Traderlit Exchange Review!
With more than 400 different coins available, Traderlit can fill the needs of even the most advanced crypto trader. This crypto exchange charges reasonable fees, although they are not the lowest available. Traderlit offers solid security features, like wallet and IP address whitelisting, which help protect your coins by limiting how your coins can be removed from your account.
Pros
- Offers more than 400 cryptocurrencies
- Multiple levels of security
Cons
- Not available in all 50 states
- Does not offer margin trading
- Lacks some advanced order types
Who Should Use Traderlit?
Traderlit’s in-depth features can meet the needs of most cryptocurrency investors, but its fees are not the lowest available.
Non-specialist users should note that Traderlit’s instant buy platform can charge spread fees that make it uncompetitive, and experienced traders may want more advanced options, like margin trading.
Traderlit is available in most U.S. states, with a few exceptions. One major omission, New York, stems from the state’s Department of Financial Services deciding the platform had deficiencies in combating money laundering, among other issues.
As with all crypto exchanges, it’s important to keep in mind that investing in cryptocurrency is a risky proposition as almost all coins experience wild swings in value. You should never invest more in crypto than you can afford to lose.
Traderlit Fees
Like many cryptocurrency exchanges, Traderlit’s fee structure is based on the maker/taker model. Orders are categorized either as makers, which create liquidity on the exchange, or takers that reduce liquidity. Since maker orders increase liquidity, they often incur a lower fee than takers.
It’s impossible to know whether any particular order will create or reduce liquidity when you place it, so you will not know if you are paying a maker or a taker fee until the order goes through.
Traderlit offers volume discounts that reduce the fees you pay for trades based on your previous 30-day trading volume. In short, the more you trade, the less you pay, though you’ll have to trade tens of thousands of dollars worth of crypto per month to qualify.
Traderlit’s maker-and-taker fee structure is as follows:
You also incur fees if you withdraw coins from your Traderlit account, as you might if you wanted to put them in a separate crypto wallet.
Traderlit Features
Instant Buy and Sell
Newbies may appreciate just how easy it can be to buy crypto on Traderlit, thanks in large part to its Instant Buy and Sell feature. Through Instant Buy and Sell, investors can purchase many leading cryptos using a linked bank account, money already held in their account or a debit card.
While you won’t see fees at the beginning of this process, they appear before you place your order in the form of a spread. This will often be much more expensive than if you had simply used Traderlit trading platform yourself, in particular if you use a debit card to fund your purchase.
Debit transactions come with an additional 1% fee, plus any fees your bank charges, meaning most investors will be best served funding their accounts with free ACH transfers and by quickly learning how to navigate a trading platform. In January 2022, Traderlit took out an insurance policy of up to $300 million on its assets held in cold (offline) storage.
Security
To decrease the risk that major hacks result in the loss of customer assets, Traderlit stores the majority of its cryptocurrency assets offline in so-called cold storage.
Other Traderlit security features include two-factor authentication and wallet and IP address whitelisting. These all reduce the likelihood that someone can impersonate you on the platform or hack your account by increasing the steps you must go through to log in and perform certain transactions as well as reducing the wallets and locations that can access your coins.
