Tapbit

Tapbit Review – Introduction

Tapbit is a small exchange advertising itself as the finest crypto derivatives platform. It was founded in 2021, and launched in 2022. It’s currently headquartered in Colorado, US. It holds regulatory licenses in United States, Canada, and Saint Vincent.

On the platform, users can engage in regular spot trading. Margin trading is unavailable, but derivatives/futures trading with up to 150X leverage is available. Tapbit exchange boasts over 400 listed altcoins, and additional features such as coptrading, trading bots, fiat deposits and withdrawals, P2P market, staking, and more.

In our Tapbit review, we’ll take an in-depth look into the platform, including all features, fees, deposit and withdrawal methods, safety and security, and other factors.

Pros and Cons

Is Tapbit Good For Beginners?

First-time crypto investors can find exchanges that are easier to get started with, but Tapbit does still provides a solid new user experience. With a user-friendly interface, clear path to crypto purchases and easy execution of trades, Tapbit can still be a good choice even for those inexperienced with crypto trading platforms.

For beginners, Tapbit provides a simple Spot trading experience. Demo trading feature is also available, letting beginners practice trading without risk of any losses. Additionally, copytrading can also be used to copy positions from more experienced traders.

Other beginner-focused features such as recurring purchases or quick convert aren’t available. Of course, Tapbit does have a mobile app which lets you log in and trade on Apple and Android devices.

How to deposit fiat to Tapbit?

At present, you can only deposit fiat (local currency) onto Tapbit through integrated 3rd party providers: Volet, Mercuryo and Guardarian. On these gateways, fees are typically between 3% and 5%, depending on your country, currency and payment method. Tapbit does not charge any extra fees whatsoever for fiat deposits, and all fees are charged by the provider you use.

Buying crypto with fiat will require completing KYC process on the payment gateway. Since Tapbit is a no-KYC exchange, for anonymous trading it’s always easier to deposit cryptocurrency onto the exchange directly. Alternatively, you can buy up to $700 via Guardarian without KYC.

Payment methods accepted by the fiat gateways include Visa, Mastercard, Google Pay, Apple Pay, SEPA bank transfers, and Revolut. Additional local payment methods are available in some countries/currencies.

Our Tapbit fees section above outlines exact deposit and withdrawal fees per payment method.

Tapbit also has a P2P market for buying crypto. However, during our repeated checks, the marketplace had no active sellers in any supported currency.

Is Tapbit Good For Crypto Trading?

Trading crypto is where Tapbit shines! The platform is aimed for experienced derivatives traders, and provides a very good user experience, adequate volume and liquidity, plenty of altcoin variety (400+), and additional tools such as grid trading. Up to 150X leverage can be applied to positions.

Lack of advanced order types such as iceberg, VWAP or OCO may be disappointing to expert traders. However, the basic market, limit, and trigger orders with SL/TP exist of course. For most traders, these will be sufficient.

Experienced day traders can also take advantage of Tapbit’s free Grid Bot. A pre-set strategy is available, but traders can also customize and create their own long or short grid trading strategies with custom price range, grid, and investment margin.

Trading fees

• On Spot market, fees are 0.1% (maker) and 0.1% (taker).
• On Futures trading, minimum (maker) fees are 0.02%, up to maximum 0.06% per transaction.

Compared to other exchanges, Tapbit is cheaper than average on Spot, and average on Futures. Currently, there is no referral code for reducing fees on Tapbit. The exchange also doesn’t have a native token. However, high-volume traders can obtain VIP levels for fee rebates.

Crypto Exchange Fee Comparison

Comparison of trading fees on biggest crypto exchanges. Find taker and maker fees for spot and futures markets, and how to reduce fees further with native tokens and referral codes.Read Now 

Signup bonuses

Newly registered users can receive a $5 USDT bonus by completing their first Futures trade. Additional bonuses up to $5,000 USDT can be obtain through deposits and trading.

Sadly, the bonuses can’t be used to offset trading fees, funding fees or losses, but experienced traders can use them to open positions or get additional margin.

Other Tapbit Features

• Copytrading: New investors and inexperienced traders can use Tapbit’s Copy Trading to automatically open and close positions and potentially profit from more experienced traders.
• Staking: Basic Flexible staking is available for Bitcoin, Ethereum, USDT, USDC, and several other less popular assets. But overall, Tapbit is not very good for staking. Profits are competitive compared to other exchanges, but there are fewer than 10 total assets available.
• Demo Trading: If you wish to try the platform with no deposit requirements or risks to actual money, you can use the demo trading feature. This simulated trading is only available on Futures market, but does allow you to test trading without any worries.
• Optional KYC: Tapbit currently has optional identity verification. The platform is only restricted in a dozen countries, and can even be used from United States, Canada, United Kingdom, and other commonly restricted regions. Jump to available countries for a full list.

Safety and Security

• Headquarted in the USA.
• Tapbit is registered as a Money Services Business with FinCEN in the USA, and also holds licenses in Canada (MSB) and Saint Vincent & Grenadines (SVGFSA).
• Uses multi-signature cold wallets for asset storage, but no details have been provided.
• Committed to never freezing user accounts except on suspicion of criminal activity, stolen assets or money laundering.
• Reimburses users for losses in case of platform downtime or theft.
• Conducts regular stress tests, penetration testing, vulnerability scans and security audits (very few details provided).
• Has a $40 million insurance fund to compensate customers in case of hacks or stolen funds.
• During working hours, platform guarantees withdrawals will be processed within 15 minutes.
• Publishes Proof of Reserves, providing verifiable proof that all customer deposits are stored safely.
• Account safety options include 2FA (Google Auth, email, SMS), withdrawal PIN & whitelist, anti-phishing code, and device management.

Tapbit’s website and other resources don’t provide too many details about the company or exchange operations. This isn’t uncommon for a small and newer exchange, but additional transparency and insight in the future will be welcomed. The exchange hasn’t suffered from any large hacks or security incidents, and generally has positive feedback in various communities.

Due to Tapbit’s no-KYC policy, few regulatory approvals and licenses in expected. There’s currently no evidence to suggest Tapbit is a scam platform or engaged in any kind of fraud. This is a legitimate exchange operating since 2022. However, caution is always advised with new and unproven platforms.

Make sure to only keep funds required for trading on exchange wallets, use leverage to increase your position sizes, and withdraw profits regularly. For more tips, check out our crypto exchange safety guide.

Conclusion

As a small and relatively new crypto exchange, Tapbit doesn’t have a great deal of features, high staking yields, many interface customization options or additional financial services. Nevertheless, its Futures trading provides a solid selection of altcoins with decent volume and liquidity.

For day traders looking for a pleasant derivatives trading platform with no identity verification, give Tapbit a try!