Bitsgap

4.5
Bitsgap is a legitimate platform with a strong team of entrepreneurs, investors, and software engineers backing the development.
Parent company:
Private
Type:
Crypto platform
Release Year:
2018
Price:
from $19/month*
Open an account Read full review

Summary

Overview

Bitsgap is a multi-exchange trading platform offering advanced charting, semi-automated arbitrage interface, as well as comfortable solutions for managing your crypto portfolio from one place.

Pros
  • Ease of trading a wide range of coins and platforms from one spot
  • Insight about the market, basic and advanced trading
  • Access to trade data and statistics
  • Ability to complete arbitrage trading
  • Safe and secure system
Cons
  • None

Full review

The advantages of using Bitsgap charts are substantial. Let’s start with summarising the most important aspects before we provide a full review of Bitsgap.

Bitsgap provides traders with must-have tools such as:

  • One spot: access to 20+ crypto exchanges via one all-round platform, including Binance, Poloniex, Kraken, Gate.io, Kucoin
  • Market insight: an overview of a 4,000+ crypto pairs
  • Trade information & stats: precise portfolio overview which means no need to manually track each setup as the system tracks all statistics for you
  • Trade price differences (arbitrage): offers an inter-trading platform with fast data calculation in 6 milliseconds and 1-click arbitration
  • Security: the presence of EV SSL Certificate, which is used to encrypt all transmitted user data, login attempts checked and verified, two-factor authentication, advanced algorithms to encrypt all passwords and more. Theft concerns: you can turn off transfers which means that there is strong security protection against anyone misusing your Bitgap account to transfer your crypto coins to a third party account.

The crypto world was highly in need of a service like Bitsgap. As Cryptocurrency trading becomes more accessible the need for advanced analytical tools is growing too. Traders might be familiar with robust analytical solutions as Coingy or TradingView (limited exposure to crypto), which despite their already established status has not yet (as of Q3 2018) dared to help traders with Arbitrage trading – one of the core value offered by the Bitsgap platform (at the time of the review it is free to use).

Unlike, TradingView for example, Bitsgap does not only take care of this trade information but also offers the ease of trading and managing all of your setups from one platform. That removes the annoyance of having to log in to multiple exchanges each time you want to make a decision. Despite the early start of Coingy, Bitsgap the startup from Estonia also offers traders a method to benefit from the price differences on multiple exchanges.

In its core Bitsgap is the next generation platform for crypto traders, lifting up an amateurish crypto trading world to the level of trade sophistication often seen in Forex, CFD, stocks, and commodity trading.

Originating from Estonia, the company is run by a solid team with decades of experience in trading, investments, asset management, start-ups, cryptocurrencies, blockchain technology, project management and marketing.

Bitsgap has 12 full stack developers and every team member has its own project. The customer support team is slowly being added when needed and they will expand it as soon as needed.

Here is more information about the board members:

Range of Cryptos and Market Cap Overview

It’s going without saying that Bitsgap offers access to Bitcoin and the major altcoins, which is the most important for most crypto traders. But Bitsgap also provides a vast pool of available cryptos with more than 4,000+ crypto pairs on all exchanges at the same time… The crypto fanatics will not be disappointed.

Market data is also presented on the website, which can be found when clicking on the tab “market cap”. A list of cryptocurrency pairs is listed from highest market cap to lowest. There are also other info points such as the closed price on which exchange, change in the last 24 hours, and access to the price graph. You can also click on favourite to earmark the most promising altcoins.

When you click a cryptocurrency in the menu, a list of exchange options will then expand, and you are presented with a comparison of the prices at various exchanges.

There is also the possibility to search for any cryptocurrency in the search field. Click on the magnifying glass and type in a crypto name of your choice, and you will see the results appear like in the image below.

Charts and Trading Platform

Bitsgap goes all-in with a functional and neat design that should appeal to most traders. Secure access is, of course, the number one concern for all traders, but it does not hurt to work with a platform that is transparent, quick, and well presented. And in my view, Bitsgap meets these requirements and offers a professional setting and environment for traders.

Let’s take a more in-depth look at the available options, charts and platform settings. When you open the trading platform from the main website, a new URL shows up (https://bitsgap.com/trading) , which offers a web-based charting experience similar perhaps to MT4 web trading. This is where Bitsgap must improve if it plans to compete with services like TradingView – admired for its rich pool of analytical tools and community.

In the middle of the screen, there is a price chart available for the platform and cryptocurrency pair of your choice. You can click on the options to change exchange and crypto pair, just as you can change the time frame (of the chart), bar type, indicators, and other tools. There is also an option to fully expand the table if you want to see the price from close up.

The platform also offers an overview of:

  • The order book (left), which provides in-depth market information about the quantity of the buy and sellers orders for each price level. The order book is dynamic and updated continuously in real time.
  • The ability to place orders and alerts (left low), which allows traders to instantly access and manage trade setups.
  • Trade overview (bottom), which shows open orders, balance, trade history, and messages.
  • Recent trades (right), which offers an overview of transaction price and volume information for recently executed orders.
  • Cumulative volume (right low), which presents data about the volumes being traded and market depth. This is in a way a visualisation of the order book and helps with understanding the market dynamic, trend, and support and resistance levels. In short, it provides vital information about demand and supply in the market, which can be used for entering and exiting setups.

Bitsgap is always working on improvements as the below tweets explain.

A new feature was also added recently that allows traders to compare two or more pairs at the same time – see image below.

Portfolio and Statistics

One of the several exciting features is the overview of your assets across several exchanges. Keep in mind that pending orders will not be shown as an asset (at least at the time of the review).

The main window provides the essential data about your portfolio value. You can check the value movement of any time period that you choose but also focus on specific exchanges.

If there is only one exchange selected, then the graph will show a break down of your coins. There is also the option to export files from your pc or cloud to the Bitsgap platform.

The windows on the bottom and right upper corner also show the portfolio values but in a different way. The bottom part shows information such as the purchase price, the percentage change, and the value per coin and per exchange as text. There is also information about your transactions. The right upper part shows similar data but in a graph.

Arbitrage Trading

Did you ever see price differences between exchanges and wonder if there is an easy way of trading it? Yes, there is, and it’s called arbitrage.

An arbitrage trade is a set of transactions of the same pair (or any financial instrument) executed at the same time but on different exchanges, to benefit from the price difference.

More precisely, it is primarily buying currency in one market and simultaneously selling it in another market at a higher price, profiting from a price difference.

Bitsgap manages to offer traders a simple way of capitalising on price differences via their platform. The image below shows how you can benefit from buying a crypto pair on one exchange while selling the same crypto pair on a second exchange all at the same time – with one click.

Bitsgap makes things more comfortable as you can easily see the crypto pair you need to buy and sell and from which platform – all of this is done in the Bitsgap software. The best exchange rates can then be traded, which locks in profit. The only thing you need to do is make sure you have an account at that particular exchange.

How can you start?

The main aspects are:

  • Users need to open several exchanges account
  • Make sure they have enough money on different exchanges
  • Monitor the platform regularly

The indicated expected profit from the arbitrage trade is already including all costs. This means that Bitsgap calculates the costs of fees etc so the profit you get is more or less final (no hidden fees). At the time of the review (mid 2018) the solution couldn’t be  fully automated due to technical difficulty connected with the speed at which automated trading takes place. But the good news is that one click of the button is sufficient (if you have accounts with the exchanges that are needed for any particular trade). We will keep an eye on Bitsgap and it’s competition to let you know about the best way for crypto arbitrage.

How can this happen?

Bitsgap explains in their introduction to arbitrage trading that the “price on the exchanges differs due to the natural effect of decentralisation and the weak development of the market”. What does this mean?

Simply said, cryptocurrency exchanges are running on relatively slow web technologies, at least from a technical point of view. Price corrections take quite a substantial amount of time, which allows profits to be made via market inefficiencies and traders’ behaviour. The traditional arbitrage possibilities occur more regularly compared in the crypto world than compared with other financial instruments.

Arbitrage made simple? Yes, Bitsgap subscribes to this motto by offering a clear overview of potential arbitrage trades and how much profit could be made and expected. For instance, the arbitrage grid shows all of the potential opportunities that are continually being scanned.

The Bitsgap platform simplifies the process by analysing all of the trading data for you. It then creates an option to make an arbitrage deal, in one click.

Before starting, please note that it is recommended to read more about how to make your first arbitrage trade.

What’s Missing?

Nothing really. There are multiple tutorials along the way for each section. The security concerns are addressed via a separate page, which discusses all of the angles.

Of course, this might remove all of the concerns users could have. Some might wonder whether, for instance, there are any disadvantages of connecting your API key to Bitsgap?

The good news is that traders and investors can place a limit on their Bitsgap account: you can decide on all the settings and are free to trade without an option to withdraw money. See more about the security part in the next paragraph or feel free to check out more information about Bitsgap’s security approach.

Bitsgap is also working on implementing one decentralized exchange to their platform. The biggest challenge is that they are not in use of API key trading and they have to adjust their system for trading directly from the wallet.

Otherwise, there are fewer indicators and analytical tools than the competition, a small community, and their business model is still being developed, but all of these aspects are minor and can be attributed to a low exposure of the service at the time of review. These aspects do in any way not block the core value of the Bitsgap’s platform for cryptocurrency traders and investors.

Finally, the platform is betting heavy on Cryptocurrencies becoming more popular in future, albeit a whole industry concern, given altcoins and cryptocurrency fire fades, bitsgap could find it hard to diversify into other financial markets.

Is Bitsgap Safe and Secure?

Yes, Bitsgap addresses all of the security concerns and explains that it is safer than your internet banking system. Why?

Because Bitsgap uses an encryption called RSA 2048, whereas most banks use 1024. This means that Bitsgap is pretty much twice as safe as the bank, impressive. Bitsgap explains in more detail: “when traders add an API key to Bitsgap, the browser already initiates an encryption process on your side and delivers your API to our server already encrypted. To put it in numbers, if a person chooses to “crack” your API key, it will take him well over a hundred lifetimes to go through every possible combination”.

Many traders will still raise concerns, but they are mostly connected to the fact that the project, platform and website is new. Most traders do not have the same concerns with a site that already has name recognition. Bitsgap explains why:

“Trustworthiness is something every start-up is going through. We believe you won’t have any doubts adding your personal and credit card information to any old financial service like transferwise because they are well known and can be trusted, even though they don’t have a clear statement what do they do with your information and how they are planning to protect it. And this is absolutely normal, an old service provider means they can be trusted. This is exactly what we need to prove during the next years.”

It is up to Bitsgap to close that recognition and trust gap.
In general, Bitsgap does an excellent job of addressing security concerns in our view. They emphasise that it uses a secure network structure (only accessible to a few people) and that the servers are only connected to IP addresses from whitelisted exchanges. Bitsgap also mentions that login attempts are secured and that two-factor authentication is a must. More frequently asked questions are answered in this FAQ section.

We asked Bitsgap for an official reaction to security concerns that users might have and here is what they had to say about how they protect your account and your API key. Here’s Bitsgap’s answer:

  • Speaking of hacking your account, we record all unauthorised attempts and notify our customers about suspicious activity (for instance, if an account initially registered in the US is trying to log in from India – we deny access and send a confirmation letter to the owner). Secondly, you have an option to set a 2-factor authorisation – self-explanatory, one of the best methods to protect your account.
  • RSA 2048 encryption – it would take a wall of text to explain how this encryption method works. But long story short, this encryption method is even stronger than any online bank you are using right now. Whenever a user enters an API key, the user’s browser makes encryption of this number and only then sends it to our server. So all your API keys stay encrypted on our side, to crack any single one of them – it would take a lifetime to go through every possible combination.
  • Limited API settings – to use Bitsgap, we only need a permission to read your history of trades, account balance and place orders. Our system won’t allow adding your API key if the withdraw option is enabled. There is no way someone outside or inside Bitsgap can access your funds and take them.
  • Security inside – only crucial personnel have access to servers, and it would require multiple confirmations internally to access to all the data
  • Okay, everything sounds good? We are a free service and where is the catch? This question I was asked many times and I must admit it is a fair one. We are not doing any “funny” business-like collecting customer base and sell it elsewhere or grabbing all those API keys and pump coin we want. In fact, we are backed by influential investors to provide an exclusive service for them in future, on top of it we are developing internal monetisation where customers and fonds will pay commission based on the profit they are making by using our service.

Bitsgap added that:

“We are trying our best to shape the industry of crypto trading so you will have more free time to spare and don’t worry about how your coins are doing.”

To Wrap Up

This review of Bitsgap has been relatively positive so far. Some of you might be wondering is Bitsgap a scam? Can you trust Bitsgap? Is Bitsgap dangerous for your accounts?

In our view, Bitsgap is a legitimate platform with a strong team of entrepreneurs, investors, and software engineers backing the development.

Just to recap, Bitsgap offers traders vital information and tools such as:

  • Ease of trading a wide range of coins and platforms from one spot
  • Insight about the market, basic and advanced trading
  • Access to trade data and statistics
  • Ability to complete arbitrage trading
  • Safe and secure system

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