You’ll naturally be hesitant before setting up an account if you’re new to crypto trading. This often requires you to compromise your identity in one way or another. While we constantly hear about the risks associated with cryptocurrencies in the media, and caution is always justifiable, we seldom hear about alternatives to the popular exchanges.
That’s where Bitni comes in. Let’s break down this excellent trading platform for beginners who value privacy and anonymity.
What is Bitni?
Bitni is a Singapore-based crypto exchange. Its most striking feature is that trading on Bitni is fully anonymous. Your identity doesn’t need to be known by the entity you’re trading with or the exchange. This is appealing to many traders, especially those valuing privacy as their most important factor in deciding on a new crypto exchange.
Many crypto exchanges have rigorous and frequently time-consuming sign-up procedures, which can be irritating. But this crypto exchange doesn’t even require you to create an account. You can start trading without needing to go through KYC (Know Your Customer) processes.
On the one hand, this means that you don’t know who you’re trading with. On the other, you frequently don’t know much about whom you’re trading with anyway. Furthermore, it means you’re not “locked-in” to any framework. You can come and go as you please.
The platform allows you to purchase crypto using fiat currencies, making it a great place for beginners or those without pre-existing crypto resources. It charges a 1% flat fee on all trades. There are lower fees elsewhere, but Bitni doesn’t include any other hidden spreads or costs.
It offers access to over 200 cryptocurrencies. These include the big names (Bitcoin, Ethereum, Litecoin, etc.) and many up-and-coming currencies that might offer higher risk but potentially higher rewards.
Who Is Bitni For?
Although the company is registered in Singapore, it’s arguably U.S. traders who stand to benefit most from its services. This is because the SEC prevents many platforms from operating in the U.S.
However, as the platform is anonymous, and no sign-up is required, traders from the U.S. can access the platform and trade just like anyone else. This is great news for U.S. crypto enthusiasts who have often been frustrated with the lack of options available.
Skipping the sign-up process also makes it a perfect place to try crypto trading if you’re completely new: no obligations, no lengthy sign-up process, no inactivity fees.
Another reason it’s ideal for new traders is that the platform is non-custodial. This means it doesn’t hold users’ money, so there are no withdrawal fees. The only cost is the 1% trade (taker and maker) fee.
Bitni Company Information
Bitni was founded in 2020 by Rob Zel, a programmer. The company is registered in Singapore. Its name means “important/essential” in many Slavic languages and “valiant” in Polish.
What Makes Bitni Unique?
Being able to trade without creating an account is a rare treat in the world of crypto exchanges. Its fees are also very easy to understand, making it great for novice traders. The simplicity of the platform is perhaps its standout feature.
Bitni Deposits and Withdrawals
The platform is non-custodial, which means that users don’t deposit or withdraw into the exchange – they only trade with their peers.
The only fee on this exchange is a 1% trading charge: no sign-up or account fees, no withdrawal or deposit fees. However, there are always network fees connected to trades.
Bitni Reviews and Reputation
This exchange has been featured in numerous crypto publications. It’s got a good reputation – many users believe the site is a scam when they see “no sign-up” but are pleasantly surprised to find it’s a trustworthy platform.
Bitni is offering something different from the big crypto exchanges. It’s extending the promise of decentralization by making sure nobody looks over your shoulder when you trade. Overall, we think it’s a well-designed platform with an exciting future. So, consider opening an account today.
Is Bitni safe or a scam?
The platform is safe to use.
What can I trade on Bitni?
Over 200 cryptocurrency pairs are available.
How do I open an account with Bitni?
There are no accounts on this exchange. You just start trading.
Do I pay tax on Bitni?
In many countries, crypto trades are taxable. Check the regulations in your country to be sure. If you withdraw crypto assets into fiat currency, you must pay tax on them, which is true of all platforms.
How much is the Bitni minimum deposit?
There is no deposit system. Trades are direct.