Bitfinex users are able to borrow and trade with up to 3.3x leverage through the site’s P2P (Peer to Peer) margin trading platform. Borrowing terms (amount, duration and interest) can either be determined by the user himself or automatically through Bitfinex. As you’re storing your crypto purchases in your own wallet, the security of your coins depends on the security of your wallet, not of the Bitit exchange. Anyway, let’s put all this aside for a moment and imagine you’re our hypothetical crypto noob.
- People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
- Its average TrustPilot score shows that it’s doing a relatively good job in maintaining user satisfaction (most exchanges receive a “poor” rating).
- Free deposits and fairly cheap withdrawals are available for Bitcoin Litecoin, Ethereum, Zcash, Monero, Dash, Ripple, Iota, EOS, and an additional 80+ assets.
In 2015 the exchange was hacked for the first time and 1500 Bitcoins were stolen. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. The company’s debut comes amid a big debate within the Bitcoin community about how to evolve the Blockchain technology behind the virtual currency so the system can continue to expand. This schism has some questioning the future of what others have hailed as a revolutionary financial system. Despite questions about Bitcoin’s future, a new Paris-based startup called Bitit has created a service designed to make it easier than ever for average people to acquire the virtual currency. In general, reviews from users of Bitit tend to be fairly positive.
They are spreading lies, and while Bitfinex has it’s own share of problems, none of them are the ones that these goofies are refering. If you’re going to leave a negative review, atleast make it look plausibly credible. Had an urgent issue and within the same day the email support resolved the problem.
Bitit Reviews
The company also recently struck a deal with Flexepin, which also lets people buy vouchers for online purchases. The new partnerships will allow people to buy Flexepin vouchers to use with BitAccess in 6,000 locations in Canada. The Bitit exchange is registered under the name Bitit SAS and incorporated in Paris, France.
Fees and Commission
It is fast, simple to use, and offers convenient payment methods with cards, bank transfer, a gift voucher, and several brands of cash vouchers. Other advantages are Bitit’s scope of operations, which includes over 100 countries, and the Bitit gift card. Less attractive are the high fees that make trading on Bitit quite expensive. Bitit is a very safe, secure, fair, and transparent cryptocurrency exchange. Bitit may not be licensed or regulated, but they have an impeccable reputation in the cryptocurrency industry and employ the latest and greatest security measures. For instance, Bitit only accepts 3D secured credit cards for fast and secure credit card payments.
Fast Delivery of Purchase – Immediate Use!
The platform was designed with the uninformed and inexperienced cryptocurrency user in mind. Therefore, it is very simple and easy to use with a step by step process for simply buying and acquiring Bitcoin or other cryptocurrencies. Bitit does not store the users cryptocurrency assets on their behalf, but rather sends it directly to the users personal crypto wallet.
What Are BitIt Gift Cards?
Bitit does not support any advanced order types, charting packages, or price analysis features. All in all, the exchange is very simple, fast and straightforward. While it may seem like just one of many cryptocurrency exchanges at first, BitIt does more than the typical platform by also offering some features more common to a marketplace. This French company lets you buy several different cryptocurrencies with credit cards, bank transfers, or vouchers you buy with cash.
The trick, and what Bitit hopes will be its secret weapon, lies in algorithms it has written to help minimize its risk profile. This works by carefully balancing the rate at which the company buys Bitcoin and the rate at which customers purchase the currency. Sarah ran away from a corporate job so she could travel the world.
Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. Katan said he is currently in the process of raising the company’s first official round of venture capital so he can expand his three-person team. It’s a good jump-start for a small startup that has yet to raise its first round of funding. The company was just formed last year, with the support of Paris’ The Family, a startup incubator that gave Bitit $20,000 last year to get started.
It also offers convenient gift cards as another way to buy crypto with cash. The only downsides of BitIt are the limited cryptocurrencies and high fees, but the platform is working quickly to expand its cryptocurrency offerings. Overall, the Bitit cryptocurrency exchange is an excellent option for user looking to buy a variety of cryptocurrencies in a simple, fast, and easy manner using fiat currency.
BitIt is based in Paris, France, and three friends founded it in 2015. They did so with the goal that everyone in the world, regardless of whether they live in a remote area, should have access to cryptocurrencies. They worked together to create a simple platform that delivers that access along with the ability to protect and manage a user’s financial well-being.
After doing that, she found herself a much-loved new career as a freelance blockchain technology writer. She’s authored and ghostwritten more than 250 pieces on blockchain and cryptocurrencies. In addition to writing and researching, she also runs her own websites – find out more at sarahrothrie.com. In our view, if Bitit really wants to corner a market for beginners in crypto without offering its own wallet, then there is one thing it could do. For a beginner, it could be one of the best options, but only if the said beginner is happy to go away and navigate the process of setting up their own wallet.
Bank wires have a 0.1% deposit and withdrawal fee, which can reach up to 1% if you’re looking for an expedited withdrawal. Free deposits and fairly cheap withdrawals are available for Bitcoin Litecoin, Ethereum, Zcash, Monero, Dash, Ripple, Iota, EOS, and an additional 80+ assets. Bitfinex also supports Tether (USDT), the quasi-fiat token unofficially pegged to the US dollar’s price. It’s no secret that Bitfinex has experienced its share of problems.
Also, user data and information is protected by advanced SSL encryption protocols and their financial information is never stored on bitit review’s servers. Also, user funds are never stored on the Bitit crypto exchange as they are sent directly to the users crypto wallet upon purchasing. All in all, Bitit is a very safe and secure cryptocurrency exchange with an excellent reputation. Bitit is a French exchange platform that was founded in 2015 by three friends and cryptocurrency enthusiasts. While crypto exchanges such as Binance are often targeted towards traders, Bitit is very clearly targeting itself towards crypto novices. The service aims to make it easy for anyone to buy cryptocurrencies using a credit card or various other payment methods.
Both Bitfinex and Binance support an impressive amount of cryptocurrencies. However, Bitfinex’s interface is much more advanced (and confusing) than Binance’s. Bitfinex offers the trading of derivatives contracts, which give traders the ability to speculate on the price of an asset, without buying or selling it outright. Traders simply need to collateralize their derivatives account with USDT in order to trade. I am able to deposit money which I have done, however I am not able to sell my bitcoin and convert it into withdrawable money. No, Bitit is a legit cryptocurrency exchange with a viable reputation in the industry.
While our Granny example may be far-fetched, Bitit does state that it is working to open cryptocurrency up to users in developing countries. This goal is laudable, however, users need that external wallet setup regardless of where they are. Offering the Ledger Nano S as the only wallet recommendation, which is not a cheap piece of hardware and no picnic to set up for a total newcomer, still seems to be more of a barrier than an enabler. Once you get your head around this idea of targeting the mainstream for an entry point to crypto, then it makes more sense that Bitit doesn’t offer full exchange services.