BIT Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange?

An online marketplace that makes it easier to purchase, sell, and trade different cryptocurrencies is called an exchange. These online marketplaces act as middlemen, bringing together buyers and sellers and offering a venue for the trade of digital goods. Because they allow users to swap digital assets for fiat money or convert one cryptocurrency into another, cryptocurrency exchanges are essential to the larger blockchain ecosystem.

Usually, they offer wallet services, order matching, price charts, and an efficient and safe environment for customers to make trades. The operational structures, trading pairs, and security protocols of cryptocurrency exchanges differ widely, yet they all play a major role in the market’s overall liquidity and functionality. Exchanges for cryptocurrencies that are well-known include Binance, Coinbase.

What Is BIT Crypto Exchange ?

BIT is a full-featured cryptocurrency exchange that is designed for use by professionals. It provides services such as the execution of trading strategies, price discovery, and liquidity provision. BIT is always working to encourage the creation of innovative new financial products, improve the trading tools available to users, and offer a wide variety of tokens. Trade with confidence knowing that the platform is built with institutional-grade security and risk management measures in place.

BIT Crypto Exchange Quick Facts

How To Register At BIT Exchange?

To register on BIT , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

BIT Exchange Supported Countries

BIT Exchange is a cryptocurrency exchange that supports users from various countries around the world. However, the availability of services may vary depending on the location of the user.

Exceptions are the US, China, Japan and countries in the Middle East. Syria and North Korea are also countries whose nationals cannot trade on BIT .

How To Verify Your BIT Cryptocurrency Account ?

There is no mandatory verification at BIT , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of Free. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the BIT , Revolut platforms.

How To Buy Crypto Or Deposit Crypto At BIT Crypto Exchange?

There are two main options for topping up your balance on BIT . Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From BIT Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your BIT Account ?

There are several steps you can take to help secure your BIT account and protect your funds:

1. Strong Password: Use a strong and unique password for your BIT Exchange account. Include a mix of uppercase and lowercase letters, numbers, and special characters. Avoid using easily guessable information like birthdays or common words.
2. Two-Factor Authentication (2FA): Enable two-factor authentication on your account. This adds an extra layer of security by requiring a secondary verification step, often through a mobile app like Google Authenticator or Authy.
3. Secure Email Account: Ensure that the email account associated with your BIT Exchange account is secure. Use a strong password and enable 2FA for your email as well, as many account recovery processes rely on email verification.
4. Whitelist Withdrawal Addresses: Some exchanges allow you to whitelist specific withdrawal addresses. Enable this feature if available, as it adds an extra layer of protection by only allowing withdrawals to pre-approved addresses.
5. Regularly Monitor Account Activity: Keep an eye on your account activity and review transaction history regularly. Report any suspicious activity to the exchange immediately.
6. Beware of Phishing Attempts: Be cautious of phishing emails, messages, or websites that attempt to trick you into revealing your login credentials. Always double-check the website’s URL and use official channels to access your account.
7. By taking these steps, you can help protect your BIT account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

BIT Exchange Trading fees

The exchange charges you a trading fee each time you place an order. Typically, the trading charge is expressed as a percentage of the trade order’s value. There are several interactions that split manufacturers from takers. The people who “take” an existing order from the order book are known as takers. Orders are added to the order book by makers, who create liquidity on the platform.

For their spot trading, makers pay 0.02% and takers pay 0.07% in this instance. The industry average for spot trading taker costs was 0.215%, while the industry average for maker fees was 0.162%, according to the largest industry report on average trading fees ever created. Therefore, BIT Exchange, irrespective of the trader group you are a member of, are much below average.

The taker charge and maker fee for the worldwide average contracts trading were 0.063% and 0.018%, respectively. BIT levies fees of 0.02% on makers and 0.05% on takers. Therefore, they also fall short of both averages in terms of contract trading fees. Definitely very competitive! Below is a detailed explanation of BIT’s futures costs and how they decrease when your trading volume hits particular thresholds:

BIT Exchange Withdrawal fees

A withdrawal fee of 0.0005 BTC is assessed by BIT Exchange for each withdrawal of BTC. Again, this charge is less than the average for the entire industry. According to this data, the current global industry average for BTC withdrawal fees is 0.000643 BTC, which means that BIT Exchange’s BTC withdrawal charge is extremely competitive.

Deposit Methods

BitExchange allows you to deposit fiat money on the platform in addition to cryptocurrencies. Using wire transfers as well as credit or debit card transactions Because of this, BIT Exchange—a so-called “entry-level exchange”—becomes a simple spot for novice cryptocurrency traders to begin trading.

Trade On Go BIT Is 100% Mobile Friendly

Trade On Go BIT boasts 100% mobile-friendliness, providing users with a seamless and convenient trading experience on their mobile devices. The platform has been designed and optimized to ensure full functionality and responsiveness across a variety of smartphones and tablets. Traders can access a comprehensive suite of features, including real-time market data, chart analysis, and order execution, all from the palm of their hand.

With an intuitive and user-friendly interface, Trade On Go BIT empowers users to stay connected to the cryptocurrency markets wherever they go. This mobile-friendly approach not only enhances accessibility but also caters to the dynamic and fast-paced nature of the crypto market, allowing users to make informed decisions and execute trades on the go with ease.

How To Contact BIT Customer Support Team?

If you need help with your BIT account or have any questions, you can contact BIT customer support through the following methods:

Live Chat: You can use the live chat feature on the BIT website to chat with a customer support representative in real-time.

Email: You can send an email to support@BIT . Be sure to provide as much detail as possible about your issue or question.

Phone: BIT also has a phone support line that you can call. The phone number for customer support

Social Media: You can reach out to BIT on their social media channels like Twitter, Facebook, or Telegram to get help.

No matter which method you choose, be sure to provide as much detail as possible about your issue or question so that BIT customer support can assist you efficiently.

Features Of BIT Crypto Exchange

User-Friendly Interface

An intuitive and easy-to-use platform for both beginners and experienced traders.

Wide Range of Cryptocurrencies

Support for various cryptocurrencies and trading pairs.

Security Measures

Robust security protocols, including encryption, two-factor authentication, and cold storage for digital assets.

Trading Tools

Advanced charting tools, technical analysis indicators, and real-time market data.

Mobile Accessibility

Mobile apps or a responsive mobile website for trading on the go.

Order Types

Different order types such as market orders, limit orders, and stop orders.

Liquidity

Sufficient liquidity to ensure smooth trading.

BIT Good Or Bad Points

BIT is a cryptocurrency exchange that allows users to buy and sell various cryptocurrencies. Here are some potential good and bad points of using BIT :

Good points:

1. Security: Check if the exchange has robust security measures in place, such as two-factor authentication, cold storage for funds, and a history of handling security incidents effectively.
2. User Interface: A user-friendly and intuitive interface can make trading more accessible, especially for beginners.
3. Range of Cryptocurrencies: A diverse selection of cryptocurrencies and trading pairs increases your options as a trader.
4. Liquidity: High liquidity ensures that there is enough trading volume, reducing the risk of slippage and ensuring smoother transactions.
5. Customer Support: Responsive and helpful customer support is crucial for addressing any issues or concerns you may have.

Bad points:

1. Security Concerns: If there are past incidents of security breaches or ongoing concerns about the platform’s security, it could be a red flag.
2. Limited Cryptocurrency Options: If the exchange offers a limited selection of cryptocurrencies and lacks variety in trading pairs, it may not be suitable for those seeking diverse investment opportunities.
3. Poor Customer Reviews: Negative reviews and feedback from users regarding customer service, withdrawals, or other issues may indicate potential problems.
4. Unreliable Technology: Issues like frequent downtime, slow execution of trades, or other technical problems could impact your trading experience.
5. Opaque Operations: Lack of transparency regarding ownership, management, or key operational details can be a concern.

BIT Conclusion

In conclusion, BIT stands out as a comprehensive and feature-rich cryptocurrency exchange tailored for professionals in the digital asset space. Offering a range of services encompassing the execution of intricate trading strategies, facilitating price discovery, and providing liquidity, BIT aims to meet the sophisticated needs of its user base. The platform’s commitment to fostering innovation in financial products, enhancing trading tools, and supporting a diverse array of tokens reflects its dedication to staying at the forefront of the dynamic cryptocurrency market. Users can engage in trading with confidence, given that BIT is fortified with institutional-grade security measures and robust risk management protocols. As a result, BIT positions itself as a reliable platform for those seeking a professional and secure environment to navigate the complexities of the cryptocurrency landscape.

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