BTCC Review: Old Exchange Fails To Offer Competitive Terms

In order to follow the rapid development of crypto markets and the ever-changing regulatory landscape, this exchange has changed its home country several times. While it is regarded as being one of the older competitors in the business, this firm ultimately failed to become one of the industry giants.

Read our BTCC review to learn all about the pros and cons of this firm, but also the shady practices that landed it on the blacklist of several regulators.

Long-Standing Business With Several Offices

BTCC exchange was first established in China, with the company name originally being short for Bitcoin China. The most influential person in the firm’s history is the current CEO. Entrepreneur Bobby C. Lee is credited with the company’s rapid early expansion.

The company is currently headquartered in Lithuania, which you may verify in Registru Centras. It holds additional branch offices in many nations, including the UK, the US, and Canada.

How Reliable Is the Regulation?

The exchange was first established in 2011. At that time, cryptocurrencies were not heavily regulated. As these assets gained in popularity and the market adapted, however, nations began enforcing regulatory standards starting in 2017.

This has prompted the exchange we’re talking about to change its corporate headquarters and move to Lithuania, where the regulations are relatively lax. The issue with answering the question “is BTCC legit?” is that neither LB nor FCIS databases contain information on crypto exchanges. Clients must rely on third-party sites like Rekvizitai, which don’t contain license information. Additionally, the firm is an MSB registrant in the US but without a full license.

The thing that really goes against this firm is that it has been blacklisted by CNMV, FI, and FSMA. As honest service reviewers, we cannot recommend investing with any blacklisted entity.

Lackluster Reputation Among Traders

The btcc.com domain is a lot older than the exchange that is currently hosted on it, having been first created in 1995. Over the years, the service accrued a large number of followers, mostly from these regions:

• United Kingdom
• Canada
• South Korea
• Japan

Much of this popularity was achieved through social networks, including profiles on Facebook, Instagram, X, LinkedIn and CrunchBase. The company’s reputation is solid, with 82% of TrustPilot users giving it a 5-star rating. Still, there are 17% negative BTCC reviews.

Users critical of the company complain about serious issues like forced account liquidations, unreliable apps causing huge losses, and uncooperative support. We even found a few full-fledged horror stories on the Reddit board that are reminiscent of the Velitex fraud.

Unimpressive Trading Environment

The service allows for both speculative leveraged trading, as well as directly exchanging one crypto for another. Desktop users get WebTrader, which isn’t very impressive. It uses TradingView charts and lacks many features you’d find on industry standard programs like cTrader, MT4, or MT5. 

BTCC app for mobile devices can be found on GooglePlay and AppStore. It comes with limit order, stop loss, and other versatile options, making it the better choice. Copy trading is available both on desktop and mobile.

Every new user gets a VIP0 account type with access to demo trading. VIP status can be increased by depositing further funds and achieving a higher trading volume within a month. The company offers bonuses and other incentives, ranging from a 10 USDT welcome bonus to 1 full BTC as a lottery prize. Bonuses, while legal in the US and Canada, are banned in the EU.

Huge Leverage and Undisclosed Fees

Leveraged BTCC futures and spot trading are some of the more attractive offers on the platform. The leverage, however, goes to an alarming 1:500 on some assets. Here is another instance where the firm is in violation of regulations. In the EU, the maximum leverage for crypto assets is set at 1:2, while in the US and Canada, it is 1:5.

Maker and taker fees range from 0.045% to 0.01%, depending on the account’s VIP status. The company, however, does not disclose deposit and withdrawal fee amounts, but the fees are present in the client area. Users should be warned that there have been numerous complaints about the company charging hidden fees in the past.

Funding and Withdrawal Options

Deposits may be made either by bank card or direct crypto wallet transfers. BTCC withdrawal, however, is only available as a crypto transfer option. A wide range of different coins, tokens, and blockchain networks are available for the client’s convenience. Crypto payouts are available 24/7, with an average processing time of 2 hours or less.

Still, numerous traders have voiced their concerns about withdrawals being denied or remaining unresolved indefinitely. If you believe you have been subjected to crypto fraud either by this firm or another entity like CoinDres, contact our recovery team for help.

Support Slow To Answer

Opinions on BTCC US customer service are quite divided. While some retailers claim to have received a prompt resolution to their problems, others say they are being stonewalled with no resolution.

Our experience was not impressive, with a lengthy chatbot Q&A session that landed us in a wait queue that lasted for a quarter of an hour. At that point, we gave up.

Your Cryptos Got Stolen – What Now?

The overall impression left by this company is not exactly stellar. While long-term operation and stability are a plus, clients are not very satisfied. Furthermore, we have noticed certain practices that are more common with fraudulent groups.

Tackling online fraud is a difficult task best left to professionals. Our team may help you with your recovery efforts, and is available around the clock. Use the live chat provided on our website to book your free first consultation.

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