BTC38 was launched on June 2013, which was providing altcoins’ news at the beginning. Until August, it launched bitcoin and altcoins exchange services as well, is a leading altcoins exchange based in China. Its Chinese version main page is still displaying latest altcoins news on the left side and exchange panel on the right side.
It provides English version as well and support facebook accounts as login credentials.
Its daily trading volume is around $1 million ( 1,724 BTC ), ranked at 18th according to coinmarketcap, whose trading pairs are Altcoin to Bitcoin or Coins to CNY ( Chinese Yuan ). Many popular coins are listed, like Bitcoin, NEM, Litecoin, Emercoin, NXT BitShares, Dogecoin etc. Btc38 is not actively listing new coins, and adopting conservative methods to list coins, which is completely different from the ways used by Poloniex and Bittrex.
Users have to click Buy BTC or Sell BTC button to creat an order, which is slightly different from others. Many new customers may feel uncomfortable. For example, to create a BTC buy order, a user should click Buy BTC button. An form will be popped out below and requesting to enter trading password to confirm the order, in the aim to prevent unauthorised access to customers’ accounts. But there is no need to input trading password again for the following orders.
It enables API trading as well. But in order to get API keys, users have to apply for it.
Extra 1% amount of deposits will be topped up on your account’s balance. For example, you deposit 1BTC, you balance will be 1.01BTC. It charges 0.1% trading fees. But BTC38 will take 1% withdrawal fees to balance it. It is to encourage users to keep funds in the exchange rather than to take out.
It has implemented very high degree of security measures and successfully stop an hacking attempt on 29th March. To keep high level of security, customers are recommened not to set the trading password same with facebook account’. Every time a user wants to add a withdrawal addess and will have to input google 2FA authentication code. Once the addresses are added, which will be recorded there forever for you to initiate the withdrawals at any time without requiring verification code again, until the addresses are deleted.
For API management, to keep the server stable, there is a default limit of 120 calls per minute. It encourage users to set IP white list, from which users can only initiate API trades.
BTC38 withdrawal for coins are instantly. Once the user clicks confirm withdrawl, it will be showing up on the blockchain in one minute. Users are always satified with the speed of withdrawal, especially when they are doing arbitrage.
How to manage users’ fund
BTC38 keeps most of the coins in the cold wallet, which can be checked on the blockchain publicly. For every depost, it sends 70%-75% to their cold wallet, 5%-10% to the hot wallet for withdrawal, the remaining to a backup wallet. So we can see 70%-75% of coins from the blockchain explorer, which prove their solvency completence. One issue is that CNY ( RMB ) solvency competence proof cannot be public for check. But they claims they have over 100% reserve of CNY, even all customers initiate withdrawal at the same time, which they can handle properly and comfortably.