Tbitex Exchange Review
Tbitex is a cryptocurrency exchange founded by a former HSBC executive in 2021 and is registered in the United States. They have team members in the US, Hong Kong, and Singapore. The exchange specializes in derivatives trading but offers spot and margin trading.
Basic information about the Tbitex exchange:
- Exchange Type: Centralized exchange
- Launch Date: February 2021
- Location: International (offices in the United States).
- CEO: Steven Li
This Tbitex review will cover the most important features of the exchange to help you decide if it is the right platform for you to be trading on.
Pros of trading on Tbitex:
- Derivatives up to 100x leverage
- US Regulated exchange
- Unique “Separate Position” Modes
- Copy Trading
- Crypto Earn
Cons of trading on Tbitex:
- No native fiat deposit or withdrawal options
Tbitex Features Review
In the short time that Tbitex has been active, the exchange has already attracted over 500,000 registered users across 20 different countries. With the competition for user growth being extremely competitive amongst exchanges, it is no surprise that Tbitex has gone above & beyond to make its exchange stand out amongst the crowd.
Derivatives with up to 100x
The core feature of the exchange is its derivatives platform which offers up to 100x leverage for traders. Currently, they offer up to 18 different perpetual futures contracts on their derivatives platform, allowing traders access to trade popular cryptocurrencies such as BTC, ETH, BCH, LTC, XRP, ADA, EOS, TRON, UNI, FIL, and DOT.
As you would expect, the futures exchange offers the standard order types, which include;
- Limit orders
- Market orders
- Stop-limit orders
- OCO (one-cancels-the-other) orders
They also allow users different position modes to manage their risk accordingly. The two modes available are cross margin, where all open positions share the same margin balance, and isolated margin, which allocates a specific margin to individual positions.
The exchange uses its own proprietary matching engine with extremely high liquidity, allowing for different types of flexible trading strategies.
Furthermore, Tbitex is the first exchange in the industry to offer “Separate Position” modes. This feature allows users to separate orders that are hedged in the same direction. Using the feature, traders can open up to 10 independent positions on one asset and add limit orders to close each of those individual orders. This allows traders to be flexible and adjust their strategies according to the current market conditions.
Crypto with Fiat
Another solid feature for Tbitex is their crypto on-ramp, allowing users to buy USDT and USDC with fiat easily. The feature will enable users to select to pay with various fiat currencies and provide a range of service providers to facilitate the transaction.
To be considered a top-tier exchange, it must implement several safety features. Thankfully, Tbitex has a plethora of different mechanisms in place to ensure the safety of its customers.
Firstly, customers’ funds are stored in cold storage wallets. The transfer from cold storage requires two manual review offline signatures, making it harder for hackers to steal the funds.
Additionally, Tbitex provides a secured trading service through their compensation for unusual losses. Suppose you experience common problems associated with exchanges, such as slippage greater than 0.3%, forced closing of positions, network downtime, or abnormal pinning. In that case, you are entitled to apply for compensation through their “Unusual Loss Allowance” form.
The team will review the application and, once they have verified the loss, will send the compensation directly to your account.
Another feature coming to Tbitex is its “Copy Trading” platform. Similar to the feature provided by eToro, Copy Trading will allow users on Tbitex to copy all of the trades from the best traders on the platform. Any time a trader you are copying executes an order, the exchange will copy the order in your own account.
This allows users to earn from more experienced traders and discover different types of trading strategies.
Tbitex Earn, Referrals, and Trading Benefits
The exchange will soon also feature an earning section, allowing users to earn an annual percentage yield (APY) for locking assets into the platform.
Additionally, Tbitex provides benefits to their traders for placing trades. The scheme allows you to earn 2% on profits from futures trades exceeding $200 USDT. Additionally, any losses that exceed 200 USDT will give 2$ of the margin for the order as a subsidy.
Traders can receive up to 20 USDT trading benefits per day, and they are distributed every 24 hours.
Another earning feature on Tbitex is their rewards program. Users can earn up to $110 for completing certain tasks such as completing KYC, placing first futures trades, and hitting certain volume thresholds.
Lastly, Tbitex also offers up to $120 for any referrals brought to the platform.
The team behind Tbitex is highly experienced. The exchange was founded by Steven Li, a former executive for HSBC. After graduating from the University of Waterloo with a Master’s in Computer Science, Li went straight to work as a Senior Trader at HSBC. He continued to become the Investment Director at Tron DAO before founding Tbitex.
As you would expect, Li developed many skills from his previous roles. Specifically, he became an expert in constructing high throughput trading platforms that delivered a low-latency trading experience. This expertise helped him to create the trading platform for Tbitex.
Tbitex also offers a solid mobile experience with an app for both iOS and Android. The mobile application provides traders with all the tools they need to manage their positions when they are on the move.
Is Tbitex safe to use?
We would consider Tbitex extremely safe to use with the security implementations they have in place. Additionally, the exchange actually obtained an MSB license qualification issued by FinCEN in the United States. This makes Tbitex a regulated exchange in the United States, meaning they would need to be fully compliant like any other financial provider in the US that is holding customers’ funds.
Tbitex exchange is certainly designed to rival the heavyweights within the industry. Alongside offering the same suite of tools that most exchanges offer, Tbitex takes things one step further to offer unique tools such as its Separate Position modes, Copy Trading, and compensation for unusual losses.
Additionally, the exchange is headed by a highly experienced CEO, who certainly has the required skills to continue to grow the exchange.
Yaz is a technical analyst with over seven years of technical analysis trading experience including stocks, forex and cryptocurrency. He has a degree in economics and he has taken a keen interest in the future potential of blockchain in the financial industry.