BitWell is a Singapore-based centralized cryptocurrency exchange (CEX) for individual and institutional traders. Founded in 2020, it offers spot and derivatives markets, including options and futures contracts. BitWell crypto exchange users can also invest and stake using the platform’s native asset, WELL.
The platform complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Users from several countries, including Canada, China, Thailand, Ukraine, and the USA, are prohibited from using any of the BitWell cryptocurrency exchange services. Trading is available on desktop and mobile devices.
Markets
Users can engage in crypto-crypto trading. While fiat currencies aren’t listed in the markets, stablecoins like Tether (USDT) are available. The platform regularly lists and delists assets as required. At the time of writing, the exact number of BitWell trading pairs is unavailable. However, you can check the data above for the most recent updates.
Like many exchanges, BitWell has a native asset known as the BitWell Coin (WELL). Initially developed as an ERC-20 token, it can also be used as a BEP-20 standard on the Binance Smart Chain. The BitWell crypto price value can offset options fees, and token holders are eligible for other discounts, rebates, and network governance rights.
The BitWell spot and derivatives markets are the main services provided by the platform. It mainly focuses on options platforms. Derivatives trading includes:
- Perpetual futures contracts
- Simple options
- Options chain
Options contracts are described as the featured products of the BitWell crypto exchange. Simple options are built as a beginner-friendly trading product with liquidation avoidance and limited losses. Options Chain is a product for professional traders that offers more advanced trading mechanisms.
The BitWell crypto fees for options trades are 0.015% for makers and 0.04% for takers. An additional options commission applies. The commission rate is calculated to never exceed 10% of the premium.
For BitWell spot traders, the maker-taker fee rate is fixed at 0.1%. Fees in the spot market may be adjusted according to market fluctuations at the company’s discretion without a prior announcement. Please consult the BitWell website for the most up-to-date rates.
The BitWell exchange fees for derivatives contracts are based on a multi-tier, maker-taker model. The base maker-taker fee rate is 0.03% and 0.07%, respectively. Discount rates can be acquired using invitation codes and may vary for spot, futures, and options trading.
WELL token holders are eligible to join the VIP program, and access discounted perpetual trading rates and maker’s rebates. The nine VIP tiers are determined by the 30-day BitWell volume and the 30-day average daily WELL position. The volume values are denominated in USDT.
VIP 1 requires a minimum of 20,000 WELL and a trading volume of at least 20 million USDT. The maker-taker fees are reduced to 0.025% and 0.06%, respectively. Starting at VIP 7, makers are eligible for a rebate. The BitWell crypto price value for the rebate can go as high as 0.02%. At VIP 9, the taker fees are down to 0.03%.
Other Services
Aside from the BitWell cryptocurrency exchange, users can access other financial services and use cases for the WELL token. The WELL Vault is a reward pool for BitWell Coin holders. Users can deposit a minimum of 100 WELL and automatically redeem rewards when the pool activity period ends.
BitWell Savings is a coin deposit service. It supports several currencies, including BTC, ETH, BNB, USDT, and DAI. Staking rewards are issued daily based on the amount of staked assets. The approximate BitWell crypto price value for the APY is 10-15%.
About the Company
The BitWell crypto exchange was founded by Hsann Aung Naing in 2020 in Singapore. The company headquarters are registered in Tortola, British Virgin Islands. Jeff Young is the current CEO.
In September 2020, the platform completed a strategic investment round, raising more than $30 million. Investors included companies and venture capital firms such as Block Vision Capital, Ceyuan Digital Assets, Hash Global, and Red Blockchain Capital.
The first self-developed USDT perpetual contract was launched in February 2021. Later that year, the investment and incubation division was created to promote crypto development. In March 2022, a record was set for the company as the 24-hour BitWell trade volume exceeded $200 million.
Jeff Young was appointed as the CEO of the BitWell cryptocurrency exchange in August 2020. He has over a decade of experience in the tech field and was previously part of the management team at Tencent and Sina. Before becoming a crypto investor and founding Block Vision Capital, Young worked at the Binance exchange.
Hsann Aung Naing is the founder and COO of BitWell. He obtained a master’s degree in Business Administration from the National University of Singapore. Naing’s previous experience in the tech industry involves companies like IBM and Toshiba. Before founding BitWell, he was the Head of Operations for Binance’s fiat services.
