Overbit is this a scam? Review and Customers Reviews

Overbit is a platform for trading digital assets, which appeared on the financial market in 2018. Cryptocurrency exchange is actively gaining popularity among users around the world.

In our review, we will take a closer look at the features implemented by the project and find out whether Overbit is a scam or a reliable exchange for cryptocurrency trading?

 

Why Overbit?

Overbit was founded in 2018 by CEO Chieh Liu, who is a financial expert and also has a degree in computer science in the United States. The interface of the service is translated into 5 languages, indicating the organization’s focus on the international market. The Internet resource is controlled by Abberton Trading Limited, which is registered in the Seychelles. It is from there that the project is regulated.

The main mission of the site is to maximize the opportunities currently available in the industry cryptocurrencies. The company offers not only Altcoin, but also metals. It is possible to trade different cryptocurrencies on the platform, but earnings are paid only in bitcoins. The traded altcoins are Cardano, EOS, Ethereum, Litecoin, NEO, Ripple and Bitcoin Cash (How to Make Money on Cryptocurrency?). In addition to using cryptocurrency for trading, leverage up to 1:100 is offered, depending on the instrument.

For beginning traders or for those users who want to get acquainted with the functionality of the project, a demo account was developed. Thus, clients can try out their own forces, learn the project’s functionality, as well as practice strategies without the risk of losing money. The trading platform has a fairly simple and intuitive interface. An experienced user needs no more than 15-20 minutes to understand the basic functionality of the project. Also, for beginners there is a whole section with detailed instructions on how to use the site. The only drawback is that there is no Russian version of the site, all materials are presented in English.

There is also a blog for users, where they can find the latest news about the project and updates. This is where clients can find out about current promotions and contests, which the company holds on its website overbit.com. The following functionality is available to users:

• information about the selected trading pair;
• schedule;
• the ability to modify the graph;
• information about open positions;
• order history;
• the price of current transactions.

Among the main advantages of the platform are:

• simple and straightforward interface;
• availability of a demo account;
• high leverage;
• platform security;
• 24/7 support;
• cold storage of funds.

 

How to exchange cryptocurrency on the overbit.com platform?

To make a cryptocurrency exchange, you need to make a few simple steps:

• sign in to your account;
• choose a trading pair;
• fill out information about the order, specifying the amount of cryptocurrency to be exchanged;
• click on the “Buy” or “Sell” button.

 

Verification on the Overbit platform

Verification is a mandatory process and gives users access to withdrawal of earnings. To proceed with verification, you need to go to your own profile and fill in the necessary information:

• name and surname;
• date of birth;
• residence address, city, country and zip code.

The next step is to upload scans or photos of the following documents:

• A scanned copy of a government-issued identification document, such as a passport or driver’s license.
• A document that clearly shows your address. These can be utility bills (gas, electricity, water, telephone, internet, local tax) or from a financial institution (bank statement, credit card statement, savings account, loan or mortgage statement). Address verification documents must be dated within the last 3 months.
• A photo of the user with a proof of identity and a sheet on which to write the system-generated code.

Keep in mind that the verification process can take from several days to several weeks.

 

Deposit and withdrawal

Depositing and withdrawal does not take much time. The minimum deposit amount is 0.001 VTB. To make a deposit, you need to make a few simple steps:

• sign in to your profile;
• click the “Deposit” tab;
• copy the generated address and paste it into the column of the payment system from which the transfer will be made.

Funds are credited immediately after confirmation.

Withdrawal of earnings

To withdraw your earnings, you also need to log in to your profile at overbit.com and click on the tab “Withdraw”. Then there are a few simple steps left:

• insert the address of the wallet to which the withdrawal will be made;
• specify the amount and send the application.

 

Cryptoexchange Commission

A distinctive feature of the platform is that there is no commission for opening or closing trades. Overbit also has no deposit or withdrawal fees. Only bitcoin transaction fees are charged during withdrawals.

 

Overbit bonuses

The company periodically conducts various promotions for its customers, as well as charging bonuses.

Deposit bonus $200

For those users who deposited their balance for a minimum of 0.2 VTB, receive a $200 no deposit bonus to their account. Funds cannot be withdrawn, but can be used to increase trading profits. The bonus expires immediately after withdrawal or 30 days after accrual.

Reward System

One of the distinctive features of the platform is an interesting system of Tier Points (TP), which the company has developed to reward active customers. Users receive points for their activity, which will later help to unlock XBT. When a user opens a trade with a notional value of 1 VTB, he receives 10 TRs. For example, 1,000 points will unlock 0.06 XBT and 5,000 points will unlock 0.324 XBT.

Referral program

For active traders who want to earn extra income, an affiliate program has been developed. Thus, clients can use a unique link to invite new participants to the project and receive remuneration for this:

• >0 VTS – 10% from the commission;
• >1000 VTS – 15% from the commission;
• >10,000 VTS – 20% from commission.

 

Complaints about Overbit

Since the organization appeared on the market quite recently, there are very few reviews on the Internet, especially from Russian-speaking users. On the whole, the company has a positive reputation. From the advantages clients note the absence of commission, loyal terms of cooperation and a convenient interface of the platform. However, there are also negative comments. Traders highlight the small number of functional settings.

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Regulation Overbit

The financial sphere is one of the most popular among fraudsters. To protect yourself from a negative experience of cooperation with an unscrupulous organization, you should check the availability of documentation, as well as the license before registering on the project. Let’s take a closer look at how the service is regulated. Overbit Exchange is registered in the Seychelles, so it does not need a license to provide services to its customers. On the official website of the company overbit.com Contact information as well as the location of the main office is not concealed. The necessary documentation is publicly available for each user.

Overbit User Agreement

The “User Agreement” is the main document of the project, which contains information about the conditions of trading, as well as the duties of clients and organizers. Each client should study the agreement before the beginning of cooperation. The document is presented only in English, which may create difficulties for users from the CIS countries. Let’s consider some points in more detail.

The agreement specifies the information that the company has the right to change, update, add or delete the provisions of these terms and conditions at any time by posting the updated terms and conditions on the website. By using the website after the organizer has updated the terms, the user agrees with all the updates. If the customer does not agree with any of the terms, he must stop using the Internet resource. Also the company reserves the right to terminate the site or services at any time without prior notice. The organizer will not be liable to the customer or any third party if it exercises the right to change or discontinue the website or services.

In addition, certain features of the services may be subject to additional terms of use. By using such features or any part thereof, the user agrees to comply with the additional terms of use applicable to such features.

Neither party shall be liable if the provision of services is delayed or prevented by circumstances beyond its reasonable control, including acts of God, riots, war, malicious acts of damage, fires, power failures, or governmental authority. If this happens, the company will contact the customer as soon as possible to let them know and take steps to minimize the impact of the delay or disruption.

The company as well as its partners do not make any implied or assertive representations or warranties to users that refer to the site, the services or any materials regarding the quality or suitability of the service provided on the company’s official website. All information found on the site is provided on an “AS IS” basis with no implied warranty. Also, the organization makes no warranty that the use of the Internet resource will not result in viruses on the user’s computer and for the functioning of the software in general.

The company disclaims any responsibility for the timely operation of the site when it is used in an Internet environment where the customer or a third party provides the computer equipment on which the product depends in any part of its functionality. Thus, the user agrees to the following clauses:

• By using this service, the user agrees that all trades are final and irreversible;
• Overbit reserves the right to liquidate any trades at any time regardless of the profit or loss position;
• all calculations performed by the company’s trading engine and verified by it are final;

All intellectual property rights related to all materials used on overbit.com, including but not limited to the design, structure, layouts, graphics and source code, are owned by Abberton Trading Limited. The organization does not warrant that:

• the service will meet the user’s requirements;
• service will be uninterrupted, timely, safe or error-free;
• the information provided through the service is accurate, reliable or correct;
• any defects or errors will be corrected, or that the service will be available at any particular time or place.

Client assumes full responsibility and risk of loss as a result of using the service.

Customer Service

There are several ways to contact the support team:

• by e-mail: [email protected];
• in an online chat room;
• via social media;
• fill out the feedback form.

You can also find a separate section on the site with answers to the most popular questions.

 

Is Overbit a scam?

Overbit – is a young company that was founded in 2018. The project is actively developing due to its unique opportunities and comfortable conditions for trading. The service focuses specifically on the international market, as evidenced by the multilingual interface, translated into 5 languages. The advantage is that the main people of the company are not hidden, and on the official website you can find information about the CEO. The platform is managed by Abberton Trading Limited, the head office is located in the Seychelles, where the regulation of the organization.

The platform provides the opportunity to trade not only cryptocurrencies, but also metals. The traded altcoins are Cardano, EOS, Ethereum, Litecoin, NEO, Ripple and Bitcoin Cash. Clients are also provided with up to 100x leverage. A demo account has been developed for novice traders. Thus, clients can try out the project’s functionality as well as practice their own strategies without the risk of losing the invested funds.

The company periodically conducts various promotions and accrues bonuses to active clients. An affiliate program was developed for additional earnings. Traders can attract new participants to the project and receive remuneration. Also, for the activity of users accrue points, which can later be exchanged for bitcoins. Due to the fact that the project appeared less than a year ago, you can find very few reviews on the Internet from clients. In general, the organization has a positive reputation, although there are some negative comments. After analyzing the opportunities that the project has implemented, can we conclude that Overbit is a fraud? No, because the organization successfully provides its services to customers around the world.

 

Conclusion

Overbit – is a cryptocurrency exchange, which appeared on the financial market relatively recently – in 2018. During this period, the company has actively started to gain popularity among users around the world. The interface of the site is translated into 5 languages, which indicates the orientation of the platform to the international market. The service tries to provide clients with comfortable and favorable conditions for cooperation.

However, many inexperienced traders do not soberly assess the possible risks and their own strength. In order not to lose your investment, you should read the information provided on the official website before starting registration. Now the company looks good among its competitors, although there are some shortcomings. If you have cooperated with the project, leave your impressions about the work of the service on our website to form an independent rating of exchanges for cryptocurrency trading.