Bitsgap is a platform that allows traders to trade on multiple crypto exchanges by only one interface. This is a very interesting idea in theory but in practice, it was shown that is doesn’t work as good. The idea is to allow one to access all accounts via API Keys which is a good idea which can grant the ability to make arbitrate trades. Users didn’t found it so useful.
The project is also very young and there are a lot of things to change on this platform. By choosing Bitsgap you agree that your API is accessible. This is very important to know especially if you are not familiarized with the API keys. As mentioned, this is a relatively new project which still hasn’t stood the test of time. There is nothing wrong with being a new company but it is important to make a good name for yourself. The crypto space has a long history of mishaps including many reputable exchanges.
For anyone that hasn’t tried arbitrate trading before, you should know that many things can go wrong. The substantial capital requirement, the fees, and the website crashing can come in the way with this broker. There is also no information on the margin because none of the exchanges provided this kind of information which can be utilized at Bitsgap. Also, if you want to trade aggressively, you should look for a forex broker instead.
Once you register an account with Bitsgap, you will be greeted with an overwhelming interface. There are explanations however of the elements of the website which is a positive thing about this broker. There is a two-factor authentication required by the broker. The security of the connection is covered by the broker with an RSA 2018 encryption but there are no experts in this field to guarantee the safety of the system.
The people working at Bitsgap will have access to your accounts on all exchanges which is not an ideal solution to increase privacy and security. The charting is also not great but you can still manage to track your holdings and switch across all exchanges. The broker also offers arbitrage trading with a slightly lengthy process by creating a special section which shows you the different available offers.