BIT.TEAM

BIT.TEAM – is a product of a young company registered in the UK in 2017, representing a combination of an exchange and P2P (inter-user) exchanger. At the moment, the functionality is limited to posting and accepting ads for trading Cryptocurrencies using 25 fiat units.

Is it worth trusting a new market player or crypto exchange like BIT.TEAM? Could it be a scam? Let’s carefully examine all the features and conditions to draw our own conclusions.

 

 

Why BIT.TEAM

The exchange has several advantages:

• A good choice of fiat, among which are euros, dollars (American, Canadian, Australian, Hong Kong, New Zealand, Singaporean), and krones (Danish, Swedish, Icelandic).
• All popular cryptocurrencies (Bitcoin, Litecoin, Ethereum, etc.).
• Ability to exchange for cash (when meeting in person with a representative of the company).
• More than 60 methods of deposit/withdrawal.
• Quick and easy verification. Takes 3 minutes, requires confirming phone number via SMS, uploading photo ID and selfies from personal device camera.
• Provider registered with the FCA (one of the most trusted regulators).

In general, BIT.TEAM shows itself quite well when evaluated at a quick glance. But let’s move on.

 

 

How to exchange cryptocurrency on the BIT.TIM platform

To be able to purchase cryptocurrency and fiat through bit.team, you need to register. Click on the button “Login” in the upper right corner of the site, and then (in the form that opens) – “Register”.

 

Enter your email address and confirm it by following the link in the email sent to you by the administration. And fill out a small form: the country of residence (account creation is not available to residents of the United States, Japan, China and Puerto Rico), the user name, password, consent to the rules of the service (the user agreement and privacy policy).

In the end, let’s log in. Now our personal account is available to us. As we wrote above, 8 virtual units are available in BIT.TEAM: BTC, LTC, ETH, PZM, BIP, OMNI. ERC20 and BTT and 24 fiat currencies: USD, AUD, BRL, CAD, CHF, CLP, CNY, DKK, GBP, HKD, INR, ISK, JPY, KRW, NZD, PLN, SEK, SGD, THB, TWD, UAH, KZT, BYN (How to Make Money on Cryptocurrency?). Execution is market (instant). Setting of criteria of the transaction is limited by type of asset and the sum – additional toolkit is not provided. Processing is carried out in a 24/7 mode. Support – by e-mail (a direct letter or an appeal), as well as through the official communities of the platform in social networks.

How to buy cryptocurrency on the platform

There are two ways buying/selling cryptocurrency online bit.team:

• Execution of ready-made (created by other users) ads.
• Creating your own ad.

 

In the first case, you simply go to the “Buy” or “Sell” section of the footer, set the desired assets, amount, and select the appropriate deal from the list that opens. Limits and prices will be visible, but you won’t be able to edit anything in the exposed contract. In the second, you fill in a similar form in the menu item “Place Ad”, but with your own requirements for the rate, limit and profit percentage, and you have to wait for another user to agree to the deal in order to receive funds. The exchange is confirmed by entering the verification code from the SMS message sent by the payment agent to your phone.

 

Verification on the bit.team platform

Verification is a prerequisite for using the service – without passing this procedure, you will not be allowed to exchange (buy/sell) cryptocurrencies. It is necessary to confirm:

• Cell phone number (a text message with a verification code will be sent to it).
• Identity (a photo of passport, driver’s license or ID card is uploaded to a special form, and selfies are taken in real-time).

The system will verify the information in 3 minutes and give a verdict. To pass the procedure, you need to open your personal cabinet and go to the “Verification” tab of the “Profile” section of the Personal Area menu.

 

 

Deposit and withdrawal

BIT.TEAM has fairly wide limits. The calculation is made in fiat currency, regardless of whether you sell or buy cryptocurrency. At the same time, neither in the user agreement nor in a special section of the site are not prescribed restrictions on the amount of withdrawal – apparently, they are established on an individual basis.

Crypto Exchange Commission

The commission on the crypto exchange is not fixed: it is set individually and is already included in the rate (exception: transactions through the payment gateway, WALLBTC – 4%). Therefore, the amount you see before confirming the transaction may change with the fluctuation of the exchange rate/charge amount, and the output figures will turn out to be different.

Withdrawal fees

Like trading, BIT.TEAM withdrawal commission is not stipulated – in the exchange window you just see an approximate amount of c.u. you will receive as a result of transaction execution. Of course, the figures are indicative and change with the rate fluctuations, so you can’t determine the exact percentage of collection even by experience.

 

BIT TEAM Bonuses

BIT.TEAM has no bonus program. Considering that the provider does not keep client funds (your card/wallet/bank account is debited exactly as much as you need to make the exchange, and the money goes into the company’s single account), no accruals or gifts can simply be provided. The only way to get something is to participate in an affiliate program.

Referral program

According to the affiliate (referral) program on the site bit.team, you receive from 1 to 25% from the commissions of users (referrals) who have visited the site through the unique referral link given to you and subsequently registered. The link is available in your cabinet. You copy it and place it on any public resource (site, page/group of social network, chat/conversation, forum, etc.), if it does not violate its rules and human rights. Each click on it is recorded by the system and the crediting of interest is reflected in your profile. The amount depends on the total amount of all transactions of your referrals.

 

 

Complaints about Bit.Team

Due to the fact that the platform is young, there are almost no reviews about it yet. We found only a few, published on a well-known review site. And their authors praise BIT.TEAM for the promptness of operations, simplicity, convenience, and safety.

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BIT.TEAM regulation

Before depositing on an exchange, it makes sense to check not only the reviews about it, but also to study the licensing and legal framework. Let’s see how BIT.TEAM performs in this respect. If you believe bit.team website, the platform belongs to British company BIT TEAM Group Limited, registered in London under number 12217300. The legal entity is regulated by the FCA (Financial Conduct Authority) of Great Britain and is present in the register of the controlling body. Its specialization is financial management.

• • Check the registration of BIT.TEAM in the FCA registry

Bit.team User Agreement

BIT.TEAM User Agreement is a document that establishes the rights and obligations of the administration and users of the resource to each other. Let’s look at several provisions. So, the first point describes the requirements for users who register on the crypto exchange:

• Minors, as required by the country of registration/location (18+ or 21+).
• Any territory of residence except Japan, USA (and any of their territories/domains), China, Puerto Rico.
• Lack of blocking on the service (if accounts were previously opened for the same person).
• Compliance with rules and regulations.

The company has the right to block an account not only at the initiative of its owner, but also on its own initiative, if there are suspicions of unauthorized access by third parties, suspicious/unusual transactions or actions have been performed, or if the requirements to provide data as part of verification have not been met. And also at the request of authorized state bodies (clause 3.3.4.11.1).

Disputes about transactions are accepted within 48 hours after the occurrence of the described events. In some cases, the provider conducts a transaction review. The duration of delays is up to 1 month. BIT.TEAM does not guarantee the smooth operation of the service (clause 10.1). Its owner is not responsible for losses resulting from failures and other incidents occurring while working with the platform (clause 10.2).

If applicable law still provides for liability and the need for compensation, the amount of this compensation may not exceed the amount of commissions paid by the user for the last 12 months at the time of the disputed events (clause 10.3).

 

Is BIT.TEAM a Scam?

BIT.TEAM is a service registered in the UK, where the FCA is regarded as one of the most reliable regulators. The documentation is translated into multiple languages, which is a notable feature compared to many established platforms that do not offer translations for their documentation. The user agreement is standard and includes a disclaimer of the company’s responsibility for client losses, stating that the platform is provided on an “as is” basis. Additionally, there is a limitation on compensation, which cannot exceed the amount of your annual deductions to the provider (commissions).

An unpleasant point is also the lack of direct communication with the support team (by phone or through online chat), which slows down the speed of problem resolution. However, this may be a temporary situation. In general, despite the individual “beacons,” it does not seem that BIT.TEAM is a scam. However, we recommend that you not invest large sums in the exchanger initially.

 

Conclusion

BIT.TEAM is yet another newcomer to the market, trying to fend off competitors by using a new concept (exchange between users placing and accepting buy/sell announcements). No additional (exchange) instruments are offered here, but there is practically no limit on the amount of exchange.

In favor of the service is a large number of ways to deposit and withdraw fiat, processing of verification requests in a few minutes, and the ability to exchange for cash. However, it seems to us that it is too early to judge this service provider. It all looks pretty good, but reviews of the exchange are still scarce.