Written, October 27
Last updated, December 10
There are now dozens of platforms where you can buy, sell, stake, and manage crypto. People often immediately think of large platforms such as Binance, but Bitdenex is also an example of an exchange.This one is, therefore, less known and that is why it is reason enough to highlight this platform in this Bitdenex review.
What is Bitdenex?
Bitdenex is an exchange and not a broker. You can buy and sell crypto via the trading platform. The Dutch exchanges now find a competitor in Bitdenex, which is also located in the Netherlands. However, Bitdenex works a little differently. Thus, they strive to offer only the most reliable cryptocurrencies to their users. The trading platform is still under development. Not surprising, because they are still quite young. Developments had already started in 2020, but the company suffered a significant delay due to the required Nederlandsche Bank (DNB – Dutch Central Bank) registration. At the moment they are busy developing a number of services. You can think of margin trading and a lending platform. Margin trading will be unique for a Dutch exchange. There is also an app in development for Android and iOS that will be available soon. That way you can easily trade in crypto on the go.
Bitdenex Advantages and Disadvantages
An overview of the pros and cons should of course not be missing in a review. So that’s exactly what we’ll be doing below for Bitdenex. That way you immediately get an impression of how good the exchange is and whether it suits you.
The first advantage is that the exchange is located in the Netherlands. For Dutch people, this automatically entails advantages. Think of a Chamber of Commerce registration, a registration with De Nederlandsche Bank, and the option to pay with iDEAL.They create trust by keeping the distance with their users small. Another advantage, and the biggest advantage, is the relatively low trading fee of 0.15 percent. That makes Bitdenex the lowest applicable trading fee in the Netherlands. There is no other Dutch Exchange that applies lower trading fees than Bitdenex currently. These costs are higher at many other exchanges so that you can trade crypto at a favorable price at Bitdenex.
You could see it as a disadvantage that it is a fairly new exchange. Although there is a lot on their roadmap, you won’t find all the coins or features here that you can find elsewhere. Also, the community will not be that big yet, but this may develop in the near future. For people looking for undiscovered cryptocurrencies, called the low cap coins, Bitdenex is not the right trading platform. They deliberately choose to limit their offer to trusted cryptocurrencies, with a high market cap.
How does crypto trading work at Bitdenex?
People often think that trading in crypto is very complicated. Although it is advisable to invest in knowledge, it is much easier than it seems. Below you can read how easy it is to buy, sell and withdraw crypto with Bitdenex.
Buying crypto is one of the most important processes that should in principle work smoothly at an exchange. If this is not the case, the platform will immediately run into the light and they will not be able to provide their users with what they are looking for. Buying crypto at Bitdenex is simple. It also plays into the fact that choosing a cryptocurrency is less difficult, due to the relatively small supply but highly valued coins. First, of course, you create an account on Bitdenex. Fill in your personal details and then follow the steps to verify your account. It is important that you fill in this information correctly to avoid any problems later on. After creating your account, you can deposit Euro or Crypto into your wallets with which you can purchase other cryptocurrencies. Depositing Euro is easy via your own bank account (SEPA) and iDEAL. Very handy, because this is the most used payment method in the Netherlands for online payments. Many other international exchanges do not offer this option. After you have deposited your Euro, you can buy cryptocurrencies that are offered on the exchange. You may need to follow a few more verification steps before you can actually make your purchase. After this you have bought your first crypto in just a few steps, it’s that simple with Bitdenex. This is how you buy your first crypto:
- Register an account.
- Perform the verification.
- Deposit Euro with iDEAL.
- Place a market or limit order.
After your order has been filled, the cryptocurrency is added to your wallet.
Another important process on an exchange is selling crypto. At some point, you will come to a point where you may want to reap the benefits of your investment. Then it is important that the crypto selling process runs smoothly. If you want to sell your crypto at Bitdenex, you are again ready in a few steps. You go to the crypto you own and select it. With a few clicks you have sold this through a market or limit order and you have the balance back in Euros.
Withdraw and payout Euros
At some point, a time will come to withdraw your Euro. In that case, you will try to transfer the Euro that you have in your account on the exchange to your bank account. Every exchange has different protocols for this. You can read below how it works at Bitdenex. You have already read that you can buy and sell crypto instantly at Bitdenex. It is no different with the withdrawal of Euro. This is as easy as depositing Euro. You simply select the amount you want to withdraw and follow the steps that you see. After this, you can have your Euro credit paid into your account by means of a bank transfer. This can be on the same day, but can also take a few working days, depending on your bank. The first pay-out usually takes a little longer.
With every exchange, you will have to deal with fees. This can be, for example, in the form of transaction fees, withdrawal fees, or deposit fees. The amount of these costs vary per exchange. Below is an overview of the fees that you have to take into account at Bitdenex.
Just like with almost any other exchange, you pay trading fees. This is a small percentage of the transaction you are making at that time. At Bitdenex the trading fees are low, currently the lowest in the Netherlands, only 0.15%. For example, if you make a transaction worth 100 euros, you pay 15 cents in costs. At many exchanges, this is a lot higher. For example, if you buy crypto for 100 euros at Litebit, you pay 2 euros in costs.
Again costs that you have to deal with at every exchange: the withdrawal fees. These are costs that you pay when you withdraw crypto and want to send it to another wallet. This is of course not mandatory since you can also store all your crypto at Bitdenex.
Is Bitdenex reliable and secure?
When you use a product or service, it is only logical that you want to be able to assume that it is good in terms of reliability and safety. Because Bitdenex is quite new as an exchange, I think it would be a wise idea to take a look at this. The first point that has to do with safety is the limited offering. Bitdenex only offers reliable cryptocurrencies on their platform. In this way, the platform protects their users against potentially unsafe coins. As a result, there is less volatility, and the chance is much smaller that you will suddenly see the value of your cryptocurrency plummet. Keep in mind that well-known currencies, such as Ethereum and Bitcoin, can also drop significantly in a short period of time. In this case, the more insecure coins fall even harder.If we look at reliability, we see a striking thing. This has to do with the support. If you have a question and/or problem, you can reach support by email, and also by Whatsapp. This is not possible with large exchanges. That way your problem can be solved quickly. Bitdenex has received the green light from De Nederlandsche Bank (DNB) to offer crypto and crypto-wallets. This also ensures a high degree of reliability. In general, you can therefore assume that Bitdenex is a safe and reliable platform for trading crypto.
Conclusion: how good is Bitdenex as an exchange?
In this Bitdenex review, we looked at what it is, its pros and cons, how some processes work, and whether the platform is reliable and secure. Although Bitdenex is quite young and still developing, it is clear that there is plenty of potential. In the future, they will launch a number of products, which makes it even more attractive to create an account on the platform. Especially if a margin trading platform is being developed, Bitdenex can offer a unique platform for Dutch users. In addition, it is a very accessible platform and it is a big plus that you can also reach them by WhatsApp. If we take into account all the data from this review, the conclusion can only be that Bitdenex is an interesting exchange to trade crypto on. And we are very curious what new features Bitdenex will launch in the near future.
If you liked this article or if you like Bitdenex, then do not forget to leave a review on the Bitdenex page on this website!
Find your wallet here
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