Review: BTCC

BTCC (formerly BTC China) is one of the oldest Chinese exchanges, in operation since June of 2011–so nearly on their fifth anniversary! They tested out a number of different fee structures–from a small fee on both ends, to a maker-taker system, to a system that seems to be popular among Chinese exchanges: no fees. BTCC works with Litecoin as well as Bitcoin, and runs a number of side-operations, including a mining pool.

Details:

  • Pure 0% fees, for buying and selling, making and taking
  • 0.38% fee on bank withdrawals
  • Good volume thanks to the 0% fees, like Huobi –BTCC regularly does over 100,000 BTC/day in just BTC/CNY.
  • LTC/CNY commonly between 50-100k/day.
  • 2FA
  • Based in Pudong, a Special Economic Zone inside of Shanghai.

Pros:

  • 0% fees make trading a zero-sum, rather than a negative-sum, game.
  • Decent legitimacy, apparent acceptance by Chinese government. Bobby Lee is still alive, after all.
  • One of the three largest names in Chinese BTC.

Cons:

  • It’s in China
  • Not sure how hard it is to deposit from the US, but I imagine you can just scoot Bitcoins to them.
  • Withdrawals will also need to be in BTC, I imagine, if you’re not Chinese
  • Gotta learn CNY-USD conversions.
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