BitUBU is a centralized cryptocurrency exchange launched on July 17, 2019. The company is registered in Turkey with its headquarters located in Istanbul. It is licensed by BitUBU Technology Corporation. The creators do not want to reveal themselves and there is no information available about them on the web. The only thing we know is that their purpose was to gather the community that would collectively promote the healthy development of the digital asset ecosystem.
On BitUBU, users can exchange fiat to crypto and crypto to crypto. The list of coins available for trading includes Bitcoin, Dash, Dogecoin, Ethereum, and some other options. BitUBU supports USD and TRY (Turkish lira) fiat pairs. Its main advantages are instant deposits and withdrawals, low trading fees, professional 24/7 customer service, and a strong technical base. The website owner aims to make it the most advanced trading platform in the world of digital money.
The BitUBU ecosystem consists of professional BitUBU exchange with all the necessary features and tools, UBU token, and Supus blockchain.
There are four essential features that make BitUBU trading platform attractive to traders. These are convenient user interface, qualified support, security, and powerful engine.
The advanced user interface with two trading view variations is optimized both for beginners and for professional users offering information boxes and charts to the latest ones. You can access the current price charts, a buy and sell box, order history and more. Besides, the settings give you the possibility to change the trading view according to your preferences.
The platform provides 24/7 support in multiple languages which include English, Turkish, Chinese, Russian, Spanish, Japanese, Korean, Arabic, and others. Links to dedicated pages on all social networks are available as well. BitUBU provides three different layers of its wallets’ security. Besides, more than 95% of all crypto resources are stored on cold wallets to ensure more safety. The platform’s exchanging engine is able to process up to 20 million transactions per second which allows more traders to use it.
The additional useful feature of the project is the mobile support for Android users. You can download the platform from Google Play and monitor all changes on the go. According to Coinmarketcap, the exchange has no problems with the liquidity as it has a high trading volume which places it among 100 top exchanges.
BitUBU native token is UBU. It is an ERC-20 utility token based on the Ethereum blockchain. There has never been an ICO for raising funds, and the team has not set a final cap to the number of coins. UBU coins can be purchased on the exchange or obtained via mining. New coins are minted while trading on BitUBU platform being released from the special wallet. Users get 0.1% UBU as a reward.
The token fulfills the following functions: trading and voting. UBU holders can enjoy some additional rights, services, and benefits within the trading platform, such as participating in IEO’s (Initial Exchange Offering), trading fee discounts, and converting small crypto balances to UBU. Also, UBU holders can vote on which coin will be listed on the exchange next.
In October 2020, the company arranged UBU Buy Back Event. It bought 250,000 UBU back from the market so that users would have to pay only 90% of the UBU market price.
BitUBU supports developers who create new cryptocurrencies and allows them to list their tokens. On the voting page, users can suggest a coin for voting and decide what token should be listed on the exchange. 1 UBU equals 1 vote. The amount of coins collected by voting is burnt afterwards. at the time of writing, there have already been two UBU burnings: on Jan 1st, 2020, and on May 23rd, 2020.
The BitUBU team is also developing Supus, an open-source blockchain technology, which allows creating your own token.
Each time users place their order they have to pay a trading fee. On this platform, the fee is divided between takers and makers and depends on the amount of UBU holdings and 30-day BTC trade volume. The higher both of these options are, the lower fees the participants have to pay. Initially, BitUBU charges takers 0.1% of the transaction value. Makers, the ones that create orders, pay 0.09%.
Withdrawal fees depend on the token. If users want to withdraw Bitcoin they are charged with 0.001BTC, which is slightly higher than the global average.
Other peculiarities of BitUBU
The BitUBU platform belongs to entry-level exchanges, which allow the newbies without digital coins to enter the world of crypto trading. That is why fiat money deposits are possible alongside cryptocurrency. However, users cannot use their credit or debit cards as they can add funds only through wire transfer.
One of the ways to increase your UBU earnings passively is by joining the referral program. Traders can invite new users through their personal referral link and get a 25% share of the trading fees they pay to BitUBU. Commissions are sent to their accounts without delays.
The easiest way of getting free cryptocurrency on BitUBU is by using faucets. So far, the platform has released faucets for DOGE, WEC, and TCP. If you are not involved in trading, you can use the platform only to obtain them. The amount of coins and time intervals between collecting them depend on the token. The option is available only for registered users.
For advanced users, the BitUBU platform offers its own API (Application Programming Interface), a sort of cross-platform trading robots. Anyone who wants to profit from digital money exchange can use it to implement an arbitrage trading strategy.