and mandatory thing, others would beg to differ, rather strongly.

KYC stands for “Know Your Customer”, and is a set of strict regulations imposed on financial institutions, such as cryptocurrency exchanges. When you provide a crypto exchange with your personal information (ID & proof of identity, residential address, income sources, etc.), you’re complying with the KYC regulations.

As controversial as it may be, two things are for certain - mass adoption is impossible without some form of regulation, and KYC helps individuals avoid a huge number of potential scams, theft attempts, and malicious parties, in general. Thus, in one way or another, it’s a good thing for the industry, as a whole.

On the flip side, individuals who still want to trade crypto while preserving their anonymity should have platforms where they can do so. As you might have gathered already, BitCoke is one such place.

Put simply, BitCoke allows users of its platform to trade crypto (as well as access any and all other features of the exchange) without needing to pass any KYC checks. While the exchange used to uphold KYC policies some time ago, as of January 2023, it has abandoned KYC, altogether.

What this means is that any user can register as many accounts as they'd like, without needing to worry about KYC verification checks. On top of that, it also means that you'll be able to trade crypto anonymously, without compromising any of your private, personal information.

BitCoke Review: CONS

Now that we’ve covered all of the core features of the BitCoke exchange, let’s also take a closer look at the shortcomings that are most prevalent in user BitCoke reviews.

No Fiat-Crypto Trading

I probably don’t even need to tell you this, but it’s obviously the biggest con associated with the exchange in question. And for good reason, too.

If you’re a newcomer to the world of cryptocurrencies, chances are that you want things to be as simple as possible. One of the core aspects of this simplicity is the acquisition process of cryptocurrencies.

Most (if not all) top-tier exchanges out there are going to offer their users a fiat on-ramp. Meaning, you will be able to add funds to your account via a credit or debit card (or bank transfer), and purchase the cryptocurrency that you’d like, with EUR, USD, or any other mainstream currency.

Unfortunately, user BitCoke reviews will tell you that this isn’t possible with the exchange in question. Users are only able to trade crypto-crypto - there’s no fiat money support available.

What this means is that you will need to have purchased some cryptocurrency on another exchange, in order to start trading on BitCoke. Naturally, your question might be - why would you then use BitCoke, in the first place?

Well, as mentioned earlier on in the BitCoke review, the platform does have a variety of unique features to offer to its users. Features that aren’t necessarily going to be available on other exchanges (i.e. the quanto swaps).

So, in short, if you’re looking for an exchange that would offer you the ability to trade crypto-fiat, well… BitCoke isn’t going to be a good choice. That aside, this still doesn’t take away from the fact that the platform has awesome and unique features to offer to its clients!

No Live Customer Support

Yet another big issue that some users have with BitCoke is the fact that the exchange has no live customer support.

Support agents can be reached via email, Twitter, or Telegram - that’s it. No live chat, no phone number to call.

This is, obviously, very inconvenient. Do the BitCoke fees and features make up for a lack of live support? For some people, they definitely will - for others, they might not, however.

Live support allows you to reach an agent in a matter of minutes or even seconds. This can be crucial if you’re facing some sort of a bug, or a major issue that is preventing you from making trades on your account.

This is only further amplified by the fact that most high-end exchanges do already have live customer support options - many of them even offer around-the-clock support, too!

In any case, once again - reading through user BitCoke reviews, it would seem that this is definitely a point that the company should improve on. That said, who knows - maybe BitCoke is already planning on adding live support functionality, as you’re reading this?

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How to Use BitCoke?

To finish off our BitCoke review, let’s take a look at how you would go about actually using the cryptocurrency exchange in question. Naturally, we’ll start off with the registration process.

How to Register on BitCoke?

The registration is quick and simple - here’s how it goes:

Step 1: Go to the BitCoke official website, and press “Sign Up” at the top-right corner of the homepage screen.

Step 2: You will need to register with either your email address, or your phone number. In both cases, you’ll need to enter a verification code that you’ll receive to either of those two places, as well as create a password.

Step 3: After you’ve created your account, all that’s left to do is to log in - press the “Log In” button, and enter your details, depending on how you’ve registered on the site. That’s it!

The registration is super-fast, which is, obviously, great. No extensive notification prompts, no difficult processes to pass, none of that - you can become an active user of BitCoke in less than a minute!

Before we continue, I’d like to stress another awesome feature of the BitCoke exchange - since KYC doesn't need to be passed in order to get full access to all of the tools and trading features that the platform has to offer, you get access to everything, all at once.

That’s great! You are able to explore the platform, and “get a feel” for how things are, before committing to a full experience. Even when you commit, you won't need to reveal your personal information! It’s definitely a win on BitCoke’s side of the deal!

How to Use BitCoke?

While we won’t go into much depth on all of the extensive features and functionalities of using BitCoke (this is something that probably requires a separate tutorial), let’s still take a look at the general functionality available on the platform.

Under your profile settings at the top-right corner of the page, you can access your dashboard - this is the area where you can see all of the relevant information about your account. Assets, payment settings, security settings, trading history, and much more - everything’s packed in a simple-to-use, clear user interface.

At the top-left of the page, you may access your spot and perpetual trading interfaces. These will navigate you to the trading part of the exchange.

The trading dashboard is simple to understand and use, and doesn’t bombard users with multiple advanced features or industry-specific jargon. Everything’s rather clear, so if you have some USDT in your account already, you can start trading almost instantly.

Other than that, all of the main pages and features of the BitCoke exchange are accessible from the homepage - the menu bar at the top of the page allows you to navigate to all of the important places that you might require. Well, except customer support - as we’ve discussed earlier in the BitCoke review, this is a bit of a different story.

All in all, as far as cryptocurrency exchanges go, BitCoke really does offer one of the simpler and more beginner-friendly experiences. It’s not at all difficult to use, has only the essential features present on its homepage, and does a good job at easing you into all of the advanced functionalities available on the platform. That’s good!

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

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Conclusions

Now that we’ve reached the very end of our BitCoke review, you should have a pretty good and thorough understanding of the benefits and shortcomings associated with the platform. What’s the verdict here, then - is BitCoke worth checking out?

Yes, I’d say so!

Naturally, if you’re planning on using BitCoke, or any other exchange for that matter, you should do your own research, in as much detail as possible. However, reading through user BitCoke reviews, it’s clear that this specific exchange does have a lot to offer!

Without even getting into too much detail, one feature stands out of the crowd, significantly - the trading fees. BitCoke fees are some of the best that you’ll come across in the crypto world - that’s huge!

The platform boasts some advanced security features, and has unique trading tools, as well (think: quanto swaps). This makes BitCoke stand out from the crowd of mainstream crypto exchanges even more!

Sure, there’s no customer support, and no way to trade crypto for fiat money - these are two huge shortcomings that should definitely be addressed in the future, if BitCoke wants to go truly mainstream. However, if none of that is an issue for you, then the platform could surely be worth checking out!

Is BitCoke legit? It seems to be! Is BitCoke safe? Well, with all of the security features that it has, that would probably be an accurate assumption! All in all, if you’re looking for a cryptocurrency exchange platform, you should definitely keep BitCoke in mind!

With that, thank you for reading my BitCoke review, and until next time!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.