Bit-Z Review – Is Bit-Z Scam or Legit?
Bit-Z is the popular major cryptocurrency exchange that allows traders to trade a diverse range of digital cryptocurrency assets. The exchange was founded in 2016 and is headquartered in the city of Hong Kong. The cryptocurrency exchange has established itself among the top cryptocurrency exchanges for exchanging digital assets all over the globe since its inception. Bit-Z provides both professional digital asset trading and over-the-counter (OTC) trading services.
The exchange has been a huge success due to its talented and diverse staff of experts in banking, social networking, gaming, and e-commerce. The team has put in a lot of effort to create a capable and diverse cryptocurrency exchange that provides a safe and secure trading environment. However, like most other cryptocurrency exchanges, the exchange has yet to be licensed by any credible regulatory bodies. Despite this, the exchange has established a strong reputation and is utilized by traders from all over the globe, focusing on Asian markets. As the demand for and popularity of cryptocurrencies grows, new cryptocurrency exchanges are springing up all the time. As a result, as traders, we must be certain that we are working with the finest cryptocurrency exchange. In the following review, we look at all of the elements that make up this cryptocurrency exchange and discover what makes Bit-Z stand out.
Bit-Z, which debuted in 2018, has rapidly made a reputation for itself in the cryptocurrency trading world – although not entirely good. It is often criticized as an exchange that openly falsifies its stated volume figures, with some estimates indicating that up to 99.6% of the exchange’s traffic is false. Nonetheless, like every exchange we evaluate, we did a deep dive into the exchange and came up with a comprehensive evaluation. Starting with the User Experience, the website is well-designed, but that is almost its only saving grace. We attempted to contact customer service through live chat, but no response was obtained within a fair amount of time.
Some functions aren’t available in all browsers, but Chrome usually provides l the greatest experience. The help area is flaky and difficult to browse. The images did not load, and many of the platform’s features are difficult to grasp on your own – leaving customers with no option but to guess their way around due to a lack of documentation. The Bit-Z crew is nowhere to be found online, at least in English-speaking circles and platforms, leaving the community outside of China wondering who is behind the exchange and whether they can be trusted; sadly, we don’t have an answer.
Bit-Z is doing well on the social front; they have an online presence on various platforms, including western-oriented ones like Medium, Twitter, and Facebook, and we think their Asian outlets, particularly those in China, are flourishing much more than their western counterparts. This is further supported by the fact that most, if not all, of the trade taking place on the exchange originates in China: the USD-crypto OTC order book was devoid of offers, while the CNY-crypto OTC order book was brimming with them. Users’ security precautions are much too rudimentary, with just two options for using two-factor authentication and receiving email confirmation before withdrawing money. Furthermore, they seem to keep some user assets in cold storage, but not all, as do other highly secure exchanges. Furthermore, despite displaying impressive volume numbers – which are almost certainly fake – Bit-Z has never been hacked, implying that they do have a functioning Risk Management team, albeit one whose expertise is unknown to us in-depth, given that English communication on the exchange’s side is not its strong suit, to put it mildly.
|Levels of Verification||Two|
|Platforms for Trading||Online|
|Mode of Payment||Cash, WeChat, PayPal, Bank Transfer, Neteller, Alipay, Cryptocurrency, and Western Union|
|Support||Email, Twitter, Chat box, Phone|
What is Bit-Z, exactly?
Bit-Z, which stands for Bit-Zeus, is a digital asset exchange that was established in December 2016. According to a Bit-Z exchange assessment, the company’s headquarters are in the city of Hong Kong, and it operates in ten countries and territories, including Japan, Singapore, and South Korea. A Bit-Z exchange study also showed that it is a top 10 cryptocurrency exchange globally by trading volume. It gives you access to over 160 marketplaces and their high liquidity and expert trading access to over 100 digital assets and 140 trading pairs. Bit-Z also gives users access to reports, sophisticated charting, real-time market data, trading history, and API access. Traders can make more educated choices as a result of this.
They also provide OTC trading services, such as an OTC trading platform where advertisements for the buying and selling of certain crypto assets may be placed. They provide OTC trading, which allows users to trade digital currencies directly with one another. The exchange’s staff is made up of highly skilled individuals with a wide range of industry expertise. A Bit-Z exchange review reveals that they have e-commerce, gaming, banking, and social networking expertise. This combined expertise contributes to the Bit-Z platform’s simplicity of use and security, including the implementation of SSL technology, which banks often utilize for optimum security.
Bit-high Z’s ranking on the list of leading exchanges is attributed to its liquidity; as of June 2019, Bit-Z recorded a 24-hour trading volume of USD 653 million. The exchange cherishes the four characteristics and prides itself on our professionalism, security, ease, and synchronization, as shown by visiting the platform’s website. The exchange charges a fixed fee of 0.10 percent, much lower than the industry average of 0.25 percent. This provides the exchange a significant competitive edge in the market since some users prefer a cheaper charge. Its withdrawal cost is 0.0001, which is lower than the industry average and gives the exchange a competitive edge.
Though the cheap costs appeal to consumers, the platform is not ideal for novice cryptocurrency investors since it does not allow fiat-to-crypto trading, just crypto-to-crypto trading. New investors will have to use another platform to conduct a fiat-crypto transaction before they can use Bit-Z, although they will use the platform’s OTC service to make such deals on the side. On transactions, the exchange employs bank-level SSL technology for security and Global Server Load Balancing for stability. Before making withdrawals, a two-factor authentication method is utilized, and when trading, the user is prompted to authenticate their account. The platform takes pleasure in being open about its security system and regulations. The exchange is not governed by Hong Kong legislation since it is located in the city of Hong Kong. However, no security-related flaws have been discovered on the platform so far, indicating the robustness of its security system.
Bit-Z is the popular cryptocurrency exchange headquartered in the city of Hong Kong that debuted at the end of 2016. Users have access to over 160 high-liquidity markets via the platform. Traders on Bit-Z have access to over 100 cryptocurrencies and 140 trading pairs. Bit-Z is the famous exchange headquartered in the city of Hong Kong. There are numerous exchange platforms in the city of Hong Kong and Bit-Z is one of the most popular. Binance, KuCoin and Bit-Z are two non-exhaustive competitors on this exchange’s home field. When it comes to platform benefits, Bit-Z emphasizes four in particular: professionalism, secrecy, ease, and synchronization. Only US investors from the state of New York are barred from trading on the exchange. However, all US investors should do their research to see whether their local state has any legal restrictions on trading at Bit-Z. However, access to the site is not available in select countries. Users interested in using the platform should contact the exchange directly to find out whether they are legally permitted to do so from their country of residence.
Clients pay Bit-Z extremely affordable rates, which are cheaper than the majority of the competitors. There is no charge to deposit cryptocurrency money on the exchange. However, there is a charge to withdraw cryptocurrency funds. The withdrawal cost varies per cryptocurrency. However, the average fee is 0.5 percent for all major cryptocurrencies, including Bitcoin, Litecoin, etc. A modest trading charge for either purchasing or selling is the other fee that traders pay. Bit-Z is unique among cryptocurrency exchanges in that it charges the same 0.1 percent fee for both buying and selling bitcoin. We believe Bit-fees Z’s are extremely fair and even cheap when compared to the competition.
Every trade involves two parties: the maker, who puts the order that matches (or “takes”) the maker’s order on the order book before the trade, and the taker, who places the order that matches (or “takes”) the maker’s order on the order book. Makers get their moniker from the fact that their orders create liquidity in a market. Takers reduce this liquidity by matching manufacturers’ orders with their own. The maker-taker approach promotes market liquidity by offering a fee reduction to those who create it. Due to the greater motivation for manufacturers to outbid each other, the market spread tightens.
There are also a handful of major crypto exchanges that do not differentiate between takers and producers regarding fees. The exchange charges a 0.20 percent flat trading fee. As a result, it doesn’t care if you’re a taker or a creator. This trading cost approach may be appealing to investors who want to pick up existing orders from the order book. Trading fees of 0.20 percent are comparable to, if not somewhat higher than, the industry average.
When specific conditions are met, Bit-Z also provides trading charge reductions. The fee reduction is calculated in a complicated way, depending on your trading volume and your Bit-Z token holdings. In any case, without paying using Bit-Z tokens, the lowest possible trading cost for tokens is 0.042 percent for those purchasing and 0.03 percent for producers. Bit-Z charges 0.0005 BTC for each BTC withdrawal. This charge is somewhat lower than the industry standard. The worldwide industry average BTC-withdrawal charge was approx. 0.0008 BTC per BTC-withdrawal the last time we conducted a full-blown empirical analysis of it at Cryptowisser. However, since more and more exchanges charge 0.0005 BTC for every BTC withdrawal, it might be argued that 0.0005 BTC is becoming the new industry standard.
There are no Bit-Z deposit fees when it comes to putting money into your account. When it comes to withdrawals, however, there are fees associated. All buy and sell transactions are charged a modest 0.1 percent fee by the exchange. The costs for Bit-Z withdrawals vary based on the cryptocurrency being transferred. For starters, you must first complete a higher degree of verification by giving your full name, birth date, and trade password before you may withdraw any money from your account. After providing this information, your account will be verified to level one, allowing you to withdraw up to 2 BTC within 24 hours. You will, however, be required to give your country of residency, cell phone number, and address to access greater withdrawal limits.
- It’s very simple to use and navigate.
- Liquidity in abundance
- A diverse collection of digital assets
- Fees are low.
- Customer service is slow, and the choices are restricted.
- The verification procedure is time-consuming.
- New to the market
Bit-Z has a recorded 24-hour trading volume of USD 653 million on June 9, 2019. This demonstrated incredible liquidity, putting Bit-Z at number 27 on the list of the world’s exchanges with the largest 24-hour trading volumes. Incredibly impressive. On the other hand, Bit-Z had a 24-hour trading volume of USD 1.55 billion, according to CoinGecko. Even so, this is very amazing.
Methods of Deposit
Because Bit-Z only receives crypto as the preferred payment method, new investors are effectively barred from trading. If you’re a novice crypto investor who wants to start trading at Bit-Z, you’ll need first to buy cryptos on another exchange and then make payment at Bit-Z.
Users will like the platform since it offers sophisticated charts, trading history, and API access, that help traders make better choices. In addition, the Bit-Z platform provides over-the-counter services. They include a platform for trading where ads for buying and selling certain assets may be placed and even published. Users may trade the different assets directly thanks to OTC trading, which the exchange provides.
The Bit-Z team comprises seasoned experts with backgrounds in e-commerce, gaming, finance, and networking. The expertise has resulted in an exchange that is both user-friendly and safe. Liquidity is a reason Bit-Z is top on the best crypto exchanges list. As of the time of writing, the platform had a trading capacity of approximately $655 million. According to the platform’s official website, security, ease, professionalism, and synchronization are four important characteristics that serve as selling points for Bit-Z customers. The Bit-Z platform charges a fixed cost (0.1 percent), much lower than the market average of 0.25 percent. The low cost provides the exchange with a significant competitive edge in the crypto industry since cheaper fees are more attractive to particular customers.
The withdrawal costs, on the other hand, are not consistent. Although Bit-Z has minimal costs, appealing to new traders, the platform might not be very suitable for newcomers to the sector since it only allows crypto transactions. This implies that customers must first get crypto assets from an exchange that allows fiat transactions, which they may then send to Bit-Z then begin trading. However, such transactions may be made on the side via the exchange’s OTC facility. Because of the Hong Kong location of Bit-Z, it is not regulated in the same way other platforms are. It does, however, take pleasure in being open about its regulations and security measures.
Bit-Z now supports 105 different digital assets. Among them are BTC, XRP, ETH, EOS, XLM, LTC, TRX, DASH, NEO, ETC, ZEC, QTUM, LSK, DOGE, ONT, DGB, ARK, XIN, ELA, FCT, NULS, MCO, HPB, SPHTX, TKY, CPX, XAS, BTX, DCT, INK, CVT, RNTB, OCN, However, the platform has implemented a voting mechanism that allows customers to decide on which cryptocurrencies they want to be included. As a result, the exchange is constantly introducing new virtual assets based on the voting mechanism to meet the requirements of its customers. The platform provides traders with a diverse selection of digital currencies that may be exchanged in four distinct marketplaces. Bitcoin, DKK Token, Ethereum, and Tether are among the crypto-assets that may be exchanged.
Methods of Payment
In our review, we also list out the many payment methods allowed on the platform. Because Bit-Z allows crypto-crypto trade only, cryptocurrency transfers are the only method to fund your account. However, if you use the OTC option, fiat currencies are accepted. US dollars, Chinese Yuan, and Danish Krone. Cash, WeChat, PayPal, Bank Transfer, Neteller, Alipay, Cryptocurrency, and Western Union are all acceptable payment options for the OTC service. The amount of time it takes for money to appear in your account is determined by various variables, including the network and amount of confirmations required to complete the transaction. When trading fiat currencies over the counter, the transfer time is determined by the deposit method used.
Bit-Z is the popular cryptocurrency exchange for keeping an eye on since it offers diverse digital assets and marketplaces, a top-notch trading interface, and low costs. Bit-Z also has a strong reputation in the cryptocurrency world and, as a result, has a lot of liquidity. Although Bit-Z caters mainly to Asian markets, it accepts traders from all around the globe, making it an appealing option for many. To summarize, Bit-Z seems to be a big, established exchange at first sight. Still, a closer examination shows that it is about two years old and trying to recruit customers via various strategies. Some seem to function, while others do not, attempting to compete in the altcoin trading market.
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