BitShares Exchange review — Is it worth trying?

  • Dynamic accounts that can be controlled by multiple users with different levels of permissions
  • Custom tokens that users can issue themselves
  • A reserve pool for funding projects
  • Named accounts instead of illegible addresses used on Bitcoin and Ethereum

Pros

  • Low trading and withdrawal fees
  • Part of the growing BitShares ecosystem
  • An impressive set of additional tools

Cons

  • Basic analysis tools
  • No KYC or customer verification
  • Limited customer service

Can BitShares be trusted?

BitShares was created in 2014 after the infamous Mt.Gox hack, with it being a response to the crisis of trust towards centralized cryptocurrency exchanges. Larrimer designed it in such a way that transactions can be conducted via a network of computers distributed all over the world without having to rely on any centralized party.

Is BitShares user-friendly?

Creating an account at BitShares is pretty easy. All you need to do is to invent a username that consists of a few letters and digits, with the same applying for a password, that’s it. No need to upload any document scans or pass additional verification with the help of your mobile phone. You don’t even have to type your email address.

Even for the trading pair with the highest volume, a 5-minute graph looks quite ragged on BitShares

Does BitShares have a mobile app?

The platform performs well in a mobile browser with all the same features available for seasoned traders. The HTML-code may result in a few visual bugs, but all-in-all, the experience is just as good as it is on a desktop.

The mobile version of BitShares looks pretty fine

What coins does BitShares support?

BitShares supports a huge variety of assets to trade, from popular cryptocurrencies such as Bitcoin and Ethereum to precious metals such as gold and silver. You can also add the likes of USDX to this equation too, which is actually built upon the BitShares protocol. However, due to poor marketing efforts, the platform lacks liquidity, so it may be a challenge to exchange BTC for gold and vice versa. At the time of writing, there are only two or three dozens trading pairs that have at least some trading activity.

BitShares supports even precious metals, but it’s difficult to exchange them for anything else due to the lack of trading volume

What are BitShares fees?

BitShares fees are imposed on every trade, but usually don’t come to any more than a few cents with SmartCoin pairs (including bitUSD and other stable currencies). Fees for every operation are assigned individually and they are defined by shareholders themselves.

Is BitShares customer support reliable?

You may be surprised, but BitShares exchange actually has no customer support at all. There is neither live chat nor even an email address to reach out to. There is only a contact form on BitShares’ main website. If you run into trouble here, you’re on your own, as there isn’t any BitShares customer support standing by to sweep in and save the day.

What else does BitShares offer?

BitShares doesn’t offer any signup bonuses or referral rewards. Its strength lies in another area. As it was mentioned at the beginning of the article, the platform unites a whole set of additional financial tools that make it function as a separate country, such as:

  • Voting. You may vote for BTS block producers and proposals to influence the platform’s development.
  • Barter. Suggest an asset swap with another account on a peer-to-peer basis.
  • Collateralized debt position. You may borrow BitAsset from the platform by locking up another coin as collateral.

Is BitShares legit?

Overall rate: 7.4/10

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