New Bitcoin exchanges are starting to pop up all over the world, even though the legal status of digital currency is still a big question. Additionally, most countries require exchange operators to hold a particular license, as they can be seen as money transmitters. BtcBear is a new UK-based exchange offering a lot of features, but with no trading volume so far.
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The BTCBear Bitcoin Exchange Platform
On the surface, the BTCBear platform has a very nice website template, although some spelling issues will need to be corrected in the near future. That being said, users are greeted with a clear overview of what they can expect from this platform, such as the underlying trading system and how the majority of funds is stored in offline wallets.
The possible trading pairs directly contribute to the success or failure of Bitcoin exchanges, and BTCBear has a very select amount of trading pairs available. Bitcoin and Litecoin are supported, as both digital currencies can be traded against either EUR, USD, or the other digital currency. However, based on the recent 24-hour statistics, there is absolutely no trading volume on this exchange for some unknown reason.
Not that there are no incentives to use BTCBear, mind you, as users can earn up to 40% of the fees generated by their referrals as affiliate commission. This amount is unusually high, although it might just be a promotion to attract new users in the early stages. Speaking of BTCBear fees, there is a 0.2% fee on all trades, as well as additional deposit and withdrawal fees, depending on which payment method is being used.
Depositing and withdrawing funds with BTCBear can be done in a variety of ways. Traditional wire transfers are not supported, which is rather strange these days. However, the company supports Payeer, Advcash, and Perfectmoney, as well as card withdrawals in both USD and EUR.
All in all, the platform seems rather solid, albeit the lack of any trading volume is of particular concern. BTCBear is not a new Bitcoin exchange, as the service launched somewhere in the second half of 2015. Getting traction in the world of digital currency is hard, especially when you are a brand new exchange with little to no reputation.
Note from the Author: Information about the company owner can be found in the WHOIS records.