BTCC – Bitcoin Mining, Exchange, Wallet & Spending Cryptocurrency?
BTCC, or BTCChina, is a Shanghai-based bitcoin exchange. The exchange is one of the highest-volume exchanges in the world. Here’s our BTCC review.
What is BTCC?
BTCC was China’s first bitcoin exchange. Founded in 2011, the exchange grew to become the world’s second largest bitcoin exchange by volume by October 2014. Today, it typically sits in the top 20 exchanges by 24 hour trading volume (at the time of writing, it was sitting in the 19th position).
BTCC doesn’t offer a wide range of pairs, choosing instead to focus on a smaller number of high-volume pairs. The exchange is best known for its BTC/CNY pair (which consists of over 70% of trading volume on the exchange). The next most popular pair is BTC/USD (about 20% of trading volume), followed by pairs like LTC/CNY and LTC/BTC.
The exchange can be found online at two websites: it can be found at BTCC.com for international users, or at BTCChina.com for Chinese users.
In addition to operating an exchange, BTCC offers a mining pool. The BTCC mining pool is one of the largest in the world, and consists of about 15% of the world’s bitcoin computing power.
Along with OKCoin and Huobi, BTCC is one of China’s “Big Three” bitcoin exchanges. It’s particularly popular with Chinese customers, but it has a growing international userbase as well.
BTCC offers all of the following services:
BTCC’s mining pool is massive. It accounts for 15% of the total bitcoin computing power worldwide.
The BTCC exchange offers four currency pairs at the moment, including BTC/CNY, BTC/USD, LTC/CNY, and LTC/BTC.
Like most exchanges, BTCC offers its own wallet. BTCC uses the JustPay Wallet, which is available for iOS and Android.
BTCC offers all of the following fees:
BTCC Pro (Hedging Exchange)
- Initial Margin: 5%
- Maintenance Margin: 1%
- Carrying Fees for Long Positions: 0.0082%
- Carrying Fees for Short Positions: 0%
- Withdrawals in BTC: Minimum amount of 0.001 BTC, maximum amount of 500 BTC daily
- Withdrawals in USD: No minimum, maximum withdrawal of $50,000 USD per day
- Trading: Minimum amount of 0.001 BTC, or 500 BTC per day
- Deposits in Bitcoin: Minimum amount of 0.0001 BTC, no limit.
- Deposits in USD: Minimum amount of $50 USD (online bank deposits or credit cards), maximum amount of $50,000 USD per day (online bank deposits) or $5,000 USD per day/$20,000 per month (credit card deposits)
Like all good exchanges, BTCC promises to be comprehensive, professional, and secure. Here’s a breakdown of what those three features mean:
BTCC offers a digital currency exchange, a mining pool, a payment platform, and consumer wallets. It’s a comprehensive bitcoin solution with multiple products and services.
BTCC’s team consists “of highly experienced industry professionals from the world’s leading e-commerce, internet, and payment processing companies, explains the official website.”
BTCC secures clients’ funds in offline cold storage. Other key security features offered by BTCC include geographically redundant cloud servers, SSL encrypted traffic, real-time internal controls, and strict procedures.
BTCC Limited is based in Hong Kong, although the exchange’s Chinese division (BTCChina) is based in Shanghai. The company was originally founded in Shanghai, but opened the Hong Kong office to cater to international customers.
The company was founded in June 2011. At the time, it was China’s first and only bitcoin exchanges. Today, most of the company’s customers are Chinese. In 2013, BTCC hired CEO Bobby Lee and oversaw the exchange’s rapid expansion. Bobby Lee is a Stanford computer science graduate whose brother founded the Litecoin cryptocurrency.
BTCC made headlines in February 2017 after announcing that it was halting bitcoin and other cryptocurrency withdrawals for one month. The news came one week after Huobi and OKCoin, two of China’s “Big Three” exchanges alongside BTCC, revealed they were freezing cryptocurrency withdrawals in an effort to combat money laundering. China’s central bank had previously ordered the Big Three bitcoin exchanges to take action.
You can contact the company by email at [email protected]
BTCC is one of China’s most popular bitcoin exchanges. The exchange offers strong liquidity in the BTC/CNY pair, and most of the exchange’s customers are Chinese. Other popular pairs include the BTC/USD pair, the LTC/BTC pair, and the LTC/CNY pair.
You can start trading on BTCC today by visiting BTCC.com.