Txbit Crypto Exchange Review 2023 : Pros & Cons

What Is Crypto Exchange ?

The term “crypto exchange” refers to a platform or online market where you may buy, sell, and trade cryptocurrencies. It acts as a middleman that enables people to trade one cryptocurrency for another or exchange their traditional fiat currencies, such US dollars or euros, for a variety of cryptocurrencies, including Bitcoin, Ethereum, or Ripple.

Users can store their bitcoins in online wallets or accounts offered by cryptocurrency exchanges. The digital assets are stored and managed via these wallets. You normally deposit your fiat money or cryptocurrency into your exchange account before using those funds to place buy or sell orders when you wish to buy or sell cryptocurrencies on an exchange.

Market orders, limit orders, and stop orders are just a few of the trading capabilities that cryptocurrency exchanges provide, allowing customers to specify particular requirements for their trades. In order to assist users in making wise trading selections, they also offer real-time price charts, order books, and other resources.

What Is Txbit Crypto Exchange ?

Txbit Exchange was founded in 2016 by a group of crypto enthusiasts. After some beta versions, the platform launched at the start of 2019. Txbit Global Services Limited is the company behind Txbit Exchange which is incorporated in the Republic of Seychelles. We offer crypto-to-crypto and crypto-to-fiat trading without the complexity of margin trading, futures, and loans. With a fair attitude, affordable prices for listings, and transparency about holdings for customers.

Txbit Crypto Exchange Quick Facts

How To Register At Txbit Exchange?

To register on Txbit , 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.

Txbit Exchange Supported Countries

Txbit 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 Txbit .

How To Verify Your Txbit Cryptocurrency Account ?

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

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

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

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

1. Use a strong and distinctive password: Decide on a complex password with a mix of capital and lowercase letters, digits, and special characters. Useless information like your name or birthdate should be avoided. Additionally, be sure that the password you use for Txbit is different from the password you use for other online accounts.
2. Enable two-factor authentication (2FA): Two-factor authentication increases security by forcing you to submit a second form of verification in addition to your password, generally a code generated on your mobile device. To prevent unwanted access to your Txbit account, enable 2FA.
3. Be cautious with email communications : Be mindful of phishing attacks, in which attackers pretend to be reputable companies in an effort to deceive you into disclosing personal information. Avoid responding to unwanted emails by entering personal information or clicking on shady websites. Always get in touch with Txbit to confirm an email’s legitimacy.
4. Update your hardware and software: To make sure you have the most recent security updates, update your operating system, web browser, and antivirus software frequently. Hackers may be able to take advantage of weaknesses in outdated software.
5. Be cautious with public Wi-Fi: Avoid using public Wi-Fi to access your Txbit account or carry out any critical transactions. Be careful when using public Wi-Fi. These networks are frequently unprotected, which makes it simpler for hackers to steal your data. Use a reputable and secure internet connection instead.
6. Keep track of account activity: To be sure there have been no unauthorized actions, periodically monitor the activity and transaction history of your Txbit account. Report any suspicious activity right away to Txbit’s customer care if you see any.
7. By taking these steps, you can help protect your Txbit account and reduce the risk of unauthorized access to your funds.

Fees taken when buying virtual currency

Txbit Trading Fees

This exchange doesn’t charge different fees between takers and makers. Their fee model is instead something that call a “flat fee model”. They have a flat trading fee of 0.20%. The industry average is arguably around 0.25% so these trading fees are competitive enough. are however seeing more and more exchanges moving to lower trading fees, and 0.10% and 0.15% are actually emerging as new industry averages.

Txbit Withdrawal fees

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn). It varies from cryptocurrency to cryptocurrency.

Txbit charges you 0.0014 BTC (which on the date of last updating this review, 2 December 2021, was around USD 80) per transaction. This means that their BTC-withdrawal fee is substantially higher than the global industry average, and thus very disadvantageous to its traders. They hope Txbit lowers this withdrawal fee very soon. 

Deposit Methods

Txbit does not accept any deposits of fiat currency. This means that the new cryptocurrency investors (i.e., investors without any previous holdings of cryptocurrencies) can’t trade here. In order to purchase your first cryptocurrencies, you need a so called entry-level exchange, which is an exchange accepting deposits of fiat currency. 

How To Contact Txbit Customer Support Team?

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

Please go to the Txbit website: Using your web browser, navigate to www.txbit.io, the official Txbit website.

You may find it under “Support”: On the Txbit website, look for a support or help section. Usually, you can find it at the bottom of the page or in the main navigation menu.

Contact Us : Once you’ve found the help section, select the “Contact Us” or a comparable option by clicking. You will then be directed to the customer service page.

Select a Contact Method: There are typically several ways to contact the customer care page. Email, live chat, and opening a support ticket are typical methods. Choose the mode of communication that best suits your needs or your problem.

Email Support: To contact Txbit via email, click on the given email address or, if one is available, use the contact form. Write a thorough message outlining your question, problem, or request and add any pertinent facts, including your account information or transaction IDs.

Live Chat: If there is a live chat option, select it to start a conversation with a customer service agent. Before beginning the chat, you might be asked to enter some basic information or authenticate into your account.

Support Ticket: If a form for submitting a support ticket is available, click it and fill it out with the necessary data. Give your email a concise subject line and a thorough explanation of your problem. Include any pertinent attachments or screenshots, if applicable.

Follow Up : After submitting your request, check your email inbox or the support website for a response from the Txbit customer service staff. Usually, they will respond with a solution, an explanation, or additional directions.

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

Features Of Txbit Crypto Exchange

Available At Android & IOS Store

Txbit Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading.

Convenient Payment Methods

Txbit accepts a wide range of payment methods, including UK bank transfers, debit cards, and credit cards.

Trading Cryptocurrencies

Users are able to purchase, sell, and trade a number of cryptocurrencies on the exchange.

Security Measures

Strong security protocols are used to secure users’ assets, including two-factor authentication (2FA), cold storage for money, encryption, and advanced account security features.

User Interface

An intuitive and user-friendly interface that makes it simple for users to move around the platform, make purchases, and keep tabs on their portfolio.

Customer Support

Response-time customer care channels are available to help users with their questions and problems.

Regulatory Compliance

Compliance with legal and regulatory standards, including Know Your Customer (KYC) and Anti-Money Laundering (AML) rules, is referred to as regulatory compliance.

Liquidity

Enough liquidity to facilitate seamless trading and little order slippage.

Txbit Good Or Bad Points

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

Good points:

1. User-friendly interface : Txbit has received accolades for its simple and user-friendly layout, which makes it simple for newcomers to navigate and trade cryptocurrencies.
2. Numerous cryptocurrencies: Txbit supports a wide range of cryptocurrencies, enabling users to trade a number of different types of assets.
3. Security features: According to reports, the platform has put in place security mechanisms like two-factor authentication (2FA) and cold storage of money, which can improve the security of users’ assets.
4. Active process of development: Txbit has demonstrated an active process of development, frequently adding new features and enhancing the platform.

Bad points:

1. Limited liquidity: Some users have mentioned liquidity problems on Txbit, which could mean that there are fewer buyers or sellers for some cryptocurrencies, which could make it more difficult to execute trades.
2. Customer service: There have been a few concerns about Txbit’s customer support team’s responsiveness and efficacy. Customers have complained about delays or difficulty in getting their problems fixed.
3. Limited customer support: Some users have reported slow response times from Txbit’s customer support team.
4. Regulatory uncertainty: Txbit’s is based in Ukraine, which has a relatively uncertain regulatory environment for cryptocurrencies.

Is Txbit Is Safe Platform To Trade ?

Verify the platform’s regulation by an established financial regulator. To safeguard the interests of its users, regulation helps to ensure that the platform adheres to specific standards and norms. Investigate the platform’s security practices. To protect user accounts and money, it ought to have strong encryption techniques, two-factor authentication, and other security measures.

Investigate the standing and performance of the platform. Look for user reviews, ratings, and any information about fraud or security breaches. A well-known platform with a good reputation is typically more reliable. The platform should be open and honest about how it operates, what it charges, and how it operates. To learn more about how they handle user finances, privacy, and dispute resolution, read through their documentation and policies.

Consider how well and quickly the platform’s customer care responds. It’s crucial to get trustworthy help in case you run into any problems or have inquiries about your transactions or account. Take into account the platform’s trading volume and liquidity. Increased liquidity makes guarantee that deals can be executed more quickly and fairly priced.

In summary, Txbit 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.

Txbit Conclusion

The interface is designed to be familiar to seasoned trading veterans, while staying simple and logical to newcomers. A modern and intuitive interface enables you to focus on trading and managing your portfolio. Txbit Exchange is a fully responsive web application. Desktop and mobile experience stays the same. Day / Night mode available at a click of a switch.

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