A Review of Bithoven in 2022

In Kingstown, Saint Vincent and the Grenadines, there is a foreign exchange brokerage firm called Bithoven. A company that provides access to platforms that enable traders to purchase and sell foreign currencies is known as a foreign exchange (Forex) broker. This answers the question, “What is a Forex broker?”

Finding a reliable Bithoven review, either locally or globally, can be a challenging procedure, particularly when it comes to locating a comprehensive list from a reliable and trustworthy source.

The following is a comprehensive analysis of Bithoven designed to assist you in making an educated choice prior to creating an account with them or engaging in trading on their platform.

Retail forex brokers and currency trading brokers are two of the titles that are used to refer to FX intermediaries. Because retail currency traders employ these brokers to acquire access to the 24-hour currency market for theoretical reasons, there are some subtle distinctions between the two.

Forex brokers are able to offer their services not just to individual traders, but also to institutional clients and huge corporations such as investment banks. Individual traders are not the only customers that forex brokers may serve.

The city of Kingstown in Saint Vincent and the Grenadines is home to the headquarters of the foreign exchange broker company known as Bithoven. This is a very young corporation that began conducting business in 2019 under the name Fortris Ltd.

Beethoven currently has over 60,000 customers and has already facilitated the exchange of $300 million worth of cryptocurrency using its own platform.

Achievements and Commendations

When it comes to selecting a broker, a trader needs to take into consideration the stability of the broker as well as the broker’s reputation over the course of the years. In the area of foreign exchange, having awards bestowed upon a brokerage by respected organizations does, in fact, generate considerably more confidence.

Throughout its many years of dedicated service to traders, Bithoven has been honored with the following accolades:

The Cryptocurrency Trading Platform with the Highest Rate of Growth in St. Vincent and the Grenadines, According to Global Brands Magazine

IAFT Awards for the Best Cryptocurrency Start of the Year 2019

Accounts Managed by Bithoven

A trader who wishes to engage in foreign exchange can open a forex account, which is generally provided by the broker. This account can then be used to trade a variety of market instruments and currencies. In most cases, the number of accounts and types of accounts that a trader is permitted to open with a broker firm are determined not only by the broker but also by the country in where the firm is based. In most cases, the regulatory agencies that a broker must comply with are determined by the country in which they have their primary place of residency.

Different kinds of accounts and the perks that come with them

Bithoven only offers one live account because of the way the platform is designed; however, once users are logged in, they have the option of switching between the Margin trading page and the Exchange page within the site itself. Take note that Margin trading can only be done in Bitcoin. There are many different currencies available to pick from while engaging in crypto trading.

Core functions of the Bithoven Exchange

• An exchange of one cryptocurrency for another. Since Bithoven is a cryptocurrency exchange only and does not deal with fiat currencies, it is easier to operate and use from a regulatory point of view. This is because Bithoven does not deal with fiat currencies.

• Super user-friendly. Bithoven exchange goes that extra mile to deliver a good user experience.

• 24/7 client support desk. It provides both a detailed Frequently Asked Questions page as well as a customer service live chat that is easily accessible around the clock.

• A greater number of cryptocurrencies than 496. Bithoven is constantly adding support for new digital currencies, making it possible for users to locate virtually any cryptocurrency they want on the platform.

• A high level of liquidity The markets on Bithoven, in contrast to those on other nascent exchanges, have a significant level of liquidity. This is wonderful, as it means that the majority of your deals will be completed on time and without exposing you to an excessive amount of volatility.

• Margin trading. Bithoven provides its users with a cryptocurrency margin trading terminal that enables them to trade with a leverage of up to 20x.

Transactions for Deposits and Withdrawals

Deposits and withdrawals can only be made using cryptocurrencies, thus if you do not already have any cryptocurrencies in your possession, you will have to go out and get some before you can use Bithoven. The company Bithoven recommends utilizing Switcher on their website.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, Litecoin, EOS, TRON, Stellar, and Cardano are some of the cryptocurrencies that can be deposited and withdrawn while using an exchange. Only Bitcoin can be used for margin trading.

There are no limits on the minimum or maximum amount that can be deposited, but the minimum amount required to withdraw varies based on the cryptocurrency. These can be discovered by visiting their website and looking at the list of product fees. There is no upper restriction on the amount of coins that can be withdrawn.

All coins go through the same eight-hour processing period. When it comes to fees, depositing cryptocurrency is completely free; however, in addition to the 0.2% trading fee, there is a fee associated with withdrawing cryptocurrency, which varies depending on the coin.

The charge for withdrawing Bitcoin is 0.0015 BTC, while the fee for withdrawing Ethereum is 0.0428 ETH.

Price and Associated Fees, along with Commissions and Spreads

Commissions, spreads, and margins are the many types of costs that are levied by different brokers. Before making the decision to trade with a particular broker, traders need to ensure that they have a complete understanding of the costs that will be incurred.

The explanations of a spread, a margin, and commissions are provided in the following passages: The difference between the bid rate and the asking rate of a currency pair is referred to as the spread of that pair.

A point of interest (pip) is the smallest possible change that can occur in a currency exchange rate. For currency pairs in which the Japanese yen serves as the term currency, one pip is equal to 0.01, but for all other pairs, one pip is equal to 0.0001.

To open a position, you will need to have a certain amount of money in your account, and this is referred to as the margin. The current price of the base currency in relation to USD, the size (volume) of the position, and the leverage that has been applied to your trading account are all factors that are considered when planning margin.

Commissions are the fees that a broker will charge a client in exchange for the privilege of conducting trades on the client’s behalf. The level of commissions will vary from broker to broker, as well as depending on the various types of services, accounts, and trades that are executed by the brokers.

However, there are brokers who are solely involved in the execution of trades; they do not provide clients with any direct personal investing assistance. These brokers impose substantially lower commission fees on their clients, but the latter are required to exercise full discretion over their market trading strategies.

Although trading contract for differences (CFDs) is an outgrowth of trading that allows traders to speculate on whether prices will rise or fall on rapidly moving global financial markets, it is still considered to be a form of trading. When shares are traded in this manner, a commission will be charged.

CFD trading on various markets do not involve any commission fees but do involve a spread that is wrapped around the price of the underlying instrument.

There is a 0.20 percent fee assessed on both profit and loss for using Bithoven. This is lower than the average that is typical for the market. The fees are a flat 0.2 percent of each deal, which is comparable to the average in the sector.

Leverage

Leverage is the capability that enables a trader to have greater exposure to the market than the sum of money that the trader initially deposited in order to initiate a transaction. Products that use leverage can boost a trader’s potential profits but also expose them to the possibility of incurring losses.

The level of leverage is expressed as a ratio, such as 50:1, 100:1, or 500:1 in the examples given.

If a trader has $1,000 in his trading account and is trading ticket sizes of 500,000 USD/JPY, for instance, that trader’s leverage is equivalent to 500:1.

As a result of the market model of the exchange, Bithoven merely facilitates trades between users; as a result, you do not have the option to engage in high-margin trading. This is true even though some cryptocurrency exchanges and unquestionably all CFD brokers who trade crypto assets provide some leverage.

Bonuses

Deposit bonuses can be quite enticing, and Forex brokers typically employ this tactic to entice traders to open new accounts with their companies. This can be quite helpful for new investors, but one must be aware of what constitutes a reasonable bonus in order to make use of it.

A trader can be awarded a bonus as a form of compensation for selecting a certain broker. This is due to the fact that after an account is opened, the trader will be subject to the same costs as other traders. Once the trader has demonstrated that he is an active trader, he will be eligible to receive the bonus, which is just a reward for the trader’s choice that will reimburse some of the trader’s costs.

In addition, the European Securities and Markets Authority (ESMA) has implemented investor protection measures on the marketing, distribution, or sale of CFDs to retail clients as of August 1, 2018. These investor protection measures prohibit brokers from directly or indirectly providing retail clients with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution, or sale of a CFD, other than the realized profits on any CFD that is provided. These investor protection measures are in place in order to protect investors.

The only promotion that can be found on their website is that Bithoven offers a fee compensation. This allows users to receive instant compensation of 0.0005 BTC for the withdrawal fee that they were charged on other platforms or BTC wallets when they made a deposit of at least 0.001 BTC to any margin account.

Their website does not include any information regarding bonus deposits.

Platforms for Financial Trading, Software, and the Features It Offers

The trading software that brokers make available to their customers is varied. This is what people typically refer to as a trading platform, and it is utilized in the process of making deals.

When referring to a platform, the term “multi-asset” refers to the fact that it enables customers to trade not only foreign exchange but also other asset classes, such as contracts for difference (CFDs) on stocks, stock indices, precious metals, and cryptocurrencies. A platform may also be multi-lingual.

Because a client’s trading preferences are one of the primary factors that determine which platform they should use, that factor will also be one of the criteria they consider when selecting a broker.

Bithoven comes with its own trading interface, which allows users to toggle between Exchange and Margin trading. You may manage your Bitcoin orders and examine moving averages through the web trading platform that is accessible from the Exchange website. You can access MetaTrader 5 by clicking the button on the Margin page.

MetaTrader 5

Through a user interface that is both straightforward and easy to understand, the cutting-edge trading platform known as MetaTrader 5 (MT5) makes it possible to quickly and easily access exchange markets all over the world.

Among its many features are:

• 21 different time frames, 38 different technical indicators, and 44 different graphical objects

• There are six different categories of pending orders and four different types of order executions

• News about the economy and a calendar of economic events

• There is no restriction on the number of charts.

• Advanced Market Penetration Levels

• Fences, both solid and mesh

• Historical data

A web browser version of MetaTrader 5 is also available, and unlike the desktop application, it does not require any software to be downloaded on the user’s computer in order to use it. Simply enter your login information into your Bithoven account, navigate to the Margin trading page, and click the Web Terminal button.

MT5 WebTrader

A web browser version of MetaTrader 5 is also available, and unlike the desktop application, it does not require any software to be downloaded on the user’s computer in order to use it. Simply enter your login information into your Bithoven account, navigate to the Margin trading page, and click the Web Terminal button.

Economies, Goods, and Methods of Production

The vast majority of brokers will make available for trading a wide variety of different forms of market instruments. Trading in cryptocurrency is a relatively new phenomenon that is rapidly gaining popularity.

There are many different kinds of cryptocurrencies, including the ones listed below: Since its inception in 2008, Bitcoin (BTC), which is the most well-known of these digital currencies, has been the one with the largest market capitalization as well as the highest price levels. It controls fifty percent of the overall capitalization of the cryptocurrency market.

After Bitcoin, Ethereum (ETH) has emerged as the second most important cryptocurrency; it allows developers to build “smart contracts” on a standardized platform.

Litecoin (LTC), which is also a cryptocurrency, is comparable to Bitcoin but has some key differences, particularly regarding its scalability. Litecoin is another very popular alternative cryptocurrency, and LTCUSD is a fork of Bitcoin (BTCUSD). A fork is when one cryptocurrency’s code is copied and modified to create a new cryptocurrency.

Ripple (RPL), which uses the Ripple network as a next-generation real-time gross settlement system, is also widely used by major financial institutions. A trader can perform instant, low-cost, cross-border fund transactions thanks to this feature.

Last but not least, the Bitcoin hard fork that occurred in 2017 resulted in the production of Bitcoin Cash (BCH), a new form of the blockchain that followed different regulations.

Commodity markets are your other available market instruments. These markets provide traders with a wide variety of asset trading options. During times of inflation or economic instability, investing in contract-based tradable commodities is a reliable way to mitigate risk. This can be a very beneficial strategy.

Traders can also put their money in precious metals, which is another reliable investment. Trading in precious metals and other hard commodities like gold and other precious metals is included in this activity.

Your energy products carry a much higher level of risk due to the fact that they are influenced by both political and environmental conditions. Despite this, it is a common choice for trading because there is a large supply and demand for it.

Normal currency trading, also known as Forex trading, also known as currency or FX trading, involves the monetary exchange market, which is where individuals, companies, and financial institutions exchange currencies for one another at varying rates. Other names for Forex trading include currency trading and FX trading.

In the end, you will receive your Equity or stock indices, which are true indexes of the stock market. They determine how much the value of a certain unit of a stock market is worth. Either a particular stock market or a particular group of the largest corporations in a country can be represented by these terms. They can also be used interchangeably.

With Bithoven, you may trade in over 400 different cryptocurrencies.

Security and Regulatory Compliance

The level of risk that traders are exposed to is decreased when a broker is regulated by a governing regulatory organization. This will establish whether or not Bithoven is a reliable currency for trading.

The Financial Services Authority (FSA) of Saint Vincent and the Grenadines has recognized the company and given it a registration number. All data transfers that take place between the platform and client servers are protected by TLS/SSL encryption, two-step verification, and automated logouts, among other security measures.

BitGo, widely regarded as one of the most reliable and dependable cryptocurrency wallets, is one of the companies that Bithoven has worked with.

Assistance to Customers

Those who are interested in trading need to have the reassurance that anyone they choose to invest with will provide them with the necessary support and assistance whenever and wherever they might require it.

You can contact the Bithoven customer service support team by either using an online inquiry form or sending an email to customercare@bithoven.com.

There is no phone number listed here. Having said that, their live chat support option provides responses in a matter of minutes.

Research

Those who are interested in trading but have not yet started doing it should first learn as much as they can about the theoretical side of the business. Trading with confidence and being successful depends greatly on having information and awareness of the markets; as a result, the research options that are accessible by brokers are a crucial component of its features when selecting the proper firm to trade with.

The MetaTrader 5 (MT5) platform is intended to make it simple to gain access to the most recent research tools as well as an economic calendar that monitors the yearly developments occurring in economies all around the world.

Instructional Methods and Programs

New customers of Bithoven should make it a priority to get as much knowledge as they can about the kind of trading experience that will be required in order to be successful in the global forex and commodity trading markets.

It is expected that the website for Bithoven will provide all of the information that is necessary to acquire the skills and knowledge required to successfully trade with them.

Bithoven does give some helpful tools and resources that might help newcomers, like as video lectures on trading signals and trading robots. These can be of use to people who are just starting out in the cryptocurrency market. In addition, there is a list of the several cryptocurrencies that are currently accessible, each of which has its own white paper as well as supplementary material that provides market and product context.

Various Methods of Payment

Bithoven only permits deposits and withdrawals in cryptocurrencies; therefore, if you do not currently have any cryptocurrencies, you will first need to purchase some at an exchange so that you can use Bithoven (Bithoven recommend Switchere).

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, Litecoin, EOS, TRON, Stellar, and Cardano are some of the cryptocurrencies that can be deposited and withdrawn while using an exchange. Only Bitcoin can be used for margin trading.

There are no limits on the least or maximum amount that can be deposited; however, the minimum amount that can be withdrawn will change based on the cryptocurrency. You can get this information on the website inside the product Fees list. There is no upper restriction on the amount of coins that can be withdrawn.

All coins go through the same eight-hour processing period. When it comes to fees, depositing cryptocurrency is completely free; however, in addition to the 0.2% trading fee, there is a fee associated with withdrawing cryptocurrency, which varies depending on the coin. The charge for withdrawing Bitcoin is 0.0015 BTC, while the fee for withdrawing Ethereum is 0.0428 ETH.

Free Trial Account

A demo account is available for users to test out Bithoven’s platform and experiment with using leverage without taking any risks. Demo Margin allows users of the MT5 platform to practice simulated trading with a diverse selection of cryptocurrencies. With a virtual balance of between 1 and 10 Bitcoin, the maximum leverage that can be set is 1:20.

After registration, you will have access to the demo account for as long as is required, and you will be able to open it from the margin account page.

Discounts and Special Offers

Users who make a deposit of at least 0.001 BTC to any margin account can take advantage of the fee compensation promotion offered by Bithoven. If they do so, they will receive instant compensation in the amount of 0.0005 BTC for the withdrawal fee that they were charged on other platforms or BTC wallets.

At this time, Bithoven does not provide its users with a deposit bonus.

Regulation as well as Reputational Issues

Operating under the name Fortis Ltd., Bithoven is a cryptocurrency exchange that is licensed by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. Customers may obtain minimal legal protection in the event that the broker goes out of business or refuses to pay out refunds because this regulating agency is not the most regarded in the industry. Having said that, Bithoven has been the recipient of several accolades from their sector over the past few years, demonstrating that they have a positive reputation among traders and industry professionals.

Added Advantages and Functions

Bithoven is a platform that offers a variety of helpful tools and resources, including as video courses on trading signals and trading robots, that could be of use to beginners. In addition, there is a list of the several cryptocurrencies that are currently on the market, complete with links to their respective white papers and other material that provides market and product context.

Types of Accounts

Bithoven only offers one Live account because of the way the platform is designed; however, once users are in in, they have the option of switching between the Margin trading page and the Exchange page within the site itself. Take note that Margin trading can only be done in Bitcoin. There are many different currencies available to pick from while engaging in crypto trading.

Benefits

Users of Bithoven are eligible for a number of perks, including the following:

• An MT5 platform that is both user-friendly and intuitive

• Dozens of different digital currencies that can be traded

• Trading costs that are competitive

• There is no price for inactivity

Drawbacks

The following are some of the drawbacks of utilizing Bithoven:

• Withdrawal fees that are significantly higher than the norm

• Deposits can only be made using cryptocurrencies.

• There is no support for online chat

Business & Finance:

The trading hours for cryptocurrencies are from 00:00 to 24:00 Eastern Time (EET). There is a pause in trade that occurs every Sunday between 4:30 and 4:35 Eastern Time (EET).

Accessibility of Bithoven

Bithoven makes it abundantly obvious that one of its primary objectives is to give its clients with a satisfying environment in which to conduct business. It does so from the very time that registration is completed, following which you will be able to collect 100 free DOGE coins to test out the platform and get your trading career off the ground.

The platform provides a user-friendly interface in addition to a vast array of trading tools. These include charts provided by Bithoven and Trading Study, order books that have been thoughtfully constructed, simple navigation between markets, depth charts, sophisticated order types (market, limit, and scaled), and a window that makes it easy to view an order’s summary. Everything is laid up in a way that is easy to understand, and it won’t take you very long to become accustomed to the platform. Despite this, you are free to make any changes you like to the trading environment because it is highly configurable.

It makes no difference if the platform does not have a native mobile app because the website is fully responsive and functions effectively on all devices, including all smartphones and tablets.

Trading on Bithoven is also a very satisfying experience in its own right. In addition to a large number of digital assets and markets, the platform possesses a high level of liquidity, which, in turn, enables you to trade assets in a timely manner while exposing you to a negligible amount, if any, of market risk. Because of its robust trade matching engine, using this marketplace is a breeze; it is swift, it is responsive, and it is generally pleasant.

On Bithoven, there are no limitations imposed on trading, and users are free to make as many deposits and withdrawals each day as they see fit. You can find and trade all of the prominent coins, including Bitcoin, Ethereum, XRP, EOS, LTC, TRX, and many others. This does not include the lesser-known altcoins that are also available. You can find a comprehensive and up-to-date list of the currencies that Bithoven supports on this page.

Conclusion

The cryptocurrency trading platform Bithoven is quite new, having only started operations in 2019. They provide trading with a wide range of alternative cryptocurrencies and tokens, with cheap trade commissions and reasonable fees for withdrawals.

It is not possible to utilize Bithoven if you are located in the United States.

Disclaimer

Bithoven warns potential traders that trading foreign exchange and contracts for difference (CFDs) always includes a high level of risk and, as a result, may not be suitable for all investors.

Before a customer decides to trade the products offered by Bithoven, it is recommended that they carefully consider their investment goals, financial situation, needs, and level of experience before investing money that they cannot afford to lose. This is because Bithoven recommends that customers trade only with money that they can afford to lose.

Because trading Forex/CFD and Options on margin and utilizing a higher level of leverage than is necessary can be either beneficial or detrimental to a trader, traders should make sure to maintain a sufficient level of margin to sustain their positions, especially when using the leveraged accounts offered by Bithoven. It is always a possibility that an initial investment could result in a loss of some or all of its value.

Quotes and trades are typically subject to the terms and conditions of a Client Agreement, which can be accessed through the website of the broker. Bithoven assures traders that they will make every effort to fill a trade at the requested price; however, trading online does not necessarily reduce the risks associated with currency trading.

Those who are considering engaging in trading should first educate themselves on all of the dangers that are involved and consult an objective financial counselor for guidance.

FAQ’s

Conditions for Commercial Exchange

How many different kinds of instruments can I buy and sell using Bithoven?

You are able to trade a variety of instruments when using Bithoven, including the following:

You can trade over 400 cryptocurrencies. On its website, it does not specify any other sorts of assets that they own.

Which operating systems does Bithoven have support for?

The following are some of the prominent trading platforms that Bithoven offers:

• Their very own web hosting service and

• MetaTrader 5

Does Bithoven provide leverage for its users?

You will not have the option to trade on high margins with Bithoven because all they do is facilitate trades between users.

What kinds of spreads may I anticipate when using Bithoven?

There is a 0.20 percent fee assessed on both profit and loss for using Bithoven. This is lower than the average that is typical for the market. The fees are a flat 0.2 percent of each deal, which is comparable to the average in the sector.

Does Bithoven need a commission for transactions?

No

Is Bithoven subject to any regulations?

Yes, the Financial Services Authority (FSA) of Saint Vincent and the Grenadines oversees Bithoven’s operations as a financial institution.

Is it recommended to use Bithoven as a forex trading broker by both experienced traders and novices?

It is encouraged for all levels of traders, from novices to seasoned professionals, to use Bithoven.

How many points out of ten would you give Bithoven as an overall rating?

7/10

Accounts

What are the key distinctions between a simulated or demo account and a real money trading one?

Before setting up a real account that is funded with the customer’s actual money, broker companies typically provide prospective clients with the option of using a demo account that is funded with fictitious money. This gives the prospective client the opportunity to become familiar with the trading platforms and features offered by the broker company.

Does Bithoven provide a trial version of its service?

Yes

With Bithoven, is it possible to transition from a demo trading account to a real money trading account?

For a period of thirty days, the demo account can be utilized at real-time pricing and under real-world trading situations.

Which live trading accounts are available to use with Bithoven?

Bithoven only offers one live account because of the way the platform is designed; however, once users are logged in, they have the option of switching between the Margin trading page and the Exchange page within the site itself.

What kinds of currencies can be used to make deposits into a live trading account?

Crypto-currencies

Transactions for Deposits and Withdrawals

What is the lowest amount that can be deposited into Bithoven?

Not appropriate in any way

How do you go about making a deposit and taking money out of your Bithoven account?

The following deposit and withdrawal options are available on the Bithoven platform:

• Switcher,

• Bitcoin,

• Ethereum,

• Ripple,

• Bitcoin Cash, or Bitcoin

• Tether,

• Litecoin,

• EOS,

• TRON,

• Stellar

In most cases, the same procedure must be repeated in order to withdraw money from an account, and funds will only be refunded to accounts that have the same name as the trading account held with Bithoven.

Does Bithoven have any costs associated with withdrawals?

No, although there is a possibility that fees from banking institutions will be assessed.

How long does it take to get money out of a bank account?

According to Bithoven, the withdrawal process should only take a few days on average. Traders should be aware, however, that the availability of funds in a customer account may not be immediate depending on the particular bank service that was utilized. This process may take several days.