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Bithoven.com – Pros & Cons of Trading on bithoven
- altcoin exchange & margin trading
- 1:20 leverage
- 100 Free DOGE
- meta trader 5 integrated
- great customer support
- huge amount of altcoins
- high security
- anonymity possible
- margin trading not for US residents
Bithoven is a cryptocurrency trading platform that was founded in 2018. It has enjoyed a slow but steady increase in user numbers since it’s beginning. The St. Vincent and the Grenadines based broker has attracted our interest because it combines some interesting features and trading opportunities. Let’s take a closer look at the features that make Bithoven relatively unique as a Crypto Broker:
Bithoven’s Trading Capabilities
The platform is divided into 2 basic segments: Within the exchange section users can buy and sell cryptocurrencies, using simple buy or sell orders. Buyable coins are Bitcoin, Ethereum, Litecoin, Dash, Ripple, Cardano, Doge, Monero, Zcash, Nem, Digibyte and several hundred other altcoins.
The altcoins can generally be traded with Bitcoin, USDT or paired with 4 certain large altcoins. The crux here is that Bithoven offers the exchange of cryptocurrencies, but also profit-oriented trading in a simple way. An exchange of cryptocurrency for Fiat money is not possible. So with Bithoven you cannot sell cryptocurrencies to cash out USD, EUR etc to your bank account. Only Bitcoin and altcoins can be paid out.
The 2nd big segment of the trading platform is the margin trading area. Since summer 2019 it is also possible to trade crypto CFDs with leverage on Bithoven.com, thus typical cryptocurrency margin trading. The broker does not exaggerate the leverage and offers a reasonable maximum margin to leverage ratio of 1:20. This approach seems reasonable and sustainable to us.
Another point that speaks for reason and sustainability at Bithoven is their KYC policy. The broker requires users who want to use a higher daily payout limit than 2BTC to verify their ID. This clause possibly keeps the broker under the radar of legislators who might pursue the company because of certain financial trading and money laundering prevention laws etc.. Brokers who do not demand any ID verification may be sympathetic to many traders, but it lacks a certain sustainability when it comes to getting no legal problems in the longer term. 2BTC per day, on the other hand, is still a decent sum that can be paid out “anonymously”.
Registration with Bithoven
The signup is basically very simple and fast, as we are used to from crypto brokers. Email, password, and a short 4-digit security PIN of your choice – nothing more is needed.
After this simple unverified login you can then deposit cryptocurrencies. This is very easy in the Deposits section, where you can generate new deposit addresses for the respective coins by clicking on the plus icon in the Deposits column:
In the next step you generate a unique new deposit address where you need to send your coins in order to start trading:
Within an unverified account you can withdraw, as already mentioned, daily up to 2BTC or the current equivalent in the form of an altcoin. Who ID-verifies himself, may from then withdraw up to 100 BTC daily; or altcoins, in the respective equivalent value.
Like any reasonable cryptocurrency broker, Bithoven.com offers 2-step verification using Google Authenticator. So you should secure your account directly after the signup by activating 2FA, which works easily in the “Security” section. It is always important to keep the 2FA secret key in a separate safe place in case you lose your mobile phone. In the event of a phone loss you can restore the 2FA entry in a new phone.
The Bithoven Trading Platform
The “Exchange” Section
Here traders will find all cryptocurrency trading pairs that can be traded against each other without leverage. So this is the place where you can invest in altcoins when owning BTC or any other of the supported coins. Most altcoins can only be exchanged against BTC, some also against ETH, EOS or DAI. So if you want to use one altcoin to by another, you first need to exchange the altcoin ou have into BTC. The you can use your BTC to buy the other altcoin. Otherwise altcoins can also be traded against USD through simple buy and sell orders.
The altcoins you can buy (or trade without leverage) on Bithoven.com are:
LTC, ETH, EOS, XRP, ETC, BCH, XLM, NEO, ADA, ZEC, ONT, XMR, QTUM BSV, DASH, IOTA, DOGE, ZRX, REP, XEM, BTG, ICX, LSK, BTS, XVG, STRAT, MAID, OMG, XTZ, BAT, SC, BTM, BTC/PAX, STEEM, AE, TNT, NOAH, DGTX, NXT, NANA; IPL, ETP, KBC, ZIL, KMD, BNT, DGB, IOST, GNT, ZRC, ARDR, EDO, PPC, NEXO, BNB, EVX, LOC, BTC/GUSD, SENT, SWM, ENJ, HVN, BITS, TEL and many more altcoins. It looks like they have round about 500 altcoins listed.
The “Margin Trading” Section
The margin trading section was likely created to attract professional traders who want to perform long and short trades with decent leverage. If you click on margin, you will be taken directly to MetaTrader 5, the most popular trading application ever. Forex traders are usually familiar with the MetaTrader application.
At Bithoven you first have to create an extra margin trading account, within your Bithoven user account, to get the login data for the MetaTrader area. A Margin Trading Account can be created via the menu items “Margin” -> “My Accounts”:
There you have the choice between a real trading account and a demo account. Demo Trading is a great feature of Bithoven.com, it’s something we love to see at brokers.
If you are not familiar with Meta-Trader 5, you can have a look at the manual here:
This is how the margin trading section looks like after you’ve gained access:
At margin trading traders have access to a lot of advanced order types including stop loss and take profit order settings.
In the exchange area, users can set the usual market and limit buy and sell orders. In addition, there are also scaled orders – a possibility to split a larger order into canapés. This function is by no means standard for exchanges and is therefore worth mentioning as a special feature.
in the Margin Trading area there is a manageable number of trading instruments. These include BTCUSD, ETHUSD, LTCUSD and a number of other CFDs. The maximum leverage is 1:20, which is more than enough for most professional traders. We simply photographed the exact instruments and details:
The platform charges 0.2% trading fee for all exchange deals.
We couldn’t find any statements about limits for position sizes so far. The only limitations we know about are the withdrawal limitations, as discussed earlier above.
BitHoven on Social Media
The trading platform has both a young but active Twitter account and a Facebook page on which the latest news is communicated. It makes sense for active traders to follow these channels.
Customer support can otherwise be reached via a contact form. In our experience, they answer quite quickly, within a few hours. The support is very keen to help with ambiguities and problems. The commitment can be evaluated positively in any case, even if we would like to see other contact channels, such as a live chat.
FREE DOGE COINS PROMO
What we particularly like is the free allocation of 100 DOGE Coins to new users. These DOGE can easily be claimed in your account. Of course this is only a very small “amount of money”, but it is a nice gesture for new traders, especially to practice trading on Bithoven. The FREE DOGE are very easy to find on the website:
Bithoven is a very promising Bitcoin Broker since it offers another place to trade even lesser known altcoins. With the wide range of coins and the additional margin trading area, most traders will find what they are looking for. Only Fiat currencies are not accepted here, so it is not a place to initially invest in Bitcoin and altcoins, neither is it a place to cash out fiat gains. In the Margin Trading area, the old-established Forex traders who are accustomed to using the MetaTrader seem to be addressed in particular. We like this because it sets Bithoven apart from other Bitcoin margin brokers in this respect.