BitAsset is a centralized fiat to cryptocurrency trading platform headquartered in Hong Kong. It was founded in December 2017 with the purpose to build a global digital banking system by combining digital assets with traditional finance. It is the first digital asset exchange in the world to comply with Traditional Financial Institute Standards. The company has also set up offices in Taiwan, South Korea, and North America.
BitAsset has many features that make it attractive for traders and investors. It owns an independent pairing and transaction matching system, allows fiat deposits, provides wallet custody, professional financial products, 24/7 professional interactive customer service and support to traders, uses AI and Big Data technology, ETF index, cross-border payment, and supply chain finance. The suggested language options include English, Chinese, Korean, and Japanese.
As the users’ assets security is of the top priority to BitAsset, it cooperates with information security agencies and deploys an automated market monitoring system to control risks. Three methods of verification are available: mobile, email, or Google verification. Users can choose one of them to register on the platform, but real name verification is needed for making transactions. US residents are not allowed to trade on the BitAsset exchange. Traders who prefer to trade on the go can download the BitAsset mobile application for their iOS or Android devices.
The BitAsset exchange provides a variety of banking-style financial management and trading services such as cryptocurrency trading, spot trading, margin trading, pledge, futures, leveraged trading, lending, and investing.
Users are allowed to publish loan and pledge advertisements on the BitAsset platform, which monitors the terms and fulfillment of obligations by all parties to the deal. BTC and ETH are used as pledge currencies. Lending or investing are only available in USDT with the minimum amount of 500 USDT for a period of 1 to 90 days. The interest on borrowing is set by the investment user.
Leveraged trading means that traders can borrow funds from the exchange to increase their position towards a certain token’s price and to profit from relatively small price changes. Leverage, however, can enhance both profits and losses.
The participants who meet the rules can earn interest by holding a specific quantity of a certain token type. The annual yield for USDT is 5% while BTC, ETH, and EOS bring 4% interest.
Unlike spot markets, where traders can only profit when the value of an asset increases, BitAsset futures platform allows traders to profit in both directions by going long or short with leverage. Customers must have USDT deposits to start trading on BitAsset futures platform. To execute the trade they need to choose the leverage level, the direction of their position, and the number of contracts. The minimum contract size is 0.01BTC.
The referral program is another way to earn coins. Invitees can receive BAP token bonuses for completing various tasks such as signing up, making their first deposit, making their first spot trade, finishing KYC, or inviting friends. If they finish all the tasks, their inviters get the additional 1 BAP. BAP is a point equivalent to 1 USD that can be used to offset transaction and handling fees on spot trading and pledge loan. The platform has not issued its own token yet.
BitAsset has launched the Small Assets Exchange BAP function, which allows users to swap small assets with a value below 0.001 BTC that cannot be withdrawn for BAP, to compensate the spot transaction fees. The conversion requires 2% of the exchange amount as a handling fee. To encourage users to trade and continue using the platform different competitions are organized from time to time. API documentation is available for developers and crypto enthusiasts.
BitAsset currencies and fees
At the time of writing, the BitAsset platform supports 75 cryptocurrencies and 140+ crypto-fiat and crypto-crypto trading pairs with BTC/USD being the most active one. The exchange provides such legal currency deposits as USD, CNY (Chinese Yuan), and TWD (Taiwan dollar) using bank cards.
Users can buy the currencies they want with the One-Click Buy button. The exchange supports credit card purchases in USD, EUR, TWD, and CNY, which require email verification, mobile phone verification, and ID authentication. Those who have CNY can pay via bank card, Alipay, or WeChat.
The minimum deposit amount, minimum withdrawal, single and daily withdrawal limits as well as withdrawal fees are determined by the type of coin. For example, users are charged 0.0005 BTC per Bitcoin withdrawal, which is a bit below the industry average, 0.01 ETH for Ethereum withdrawal, 0.001 BCH for Bitcoin Cash, and 1% for USD withdrawals.
Commissions for spot trading are 0.1% of the transaction amount for both makers and takers, but they can be reduced by 70% if paid with BAP. Futures trading fees are 0.06% for takers, the delivery fee is 0.06% as well. Depositing of any asset including fiat money is free of charge.
BitAsset team and partners
Chia-Yen Yen is a Business Development Director at BitAsset whose responsibility is to grow connections across the crypto society and operate with ecosystem partners for corporate strategy. He is also a business development manager at Star Bit Innovation.
Cassie Hsu is the Marketing Director skilled in negotiation, business development, marketing strategy, and product development. Man Yeung is a Product Management and Business Development Director who analyzes market trends and customer needs to identify new business opportunities.
BitAsset has settled partnership with Simplex, an Israeli company facilitating card payment gateway integration, to provide fiat deposits and crypto purchasing services with credit cards on its platform. BitAsset has also signed collaboration agreements with AMBER AI (a cryptocurrency trading and technology firm), ChaiNext (professional indexing tools provider), and Lingjun Investment. In addition, they started working with ConsenSys, a software technology company, to plan for future developments in the digital finance industry.