BIT-Z Exchange Review

/BIT-Z Exchange Review

BIT-Z Exchange Review 2018-05-23T12:31:35+00:00
BIT-Z Exchange Review

BIT-Z Review- Safe for your trading?

Quick inner navigation:

  1. What is BIT-Z?
  2. Buy Bitcoin using “Bit-Z” 
  3. Sell Bitcoin using “Bit-Z”
  4. Bit-Z fees
  5. Bit-Z verification
  6. Is BIT-Z Safe?

Trading Bitcoin today has been nothing short but a highly profitable business. So it’s no surprise that many cryptocurrency exchanges online are popping up left and right, all claiming that they have the best investment offers. A lot of people today are very interested in trading Bitcoins but the majority do not really understand the processes of these platforms. And with so many exchanges offering the same services, it has become even harder for new traders to choose which exchange will best fit their needs.

Today, we will have a look at Bit-Z, which is an online crypto trading platform offering worldwide transactions and over the counter or OTC services of digital assets.

What is BIT-Z?

Bit Z is an online exchange platform offering the trade of blockchain assets to traders. The company claims that they are the only site that provides traders to freely exchange cryptocurrencies, they also claim that they have qualified financial advisors onboard who have an extensive experience in the industry of digital currency.

According to gathered information online, the Hong Kong-based company started in 2016. Their team is built from diverse experts from industries such as gaming, social networking, and finance as well as a good number of members on the international market of cryptocurrency.

When it comes to offering services, the goal of Bit-Z exchange is to offer their users with a combination of efficient and secure service similar to other exchange services in the crypto market. Though, the company warns its traders that if they are from New York, USA or Germany, they should not put their money on the platform.

In terms of security, the platform uses the elaborate SSL technology that’s at par with bank security system, ensuring the privacy of any transactions you’ll make within the exchange. It also uses the GSLB distribution servers to ensure the stability of the platform.

OTC or Over the Counter Trades

OTC trading is a relatively new concept present on the BIT-Z exchange. Through over the counter (OTC) trades, you can buy cryptocurrencies directly from the website members without having to use an e-wallet or an account from another exchange. The purchases made through OTC trades will not show up in the exchange but in a separate OTC section.

OTC trades are becoming popular these days and Bit-Z exchange aims are on top on this service. You will not be required to use other crypto exchange account or even your e-wallet when making OTC trades. Furthermore, you’ll be able to directly purchase coins from other traders of the website. Any orders created will appear in a separate over the counter area and not on the platform itself.

  • You can sell digital currencies with OTC.
  • There’s also a member’s feedback option so you will be able to check other user’s trading feedback and profile.
  • Buy ETC, ETH, and LTC using USD or Chinese Yuan.
  • You can pay through bank wires, PayPal, Western Union, cash deposits, AlyOPay and MoneyGram.

Bit-Z Fees

  • Deposit fee is 0 for all cryptocurrencies.
  • After its latest upgrade and optimization, the Bit-Z transaction fee is 0.1%.
  • The exchange has also adjusted its withdrawal fee to a fixed percentage. Withdrawal fees will vary depending on your coin currency but the majority of coins has a 0.5% withdrawal fee.

To motivate their traders further, Bit-z offers compensations as a form of gifts and bonuses for those with the most number of transactions.

  • 50% commission on referrals.

Bit-Z Verification

To be able to open an account with Bit-Z exchange, you will need to get verified through a code that will be sent to your mobile upon registration. Additional identification documents are also required on file to be able to make withdrawals. This additional security degree is to make sure that you are not from a jurisdiction where the platform is deemed illegal. The exchange does not have an exact time frame when your account will be verified upon completion of the required identification and their team will remind you that it will take some time for them to do auditing. Although, you can always contact their customer support if you want the audit process to be faster.

The company also employs Double Verify Passwords or 2FA in order to improve the security of your account. In order to use this system, you need to install the Google Authenticator app on your smartphone. Once installed, simply go scan the QR code found in the Security Center, enter the 6-bit password verification provided as well your login password and then click Start 2FA.

BIT-Z App

The BIT-Z mobile app is designed to make trading easier and more accessible since a vast majority of the population today uses smartphones. This app is available for both IOS/Android smartphones and is available in their respective app stores.

As far as the quality of the app goes, users have reported several glitches and an overall poor performance. The mobile app is perhaps one of the major areas where the development team of this exchange needs to put more focus and energy on.

How To Use BIT-Z?

Bit-Z offers traders a trading account just like with any other popular exchanges online. Because of this, if you wish to use the platform to buy and sell BTC, you need to register and get verified.

Registering for an account is very simple and easy. Just fill out the form on Bit-Z’s website, provide some documents needed to verify you and you’re all set to trade. Basically, the whole process is pretty straightforward.

  • To start trading, click Exchange. A trading screen will load and you will find the available trading pairs on the left side of the page.
  • Select the currency you wish to trade in as well the currency you’d like to trade for.
  • Enter the amount of currency you want to buy and sell on the boxes found just below the graphs shown on the page.

You can also use DKK Token as a trading pair. DKKT is a stable cryptocurrency solution with a 1:1 rate with the Danish Krona.

Buy Bitcoins using Bit-Z >>

  1. Once registered, login to your Bit z account and get a free e-wallet. There are no apps to be installed.
  2. Go to the site’s home page and enter the amount of Bitcoin you want to buy in the form’s search box in your location and currency.
  3. Select the payment method you want. You can opt for all online quotes if you’re unsure how to pay and the site will show all the BTC traders in your area. There will be an indicator showing if the trader is online as well.
  4. Click Buy to see other details of your order such as transaction terms which you should always read carefully.
  5. Place the amount you want to buy in the box provided to start trading and then enter a message to send to the seller.
  6. Click send transaction request to begin the process of the transaction. The window payment will expire and any transaction will be canceled if you’re not ready to pay yet immediately.
  7. Click mark payment when you’re done. Once the trader verifies that he already received your payment, your BTC from the escrow will be released and will reflect in your Bit z wallet right away.

Read more about buying bitcoins here.

Sell Bitcoins using Bit-Z >>

  1. Go to the site’s home page and enter the amount of Bitcoin you want to sell in the form’s search box in your location and currency.
  2. Select the payment method you want. You can opt for all online quotes if you’re unsure how to pay and the site will show all the BTC traders in your area. There will be an indicator showing if the trader is online as well.
  3. You can’t reverse any completed BTC transactions even if the buyer’s transaction is reversible.
  4. Click sell to see further information about the offer. Make sure to carefully read any terms before submitting your transaction request.
  5. Type in the amount you want to sell in the box provided to begin the transaction. You can also enter a message for your buyer.
  6. Click send transaction request to begin the transaction.
  7. The buyer will then ask you to provide payment information once you send the request such as bank account details if you choose bank transfer to sell your BTC.
  8. Once you’ve provided those details, the buyer will then pay and confirm. Before releasing your BTC make sure to check that you’ve received the funds in your account.
  9. Scroll down the page and release your BTC upon confirmation that you’ve received the payment.

Read more about selling bitcoins here.

Is BIT-Z Safe?

One of the most important things you need to consider before joining any exchange service is how safe your money will be on the platform. You need to make sure that it comes with the best system of security as possible. Bit-Z exchange does have an intricate security system which hackers will not be able to break in and gain access to your funds. Although there are no known activities of fraud in the exchange, there are some complaints about the slowness of its withdrawal process as well as money not being released on time.

Moreover, the platform is based in Hong Kong making it unregulated, so ensure that you’ve checked the regulations in your region before joining Bit-Z. As mentioned earlier in this article, the exchange does not accept clients in certain jurisdictions because of legality issues. There are also certain regions where it not allowed legally.

Bit-Z is relatively new, so there are still risks involve since it has smaller volume compared to other exchanges which have been in the industry longer. Keep in mind not to keep large funds on the platforms and to constantly withdraw any substantial amount of coins right back at your other e-wallets so that you will always control your funds.

Complaints from Users

Most of the complaints from users are with regards to how long the withdrawal process takes. Some say that this is because the Bit Z team review each transaction manually or closely monitors them in order to increase its security. This would really help to secure the system further, but it also results in the fund being released rather late. But if don’t need your funds right away and have all the patients in the world, then Bit-Z is the trading platform for you.

Customer support

According to Bit-Z customers, the Bit-z support needs to improve. The company has an online chat-box on their website but the customer support team rarely communicates back. Apart from that, their Facebook page also allows messages from users.

From what has been reported, employees in their customer support team either do not prefer to speak English or cannot speak the language at all. This is perhaps the major communication barrier that many users complain about.

Review Summary

Investing and trading online has become a common thing nowadays because of higher ROIs. As a trader, Bit-Z will be able to provide you with information and market comparison to make everything easier, especially in making decisions, investment-wise.

The exchange is something to watch out for. Aside from offering numerous digital currencies to trade, with some not yet available on some bigger online exchanges, Bit-z’s fees are also relatively lower. However, when it comes to reputation, its users’ view on the platform seemed to be mixed as their user rating on Facebook is 3 out of 5 stars, where there are users who gave Bit-Z 1-star ratings.

Pros of Using Bit-Z

  • Team and core members are composed of individuals with at least 10 years or more of experience in the industry.
  • Easy and fast wallet to wallet transactions.
  • Employs bank-level SSL secure connections.

Cons of Using Bit-Z

  • There are reports of users’ money being released late.
  • Some users have been asked to provide additional documents in order for their funds to be released.

We hope to have successfully delivered all the information related to the BIT-Z exchange that you were searching for. To learn more about cryptocurrencies, or to follow the hottest news, make sure to check out the other sections on our website!

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