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A lot of things have changed since the inception of the world’s first cryptocurrency back in 2009. Inspired by the original Bitcoin and its blockchain platform, newer innovations have been created to quench the ever-growing demand for cryptocurrencies. One of these innovations includes the development of exchange platforms. These are basically websites that facilitate the buying and selling of cryptocurrency for other digital currency or fiat currency. Their development across the internet has been to a large extent fuelled by the successful investment stories of investors who have reaped it major after investing in various cryptocurrencies.
Not being left behind, Bitit came onto the e-commerce scene back in 2015 with the sole purpose of enabling users to buy Bitcoins with the use of a credit card. Below is an in-depth Bitit review which attempts to provide answers to some of the burning questions concerning the exchange platform.
What is Bitit?
Bitit is an exchange platform that is currently registered and located in Paris, France. The website was originally launched in 2015 by its founders who include Nicolas Katan as the CEO, Ugo Mare as the CTO, and Simon Potier as the CIO. All these three gentlemen had the dream of making cryptocurrencies available to everyone in every corner of the globe no matter how remote, to be able to secure and manage their personal well-being.
Bitit offers an exchange platform whereby users can purchase various cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin through the use of a credit or debit card or through bank wire transfers. The platform also supports several fiat currencies such as USD, EUR, JPY, KRW, CNY, AUD, HKD, SGD, and TRY. The Bitit platform also facilitates the purchasing of Bitcoin through the Bitit Bitcoin Gift Card that can be gifted to family, friends or partners on special occasions.
What makes Bitit unique?
Bitit is well known for its simplicity and user-friendly platform. In some cases even completely new traders manage to navigate on the platform and get their business done just intuitively. You can find a comprehensive information on the Bitit website concerning the order history, price charts etc. However, some people have been noting that the information is not sufficient enough for expert traders. This platform appears to be one of the few cryptocurrency exchange platforms, which has bonus offers. These are referred to as Bitit Booster. This bonus offer is designed mainly for the traders who are active. If you are a new trader on this platform and in case you are interested in becoming an active one, you need to trade Bitcoins that are worth at least 500 EUR, per week. The bonuses increase with the increase of the trade volume.
The user-friendliness of Bitit does not end there. Bitit offers a number of other user favorable options. For instance, the “Buy Near You” option lets the traders see the closest point of sale for buying Cashlib, Neosurf as well as Bitit gift cards. In order to provide this service, Bitit uses Google Maps. Bitit is doing its best not to disappoint its users in terms of speed as well. Currently, trading services are instant once the users have been registered and have completed all the required steps.
Bitit is available in over 50 countries including USA, Canada, EU, Australia, among others.
Trading on Bitit
The Bitit exchange platform currently allows the purchase of cryptocurrencies through the following methods:
- Through debit or credit cards.
- Through Neosurf, Cashlib or Flexepin prepaid vouchers.
- Through bank transfers such as TrustPay.
The platform also allows the purchasing of Bitcoins through their Bitit bitcoin gift card that supports amounts from €10 to €250. The only purchasing limit that exists is that an unverified user of Bitit can only make purchases of Bitcoins worth €150. Once the threshold is attained, one needs to verify their account to increase their weekly limits to €700 using credit cards or €2500 every seven days using other payment methods.
Bitit aims to make cryptocurrency trading as effortless and easy as possible. To do so it currently offers a number of payment methods such as 3D secured credit/debit cards (Visa, Maestro, and MasterCard), bank transfers (Trust Pay), cash vouchers, Amex, China Union Pay, Maestro, Epay though e-wallets and so on. As a matter of fact, the prepaid cash vouchers (Cashlib and Neosurf) are available in more than 150,000 stores all over the world.
Bitit currently doesn’t support the selling of cryptocurrencies. To sell your cryptocurrency, you can send your funds from your Bitit wallet to an exchange platform that supports selling of cryptocurrencies.
The following represent the transaction fees that one faces depending on the mode of payment chosen.
|Mode of Payment||Fee|
|Visa, Mastercard, Maestro, American Express||6.9%|
|Cashlib, Neosurf||5.9% to 11.9%|
The above fees are only the fees that are charged by Bitit. As a user, you may encounter added fees and expenses depending on which payment method you chose to use. The additional fees include:
- The price of the Bitit gift card charged by the store depending on where you purchase it.
- Foreign exchange fees charged for buying using a credit card.
- Additional transaction charges charged by your bank or credit card Company for facilitating overseas purchases.
Bitit allows the use of its platform without providing verification only up to a limit of €150 worth of bitcoins. In order to increase one’s limits to €700 worth of bitcoins in a week through the use of a credit card or €2500 through the use of bank transfer or prepaid vouchers, one needs to verify their account. There are two things that are needed to verify a Bitit account. They include:
- Proof of Identity. This can be in the form of a valid ID or a passport.
- A selfie of you is holding up your ID and a piece of paper with the word Bitit written on it together with the day’s date. This is part of the Know Your Customer verification process.
Immediately after providing these documents, it should take about 24 to 48 hours for the verification process to be complete.
Bitit is putting a lot of emphasis on Know Your Customer (KYC) and Anti Money Laundering (AML) procedures. These are done for the safety of the users and for avoiding from fraudulent actions. For the sake of users’ convenience Bitit also offers a certain sum of trade that does not require verification. However, those tend to be smaller amounts of trade. The verification process from the side of the company takes only 24 hours, however, there may be some delays. In case of missing information, the Bitit team usually gets back to the users for further clarifications.
- Bitit allows for users to purchase up to €150 worth of bitcoins without necessarily verifying the account.
- The site has enabled the purchase of various cryptocurrencies through local currencies without any hassles. Most exchange platforms use Bitcoin as their base currency for the purchase of other altcoins. However, on Bitit, you can make cryptocurrency purchases through local fiat currency from anywhere in the world.
Is Bitit Safe?
Bitit has a number of verified physical stores all across France and the US. Apart from that, it also has active social media accounts with a substantial online presence. All these are signs that it is a legit exchange platform. Bitit maintains and operates the same level of security that an online business handling credit card information operates. Their customer support is good and once the process of verification and purchasing is confirmed, buying cryptocurrency is almost instant.
Bitit is usually trusted by the community and there are no big concerns such as the company is not safe or it is a scam and so on. People tend to trust the platform and enjoy the convenient, user-friendly services that Bitit provides.
Bitit is a safe platform it follows the KYC and AML standards, tries to eliminate the fraudulent users etc. The company ensures that the user data is encrypted and is fully confidential. The website is also based on HTTPS protocol.
The customer support in Bitit is quite efficient as the team does everything possible to get back to the customers who need help as soon as they can. Some users have been unhappy with the fact that there is no live chat on the website that would instantly give answers to the people who have questions. Currently, the main mean of communication with the Bitit customer support center is email. The Bitit official website also has very comprehensive Questions & Answers section, which can be very helpful with its full answers.
Overall handling speed on Bitit is fairly good. However, it also highly depends on the kind of operation you are executing on the platform, as well as the method of the payment you are using. Credit cards, for example, let you buy the cryptocurrencies instantly, meanwhile, the bank transfer may take a few days.
How to Use Bitit?
- Sign up for an account on their website.
- Purchase Bitcoins through a credit card. You will receive an email notification providing an online voucher code.
- Enter the code along with your Bitcoin wallet address in the redeem section.
- Upon successful validation of the codes, the bitcoins are instantly sent to the wallet.
In a Nutshell
Bitit is definitely a worthy exchange platform. The fact that it provides its services in over 50 countries with support for buying cryptocurrencies like bitcoin in local fiat currency is a game-changer. However, the high fees are major drawbacks of the platform. The Bitit platform manages to make its service very high quality in contrast to the many of those crypto exchange websites. The website is fast, very simple to use and has a wide range of payment methods. The main concerns about this website are the high fees, as well as the simplicity for the expert traders.
The Pros of using Bitit
- It has a simple and easy platform that users will enjoy using. However, it may feel inadequate for professional investors who may want more.
- It operates in more than 50 countries with the added capability of purchasing cryptocurrencies through credit cards, bank transfer and supported prepaid vouchers.
- Quick buying services. Transactions take up only up to 3 minutes to buy cryptocurrencies.
- Allows the purchase of bitcoins worth €150 before any verification takes place. This gives investors plenty of time to gauge whether the platform is worth their time or not.
The cons of using Bitit
- Bitit charges high fees that vary from 3.9% to 11.9% depending on which payment method one uses.
Thanks for taking your precious time to go through this Bitit review. We are glad to give you more of such coverages among other crypto-related topics. You are welcomed to view our sites for the latest updates often.