Ukraine has always been an interesting country from a Bitcoin and digital currency point of view. Not only because the country is relatively close to Russia – a country which has pretty much outlawed Bitcoin and digital currencies – but also because it is an interesting emerging market. But did you know that Ukraine also has its very own Bitcoin exchange, called BTC-Trade UA?
BTC-Trade UA : Brief Introduction
A lot of people would associate Ukraine with a country that is behind the rest of Europe when it comes to technology and infrastructure. While this may be true up to a certain degree, it is safe to assume there are more people in Ukraine who have heard of Bitcoin compared to some countries in the Western world [such as Belgium for example..].
BTC-Trade UA is an interesting exchange, as it is the easiest and most convenient way to buy and sell Bitcoin in Ukraine. By offering a wide range of supported digital currencies, low trading fees and allowing the use of credit cards to purchase Bitcoin make BTC-Trade UA an exchange platform to keep an eye on in 2015.
Account registration takes less than five minutes, according to the website. In order to buy or sell Bitcoins in exchange for fiat currency, users will be required to verify their identity by submitting a scan of their ID/passport and providing a recent utility bill to verify their address. The BTC-Trade UA FAQ does not mention how the verification process usually takes however.
Transactions on the BTC-Trade UA platform are executed immediately, but can take up to 24 hours to confirm, which is far more an exception that a regularity. In order to avoid fraudulent transactions – for buying and selling Bitcoins that is – users will need to confirm the transaction manually. As far as we can tell, BTC-Trade UA offers no two-factor authentication to protect your user account.
In regards to fees, every transaction executed on the BTC-Trade UA platform is subject to a 0.1% fee. However, additional fees incur when making a digital currency deposit. At this point in time, four different digital currencies are supported : Bitcoin, Litecoin, Novacoin and Dogecoin. Withdrawals are also subject to certain fees, which vary depending on your preferred payment method.
One of the things that sets BTC-Trade UA apart from other exchanges in Europe is their partnership program. To make this partnership program even more special, the team behind the Bitcoin exchange decided to create three different tiers, each of which offers you a different reward. Do keep in mind this partnership program will be revised in a few weeks from now.
Tier 1 : Exchange fees are lowered to 0.05%. You will need to refer a new user to BTC-Trade UA who completes at least one trade during their first month, and you have to complete 15 transactions in that same month yourself. Furthermore, the total fiat value of last month’s transactions needs to be 30,000 Hryvnia [or more].
Tier 2 : You will receive 50% of the provision costs charged to the users you referred to the platform. In order to qualify for this bonus , you will need to refer at least two people who completed a minimum of one successful trade on BTC-Trade UA in their first month, as well as meet all Tier 1 requirements.
Tier 3 : The required number of network confirmations for digital currencies will be lowered, once you meet all of the prerequisites for Tier 1 and 2, as well as complete at least 30 transactions in one month.
Recent Issues at BTC-Trade UA
According to this page on the BTC-Trade UA website, the Bitcoin exchange recently became the victim of a successful hack. However, the exchange operators managed to restore user balances up to a certain point by purchasing Bitcoins with money out of their own pockets, and using those to return money to affected users.
It remains to be seen whether or not BTC-Trade UA will be able to make a splash in the Ukrainian market, as the country is heavily relying on WebMoney to process online payments. However, it is good to see the country having its very own Bitcoin exchange, and we wish BTC-Trade UA all the best.
Website : https://btc-trade.com.ua/index.html