BitWell
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Unverified company
bitwellex.com
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Secure cryptocurrency trading platform offers high performance, stability and elimination of insider trading.
Cryptocurrency exchange
Website
Social media
Date of foundation
2020
Head Office
Singapore
Types of support
Help Center
Feedback form on the site
Telegram
Twitter
Languages
English, Chinese, Vietnamese
The owner of the company
BitWell
Manager
No information specified
Minimum entry amount
Verified
Cryptocurrency
  • From 10 USDT
Fiat
No limits
Unverified
Cryptocurrency
  • From 10 USDT
Fiat
No limits
Maximum input amount
Verified
No limits
Unverified
No limits
Minimum withdrawal amount
Verified
Cryptocurrency
  • From 0.001 BTC
  • From 0.1 LTC
  • From 0.05 ETH
Fiat
No limits
Unverified
Cryptocurrency
  • From 0.01 BTC
  • From 0.1 LTC
  • From 0.05 ETH
Fiat
No limits
Maximum withdrawal amount
Verified
Cryptocurrency
  • to 10 BTC / per day
Fiat
No limits
Unverified
Cryptocurrency
  • to 5 BTC
Fiat
No limits
Exchange Commission
Spot Trading: 0.1 %
Options: 0.015 % for maker / 0.04 % for taker
Perpetual contracts: From -0.02 to 0.03 % for maker / From 0.03 to 0.07 % for taker
Terminals
TradingView
Age restrictions
From 18 years
Trading volume per day
39 BTC
Number of users
1000+
Number of cryptocurrencies
40+
Margin Trading
No
Tokenized assets
WELL
Free Demo Account
No
Types of accounts
Execution of orders
Limit Order, Market Order, Average Price Guarantee, Post Only, Trigger Order
Methods of replenishment
Cryptocurrencies
Withdrawal methods
Cryptocurrencies
Account currencies
USD, Cryptocurrencies
Types of cryptocurrencies
BTC, ETH, USDT, etc.
Mobile applications
Has mobile apps (iOS / Android)
Trader training
Support center and academy
A way to store cryptocurrencies
Cold: yes
Hot: no
Fiat accounts
Yes
Scalping
No
Stop Loss and Take Profit Function
Yes
Exchangeability for fiat currencies
No
Stacking
Fixed deposit for a certain period
BitWell Savings
Deposit instrument with daily payment of interest
Basic verification
Trading is not available without verification
Extended AML verification
Regulatory laws
International data protection law
FATF (Financial Action Task Force)
API
Affiliate Program
Registration20% from the amount of savings, 30% from options and perpetual contracts, 40% from spot trades
Benefits
Asset security
Stability and reliability
Simple and stable trading terminal
Profitable referral program
Profitable deposit instruments
Investor Protection Fund
Easy-to-use products
Disadvantages
The site does not provide details
Slow chart update
Site failures
High commissions
Withdrawal delays
Company requisites
Overall assessment
7.7/10
Date of update
27.04.2022
    Address
    Singapur

    BitWell is it a scam? Reviews and description

    Published: September 13, 2021 Updated: April 27, 2022

    BitWell - cryptocurrency exchangewhich offers spot trading digital assets, perpetual contracts, buying/selling options, as well as stacking, deposits in service tokens and the BitWell Savings deposit instrument. The company's website has detailed information about the services, a simple trading terminal, and forms for using the deposit tools. To find out if BitWell is a scam and understand how reliable it is, we compiled this review.

    bitwellex.com registration on the site

     

    Why BitWell?

    BitWell is a cryptocurrency exchange from Singapore that has been operating since 2020. It offers trading in digital assets and several additional tools. Thus, the crypto-exchange offers to make bets and earn on them. Staking is a fixed deposit, which will be unlocked at the expiration. During the deposit period, users can deposit and withdraw funds at any time. After the deposit period expires, the token will be locked for the term specified on the site. When it expires, the system will automatically unlock the entire amount, which will return to the spot account.

    BitWell betting on the exchange

    The exchange also launches its own WELL token, which powers the ecosystem and serves as a measurement benchmark for participants and contributions from all parties. WELL is based on the decentralized ERC20 Ethereum crypto token and is connected to the Binance Smartchain BSC (BEP20). The token offers such benefits to its holders:

    • Discounts on platform trading commission.
    • Right of first refusal to buy products.
    • Additional discounts.
    • Community management rights.
    • The right to be selected as a founding community partner.
    • Special customer service, VIP level privilege +1 (Dawn Era users only).

    The company also has BitWell Savings. This is a deposit financial product. Users can choose a prize fund to deposit cryptocurrency and receive rewards. It is possible to deposit and redeem deposits at any time. Several stable coins are supported so far (USDT, USDC, BUSD and DAI), as well as popular cryptocurrencies, such as BTC, ETH, BNB, CAKE and DOT.

    bitvellex.com deposit product

    Rewards are paid daily at 08:00 UTC. Users must deposit cryptocurrency for 24 hours or more. Funds deposited and redeemed on the same day are not included in the profit calculation. Reward per day = number of coins deposited on the previous day * annual return of the previous day / 365.

    The platform calculates the amount of coins deposited by users and rewards and distributes them within 1-2 hours after the calculation. The APY is 10-15%, which is dynamically adjusted according to actual coins deposited and market conditions, and the previous day's annual rate is updated after the calculation is complete.

    Also users BitWell can make a WELL deposit and get rewards at any time before the end of the period specified on the deposit form page. Users can deposit a minimum of 100 WELL each time, there is no maximum limit. Coins will be automatically redeemed when the deposit runs out, no withdrawals are possible before that.

    After the end of activity, the system will automatically calculate the average number of WELLs each user contributes (amount of coins deposited / deposit duration). Final user reward = pool size * average daily WELL / amount of average daily WELL deposited by all users. Deposits made within the last 24 hours before the deadline will not be rewarded. There is also an opportunity to participate in voting. Advantages of the exchange include:

    • high level of asset security;
    • investor protection fund;
    • high regulatory standards;
    • easy-to-use products;
    • several deposit instruments;
    • the stability of the trading platform.

     

    How to exchange cryptocurrency on BitWell platform?

    In order to trade on the exchange, you must go through the registration procedure. For this purpose you can use your phone number or e-mail. A confirmation code will be sent to the specified data and by entering it one will get access to a personal account and trading terminal. Traders can choose from open-ended contracts and spot trading. The terminal is simple, there are necessary indicators and data for placing orders. All information about open and closed trades will be collected at the bottom.

    BitWell trading terminal

    There is a section on the website called "Simple Options". It has a form for CALL and PUT options. CALL - An arrangement for the right to buy an asset before a specified date. PUT gives the right to sell assets before the realization date. After buying a cryptocurrency, you can wait until the end of the period or do it at any time. An options network section is also available where you can place buy orders. Users who buy options can only execute them on the expiration date.

    bitwellex.com options network

    Exchange bitwellex.com has developed a mobile application in which you can use all the functions of the service. The program is available through the app stores for Android and iOS devices.

     

    Verification on the bitwellex.com platform

    First, the user must register by entering a valid phone number or e-mail and confirm them by entering a code sent by the service. If according to the laws of the country where the user resides, the phone number must be tied to a citizen's document, the trader must provide a number registered in his name.

    After logging into the office, you can go to the "KYC" tab to go through identity verification. Select the type of document - ID card or passport. Specify your nationality on the information entry page, enter your name and ID number, and click "Next. Upload the information page of your ID card and ID selfies. Once submitted, the information will be processed for approval, which usually takes 1 business day. Similarly, you can go through verification through the mobile app.

    BitWell account verification

     

    Deposit and withdrawal

    To deposit, log into your account and click on "Assets - Spot - Deposit" in the upper right corner, select the name of the coin/token you want to deposit. Select the appropriate network, copy the deposit address and paste it into the address section of the platform from where you are going to withdraw funds. You can also use the platform's mobile app to scan the QR code to make a deposit to your BitWell balance. After confirming the withdrawal request, you have to wait for the transaction to be confirmed. The time depends on the blockchain and network traffic.

    To withdraw after logging in, click "Assets - Spot - Withdrawal" in the upper right corner. Select a coin, fill in the currency address on the deposit page of the receiving platform, enter the amount. After confirming the address, copy it into the "Recipient Address" field and enter the withdrawal amount. The system will automatically calculate the processing fee and give the actual amount of receipt.

    BitWell withdrawal

    Cryptoexchange Commission

    For spot trading, the commission for a maker and a taker is 0.1%. For options trading, the maker pays 0.015% and the taker pays 0.04%. The commission for perpetual contracts depends on the 30-day trading volume and the WELL amount. According to these indicators, the user gets one of VIP levels (9 in total). The commission depends on this level. For the broker it is -0.02% to 0.03%, for the ticker it is 0.03-0.07%.

    bitwellex.com exchange commissions

     

    BitWell Bonuses

    Exchange bitwell.com offers participation in the referral program.

    Referral program

    To become a partner of the company, you have to fill out a form, which is available in the "Affiliate Program" section. By inviting acquaintances to register and trade on BitWell, user and referral can share up to 40% trading commissions. They depend on what tools the client uses. The remuneration is accrued as follows:

    • 40% for spot trading;
    • 30% for options and perpetual contracts;
    • 20% for savings.

    BitWell referral program

    Invitees can set their own commission percentage and a discount percentage on the invitee's commission, and then share them after setting up. Remuneration for spot, option and open-ended trades is calculated based on the actual commission received by a referral for each trade. In the case of savings, the calculation is based on the financial reward received by the invitee on the previous day.

    Both referral commissions and trading commission discounts are valid for one year from the moment a referral is registered. Separately, partners receive rewards for referrals. By inviting a friend to join, you can get additional rewards depending on the affiliate level:

    • Level 1 is $50;
    • 2 and 3 - 100 USD.

     

    Complaints about BitWell

    There are reviews about the crypto exchange on the Internet. Many users note the convenience of the platform, detailed instructions and explanations for new traders, informative website. They like the terms of the referral program and additional deposit instruments. But users call several disadvantages in the work of the service:

    • slow update of the charts;
    • high commissions;
    • site failures;
    • delays in withdrawal of funds.

    bitvellex.com trader reviews

    If there are any complaints about BitWell, we'll be sure to post on social media. Sign up so you don't miss anything!

    Please keep yourself informed about news and complaints. We copy the most valuable information to social networks, so please sign up!

     

    Regulation of BitWell crypto exchange

    Traders who want to trade on crypto exchanges should be sure that they will not run into fraudsters. To do this, it is important to study the documents on the company's website, find out if it has a license, and study reviews on the Internet.

    Regulator

    The site only has the text of the user agreement. There is no legal information about the company, license, or address.

    View the company's user agreement.

    Bitwellex.com User Agreement

    The text of the agreement is published on the company's website. It contains the terms of use of the service and the rights and obligations of the parties. The administration warns that it can suspend or terminate an account or the processing of any transaction with digital assets if it determines that the user has violated the agreement or that their use of the service is illegal. Cryptocurrency trading is available to those who are of legal age, have agreed to the terms of the offer, and have provided valid account registration information. In transactions on this site, one cannot maliciously interfere with or disrupt the execution of an asset transaction, nor can one use technical means to interfere with the normal operation of the resource.

    BitWell transaction execution

    If a user cannot log in to the site using the account number and password within a year, the exchange has the right to revoke the account. After revoking the account, the site has the right to offer the name of such member to other applicants for membership.

    bitwellex.com account deletion

    Customer Service

    The menu has a "Send Request" section. It opens a window with a feedback form. In it you have to enter your account UID, email address, type of request (there is a drop-down list of problems), specify the subject and enter the text. If you want, you can attach a file, for example, a screenshot of the problem. You can also write to the company's employees by e-mail: [email protected], on Telegram or Twitter. The exchange also has a help center, where you can find answers to some questions.

     

    Is BitWell a scam?

    BitWell - a crypto exchange that offers spot trading in digital assets, perpetual contracts, options buy/sell, stacking, and deposit instruments. The site has information about the services, a simple trading terminal. Holders of the exchange's service token can receive discounts on trading commissions. Users remain happy with their cooperation with the exchange. They like the referral program, detailed instructions for beginners. The disadvantages include slow updating of charts, delays in withdrawal of funds, failures in the work of the site. The company should pay attention to user complaints. But it is impossible to call BitWell a fraud scheme. This is a reliable exchange where you can trade digital assets and use deposit instruments.

     

    Conclusion

    BitWell - a cryptocurrency exchange that began operations in 2020. During this time, the company launched its token and developed several deposit instruments. The platform is suitable for beginners, as the terminal is simple, and detailed instructions can help to quickly understand the services of the service. If you have used them, leave your opinion about the exchange under this review.

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