Bitrue is a centralized cryptocurrency exchange (CEX). Based in Singapore, it offers spot and derivatives markets, leveraged trading, and several earning programs. Customers can also buy and sell assets directly on the Bitrue crypto exchange without intermediaries.
Customers must comply with KYC regulations to access all services. The Bitrue cryptocurrency exchange provides services in most countries, excluding China and countries that are sanctioned by the USA. Residents of Texas or New York are also unable to access the services.
The Bitrue spot market is the main service provided by the platform. The market supports crypto-crypto trading only. No fiat currencies are listed. However, traders can opt for stablecoins such as Tether (USDT).
Bitrue is known as a Ripple (XRP)-centric exchange. XRP was chosen as the primary asset due to the Ripple network’s scalability and cross-border functionality. XRP token holders can access lower fee rates and engage in social trading.
Like many cryptocurrency exchanges, Bitrue lists its native token, the Bitrue Coin (BTR). Token holders may be eligible for incentives and discounts. Overall, there are more than 1,100 Bitrue trading pairs listed, with over 500 digital assets in the market.
The derivatives market offers leverage packages for options traders. There are two key types of futures – USDT-margined and Coin-margined. Customers can trade using tokens that provide up to 3x leverage.
In addition to traditional crypto-crypto trading, customers can also utilize exchange-traded funds (ETFs). There are Bitrue crypto price limits when trading with ETFs, and traders can also have up to 3x leverage. ETF trading is restricted in several countries, including the US, Turkey, and Hong Kong.
Bitrue exchange fees are fixed across all markets. The platform does not use a tier system or the maker-taker model. All rates are subject to change at the discretion of Bitrue. There are three categories of fees:
- XRP/BTC, XPR/USDT, and XRP/ETH trading pairs – 0.2%;
- Other XPR trading pairs – 0.280%;
- Other BTC, ETH, and USDT trading pairs – 0.098%.
The rates are not impacted by the Bitrue trade volume. Customers that hold BTR tokens receive a 30% discount:
- XRP/BTC, XPR/USDT, and XRP/ETH trading pairs – 0.14%;
- Other XPR trading pairs – 0.196%;
- Other BTC, ETH, and USDT trading pairs – 0.0686%.
There are no deposit fees on the Bitrue cryptocurrency exchange. Withdrawal fees are flexible and may change based on external factors like network congestion and market conditions. There is a specific minimum required withdrawal amount for each asset.
In addition to the Bitrue crypto exchange, the platform also supports direct crypto purchases. The process is peer-to-peer, offering several payment methods, including credit card and international wire transfers.
Yield Farming Hub is a feature that allows customers to stake their assets to earn passive rewards. There are more than 20 DeFi pools available. There are no additional Bitrue crypto fees for staking and farming.
Power Piggy is another staking service. There are two types of staking investments – flexible and locked. Based on the selected asset, you can lock up your tokens for up to 30 days. The rewarded Bitrue crypto price may vary due to different interest rates.
Developers can access the Bitrue API library. It provides access to a range of DeFi features, including spot trading, quotation inquiries, and live market data, such as the daily Bitrue volume. Users can set up an API key and access the open-source toolkit.
About the Company
The Bitrue crypto exchange was founded in July 2018 in Singapore by Curis Wang. The company headquarters reside in Singapore, with international offices across the globe.
In June 2019, a vulnerability in the Bitrue system led to a massive hack. The stolen Bitrue crypto price was estimated at $4.2 million worth of XRP and ADA. Approximately 90 users were affected. The company released a statement promising to reimburse all customers whose funds were stolen.
In September of the same year, the company announced plans to launch a crypto lending platform to expand its services and global outreach. In April 2021, it was reported that the Bitcrue crypto exchange user base exceeded 4 million registered users.
As part of preparations for the Ethereum Merge, which occurred in September 2022, Bitrue updated its ETH options listings. This was done to ensure that the IOU was in place in case of a network hard fork.
Curis Wang is the former CEO of the Bitrue cryptocurrency exchange. He’s a business development expert who studied computer science at National Taiwan University. Wang stepped away from Bitrue in September 2021. He is currently the COO of Legend Trading, a cryptocurrency trading firm that he co-founded.