BitKonan Exchange Review

BitKonan is a cryptocurrency exchange that was established in Split, Croatia in 2013, which prides itself in being the first to bring advanced order management in the volatile bitcoin industry. It was established by a young team of cryptocurrency enthusiasts headed by Tomislav Vajic that aimed to bring higher standards into the Bitcoin community. The website of BitKonan reveals that the team has “years of experience in working with Bitcoins” and that the exchange is a “strong Bitcoin trading platform”.

While BitKonan has tried to adopt a more international focus, most of its users are from Croatia and South-Eastern Europe. Moreover, BitKonan has 3 main coins: Bitcoin, Litecoin and Ethereum and does not offer any altcoins or other well-known coins such as Ripple. It offers just 2 trading pairs and has a relatively low trade volume of $9,000 per day.

BitKonan’s interface is appealing for investors as it gives its users access to a simple charting package with a variety of time frames, an order window with three different order types, a chat box where traders can interact and an open orders window. The exchange charges a competitive flat fee of 0.29% per transaction and offers 24/7 email and phone support for all its users.

However, there have been complaints about the fact that BitKonan has no mobile version and generally operates using only USD pairs. Also, inter-crypto trading and leveraged trading are not provided. The exchange is not regulated, which brings uncertainty for users, however, this happens with many cryptocurrency exchanges due to the lack of regulation in many countries. Lastly, there have also been complaints about the lack of a wallet offered by the exchange.

Concerning its security, BitKonan uses two-factor authentication and there have been no hacks since its launch in 2013. The BitKonan team monitors exchanges regularly to trace suspicious activity and strengthen security. The users’ funds are stored in hot wallets, which has raised safety concerns since they are not as secure as hardware wallets. Overall, it is considered to be a secure exchange.