Bitsgap provides one-stop shopping for the crypto trader, who can trade on multiple exchanges at once from one convenient location. The platform enables users to hook up all their favorite exchanges using a fairly simple API process, but Bitsgap itself is not an exchange. This factor creates an interesting dynamic, because instead of users giving Bitsgap all the information to verify and become KYC compliant, users instead are just plugging into the exchanges and the KYC on those platforms covers them for trading with Bitsgap.
Bitsgap does not have its own order book and simply provides easier access to more than one exchange for the advanced trader who can then concentrate on automated trading methods like arbitrage and signals, and where bots can easily be set up to alert the user on prices and movements.
Bitsgap is a privately held company founded in 2017 in Estonia.
With Bitsgap’s cross-platform capabilities, users are able to conveniently use multiple exchanges all in one place. There are 2 trading interfaces: the first is Demo Trading where you can test out the platform risk-free, and then the Live Trading interface includes your portfolio across all the exchanges you have integrated with your Bitsgap account.
The trading features that Bitsgap offers include:
Traders have the following trade types available to them on Bitsgap:
Other trading features available include:
While trading using the Bitsgap platform, your funds are held at the corresponding exchanges that you have pre-configured using each exchange’s API keys. Bitsgap does not have access to any of the funds traders hold on exchanges. Users can set up to 10 exchanges accounts at a time with 25+ different exchanges available.
Connecting to each exchange is a fairly simple process. For each exchange you’ll need to provide the API key and a secret key. You can access this information in the support documentation from each exchange by Googling “Get API for…”. You’ll need to be signed into each exchange to initiate the API set up.
Setting up the APIs may vary slightly from exchange to exchange. For instance, on CoinbasePro, only desktop is available for API setup (no mobile). Be sure to save your secret key in a safe place such as a password vault app or on paper in a physical safe.
At each exchange it will take just a few moments to create the API key from the Bitsgap interface. You’ll receive the exchange API key, a passphrase, and the API secret. All three you should only have to use once and from there you can access your exchanges right from Bitsgap.
Choose the exchange you want to connect to Bitsgap and follow that exchange’s instructions.
The Exchange now shows up in the Bitsgap trading account minutes after API set up.
Automated, algorithmic trading bots help traders everywhere enjoy tools once reserved to hedge funds and investment bankers. One of the most prominent features on Bitsgap is its suite of trading bots, which give traders an edge over market fluctuations to increase profit potential.
Grid Trading Strategy (spot bots)
Grid trading “spot bots” allow traders to choose a price range which gets divided into multiple levels to create a grid full of orders. The strategy allows for postponed limit buy and sell orders, which are allocated above and below current prices. Buy orders go below current price, sell orders are set above it.
The idea is to profit from market movements in an automated fashion, even when you are offline. It works through the use of interchangeable orders, which means the bot automatically matches a completed buy order with a new sell order above the executed price (and vice versa). All the trades remain in the grid cycle for as long as the bot stays within your pricing range. When the price exceeds or goes below your price, the bot is not activated again until the price comes back into range.
When you set up your Grid Strategy, you’ll choose a strategy option (which bot, see below), the trading pair (100+ choices), which exchange, and the percentage target.
Trading signals are triggers for buying or selling an asset based on predetermined criteria. Basically, they help traders stay informed 24/7 of any market anomalies so they are at the right place and time to make a trade decision.
Bitsgap’s signal algorithms analyze more than 10,000 cryptocurrency trading pairs per second to find the coins with the strongest potential for trading profits. Signals are enabled for 20+ exchanges on the Bitsgap platform.
Arbitrate is a trading strategy that involves buying a coin and selling it simultaneously to profit from the small variances in prices (aka “slippage”) between 2 or more exchanges. Prices do range from exchange to exchange, due to the effects of decentralization and a young, volatile market. Because of these factors, arbitrage is more attractive in crypto markets than in traditional trading venues.
When arbitraging on Bitsgap, you split your crypto or fiat balances between two or more exchanges. For example, take the BTC/USD trading pair. To arbitrage, you would send your BTC to an exchange that historically posts a higher price; then you send USD to the exchange where the price is lower. The USD is now used to buy back the Bitcoin at the more advantageous price.
The Bitsgap platform aggregates the order books of all their supported exchanges to compare all the prices of each trading pair. As soon as price slippage comes under the radar, Bitsgap automatically adds a new entry with estimated profits, giving the trader an option to complete an instant trade. It is not automatically done, you will need to confirm the trade for it to go through.
Bitsgap’s Arbitrage Tool also figures in your live balance, which when compared with prices and volumes amongst exchanges, allows Bitsgap to give you the exact numbers on how much you’d profit from your existing funds. More information can be found in Bitsgap’s Arbitrage FAQ
Since Bitsgap offers automated trading services and works through connections with crypto exchanges, they do not apply trading fees over and above what the exchanges you are using charge. However, for the bot market services and multi-exchange configuration, etc., they charge a monthly fee with a tiered range of services. All tiers include standard trading services with trading signals, portfolio management, extended order types, and a demo trading interface.
Traders and investors have multiple options for funding their Bitsgap monthly service:
No verification is needed since it’s already been performed on each exchange individually. You simply need an email address and connected crypto exchange accounts to get started.
The trading terminal has a nice feel to it, navigating through it is intuitive and non-intrusive. It’s a bit more simplified than some crypto exchanges, for example, Binance. But simple in a good way and not a dumbed down way as you may experience on Coinbase.com.
Bitsgap offers email support and a great FAQ/Customer Support Center which stands out because of its simplicity, getting straight to the point and answering the most asked questions at the top.
Bitsgap’s Trust Pilot reviews averaged 3.8 stars but for only 24 reviews. Negative reviews are answered thoroughly by Bitsgap. They are not listed yet in the Google Play or the App Store.
With the low amount of reviews and mobile apps not yet available on mainstream app stores, one may want to do a little more digging into the workings of Bitsgap. But since they hold no funds (funds are held by exchanges you connect), it appears as though the security is as good as the exchanges you use.
Reliability may not be as big an issue, for example, if something happens and the Bitsgap platform goes down, you still have all your funds and exchange accounts, just not Bitsgap’s brand of portfolio management and bot trading.
Their website gets considerable traffic according to Alexa; not as high as mainstream exchanges like Coinbase and Gemini, but about the same as Bitstamp and Nexo.
No hacks have been reported. It is important to note that Bitsgap does not retain personal information, as each exchange that is integrated has its own verification process.
Bitsgap is a second generation crypto trading platform that allows you to combine your exchange accounts under one roof. This is good because crypto markets are so new and traders are trying to figure out which exchanges to use, which are best for them, which are the most secure, etc.
Bitsgap gives traders and investors a much easier way to manage multiple exchange accounts, while offering advanced trading strategies through highly complex bots that are now (thankfully) available to traders of all types and not just hedge funds and investment banks.
At this time, Bitsgap is not listed on Google Play or the App Store, which could be a deterrent in scaling their platform.