Bitlo Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

A cryptocurrency exchange is an online marketplace where cryptocurrencies can be purchased, sold, and traded. It functions as a market area where private users and institutional investors can trade cryptocurrencies or convert them into fiat money like the US dollar or euro.

By offering consumers a secure environment to conduct cryptocurrency transactions in addition to liquidity and price discovery, these exchanges play a critical role in the larger cryptocurrency ecosystem.

They frequently offer tools and services including order matching, trading charts, and wallets for holding digital assets in addition to offering a variety of trading pairs, including crypto-to-crypto and crypto-to-fiat.

While some exchanges are decentralized and run on blockchain technology, allowing users to transact directly without a middleman, others are centralized, meaning they are run by a central authority.

What Is Bitlo Crypto Exchange ?

Bitlo Launched on 5 June 2018, Bitlo is a centralized cryptocurrency exchange platform based in Istanbul, Turkey. The platform enables its users to buy, sell and store over 90 crypto currencies and assets. Turkish Lira and USDT pairs are provided with Basic and Advanced Buy/Sell options. Fiat deposits and withdrawals for Turkish Lira are supported with Bitlo’s official bank accounts without transaction fees. Bitlo’s vision is to be an infrastructure provider for the crypto world by enabling its users to make fast and reliable crypto currency transactions.

Bitlo Crypto Exchange Quick Facts

How To Register At Bitlo Exchange?

To register on Bitlo , 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.

Bitlo Exchange Supported Countries

Bitlo 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 Bitlo .

How To Verify Your Bitlo Cryptocurrency Account ?

There is no mandatory verification at Bitlo , 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 Bitlo , Revolut platforms.

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

There are two main options for topping up your balance on Bitlo . 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 Bitlo 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 Bitlo Account ?

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

1. Use robust and distinctive passwords: Make a strong password with a mixture of capital and lowercase letters, numbers, and special characters. Avoid using information that might be easily guessed, such as your name, birthdate, or everyday words. Avoid using the same password for many online services by using a special one for your Bitlo account.
2. Two-factor authentication (2FA) should be enabled: For your Bitlo account, enable 2FA. Typically, this entails getting a one-time code through email or mobile device to confirm your identity while logging in. Use a 2FA software like Google Authenticator or Authy rather than SMS, which can be less secure, to receive codes.
3. Keep Your Email Account Safe: A strong password and two-factor authentication should be used to protect your email account, which is frequently used for account recovery and communication.
4. Check the Authenticity of a Website: Verify that you are utilizing the official Bitlo website or application. Sometimes con artists imitate real websites by building phony versions in order to obtain your login information.
5. Precautions for Phishing Scams: Be wary of phishing emails or texts that request your account information or ask you to click on dubious sites. Check the email address of the sender, and always double-check the website’s URL.
6. Ensure Device Security: Maintain the most recent security patches on the operating systems and applications of your computer and mobile device. Utilize antivirus and anti-malware programs of repute.
7. By taking these steps, you can help protect your Bitlo account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

Commission Fees

The commission rates given below are applied to transactions made on Bitlo.com.

When you enter an order at the market price and this order is executed immediately, you are considered a market taker. As a market buyer, you pay a commission of 0.35%-0.01%. If the order you placed is not executed immediately and takes its place on the order board, you are considered a market maker. As a market maker, when your transaction is completed, you either pay no commission or a maximum of 0.35% commission, depending on your monthly volume.

When you enter an order at the market price, if part of your order is executed immediately and the other part is added to the order table, you pay a market buyer commission for the immediate execution and a market maker commission for the subsequent execution.

Buying Selling Commission Rates

Deposit and Withdrawal Commissions

Unit	deposit	Do not Pull	Daily Withdrawal Limit
Bank	Free	Free	2,500,000 TRY
Cryptocurrencies
0x	0 ZRX	35.00000 ZRX	100,000 ZRX
1inch	0 1INCH	15.40000 1INCH	50,000 1INCH
Aave	0 AAVE	0.27500 AAVE	500 AAVE
Algorand	0 ALGO	0.50000 ALGO	125,000 ALGO
Alien Worlds	0 TLM	5.00000 TLM	1,250,000 TLM

Trade On Go Bitlo Is 100% Mobile Friendly

Trade On Go Bitlo is a cutting-edge cryptocurrency trading platform that takes pleasure in being completely mobile-friendly, making it incredibly available and practical for traders on the go. It is essential to have a platform that is mobile-friendly given the quick uptake of mobile devices in our daily lives, and Bitlo has acknowledged this necessity.

Users may easily access and manage their bitcoin assets from the palm of their hands, regardless of where they are or what device they are using, because to the platform’s mobile friendliness. With adaptable layouts and touch-friendly controls that adjust to different screen sizes and orientations, the user interface is intelligently intended to ensure a seamless and user-friendly experience on smaller screens.

A number of features from Trade On Go Bitlo are designed specifically for mobile users, including real-time price tracking, swift and secure order execution, and an easy-to-use trading dashboard. With the help of these capabilities, traders can quickly execute transactions, make informed judgments, and keep up with market developments while on the go.

How To Contact Bitlo Customer Support Team?

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

Check out the official website: Start by going to Bitlo’s or the platform you’re interested in’s official website. A “Contact Us” or “Support” link should be visible. This is often located in the navigation menu or bottom of a website.

Email Support: The main method of interaction for bitcoin exchanges and platforms is frequently email. Find the support email address and send your question or problem there. Include any and all pertinent information concerning your concern.

Live Chat: On their websites, certain platforms provide live chat customer service. You can start a chat session with a customer service agent if this option is available.

Social Media: A few cryptocurrency exchanges have social media pages where they may answer questions from users. Search for their official profiles on sites like Facebook, LinkedIn, and Twitter.

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

Features Of Bitlo Crypto Exchange

Cryptocurrency Trading

Bitlo customers have access to more than 90 different cryptocurrencies and digital assets for purchase, sale, and trading. Users have a wide range of options for creating and managing their cryptocurrency portfolios thanks to this extensive selection.

Trading Pairs

The platform provides trading pairs for the Tether (USDT) and Turkish Lira (TRY) currencies. The Basic and Advanced Buy/Sell options are available for users to select based on their trading preferences and level of experience.

Fiat Support

Turkish Lira (TRY) deposits and withdrawals in fiat are supported by Bitlo. Users may simply move money between their Bitlo-connected bank accounts and other financial institutions, and the platform doesn’t charge any fees for these fiat transactions.

Infrastructure Provider

Bitlo wants to act as the bitcoin industry’s infrastructure provider. This implies that they are devoted to providing the tools and technology required for efficient and trustworthy cryptocurrency transactions in order to empower traders and investors.

Customer Support

Bitlo takes pride in its round-the-clock live customer support service. Users can ask for help with any problems or inquiries they might have. At the A.C.E Awards 2021 (Achievement in Customer Excellence), an occasion hosted by ikayetvar in Turkey, Bitlo won the Diamond Award in the crypto exchange category, demonstrating its dedication to providing superior customer service.

Bitlo Good Or Bad Points

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

Good points:

1. Numerous Cryptocurrencies: Bitlo gives customers access to over 90 cryptocurrencies and other assets, giving them a wide range of trading and investment possibilities.
2. Fiat Support: Bitlo allows Turkish Lira deposits and withdrawals in fiat, making it simpler for customers to sign up and withdraw money without paying transaction fees from their bank accounts.
3. Customer care: Bitlo’s dedication to providing live customer care around-the-clock is a good feature that makes sure users may ask for help and quickly find solutions to problems.
4. Recognition: Bitlo’s dedication to customer excellence was recognized with a diamond award in the crypto exchange category at the A.C.E Awards 2021, enhancing credibility and confidence.
5. Ambition: In an industry that is always changing, Bitlo’s ambition of being a provider of infrastructure for the cryptocurrency sector that enables quick and secure cryptocurrency transactions suggests a forward-thinking strategy.

Bad points:

1. Centralized Exchange: Because Bitlo is a centralized cryptocurrency exchange, consumers are required to put their trust in the system when using their money. As centralized exchanges are susceptible to hacking and legislative changes, this presents security problems.
2. Limited Fiat Pairs: Although Bitlo provides Turkish Lira and USDT pairs, consumers who desire to trade in other fiat currencies may find their options are limited.
3. Geographic Restrictions: Bitlo’s accessibility and attractiveness to a global audience may be constrained by its location in Istanbul, Turkey. There could be issues with language, rules, or support for users from foreign nations.
4. Security issues: Hackers frequently target centralized exchanges. To protect user dollars and data, Bitlo must consistently make investments in strong security measures.
5. Regulatory Risks: The cryptocurrency regulatory landscape can change rapidly. Bitlo may face challenges if Turkish regulations surrounding cryptocurrencies become more restrictive or if international regulations impact its operations.

Is Bitlo Is Safe Platform To Trade ?

Platform is governed by the appropriate authorities in the country it operates in. Regulatory control may offer some degree of security and openness. Look into the security procedures used by the platform.

Consider identifying features like two-factor authentication (2FA), cold storage for money, encryption, and recurring security audits. Platforms that have a good track record of dependability and security are typically safer choices.

Recognize the platform’s pricing structure, including the trading, withdrawal, and any other hidden charges. Over time, high fees may reduce your profits. Make sure the exchange has enough liquidity to meet your trading requirements. Low liquidity might result in price manipulation and make trading challenging.

In summary, Bitlo has taken several measures to enhance security, but it’s still important to be cautious and do your due diligence before trading on any platform.

Bitlo Conclusion

In conclusion, Bitlo is an Istanbul, Turkey-based centralized cryptocurrency exchange platform that was established in June 2018. In addition to letting users purchase, trade, and store more than 90 cryptocurrencies and other assets, the platform provides a wide range of other services to its users. Both novice and seasoned traders can use Bitlo’s Turkish Lira and USDT trading pairs because it offers Basic and Advanced Buy/Sell options.

One standout aspect of Bitlo is its ability for transaction-free fiat deposits and withdrawals in Turkish Lira through its official bank accounts. This ease of use might be a big benefit for individuals who want to enter and exit the cryptocurrency market without any hassle.

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