After doing an in-depth review, we discovered that Bitunix is a feature-rich cryptocurrency trading platform that is reliable and secure. It offers a wide selection of currencies and tokens, reasonable fees, and an easy-to-use interface. It can be an excellent option for both beginner and experienced traders.
What Is Bitunix
Bitunix is a crypto derivatives exchange founded in November 2021 in Hong Kong by Aaron Lee. It has been rapidly growing, ranking among the top 30 on coin market capitalization with a trade volume of $4.9 Billion.
The derivative exchange functions as a centralized cryptocurrency trading platform. In late 2022, they registered as an MSB in the United States. Additionally, in 2023, they were granted a license in the Philippines for SEC compliance.
Bitunix has raised $10 million this year from investors in Dubai. The objective of this fund is to assist them in expanding their global market reach via offices based in Dubai. Besides its popularity in Asia, Bitunix is extending its reach across many regions like Africa and Latin America,… Approximately 200 employees are working for them at present.
Bitunix: How Does It Work
Despite being established recently, Bitunix has developed into a trustworthy exchange. They specialize in spot and derivative trading with more than 150 cryptocurrencies available for trade on Bitunix. However, you must first set up an account on the platform to start trading.
After opening an account on the site, you must make a minimum deposit of $10 to start trading. In addition to spot and derivative trading, Bitunix offers rewards to both new and existing customers.
Bitunix supports you to trade through many platforms, including mobile phones and desktops. You can download their mobile app from Google Play or the App Store. With a rating of 4.7/5 stars, the Bitunix app has been downloaded over 1000 times from the Google Play Store.
Bitunix has implemented a strong security system to safeguard the money of its clients. The KYC and two-factor authentication processes are integrated to prevent illegal access to customers’ accounts. They also regularly carry out penetration tests and security audits.
Bitunix Pros
- Offering opportunities for spot and derivatives trading.
- Providing strong security measures.
- Having S. MSB registrant and SEC compliance exchange.
- Offering bonuses for new and existing users.
- Supporting affordable fee structure.
Bitunix Cons
- Still relatively new exchange.
- Haing no reviews on their app on Google Play Store
- Requiring $10 minimum deposit.
- Offering limited trading options.
Bitunix Sign Up and KYC process
To have a great experience, you must understand how to create and verify a Bitunix account. Surprisingly whether you’re using a web browser or a mobile app, the procedure is very simple.
First of all, use your device to access their official website and select the “Sign Up” option. This will direct you to their webpage for registration. You may register here by providing your phone number or email address. Next, you will need to select your country of residence and create a strong password.
They will then provide you with a confirmation code via your email. This will assist Bitunix in confirming the authenticity of your account. You had to have successfully registered a verified account by now.
After registering your account, you need to proceed through the KYC process to validate it. In this procedure, you have to complete two verifications: basic and advanced verification. You have to supply documentation such as a government-issued ID card, proof of address, a picture of you holding your ID card, and a paper with Bitunix written on it. Your account will be validated after the exchange has reviewed the documents you provided.
Bitunix Products Features
Bitunix is a well-known platform for trading spot and perpetual futures contracts. Users may purchase, sell, and invest in different types of currencies via the exchange’s mobile app, which is available on the Google Play store, iOS, and other app stores. Furthermore, you may trade at any time of the day on their webpage.
Supported Cryptocurrencies
More than 150 cryptocurrencies can be traded on Bitunix, whether you are trading on the spot or derivative market. On the exchange, they have some of the most famous currencies such as ETH, BTC, SOL, DOGE, MATIC, PEPE, ARB,…
Trading Platform
Bitunix provides a trading interface that is easy to use. Users may trade live at any time using their mobile app or website as the Bitunix platform is extremely responsive and reliable.
Bitunix mobile also offers a live market tracking tool. In this manner, you may track the daily price fluctuations of popular cryptocurrencies in real-time. If you are interested in a particular group of coins, you may mark them as your favorite coins to receive real-time market tracking for them.
Moreover, Bitunix provides a technical analysis tool for every coin listed on the market. A K-line chart function that displays price trends at different times is also included in this utility. This allows you to decide which is the most appropriate time to trade on the exchange.
Bitunix Trading Functions
Spots and derivatives are the two types of contracts that are offered on Bitunix. However, before you can start trading, you must make a minimum deposit of $10.
Spot Trading on Bitunix
Bitunix supports spot trading, which is cryptocurrency-to-crypto trading with more than 300 spot trading pairings, including BTC, SOL, DOGE, ARB, and more. These tokens are listed on the left side of the trading platform.
Nevertheless, you need to fund USDT to your wallet before you can trade on Bitunix. You may start spot trading on the exchange for as little as $10.
You may easily purchase or sell cryptocurrency on a well-designed site while trading a spot on Bitunix. To assist you in trading effectively, the spot trading platform also features advanced indicators and a live chat.
Derivative Trading on Bitunix
Bitunix offers only one kind of derivative trading product, which is USDT-margined perpetual futures. You have to transfer trade funds from your spot wallet to your future wallet in order to begin trading futures on the exchange.
You should locate futures under the derivatives category. This will take you to the future trade site when you click on it.
Choose and search for your trading pair on the left side of the trading page. On Bitunix, there are more than 140 USDT-marginated contract trading pairings. You will next select your preferred leverage and margin mode. They provide up to 125x leverage for future trade pairs and all support hedging mode.
Bitunix provides take profit and stop loss orders, market orders, plan orders, and limit orders. Moreover, they offer isolated margin mode as well as cross margin mode for the best capital efficiency.
Bitunix Passive Income Products
Bitunix offers you additional opportunities to get passive money from them without trading. For example, they offer a referral bonus system.
Aiming to encourage their customers to recommend new users to the platform, the exchange has set up a referral program. When you invite a new user to create an account, you may receive a bonus commission of up to 40%.
On Bitunix, you may get a bonus of up to $5500 as a new user. By registering on the exchange, you have a chance to win $200. Additionally, when you make deposits on the exchange, you can receive a bonus of up to $5,000. They can also earn up to $300 when they first start trading.
You may also profit passively from Bitunix using their trading context, giving you different trading tasks to carry out. The harder the task is, the greater the reward you can receive.
Making a deposit and carrying out additional trade on the platform are two instances of such tasks. Your benefits increase as you trade and deposit more. You can receive a trade bonus of up to 1,000 USDT by completing this step.
Another example is group trading. In this section, you may invite your friends to trade on Bitunix with you as a group. The exchange offers up to 1000 USDT in benefits to the top 5 teams with the highest trading volume. The top 5 winners will also get an additional 500 USDT trading reward.
Bitunix Trading Fees
One of Bitunix’s primary features is its competitive trading fee structure. This structure is disseminated on a tiered basis, with trading fees decreasing as trading volume increases. This basically means that you need to trade more in order to reduce trading fees.
For example, in spot trading, the fees you have to pay are 0.10% for takers and 0.08% for makers. However, if you reach a trading volume of around $100 million in 30 days, it might decrease to as low as 0.05% maker fee and 0.07% taker fee.
Meanwhile, the highest maker and taker fees in futures trading are 0.02% and 0.06%, respectively. In summary, Bitunix provides a reasonable and transparent pricing structure for both novice and experienced traders.
Bitunix Deposit Methods
Bitunix partners with Conify, a well-known payment platform, to further develop their payment options and ensure seamless transactions. They started collaborating in July 2023, mainly to make it easier to make use of popular payment options including bank transfers, credit cards, and Apple Pay.
The Bitunix wallet allows you to deposit cryptocurrency assets from other wallets using well-known blockchain networks like Tron, Omni, Ethereum, BSC, Solana,… It may take 5 to 30 minutes to complete a deposit on Bitunix, depending on the network you use. It costs nothing to deposit cryptocurrency on Bitunix.
In addition, Bitunix lets you buy cryptocurrency with fiat money including USD, AUD, EUR, AED, VND, JPY,… Bitunix offers plenty of payment modes including credit/debit cards, Apple Pay, bank transfer, Coinify, and Fatpay to help you execute your cryptocurrency transaction.
Bitunix Withdrawal Methods
On Bitunix, withdrawal is a simple process as well. You’ll also need to use popular blockchain networks for this procedure, such as Tron TRC20, Binance Coin BEP20, Solana SOL,…
Nevertheless, it requires fees to transfer your cryptocurrency assets to different wallets. You need to pay each time you withdraw funds from Bitunix to cover the network cost of transferring your assets from Bitunix to another wallet.
Because the withdrawal rates depend on the network capacity of each particular chain, they are subject to change without advance. Network congestion is the main reason for this. Furthermore, your withdrawal rates are determined by the blockchain network that you use.
Unfortunately, Bitunix cannot process withdrawals in fiat currency.
Bitunix Security
Selecting an exchange requires careful consideration of security factors as you can determine how safe money is by understanding how an exchange’s security system functions.
Bitunix has invested substantial resources in strengthening its security structure. They haven’t come across any exchange hacks up to now.
Despite the lack of confirmation of reserves in the public domain, Bitunix states that their reserve fund is greater than 1:1. In other words, the exchange has enough assets on the platform to equal the customer’s funds.
Additionally, Bitunix regularly performs penetration tests and security audits so that they can detect and mitigate against weaknesses that may be exploited by potential cybercriminals.
Bitunix also places a priority on ethical trading by following relevant financial regulations such as anti-money laundering and counter-terrorism financing.
In addition, Bitunix integrates a two-factor authentication mechanism into their exchange to ensure the security of customer funds, offering clients an extra layer of account access in addition to the conventional password method. As a result, they aid in preventing illegal access to customer accounts.
Bitunix Customer Support
There are many things to gain from exchangers that offer helpful customer assistance. Bitunix makes trading on their platform easy by providing a wide range of customer support options as: They provide live chat 24/7 and multilingual customer service. That means, you may easily express your problems to the customer support staff if the language you prefer is accessible.
They further offer a help center on their platform. You may access their announcement and instructional portals through their support center, where you can learn about cryptocurrencies and the latest Bitunix news.
The help center also offers information on trade spots and futures. You should also learn more about their price structures, withdrawal, and deposit methods.
The Bitunix trading platform provides a variety of trading indicators and charts, making trading more convenient. Another benefit for clients is the live market price tracking.
In conclusion
Bitunix has expanded itself significantly in the cryptocurrency industry. It’s the top choice for spot and derivative traders due to its extensive selection of cryptocurrencies, strong security system, user-friendly interface, reasonable costs,… However, in comparison to other cryptocurrency exchanges, the platform offers fewer products and services. Defi, mining, staking, and NFT trading are not available on the exchange.
