The search for the right crypto exchange for you is a difficult one, but a very important one. Your choice for an exchange can certainly have a major influence on your ‘crypto story’. Each of the available exchanges has its advantages and disadvantages and by weighing these advantages and disadvantages you can make a good choice for an exchange. We cannot make this choice for you, because other things are important to you than to me, so to speak.
What we can do is give you suggestions. One of those suggestions is Bitonic. Bitonic is a Dutch crypto exchange, which makes it possible to trade in crypto. But what are the benefits of Bitonic? What are the disadvantages of the platform? And is the exchange safe? You will find answers to those questions and more in this blog.
What is Bitonic?
Bitonic is the oldest Dutch crypto exchange that exists and was founded in 2012. The exchange makes it possible to purchase Bitcoin (BTC) with iDEAL. Bitcoin is for everyone. That is the motto with which the founders of Bitonic once founded the company in 2012. This is what they are still working on: making Bitcoin available to everyone. Bitonic now has a lot of users and the platform is used, for example, to buy Bitcoin cheaply and then transfer it to other platforms, such as Binance. Safemoon is well known in crypto.
In some exchanges, Bitonic is really unique compared to other exchanges, but more about this will follow later. In addition, the platform naturally has several advantages over other exchanges, but also several disadvantages. You will also read more about this later.
Bitonic as a platform
Bitonic is therefore a crypto exchange, but as you may have noticed we are only talking about Bitcoin. This is for a reason: no other coins can be traded via Bitonic. You can only buy and sell Bitcoin via Bitonic.
The reason Bitonic doesn’t allow you to buy and sell other cryptocurrencies is simple: they don’t believe in other coins. The only currency they support as a company is Bitcoin. For this reason, they also do not offer other coins. The transaction costs at Bitonic are around 1%. As with most exchanges, they depend on the size of the transaction. The larger the transaction, the lower the costs. The smaller the transaction, the higher the costs.
There are also no very special things to do via Bitonic. The platform makes it extremely easy to buy and sell Bitcoin, but they don’t offer any special orders or anything like that. So they are very good at what they do and stick to it.
When you buy Bitcoin via Bitonic, you will have to find a location to store this Bitcoin yourself. You can do this, for example, in another exchange that does offer a built-in wallet, but you can also purchase a hardware wallet yourself and store the Bitcoin on it.
There is, for example, the Bitonic Academy. This is an initiative through which Bitonic shares their knowledge about Bitcoin through, for example, training and courses, but also presentations and workshops.
In addition, Bitcoin.nl is a Bitonic website. On this website you can read a lot about Bitcoin, for example the latest news about the currency, but also information about how Bitcoin works exactly. They also obviously advertise Bitonic on this website and present the platform as the best way to buy Bitcoin.
Is Bitonic reliable?
What is of course important to know before you start with a platform is whether this platform is reliable and safe. If you choose a platform that is sometimes hacked, you have the chance that this will happen while you have money – or perhaps crypto – on it and if this happens you will probably lose this money or crypto.
At Bitonic you don’t really have to think about this specific example. You only use the platform to buy or sell Bitcoin, so you never actually have a certain amount in a Bitonic account. It can therefore never be removed from this account by, for example, hackers. What does come into play here is that, as mentioned earlier, you have to take care of a wallet yourself. This can be a digital wallet, but also a hardware wallet or even a built-in wallet at another exchange.
In addition, to date, no event has occurred that gives us reason to say that Bitonic is an unreliable platform and this is what we will do. It is always difficult to say how reliable a platform is compared to other platforms, but Bitonic is a reliable and safe platform and you do not have to worry when you start using this platform.
How do I trade via Bitonic?
As we mentioned earlier, you can only trade Bitcoin via Bitonic. Although this may be seen as a disadvantage by some, because you are limited in your options, it ensures that everything remains very simple. Litecoin is well known in crypto.
If you want to buy or sell Bitcoin via Bitonic, you don’t even need an account for this. When you end up on the website, buying Bitcoin is actually self-explanatory, but we will explain it simply in a clear step-by-step plan. First you choose whether you want to buy or sell Bitcoin. For this example we choose to buy. When you choose to sell, it actually works almost the same;
You can then choose from two things: either you enter how much Bitcoin you want to buy, or you enter how many euros of Bitcoin you want to buy. Bitonic’s computer then automatically calculates how much this is in the other value;
The pros and cons of Bitonic
As we just said, Bitonic as an exchange, just like any other exchange, has several advantages and disadvantages. Weighing up the advantages and disadvantages is an important step in choosing the right exchange and it is therefore important that you know what the advantages and disadvantages of an exchange are. We will discuss the main ones in this section.
The first major advantage of Bitonic is the fact that the platform is extremely simple. When you arrive at the website it is very simple and it is all self explanatory. It is possible to buy Bitcoin so easily and quickly through almost no other platform.
A second advantage of Bitonic is that the trading volume is actually always high. You don’t have to worry that there might not be Bitcoin available at the time you want to buy, because this does not actually occur at Bitonic.