BTCsquare Crypto Exchange Review: Is It Safe or Just a Ghost Platform?

If you're looking for a crypto exchange that doesn't ask for ID, BTCsquare might pop up in your search. But here’s the truth: BTCsquare isn’t a trading platform you want to use - not because it’s shady, but because it’s practically dead.

What BTCsquare Actually Is (And Isn’t)

BTCsquare launched in 2018 and claims to be a no-KYC crypto exchange based in Seychelles. That means you can trade without handing over your passport or utility bill. Sounds appealing, right? Especially if you value privacy. But here’s the catch: no one is trading on it.

According to CoinMarketCap’s last update in October 2025, BTCsquare is listed as an “Untracked Listing.” That’s not a glitch. It’s a red flag. CoinMarketCap only stops tracking exchanges when trading volume falls below a threshold - and BTCsquare’s volume has been near zero for years. Back in 2020, it was averaging $2,300 in daily trades. Today? No data. That’s because there’s no activity to measure.

Most major exchanges like Binance or Coinbase move billions in volume every day. BTCsquare moves less than $3,000. That’s not a startup struggling - that’s a platform that’s already lost.

The No-KYC Promise: A Double-Edged Sword

The only thing BTCsquare does well is offer anonymity. No ID. No proof of address. Just log in and trade. That’s rare these days. Even privacy-focused platforms like LocalBitcoins now require some level of verification in many countries due to regulatory pressure.

But anonymity without liquidity is useless. Imagine walking into a grocery store where only three people shop. You want to sell your bananas. Who are you selling to? The same three people? What if they don’t want bananas today? You’re stuck. That’s BTCsquare. If you try to sell even a small amount of Bitcoin, you might not find a buyer. Or worse - you’ll get a terrible price because there’s no competition.

And while no-KYC sounds like a win, it’s also a warning sign. Legitimate exchanges in regulated markets (like Coinbase or Kraken) have licenses, insurance, and audit trails. BTCsquare has none of that. It’s operating in a legal gray zone with no oversight. If something goes wrong - a hack, a withdrawal delay, a site crash - you have zero recourse.

PLURA Token: The Fee Trick That Doesn’t Work

BTCsquare says holding its native token, PLURA, can reduce trading fees to “almost zero.” Sounds great. But here’s the problem: no one’s using it.

There’s no public breakdown of fee structures. No examples of how much you’d pay with or without PLURA. And since trading volume is nonexistent, no one’s actually testing this claim. It’s marketing fluff with no proof.

Compare that to Binance, where holding BNB clearly reduces fees by 25% - and you can see millions of users doing it every day. With BTCsquare, the PLURA token is like a discount coupon for a store that’s closed.

No Mobile App, No Support, No Community

BTCsquare is a web-only platform. No iOS or Android app. That’s fine if you only trade from a laptop. But in 2026, that’s a major disadvantage. Most traders check prices on their phones. Set alerts. Quick trades during volatility. BTCsquare doesn’t let you do any of that.

And there’s no customer support documentation. No live chat. No email response times. No help center. Not even a FAQ page that’s been updated in the last five years.

The community? Nonexistent. No Reddit threads. No Telegram groups. No Trustpilot reviews. Just one single user review on Cryptogeek’s site - and no details about what happened.

If you have a problem - say, your withdrawal got stuck - you’re on your own. And with no public track record of support, you can’t even guess if they’ll respond.

Security Claims That Don’t Add Up

BTCsquare says it stores 98% of funds in cold storage with multisignature wallets. That’s a standard claim. Every exchange says that. But without third-party audits, proof of reserves, or transparency reports, it’s just words.

In 2025, the bar for trust isn’t just “we say we’re secure.” It’s “here’s our proof.” Bitcoin exchanges like Bitstamp publish monthly attestations from accounting firms. BTCsquare? Nothing. Zero transparency.

And with trading volume this low, it’s unlikely they even have enough funds to justify cold storage. If they’re not moving assets, why bother securing them? The real risk here isn’t a hack - it’s that the platform just shuts down tomorrow and takes your coins with it.

Why Experts Ignore BTCsquare

Look at any “Best Crypto Exchanges 2025” list. CryptoPotato. Koinly. CoinGecko. CoinMarketCap’s own rankings. None of them mention BTCsquare. Not once.

Why? Because they don’t consider it a real option. These guides cover platforms with real users, real volume, and real regulatory compliance. BTCsquare meets none of those criteria.

Even Cryptowisser, which reviewed BTCsquare back in 2019, warned: “There is a risk that this exchange will have to shut down in the near future.” That was six years ago. And here we are - still waiting. Not because it’s still alive. But because no one even cares enough to shut it down properly.

Who Should Use BTCsquare? (Spoiler: Almost No One)

The only person who might consider BTCsquare is someone who:

• Needs absolute anonymity and refuses to use any KYC exchange
• Has less than $50 to trade
• Is okay with never withdrawing their funds
• Is fine with zero customer support
• Wants to test a platform that’s likely to vanish

If you’re trading for profit, security, or convenience - walk away. If you’re just curious, fine. But don’t deposit anything you can’t afford to lose. And don’t expect to ever get it back.

The Bigger Picture: Why Low-Volume Exchanges Die

The crypto exchange market is consolidating. In 2024, over $10 trillion traded across all exchanges. The top 10 platforms handled 95% of it. The rest? Hundreds of tiny exchanges like BTCsquare, slowly fading into irrelevance.

They don’t die because they’re bad. They die because no one uses them. And without users, there’s no liquidity. Without liquidity, there’s no traders. Without traders, there’s no revenue. Without revenue, there’s no maintenance. And then - silence.

BTCsquare isn’t a hidden gem. It’s a graveyard. And the tombstone says: “Here lies a platform that promised privacy but delivered nothing.”

What to Do Instead

If you want no-KYC trading, look at platforms that actually have volume:

• LocalBitcoins - Still has active peer-to-peer trading, even with some KYC requirements.
• Bitfinex - Offers non-KYC trading for certain assets with decent liquidity.
• MEXC - No KYC for basic trading, supports 1,000+ coins, and has real volume.

All of these have active communities, mobile apps, and at least some level of transparency. BTCsquare? None of that.

Don’t chase anonymity at the cost of safety. You can be private without being reckless.