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What is Bitlio?
Bitlio is one of the many Bitcoin exchanges in the market that is currently supported in more than 40 countries. The company is based in Belize and has operations in more than 40 countries across the world. The company began its operations in 2016. As mentioned earlier, the platform has 40 supported countries with the most notable ones being the United States, New Zealand, India, and Australia. BitLio has no limitations when it comes to buying selling amounts. The Belize based company – Bitlio, claims that it is user-friendly as people can use one account to pay bills as well as exchange funds with clients, friends, or family. The website claims that it supports cryptocurrencies such as Ethereum, Bitcoin, Bitcoin Cash, Monero, Ripple, Dash, Ethereum Classic, Zcash, Tether, and Litecoin. As for the fiat currencies – Bitlio supports EUR, USD, NZD, GBP, AUD, INR, SGD, HGD, KES, and AED. The platform gives its users an option to pay their bills, however, it is available only in New Zealand, Australia, and India. Bitlio does not omit a single chance to mention how safe is it and it claims that the 90% of the cryptocurrencies are stored on cold storage wallets for minimizing the risks of hacks and thefts.
Limitations and the verification process
On its official website, Bitlio claims that it is intensively following Anti Money Lauding aka AML and Know Your Customer aka KYC policies. For this reason, the company is requiring proof of identity documents along with some contact information. Depending on what kind of services you want to use on Bitlio it has three different levels of verification. The first one, Level 0, allows cryptocurrency deposits without any restrictions, however, you cannot make any deposits with fiat money while you are on this level. Finally, the last option is Level 2. This level allows people to sell and buy a larger sum of cryptocurrencies. Those users who have not completed the requirements on the 1st level or have not verified their identity, they cannot apply for Level 2. The level 2 requires documents such as a photo ID, a photo of the user holding the ID and a handwritten message saying “For Bitlio.com”, full name, date of birth, customer ID, date, and signature. Along with those you also need to submit billing statement from the past 60 days, and a bank receipt copy. Level 1 requires its users to get verified with an email address, add a phone number, address, name, as well as your bank account.
Payment method and fees
The most common payment method on Bitlio is bank transfer. a The fees on the website are 0%.
Is BitLio Safe?
At first sight, it may seem like that Bitlio is a trustworthy digital currency exchange platform that allows customers to buy and sell Bitcoin in an easy and affordable way. However, this is not necessarily the case. A number of people claim that Igot, which has disappeared with the bitcoins of thousands of investors back in 2015, is using Bitlio and tries to scam more people. Igot.com has entered the cryptocurrency market as a platform for buying and selling Bitcoins back in 2013. Igot was based in Australia and it worked mainly with customers from Australia, New Zealand, and India. In 2015, igot.com came up as an insolvent company and Rick Day, who was the founder of the company, has disappeared with the bitcoins of thousands of investors. As a matter of fact, these people have not given up yet and keep trying to scam out even more people but now through a new platform – bitlio.com.
Interestingly enough, recently, Bitlio has announced that it is giving an opportunity to all victims of Igot to redeem the losses by simply converting their BTC to IGX (a token issued be Bitlio) tokens that are worth $ 1. The plan was to make those IGX tokens available for converting into a fiat currency or BTC, however, there are no details about when is it going to happen. It may seem like Bitlio is trying to fix the mistakes that were made in the past under the name of Igot platform, however, it may not be the actual case. In fact, those Igot customers who would agree to the offer, they would receive the sum of IGX that is equivalent to the value of bitcoins back in 2015, which was around $ 360. This offer looks unfair as the price of BTC has changed since 2015 a lot of time and as of now it is much higher than just $ 360. Bitlio refers to itself as a very trustworthy brand that exists in the space of digital currencies, but in reality, the experience of a number of users reveals the fact that it is not necessarily so. There have been warnings against Igot from the Financial Markets Authority of New Zealand and the Australian Digital Commerce Association. The chain of the warnings was passed to Bitlio as well and the International Financial Services Commission of Belize aka IFSC has recently announced that it does not anyhow regulate the actions of the Bitlio platform.
In addition, offline wallets are normally used to store up to 90% of the coins being held by the company to demonstrate that security and privacy are its priority. In an attempt to comply with regulations, the company has a thorough user verification process that is meant to protect customers and at the same time minimize cases of fraud. The company has cloud servers where personal customer information is normally stored.
Community trust is very important when it comes to the success of any digital currency platform and Bitlio is not trusted by the community at all. If you look at the official website you may think that it is a reputable website. However, though a single simple google search you will come across a huge amount of negative reviews.
Security- encryption, HTTPS, how they keep themselves safe?
The Bitlio website has HTTPS extension. They claim that the 90% of the coins are stored on a cold storage. Recently, the company has adopted a hot wallet that is multi signature and enables the withdrawal of cryptocurrencies. The official website claims that one of the keys is controlled by Bitlio, meanwhile, the other key is controlled by BitGo. This is does for decreasing the risks of the hacks. They claim that the use AES – 256 encryption, which is a security on the level of banks. However, many people think that these are just plain words and the company is a scam as a whole.
Currently, the customer support of Bitlio is only within the frames of Frequently Asked Questions aka FAQ. Even though the FAQ section is quiet comprehensive and helpful, many users are not happy with it as they cannot easily contact specialists in case of emergencies or questions that are not covered on the website.
A number of people are not very happy with the handling speed of Bitlio platform which is another reason for them to think that Bitlio is a scam. Another issues regarding the handling speed is the lack of the proper customer support center, which could have solved and could make the overall processes much faster and smoother.
How to use BitLio?
- Log into your Bitlio account.
- Deposit Bitcoin in your Bitcoin Wallet.
- Go to the quick Links menu and send the Bitcoins to your Bitcoin address.
- Log into your BitLio account.
- Go to the BTC balance and click Withdraw.
- Enter the number of Bitcoins your intent to withdraw.
- Enter your external wallet address.
- Click withdraw.
- Confirm the action.
BitLio Review Summary
When you enter the official website of Bitlio it may seem like it is a reliable, easy to use, well designed cryptocurrency exchange platform. However, if you research about the company outside of its official website you will see an endless number of negative reviews, unhappy users as well as talks that it is the continuation of Igot, which was a total scam. All in all, after learning about the company inside out the choice is yours.
- Presence in over 40 countries
- Local bank transfer
- An elaborate FAQ section
- It allows customers to pay bills from their account
- 0% fees.
Bitlio Cons include
- Very high risks of Bitlio being a scam
- Lack analysis and charting tools
- It is an offshore company
- It is an immediate successor of a scam company
Thank you for checking out this Bit Lio review, we hope it was useful for you. Make sure to visit our website and learn more about other cryptocurrency topics.