BTCBIT

BTCBIT – is a young and fast exchanger offering users to buy/sell several types of fiat and virtual currencies. It is managed by the company BTCBIT Sp. z o.o. (European equivalent of Ltd.), registered in Poland in 2018.

Is it worth trusting such a young provider? Is BTCBIT a scam or a convenient and profitable resource? That’s what we’ll talk about in this review below.

 

 

Why BTCBIT

The owners of BTCBIT don’t hide anything from their clients: all commissions, limits, and transaction conditions are spelled out. At the same time, everything is quite minimalistic: no “watery” wording and promises, only actual information and tools.

 

On the main page there are currency quotes, so you can assess the effectiveness of the upcoming transaction. The minimum deposited amount is quite high: from 50 euros and its equivalents in other currency units. However, the upper limit is set at a good level: you can deposit up to 10,000 euros and withdraw up to 30,000 euros. In addition to the calculator there are ready transaction templates. Recalculation (taking into account the latest quotes) is made every 60 seconds.

Another plus for BTCBIT is the speed of transactions, which most users note. On average, a transaction is processed in about 6 minutes. DDoS protection is used to preserve your assets during the exchange process. In addition, each user is verified to reduce the risk of fraud. Unfortunately, BTC Bit does not have a mobile app, but the website btcbit.net is adapted to the permissions of mobile devices, so that the customer has the possibility to use the platform from a smartphone or tablet in any case. User support is provided not only by email and foreign phone number, but also through social networks, online chats and through a chatbot.

 

How to buy cryptocurrency on the BTC Bit platform

Buy/sell Cryptocurrencies at BTCBIT begins with registration and profile verification. By clicking “Create Account” on the main page btcbit.netYou will see a form where you will need to select the type of account (“Personal” for individuals or “Business” for companies and representatives) and fill out a number of basic fields.

Then you enter your personal data (name, contacts, status – whether you are a politically exposed person or a U.S. resident) and verify your identity. If you have done everything correctly, you will receive a notification of the request, which must be responded to within 12 hours. This is a long time, but until the approval comes, the exchanger cannot be used (even access to the sections of the personal cabinet is closed). After receiving a response from BTCBIT’s security, you can open the calculator and start buying/selling. It’s simple: you choose deposit method, currency and amount, units of purchase and press “exchange”. The statuses of all transactions will be displayed in the “My Exchanges” section of the personal account.

 

Verification on the btcbit.net platform

BTCBIT operates within the AML policy and verifies (verifies) each profile to ensure the safety of user assets. This is done at the registration stage. You have to confirm your identity in several ways:

• Indicating the number and series of your passport or (for EU residents) ID-card.
• Taking selfies with the ID in his hands.
• Uploading a utility bill, bank statement, document indicating residency, driver’s license or residence permit with a note of residency address.
• Entering the source of funds (say, official employment or contract work).

In addition, at any stage of using the service, you are obliged to provide the necessary information at the first request of the operator. And when you withdraw your earnings, the procedure will be exactly the same.

 

Terms of buying cryptocurrency

The exchanger can be used by adults who are not residents of the following territories: Afghanistan, Algeria, Bahamas, Bahrain, Kosovo, Bangladesh, Georgia, Bolivia, Bosnia and Herzegovina, Republic of Ghana, Botswana, North Korea, etc. This condition is stipulated in the user agreement.

 

Several types of fiat currencies are supported: American dollar, British pound sterling, Ukrainian hryvnia, Kazakh tenge, Turkish lira, Armenian dram, and Belarusian ruble. And 10 virtual ones: Bitcoin, XRP, Ethereum, Litecoin, Bitcoin Cash, Dash, Zcash, Ethereum Classic, Cardano, Stellar/Lumen.

Client funds are stored in the purse of the company (hot way) or the client (cold way) at the discretion of the latter. Replenishment and withdrawal are carried out by bank card VISA/MasterCard, SEPA/SWIFT transfer, Epay (Perfect Money), Payeer, and AdvCash.

 

Deposit and withdrawal limits

BTCBIT has quite high deposit and withdrawal limits. You can deposit to your account 50 EUR or other equivalents of this amount: 50 USD/0.00786 BTC/0.38918 ETH/1.28066 LTC/261.51079 XRP/0.26889 BCH/1.12348 DASH/2.09615 ZEC etc.

The upper limit of the deposit is 10 000 EUR/10 000 USD/2.00000 BTC/77.83525 ET/256.13114 LTC/12422 LTC/52204.16422 XRP/53.83435 BCH/224.69603 DASH/419.22973 ZEC. The exchanger’s reserves change every minute, so withdrawal limits are also unstable.

All figures are visible to you in advance at the bottom of the calculator. And yet, the amount you will receive as a result of the transaction may slightly differ from the initially stated amount due to currency fluctuations, because the service provider does not “freeze” it for the time of processing.

BtcBit commission

From each transaction at buying cryptocurrency BTCBIT will charge you:

• Processing Commission.
• The commission fee for the services of the service itself.
• network commission.

Its size is specified in the user agreement.

 

BTCBIT bonuses

Of the bonuses at BTC Bit, only promo codes are valid. You get them for activity: regular visits to the site (it is the login to the personal account that is recorded) and purchase/sale transactions. In addition, you can get a code from a company partner if you use their recommendation (referral link). The provider offers no other gifts.

Referral program

You have an opportunity to become a partner of BTCBIT and earn from trades of people who came by your recommendation. To do that, after registration you need to go to the “Referral System” section, copy your unique affiliate link and place it on your blog, website, social network page, chat room, and other legitimate resources. If users click on it and subsequently register and make transactions you will earn 12% (from 0 to 25 transactions per week) or 25% (more than 25 transactions per week) from each transaction. Payments are made at the end of each month.

 

 

Complaints about BTC Beat

There are many positive and negative reviews about the platform. Among the main reasons for complaints about BTCBIT are high transaction and withdrawal fees, problems with profile verification (when the user has to send the same documents many times) and technical failures, slippage (recall that the transaction price is not fixed immediately), which causes people to lose money. In some cases there were also accusations of fraud.

Praise the exchanger for the speed of transaction processing and fairly favorable exchange rates.

 

Note that all reviews are taken from an international service that verifies the user (requests data confirming that the latter actually used the services of the exchanger) and which is referred to by BTCBIT on its website btcbit.net.

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BTCBIT regulation

The issue of regulating crypto exchanges and cryptocurrency exchange services is quite complex, as most countries have not yet established a clear regulatory framework for blockchain technology. However, a number of platforms seek to build a dialogue with the authorities and register their activities. Let’s see if BTCBIT belongs to them.

BtcBit regulator

BTCBIT Sp. Z.o.o. is registered in Poland (registration number 369827363) and allegedly obtained 4 licenses:

• FRK000289 from the Register of Economic Activities to provide virtual currency exchange services.
• FVR000348 from the Register of Economic Activities to provide virtual currency wallet services.
• FFA000280 from the Register of Economic Activities for transactions in the status of a financial institution.
• FnCEN MSB 3100034002406 from USA Financial Crimes Enforcement Network Department of the Treasury.

Their scanned versions are available on the exchanger’s site, but in the absence of appropriate registries, it is impossible to confirm the status of documents. One way or another, all legal relations between users and the service administration are defined by the user agreement.

• View BTCBIT licenses on the exchanger’s website

• Read the BTCBIT User Agreement

User Agreement btcbit.net

BTCBIT’s user agreement is quite capacious and basically describes the order of actions and restrictions of the client working with the service. Let’s look at examples. So, in clause 2 the provider notes that he does not perform payment operations with the card, but is only an intermediary between you and the service.

 

Transactions, according to clause 5 of the policy, are processed within 48 hours. If you violate this deadline, you have the right to request a cancellation and the money will be returned within another 24 hours. The payment method that was used for the crediting is used.

 

The agreement can be changed unilaterally by the administration of the exchanger (clause 7).

 

Btcbit.net is not a broker or a payment agent (although it has some licenses), so it is not responsible for any of your losses and lost profits resulting from using the exchanger (item 8).

 

Any disputes are resolved by negotiation (clause 11). In other words, we are obliged not to go to court.

 

 

Is BTCBIT a Scam?

BTCBIT – is a good choice of crypto and fiat currencies, payment services for deposits and withdrawals, as well as communication channels with the support team. The exchanger is convenient and fast, but it requires users to strictly follow the rules (violators are blocked) and confirm their identity. This, in general, cannot be attributed to the disadvantages, as it is a standard procedure of AML policy implemented by the EU.

The licenses of the company-owner are very difficult to check (the papers on the btcbit.net The agreement is not always true, and registries do not provide such information), but all the numbers and seals are available, so one has only to believe or not to believe. And the agreement, even though it removes liability from the provider for any loss of funds by the client, still does not establish any bonded obligations. BTCBIT is not a scam but quite a respectable representative of its branch. We recommend only to start with small amounts if you use it for the first time.

 

Conclusion

BTCBITIn our opinion, it offers quite good conditions: the amount of commissions here is smoothed by quite favorable rates, and the long confirmation of verification – the stability and safety of the platform.

Reviews about the service are generally not bad, and to all negative comments the company’s representatives give quite polite answers, not trying to “shut up” people with standard references to the contract, but really looking into the problem. We think that btcbit.net has all chances to become one of the industry leaders if the issues related to technical failures and registration bureaucracy are solved.