BitX has a pretty small marketcap according to CoinMarketCap.com, with trading often below a half million dollars. Still, BitX enjoys a generally high industry reputation, and has generally received favorable reviews. Unlike many other exchanges, BitX focuses only on bitcoin, so there’s not a ton of flexibility with this platform. Still, the BitX exchange and wallet are both great options for bitcoin.
BitX claims to be the world’s “most trusted, secure and reliable exchange”. Whether the company can back such lofty claims up, however, remains an entirely different matter. BitX has been around since 2013, so the company has some history behind it, but so far BitX has failed to secure any serious market dominance.
That shouldn’t scare you away from the exchange, however. The exchange has also receive funding from the Digital Currency Group, run by industry thought-leader Barry Silbert. BitX is also funded by Naspers, which is one of the older still active venture capital and technology investment firms. Naspers sunk $4 million into BitX, which is a pretty large sum for a single VC company, so they must have liked what they saw.
BitX also offers a bitcoin smart wallet for Android mobile devices. The wallet has been downloaded between 100K to 500K times, making it a quite popular app. Further, it has locked down a score of 4.4 from reviewers, making it one of the most well regarded bitcoin wallet apps for Android. This wallet is free and there are zero fees from transactions, making it a great low cost option.
BitX does not charge fees to send, store, or receive bitcoins. However, if you buy or sell bitcoins, you will have to pay a fee. The fees are a bit more complex, as BitX only charges “takers” who reduce liquidity, rather than “makers” who increase liquidity (say by offering bitcoins for sale). You will see the full price when you go to make a purchase as it can vary from transaction to transaction. To be honest, this lack of up-front transparency is rather annoying.
BitX seems to be a solid choice for Bitcoin traders, but make sure you pay attention to the fluctuating fees to ensure that they are in line with market standards. The BitX wallet is also a great option for people looking for a powerful and reliable Android wallet.