Bitget has officially announced1 and launched BitEXC exchange in Vietnam. In a country where over 20% of the population owns cryptocurrency and crypto market generates over $1 billion in revenue yearly, this move positions Bitget and BitEXC as a key player.
We will take a closer look at what this means for both Bitget, and Vietnamese traders. We’ll also do a quick review of BitEXC exchange to see if it’s worth trading on, so stay with us!
Why Vietnam Is Key to Bitget’s Expansion
Vietnam ranks among the world’s top crypto adopters, sitting at 5th place in the 2024 Crypto Adoption Index2. The nation also secures the second spot for on-chain value received and third for on-chain retail value3.
Gracy Chen, CEO of Bitget and BitEXC, noted:
“Vietnam has shown tremendous potential in crypto but lacks platforms that cater specifically to its unique audience. BitEXC bridges this gap with localized support and products.”
As the world’s #6 exchange by daily spot volume (CoinMarketCap data as of article publish date), Bitget is primed to take advantage of the lucrative and continuously growing crypto market in Vietnam.
BitEXC Overview: Tailored for Vietnamese Users
BitEXC offers an basic set of trading tools and features to enable crypto trading in Vietnam:
- Comprehensive Trading Options:
- Spot Trading & Futures: Accessible for all experience levels.
- Fiat Support: Deposit fiat currencies via popular Vietnamese payment methods.
- Future Enhancements:
- Copy-Trading: Learn from seasoned traders.
- Trading Bots: Automate and optimize trades.
- Earn Programs: Maximize passive income opportunities.
- Exceptional User Support:
- 24/7 Real-Time Assistance: Via chat and voice.
- VIP Services: Personalized account management with exclusive benefits.
- Security You Can Trust:
- Bitget Protection Fund: Extending a fund valued at $300 million to protect BitEXC users.
BitEXC is also dedicated to fostering an informed and engaged crypto community in Vietnam. Through activities such as Ask Me Anything (AMA) sessions, webinars, and educational content, BitEXC ensures that users not only earn but also understand the risks and rewards of cryptocurrency.
BitEXC Review – Is This Exchange Any Good?
We just couldn’t help ourselves and had to check how BitEXC works! We did a brief review of the exchange’s features, and here’s what we found out.
Availability
BitEXC is specially tailored for the Vietnamese market. Needless to say, BitEXC is fully available in Vietnamese language, but also English. The exchange doesn’t just accept users from Vietnam, though.
We skimmed through their policies to find a list of restricted countries4, which right now includes North Korea, Democratic Republic of Congo, Iran, Libya, Somalia, South Sudan, Sudan, and Yemen. In their Identity verification FAQ page5 we found a more comprehensive list that also includes Afghanistan, Canadian province Alberta, Central African Republic, Crimea, Cuba, Guinea Bissau, Haiti, Hong Kong, Iraq, Lebanon, Netherlands, Puerto Rico, Singapore, Syria, and of course United States.
It’s possible likely this list will be extended and updated soon to include other or exclude some of these countries. Very few exchanges are available in the US, and it’s unlikely a new exchange will soon be able to operate in this challenging market. But Bitget is restricted in fewer countries, so perhaps BitEXC will be as well.
Identity verification
Identity verification (KYC) on BitEXC is mandatory. Unverified users are not able to make deposits, trades or withdrawals. To complete ID verification you can use an ID card, passport, drivers license, or residence permit. However, to access VND deposits and withdrawals you must complete KYC with your ID card.
After verification, you can deposit and withdraw up to 3M USDT, with unlimited crypto deposit and P2P trading capabilities.
Fiat deposits
BitEXC only allows fiat deposits in Vietnamese đồng (VND). Users can buy crypto with bank deposit through VietQR. This deposit method supports payments via wallets in the VietQR network, including MoMo, Viettel Money, ZaloPay, VTC Pay, Payoo, Shopee Pay, VnPay, Timo, and Epay.
Fiat deposit fee through VietQR is currently set to 0.3%. However, this is a limited-time promotion until end of this year, when fee will go up to 1%.
A P2P market also exists on the platform, but it currently does not have any users (keep in mind the exchange only launched today). Visa and Mastercard deposits exist in the interface, but the capability hasn’t been added yet. Cryptocurrency deposits are available for all listed Spot assets, and there are no crypto deposit fees associated.
Trading options
First, users need to deposit VND and convert it into one of the available crypto assets. The crypto assets include USDT, Bitcoin (BTC) and Ethereum (ETH). Converting between VND and available crypto assets has no fees. Users can then proceed to trade on either Spot or Futures market. We advise keeping trading funds in USDT, as only USDT trading pairs are currently listed.
Spot market
We counted a decent starting number of 61 cryptocurrencies available on Spot market. This is actually a decent number to begin with, and some of the top tokens include BTC, ETH, DOGE, BNB, FRM, FLOKI, ENA, DYDX, AVAX, ARB, TRX, STRK, SHIB, INJ, and ONDO. Some of the less popular tokens but interesting investments include PENDLE, TURBO, BAND, BIGTIME, CEL, DUSK, ENS, ATH and others.
Futures market
Surprisingly, BitEXC immediately launched with Futures market, where another 11 crypto tokens are available for trading. Tradable tokens include BTC, ETH, XRP, PEPE, DOGE, LINK, ADA, AVAX, SOL, SUI, WIF and BABYDOGE. This is a solid selection of top currencies by market cap with several popular memecoins, but overall the number of trading pairs is underwhelming for seasoned traders.
As the exchange and its volume and liquidity grows, we will no doubt see more assets added to both Spot and Futures.
Volume and liquidity
Speaking of liquidity, the order books appear to be a bit thin on low-cap tokens. We don’t recommend buying 6-figure amounts with market buy orders, but high 5-figure positions shouldn’t be an issue. Volume wasn’t greatest on low market cap coins such as BIGTIME or ARKM either.
In short, you will not have problems buying or selling crypto unless you are trading with very high volume. For basic usage, BitEXC has adequate volume and liquidity even at launch.
Trading fees
Spot trading fees are fixed at 0.1% for both maker and taker orders. This means that no matter what type of spot trade you execute, you will at most pay 0.1% of the transaction amount as a fee.
Futures trading fees are 0.02% for maker, and 0.06% for taker. These are in line with other major crypto exchanges, so Vietnamese users aren’t paying any premiums for their local crypto trading.
Withdrawal fees
Crypto withdrawal fees are reasonably low. For USDT, fees are 1 USDT on TRC-20 (Tron) and BEP-20 (Binance) networks, and 6 USDT on ERC-20 (Ethereum). Some withdrawal fees are particularly cheap too. For example, you can withdraw POL (Polygon, ex Matic) through Polygon’s network for only 0.08 POL. Currently, this equals to merely 5 cents in USD.
Before you attempt a withdrawal, it’s recommended to check the Fee Schedule page to find the cheapest withdrawal fees and networks. In general (aside from traditionally expensive BTC and ETH mainnets) we haven’t found any fees over $10.
Fiat withdrawals are also available. You will first need to exchange your cryptocurrency for VND on the platform. Then, you can withdraw VND to your bank account.
Mobile App
BitEXC also launched with a mobile app for Android. The app can be downloaded from the website as a standalone .APK file. Currently, BitEXC app is not available on Google Play or App Store, but it’s likely only a matter of approval on both app stores. Based on current development roadmap, mobile apps are scheduled for launch on January 1, 2025.
Other features
- Subaccounts: BitEXC currently supports Subaccounts. You can easily create isolated accounts under your main one for easier management or tracking of trades.
- Account and Trade History: You can view a list of your executed trades and orders, helping you track trades or calculate taxes or earnings. You can also see a detailed breakdown of profits and losses (PnL) in Transaction Analysis.
- Withdrawal Whitelists: There are also Address Whitelists, where you can manage a list of safe addresses for quicker blockchain withdrawals.
- User Support: a 24/7 live chat support is available to assist customers with any questions. The help center is currently fairly rudimentary with only a few dozen basic articles and guides, so having live support is even more important.
- Referral Program: You can invite friends to join BitEXC with your referral code for extra bonuses for both of you:
- If your friend deposits more than 200 USDT and reaches over 500 USDT in trading volume, you will both get a 15 USDT trading bonus, and a Mystery Box with up to 500 USDT in crypto.
- An additional 15 USDT trade bonus and a Mystery Box worth up to 1,000 USDT is given if your friend’s volume reaches 25,000 USDT.
- There are no rewards for anyone when signing up without a referral code. If you wish to claim signup bonuses and rewards for yourself, feel free to use our code “105X9ENQEKA” during signup, or use the link below.
Upcoming announced features on BitEXC include copytrading, trading bots, and earn programs for staking.
According to the development roadmap, mobile apps will officially launch in early January 2025. Earn (staking) and grid bot trading features should launch before January is over, followed by copytrading in February 2025.
Is BitEXC safe for trading?
As a newly launched exchange, BitEXC is still unproven. However, these are several reasons why this may be one of the safest exchanges in Vietnam. Primarily, it’s launched by Bitget, and there’s very few bad things we can say about them. Bitget is one of the world’s top exchanges with over 6 years in operation and nearing 50 million users.
Bitget’s extensive experience in trading and security no doubt translates to their Vietnamese counterpart. Among other safety features and protocols, Bitget uses cold wallets for funds storage and has verifiable Proof of Reserves reports regularly published, and all assets have been safely tucked away so far.
In addition, Bitget runs a $300 million large insurance fund in case of any potential losses. Bitget confirmed that this massive fund also extends to BitEXC, giving another reason not to doubt safety and security of this exchange.
For account security, BitEXC will enforce a strong password, but also require 2FA confirmation. You will need to confirm every login or withdrawal with a code sent to your email. For even greater security, you can add 2-factor authentication options through Passkey, Google Authenticator, and phone number.
Additional security options include fund codes, withdrawal whitelists, and anti-phishing codes. You can also view logged in devices and account activity history.
It’s obvious BitEXC takes hints from its more experienced partner, as these account security options are fairly comprehensive for a newly launched exchange. Overall BitEXC seems to be a secure exchange. However, it just launched, so enabling proper safety measures with smart risk management is advised.
Final thoughts: Is BitEXC a good exchange?
For a new exchange, BitEXC is actually very good. We haven’t noticed any major issues, bugs or usability problems with this trading platform. It even has full dark color scheme! In fact, BitEXC feels more polished than many exchanges that have been operating for years, and trust us we’ve seen all kinds.
That doesn’t mean users will come flocking to it, though. The exchange is specifically launched for the Vietnamese market, even though it can be used in many other countries.
BitEXC is available internationally, and we listed restricted countries above. Users from any other country can use the exchange for their trading needs. However, note again that BitEXC only accepts fiat deposits in VND through local Vietnamese payment options, which can be a barrier for international users. Users from other countries can deposit crypto assets directly.
Users in need of alternative smaller exchanges can likely find more established ones in our comprehensive exchange list. Most will have additional features, payment options, and larger altcoin selections. On the other hand, investors who prefer the familiarity of Bitget’s user interface and want a similar alternative can definitely consider BitEXC as a top option.
Overall, we can certainly see why traders from Vietnam may want to use BitEXC. Because it’s backed by the experience and security of Bitget, we expect to be hearing many good things about BitEXC in the future.
