Forex Trading

Bitfinex Review and Comparison Is it Legit? 2024 Updated

Amongst which, you will find popular cryptocurrencies like BTC, BCH, LTC, ETH, XMR, and LTC, etc. and numerous other popular ERC20 tokens. As of now, there are over 250+ cryptocurrencies/pairs listed on it. TrustPay is perhaps the slowest of the three, as you need to wait for 2 to 5 business days for the transaction to take place. Cash vouchers can be either fast or slow, depending on how close the store nearest to you is. The transaction itself is near instantaneous once you provide receipt details. Due to the European regulations, all data on its website and on its communication channels are encrypted.

  1. Bitit provides their customers with exceptional customer support via a variety of methods.
  2. Bitit is a cryptocurrency platform that facilitates the buying of Bitcoin, Ethereum and other leading cryptocurrencies in just a few clicks.
  3. The platform was designed with the uninformed and inexperienced cryptocurrency user in mind.

Well, it is because apart from trading BTC, it also trades numerous other altcoins and is a popular multi-coin exchange of the cryptosphere. But as you know, running a crypto exchange is not an easy business to be in. Moreover, being centralized in nature, these exchanges are prone to numerous attacks and hacks.

What Are BitIt Gift Cards?

Bitget has partnered with companies such as Simplex, Banxa, and Mercuryo to provide a method for customers to purchase over 250 different coins and tokens via credit/debit card, Apple Pay and Google Pay. Impressively, Bitget also supports the purchasing of crypto with a whopping 40+ different fiat currencies, allowing traders to avoid nasty conversion fees. Though, it is good to note that using this method can see fees from Bitget’s payment partners, which can range between 2-8%. Customers can deposit and withdraw GBP, EUR, and BRL for zero fees if they use the bank transfer methods, or deposit/withdraw hundreds of different crypto assets. Bitget follows industry best practices and keeps the majority of its funds offline in cold wallets and away from the attempts of hackers. Unfortunately, they do not disclose what percentage of the funds are kept in cold storage, some transparency would be nice here as most exchanges keep 90-98% of funds safely stored which is what users like to see.

In a worst case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them. Confirm your account by checking your email account and then finding Bitit’s registration email and clicking Confirm My Account. The lack of easy deposit methods combined with the complicated interface will certainly take time to master and will make costly mistakes more likely. Newcomers are advised to stick with a simpler exchange that offers a variety of familiar payment options (e.g. Coinmama, CEX). Bitfinex requires verification for Tether usage and expedited cryptocurrency withdrawals. However, the exchange remains perfectly usable for those who only wish to provide an email address.

We also provide step-by-step guides on how to buy and withdraw your coins. It is great to see Bitget obtain VAPS licenses in Poland and Lithuania, but it would be nice to see them secure some licenses in more prominent regions and appease global regulators. The other downside for me is the lacklustre Earn and Savings section. The options here are incredibly limited and will need to be built out as earning passive income on multiple cryptocurrencies is one of the major features crypto users look for in an exchange. In this area, Bitget is not as competitive as the likes of KuCoin or Binance.

Other Crypto Shops

Depending on the method used, you can get BTC from 10 minutes to a week. Credit cards are the fastest available channel, as the transaction takes up to 20 minutes to be conducted. You wait for about 5 minutes for the transfer to be confirmed and additional 10 to 15 minutes for coins to reach your specified wallet. Once you have the account set, head over the “Buy” page and fill out the payment form that consists of your address code, amount of BTC you wish to buy and purchase method (either CC, TrustPay or voucher).

Bitfinex fees

Different from most other exchanges, you can now even buy cryptocurrency with cash here, if you use a CASHlib or Neosurf voucher. These vouchers are apparently available in more than 150,000 stores across the world. This exchange platform is available around the world, delivering cryptocurrency to the “remotest places.” No matter where you are, you can pay in local currency and will be able to enjoy high liquidity and limits. BitIt is a “one-stop shop” since it combines the advantages of a cryptocurrency exchange with those of a marketplace. Other than these three payment methods, users can also use the Bitcoin Bitit Gift Card for the sake of the purchase of digital cryptocurrencies. The Bitit exchange platform was basically founded by three friends Nicolas Katan, Ugo Mare, and Simon Potier in the year 2015.

Reviews

Bitit allows users to buy BTC and ETH online using cash, a credit or debit card, wire transfer, e-wallet, Neosurf, or Cashlib prepaid vouchers. Users need to register their profile in order to unlock higher buying limits of up to 2500€/week. They offer a Bitit gift card paired in Euros which can be redeemed for Bitcoin, but on the downside, fees can get as high as 11.9% for cash vouchers. Bitit is a cryptocurrency exchange based in France that provides users with trading opportunities for Bitcoin and Ethereum. In the near future, they plan on adding other coins like LTC, XMR, and XRP.

At this point, it’s fair to say that measures such as Proof-of-Reserves can only be taken so far. Without further transparency of activity within the exchange, preferably made available on-chain, customers still need to have some level of trust in the exchanges. As exchanges hash out the Proof of Reserves concept, the crypto community are hoping more comprehensive and transparent procedures will fall into place. To view monthly snapshots of audits, log into your account on the exchange and go to the “Proof of Assets” page. To verify the assets’ safety, click on “Go Verify” to check the Merkel-tree cryptographic proof.

When I say I am not a fan, it is because it attracts inexperienced traders who see auto trading as easy money, and who do not understand that there are good times, and bad times, to deploy this strategy. Now, I have used grid bitit review trading strategies extensively in the past and must say that I am not a big fan as this style of trading is incredibly dangerous. GroupCoin is an interesting feature that I have not come across on any other platform before.

Grid trading gets blown apart during strong single-direction trends, so be sure you thoroughly research and understand how grid trading works before deploying live capital here. Grid trading strategies are best suited to experienced traders who have a good understanding of market conditions and can dedicate time to keeping abreast of events that may disrupt markets. This feature allows users to use various crypto assets as collateral and then trade crypto on margin using a variety of crypto trading pairs. The charting screen is powered by TradingView, which was the path chosen by many popular crypto traders, and for good reason. TradingView is one of the most advanced and popular charting platforms in the world and meets the needs of nearly any trader from beginner to advanced. By leveraging TradingView, traders can conduct all their technical analysis and place their trades on one convenient screen directly on the platform, no need to switch from trading platform to charting platform.

Our company focus on simple UX and compliance stood out in a corner of the internet too often known for opacity and frictions. Plus, it is very user-friendly, and that’s why it promotes the tagline ‘Access the future of money in minutes’. Bitit has been operating for a while, and we have not heard of any major issues while using this platform, which means it is a safe platform to use. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner.

Unfortunately, Bitit is not a licensed or regulated cryptocurrency exchange or money services business, but they do follow all of the regulatory rules and guidelines required for regulation. Therefore, as cryptocurrency regulations mature, we have no doubt that Bitit will be ready to be fully licensed and regulated. Also, the Bitit crypto exchange has already built up a viable reputation in the industry and is trusted by many. However, how do you know if Bitit is the right cryptocurrency exchange for you? It’s hard to know, which is why we have compiled an in-depth review of the Bitit crypto exchange for your benefit below.

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