BitKonan Review

Overview

An experienced crypto exchange offers its client to work with popular digital coins. It ensures comfortable trading and fast capital withdrawal, etc.

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Details

BrokerBitKonan
Website URLbitkonan.com
Founded2013
HeadquartersPut Plokita 87, Split, Croatia
Support TypesEmail, Skype
LanguagesEnglish
Free Demo Account No
Deposit MethodsInternational bank transfer, transfer through the Croatian Bank, transfers SEPA, crypto currency
Withdrawal MethodsInternational bank transfer, transfer through the Croatian Bank, transfers SEPA, crypto currency
Number of Assets2
Types of AssetsBitcoin, Litecoin
Account CurrencyUSD, EUR, HRK
US Traders Allowed No
Overall Score9.7/10

Additional Information

  • Exchange Commission: yes
  • Channels of communication: Twitter
  • The possibility of exchanging for fiat currencies: yes
  • Number of crypts: 2
  • Training: no
  • Autotrading: yes
  • Analytics: yes
  • Affiliate Programs: no
  • BitKonan API: yes

Full Review


The BitKonan exchange was created for trading in popular digital coins Bitcoin and Litecoin. It should be noted that the service doesn’t participate in transactions as one of the interested parties. Instead of directly buying or selling crypto assets BitKonan deals with the execution and processing of customer orders. Traders can count on a convenient system of withdrawal and replenishment of funds, quick registration and excellent support.

Certainly, you’d like to know whether BitKonan is another fraudster or it’s a reliable crypto exchange capable of processing orders quickly and enabling you to withdraw your funds at any time and without delay. We’ll answer this question here below.

BitKonan Review. BitKonan Is It a Scam?

BitKonan was created for fast and convenient conversion of digital coins. Here you can conduct profitable trade in crypto assets and use a free wallet. The registration process takes several minutes. A new customer is expected to provide his/her first and last name as well as his/her email address to activate the trading account. You need to accept the rules of the site immediately in the process of registration by clicking the corresponding button at the bottom of the form. For subsequent visits to your personal account you will need a password and login. You can start trading after moving to the appropriate section. There’s an advanced transaction management function, which can be launched by clicking the «Buy/Sell» button, after which you will have to choose one of the orders: Market, Limit or Stop Limit. Each of them has its own conditions for creating different combinations of orders.

The most popular order is the market one. The trader chooses it to buy or sell Bitcoin/Litecoin at the most pleasant price, which showed up at this moment in the market. A market order is executed quickly, because the service doesn’t set limits on it. Traders should carefully monitor this type of order because here might be a significant slippage under insufficiently flexible market conditions. There’s also a limited order. With the help of this order you can formalize the sale or purchase of a crypto asset and immediately indicate a convenient price. The transaction is executed as soon as the value of the declared cryptocurrency reaches the required level (read here how to make fast money on crypto assets).

The third option is Stop Limit, which combines the terms «Stop order» and «Limit order». After reaching the specified stop-price (a trigger), the order is executed at the exchange rate, which is considered to be more optimal. When the stop-price is reached, the stop-limit becomes a limited order. One of its main advantages is the presence of the trader’s control over the timing of the execution of orders. In addition, you can set a minimum threshold for the transaction and protect yourself from unwanted sales. However, in this case there is one downside: if the crypto asset doesn’t rise to the specified price, then the trade won’t take place. You can get familiar with all the nuances of transactions on the official website of bitkonan.com.

BitKonan charges a fee for each transaction. Its size doesn’t depend on the amount of purchased assets and for each transaction it accounts for 0.29%. The commission is charged from all users. On the site you might come across difficulties from time to time, but in this case you can count on assistance from the support service. To perform the simplest operations, authentication isn’t required. Without authorization it’s possible to find out the last price of digital coins of BTS and LTC, the highest and lowest bids for the last day, the maximum order for the purchase of digital currencies and the minimum for their sale.

 

Replenishment and withdrawal of funds

To send money to a personal wallet in your trading account you can use several options: international bank transfers, transfers through the Croatian bank or SEPA. All of them have their own distinctive features:

  • To work with an international bank transfer you need to fill out the form in the «Deposit» tab, which can be found in the appropriate column of the exchange’s website. To get detailed instructions you need to click the «Next» button.
  • You can opt for a Croatian bank transfer, as it’s very convenient for residents of this country. You can send Croatian Coons to your account. The Deposit tab is in the section «Croatian bank transfer». All fields for filling will open after clicking on the «Next» icon.
  • SEPA transfers appear to be a convenient option for transferring the euro among the countries included in the SEPA zone. Currently, these are 27 EU countries, and also Switzerland, Liechtenstein, Norway, Iceland. The transfer form is also filled in the «Deposit» section, which opens when you click on the tab «SEPA Bank». For detailed instructions on the translation, click the «Next» button.

The withdrawal of funds is carried out in a similar way. In each section, except for the «Deposit» tab, there’s a section «Withdrawal». The withdrawal takes up to 24 hours. All data on limits on transfers that exist for each option of withdrawal is available in the «Deposit» tab – the «Information» section. You can replenish the account in your сountry’s currency, but the added mount will be automatically converted into US dollars, used on the platform to buy Bitcoin or Litecoin. To speed up the processing of transferred funds, the user should add his BitKonan identifier to the personal cabinet memo. For converting funds and depositing them to your account the site doesn’t charge a commission fee.

If the client intends to transfer Bitcoin or Litecoin to the site, it’s enough to go to the «Deposit» section and choose the required cryptocurrency. After this you need to click the «Create a new address» button and get a link. For identification up to six confirmations are required, after which the funds will be credited. For making a deposit in the cryptocurrency to the account, the resource doesn’t charge a commission fee. You can learn all the nuances of replenishment and withdrawal of funds on the site bitkonan.com.

 

Complaints about BitKonan

BitKonan users note numerous advantages of the site. For example, it’s a very modest commission fee, although it’s charged for each transaction, even if you convert a relatively small amount. However, it doesn’t cause losses. Another advantage is the convenience of the site, the rapid withdrawal of capital, the availability of safe wallets. Traders also appreciate the fact that almost all the data on the upper and lower threshold of transactions can be seen on the main page of the site without having to register or pass authentication.

The resource provides tons of useful information for profitable transactions (here you can read the whole truth about crypto assets). The possibility of trading in the two most popular cryptocurrencies and the rapid conversion of funds into US dollars are also impressive advantages for any user. So, we can’t ascertain that BitKonan doesn’t deserve your precious attention and trust, summarizing the value of all illustrated above.

However, like any other exchange, BitKonan isn’t an ideal service. From time to time users complain about the minimum set of digital coins as well as the delays in the withdrawal of funds, the inability to quickly exchange one crypto asset for another. The support service isn’t always responsive, while customers have to wait for their response for a long time. In spite of the fact the administration tries to protect its users’ funds, but in case of any problems with scammers, it simply absolves itself of all responsibility for the disappearance of users’ funds. Certainly, users can’t like such an approach to their funds. On the other hand, it’s a common practice of most similar projects.

If we find complaints about BitKonan, we will post it on social media. Follow us to be well informed:

 

Regulation of BitKonan

BitKonan appeared thanks to a team of enthusiasts in 2013. Croatia is the country of its registration. The developers of the service came up with a revolutionary new idea – to launch a site with advanced order management in the rapidly growing crypto industry. More details about the launch and development of the exchange can be found on the official BitKonan website. Work with the exchange starts with registration and acceptance of the terms of the agreement. The client should take into account that, by accepting the rules for using the platform, he or she agrees that the exchange can change them at any time. If this happens, the user will be able to get familiar with all the innovations on the site. After the client receives a notification about it all responsibility for violating the new rules lies solely with him or her. Each visit to the trading platform suggests another confirmation of agreement with the current operating conditions.

One of the unchangeable rules here is a ban on the placement of deposits of third parties. Attempts by third parties to withdraw crypto assets from the service are absolutely unacceptable. To ensure 100% protection of funds, the exchange reserves the right to block your trading operation, set limits on access to the account or restrictions on the size of the deposit and withdrawal of funds. Also, at the request of the exchange, the user must provide documents identifying his or her identity. This information doesn’t go beyond BitKonan, it stays in databases. It’s not transferred to third parties. It’s not subject to publication or disclosure, except for a single exception – in case of a request by state bodies based on a court order for information exchange.

BitKonan immediately warns customers that it’s not responsible for servicing the exchange and accounting. All the risks associated with the loss of funds or personal data are solely borne by the user. However, it’s a common practice among such projects. It’s the client who must take care of the reliability of his or her password, which enables to preserve the inviolability of the account information. If the client notices attempts of the unauthorized intrusion into his or her office, transfer of funds, change of password, the client must immediately notify the support service about this. If you open several accounts on the platform, the administration will block them. It’s forbidden to use the service for money laundering, fraud, financing of terrorism. You aren’t allowed to carry out actions because of which the work of the exchange can be disrupted.

The user is responsible for his or her operations and funds on the account. The client ensures that he or she is their rightful owner. In case of a failure in transactions due to network problems or for other reasons, the customer can’t complain about the service. All the working conditions of the site are in accordance with the Croatian legislation, therefore, in the event of any disputes requiring an outside decision, their regulation takes place in compliance with the jurisdiction of the state courts. Visitors are prohibited from copying any materials from the site pages – the source code, images, texts, without the consent of the administration because all publications are protected by copyright law.

To strengthen protection on the site, you can use the API after logging into your account. The service application will generate the Api-Key and Api-Secret keys necessary for the correct login. Since in this case the API is private, the client must be authorized each time using the API key and the message identification code (HMAC). This code, in order to avoid hacker attacks and time limits, is generated with a personal API-Secret. For authentication, you must specify the API key generated by the local system, the UNIX timestamp and the message digest for which HMAC-SHA256 is used. The public API doesn’t need authentication.

Read the «Terms of the BitKonan User Agreement» on the exchange website

 

Is BitKonan a scam?

BitKonan has been successfully operating for six years on the market. It’s exclusively a trading platform on which people can conduct operations with two cryptocurrencies, replenish their trading accounts and quickly withdraw their funds. All useful site data is available even without registration, but to carry out transactions you will have to under o this procedure. For users who live in Croatia, it’s possible to use transfers from a local bank to replenish their trading accounts, all other traders can use international transfers, crypto wallets or the SEPA system for this purpose.

The site adheres to certain rules, violation of which is punished by blocking the personal office. That’s especially true for anyone trying to open a deposit to a third party or he or she is a third party and tries to illegally withdraw money from the trading account, violates other rules of interaction with the resource. The site bitkonan.com has an opportunity to chat with other project participants. If you want to leave a comment about the work of the exchange, ensure it’s correct. The administration has the right to control certain actions related to the movement of financial resources of its clients. At any time the administration can ask for identification documents in case of suspicion of committing any fraudulent activities or financing of terrorism. All this suggests that it’s important for the site to ensure a stable and safe work for customers.

In its recommendations and activities the support service is based on the legislation of Croatia – in this country the crypto exchange is registered. Many traders appreciate the site due to a simple interface, accessible even for those who don’t speak English. As for the reviews, today most of them are still positive, and in many respects it says that the developers seriously approach their service, they do everything possible for convenient trading (here you can read about the forecast for crypto assets for 2018).

Can we label BitKonan as a scam? Perhaps, we can’t. It’s because it’s a reliably protected resource with experienced technical support, fast processing of applications as well as other advantages that can’t be overstated. Traders don’t leave the service without attention, and despite some shortcomings in its work, they are reluctant to call it a scam. So, we shouldn’t hurry to make conclusions about the resource. We’d better wait for real feedback from those who have already tried to cooperate with the exchange.

 

Conclusion

The crypto exchange BitKonan has been represented on the market for a long time and it keeps operating successfully, offering traders a lot of opportunities to work with cryptocurrencies. The developers of the service have done a lot to make this process as easy as possible and it’s proved by numerous reviews on the Internet. In addition to trading, the exchange can act as the custodian of digital funds on crypto wallets.

The editorial office of the project FraudBroker.com isn’t going to regard BitKonan as a scam. Obviously, there might be difficulties on any platform and this site isn’t an exception in this regard. Nevertheless, it offers more than enough positive options to drastically facilitate operations with cryptocurrencies.

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