Bitwells Review 2023

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IMPORTANT UPDATE: Bitwells has suddenly decided to stop service from July 18, 2022 (UTC), due to “force majeure”.

They announced this on their website, “Your assets in Bitwells can be 100% withdrawn. For that, you need to send a withdrawal application email to [email protected] via your registered email and indicate your withdrawal currency, withdrawal address, and address type in the email. Customer service will review and process your request within 7 working days after receiving your request”.

Accordingly, we have marked the platform as “closed”.

To find a reliable exchange where you can start an account, check our top cryptocurrency exchange list, and we’ll help you find the right platform.

With cryptocurrency trading gaining global acceptance, traders are looking for platforms to trade cryptocurrencies quickly. That is why there are 250+ trading exchanges where users can buy-sell cryptocurrency. However, with such alternatives on offer, customers are bound to be confused while choosing a trading platform.

But promising alternatives like Bitwells make the choice clearer. Despite commencing its proceedings in 2021, Bitwells has quickly become a popular crypto exchange among traders. The UK-based crypto trading platform quickly executes orders to help beginners get started. Professional users can access the leveraged trading option with esteemed market makers to enhance the trade. The platform adds an added layer of security by securing user assets in cold storage wallets.

On the exchange, traders can buy six popular cryptocurrencies, including Bitcoin (BTC), Ethereum, Litecoin, and Ripple. Choose the best crypto wallets for storing your cryptocurrencies. Bitwells excels as a platform with credit cards and wire transfer support for payment methods. Despite the functionalities, users prefer to read Bitwells review before accessing the platform. Therefore, here is an extensive review of the platform to explain its services, trading process, trading fees, and more.

Quick Overview on Bitwells 

• Bitwells is a UK-based cryptocurrency exchange.
• It offers a quick sign-up process.
• Beginners can learn trading skills with its practice and educational material.
• Users can buy/sell 6 cryptocurrencies on the platform.
• The exchange quickly executes transactions.
• Customers can access it on multiple devices.
• Users can buy cryptocurrencies using credit cards and wire transfers.
• Experienced traders can avail of 15 professional market makers.
• The platform secures user assets in cold storage wallets.
• Traders can earn up to a 100% deposit bonus.
• It charges minimal withdrawal fees of 0.0005 Bitcoin (BTC).
• The taker fee and maker fee are 0.075%.
• The exchange offers up to 100x leverage on Bitcoin (BTC) trading.

What Is Bitwells?

Bitwells is a new cryptocurrency exchange based in the United Kingdom. It was launched in March 2021 but quickly became a popular choice among users across the nation. With six popular cryptocurrencies on offer, the platform is the ideal space for beginners. It offers a quick sign-up process, asking for minimal information. Customers can make payments using wire transfers and credit cards.

Moreover, experienced traders can access up to 15 professional market makers. Another major reason behind the popularity of the derivatives exchange is its mobile app. Users can easily access it on desktops, iOS, and Android devices. With a chance to earn a 100% deposit bonus and the added security of cold storage wallets, Bitwells presents the ultimate crypto trading platform for users.

How Does Bitwells Work?

Many beginners go through Bitwells reviews to understand how it works. Given the complexity of derivative exchanges, it becomes crucial for newbies to understand the process. This platform excels in this regard as it provides a simple trading approach.

The platform offers derivative trading instead of standard spot trading as a derivative exchange. A derivative is an asset or instrument with a price based on another asset’s market value. In the cryptocurrency market, derivatives derive value from the value of other cryptocurrencies. The exchange allows users to follow different trading pairs like:-

• BTC/USDT
• ETH/USDT
• EOS/USDT
• XRP/USDT
• LTC/USDT

It also provides leverage trading with perpetuals, i.e., futures without expiration dates. Traders can use up to 100x perpetuals for a trade, but the option is best suited for experienced users because it can generate esteemed returns and incur huge losses alike.

Why Choose Bitwells?

Despite the presence of numerous market alternatives, there are multiple reasons to choose Bitwells for buying/selling cryptocurrency. The exchange is available on multiple devices, facilitating crypto trading on the go. Users can quickly get started on the platform with its quick registration process.

A trading view can make or break an exchange, and the platform excels on the front. The section shows key details like cryptocurrency price charts alongside live market prices. It also provides a quick buy and sell option where traders can place orders.

Moreover, the trading view provides an extensive order history section. Other than that, Bitwells is making a name with its quick order execution. While the exchange offers multiple features catering to beginners, it provides esteemed functionalities for experienced traders too. Market veterans can use over 15 market makers alongside leveraged trading to place the most profitable trades.

The exchange charges minimal taker and maker fees at 0.075% to ensure affordability throughout the platform. The same is true when it comes to withdrawal fees, as it only charges 0.0005 BTC. With wire transfer and credit cards compatibility, customers can quickly deposit Bitcoin (BTC) and start trading.

Services Offered by Bitwells

Most customers read Biwells reviews to understand its services. So, here is a brief overview of the most notable features offered by the exchange:-

Derivative Exchange

The exchange platform derives cryptocurrency value from other cryptos being a contract trading exchange. It facilitates short and long-term trades while offering a seamless experience to users.

Leveraged Trading

The option is best suited for veteran customers as it comes with high risks. However, using the method allows users to earn high rewards at a 1% margin, making it extremely beneficial if customers possess the knowledge.

Quick Account Registration

The process of creating a trading account on the platform is quick and simple, asking for only an email address. Moreover, customers can earn a 100% deposit bonus by filling a quick form.

Mobile App

The exchange facilitates convenient trading with its mobile app available on both Android and iOS platforms. In addition, both apps provide customized trading access, making the process seamless.

Cold Storage Wallets

The exchange provides optimal security for user assets using cold storage wallets. Thus, customers can rest assured and make big trades without worrying about security breaches.

Bitwells Review: Pros and Cons

No Bitwells review can be complete without a list of its benefits and drawbacks. So, here is an overview for the users:-

Pros	Cons
Quick derivative trading.	New to the market.
Minimal taker, maker, and withdrawal fees.	A limited number of cryptocurrencies.
Leveraged trading up to 100x.	Limited deposit methods.
A mobile app is available.	Only supports Bitcoin (BTC)deposits.
15 esteemed market makers.	Average taker and maker fees are higher.
Cold storage wallets to secure user assets.

Creating an Account with Bitwells

Users need to create an account with a valid email address to start trading. Here is a step-by-step guide for better understanding:-

• Reach the official Bitwells website.
• Go to the top-right section and select “Start Free.”
• Now, a window looking like this will open.
• Fill in details like email address and password.
• Submit the invitation code, if any.
• Now, wait for the verification code on the specified email.
• Fill the code and tap on “Sign Up.”
• It will launch a screen like this.
• The account is created, and users can start trading now.

How to Trade With Bitwells?

It is simple to start trading on Bitwells and can be summarized in three steps. It starts with registering on the platform and creating an account. After that, users merely require a valid email id for the process.

Once that is done, beginners can avail of the practice material available on the exchange. In addition, there is educational material to help new users understand how derivative trading works. After that, customers can deposit Bitcoin (BTC) using wire transfers or credit cards. Now, customers can start trading without further ado.

Bitwells Fees

There are two types of fees charged on the exchange. The first is trading fees, and the second is withdrawal fees. Trading fees can be further categorized into taker and maker fees. Here is an overview of both fees:-

Bitwells Trading Fees

The exchange charges a trading fee for every trade. There are two types of fees: taker and maker fees. Takers are customers who use an existing order from the order book to conduct a transaction. Contrarily, makers create a new order, adding liquidity at the exchange—both taker and maker fees for 0.075% of the transaction.

Bitwells Withdrawal Fees

Cryptocurrency exchanges maintain steady withdrawal fees, and so does this exchange. The platform charges 0.0005 BTC per withdrawal, which is below the global industry average of 0.0006.

Deposit and Withdrawal Method by Bitwells

Deposit and withdrawal are among the weaker aspects of this platform. Currently, the exchange only supports Bitcoin deposits and withdrawals. However, being the most popular cryptocurrency, BTC offers optimal liquidity to customers. Thus, traders can easily convert their withdrawals into desired fiat currency or cryptocurrency despite the limited choice.

Bitwells Token (WELL) Details

The exchange even provides a native token named WELL available on multiple exchanges. There are currently 1,000+ WELL holders globally, while its total supply amounts to 137,080,000. WELL is priced at 0.4243 dollars with a market cap of 58,167,602 dollars. Traders can use the token to pay transaction fees on Bitwells alongside other primary, secondary, and OTC markets. In addition, WELL can also be used for initial contract margin, community management, and as a means of payment.

Bitwells Mobile App

Many users believe desktops to be the best platform for crypto trading. While desktops offer an esteemed trading environment, mobile apps facilitate unmatched convenience. Traders can access them anywhere to trade cryptocurrencies without missing out on any critical features. The Bitwells app is available for both iOS and Android owners on their respective play store.

Bitwells Security

Security is a big part of the cryptocurrency trading space, and the exchange takes it very seriously. The exchange provides a secure website and app to conduct its transactions. Since the platform has only been available for some months, it has not faced any breach or security-related issues. Like most exchanges, this one is not regulated either, but the exchange provides optimal security for users’ assets. Bitwells utilizes cold storage wallets to store the assets and fend off any breach.

Bitwells Customer Support

Bitwells needs to work on its customer support aspect as it does not offer a live chat or phone service. There is a Help Center on the website, compromising a beginners’ guide, FAQs, and announcements related to upcoming features. There is also an email support option available at [email protected]. As the exchange grows, it must add such functionalities to compete in the market.

Conclusion: Should Traders Use Bitwells?

Bitwells is one of the new and best crypto exchange platforms with six cryptocurrencies on offer. The platform provides several features catering to both beginners and veterans. Its account creation process is quick and requires minimal information. Its mobile app and native token add to the overall trading experience for traders. With 15 market makers and 100x leveraged trading, experienced customers can quickly earn profits on the exchange. While it excels on the security front with cold wallets, Bitwells must explore the customer support aspect.

Overall, Bitwells provide an esteemed derivative exchange ecosystem where both new and experienced users can flourish.

FAQs

Is Bitwells Safe and Legit?

Yes, Bitwells is a safe and legit derivative exchange. It uses a secured website and cold wallets to store user wallets.

How Do I Buy Bitcoins (BTC) on Bitwells?

There are two simple steps to buy Bitcoin (BTC) on Bitwells. Firstly, one needs to create an account, and secondly, they need to make deposits using credit cards or wire transfers. Next, they can access the trading view section to trade BTC.

Does Bitwells Require an ID?

No, Bitwells only requires a valid email address to get started.

What Cryptocurrencies Does Bitwells Offer?

Users can trade Bitcoin (BTC), Ethereum, Ripple, Litecoin, Tether, and EOS Token.

Note: Customers should note that the platform does not support spot trading. It is a derivative exchange, meaning it derives values from specific cryptocurrency prices.