Bit-Z is a famous cryptocurrency exchange established in 2016. Its location of origin is the British Virgin Islands. But where is Bit-Z located? The majority of the team is in its main office in Hong Kong. Bit-Z is a classic exchange that supports crypto and stablecoins: over 140 coins and 200 pairs. Fiat trading is available through a separate P2P module.
Moving further, let’s reveal is Bit-Z legit? Generally, yes, if you access it from supported countries. It’s not available in Germany or New York, for instance. As for other issues, we haven’t noticed Bit-Z down accidents or any scam things.
Bit-Z fees rely on the general maker-taker model. Trading rates vary depending on your volume and token holdings so the exchange encourages users to trade more and more. Here’s the detailed breakdown (min is 0.0225%, max is 0.4%):
Talking about withdrawal/deposit fees for Bitcoin and other Bit-Z alternative coins, they are different. There are no deposit fees at all. But withdrawals vary depending on the coin. For instance, for BTC is 0.0005. You can find other rates in the dedicated section on the official site.
Is Bit-Z safe?
Moving through this Bit-Z review, you may ask is Bit-Z safe? Maybe, you’re wondering how probable Bit-Z fraud accidents are.
The site itself lists a few security measures it takes. Bit-Z has a protected infrastructure with SSL, risk management teams, quick engine, cold wallets, and asset protection. The team suggests using 2FA to protect your account even more.
Some people suspect Bit-Z scam due to slow transfers. Still, the thing is that the team often validates big withdrawals manually. Bit-Z relies on strict KYC/AML policies so withdrawal times may be relatively long sometimes.
Unlike more comprehensive solutions, here, you won’t find the Bit-Z wallet as a separate service. But users are free to use other wallets and services to store coins and transfer them to the exchange.
So, how to use Bit-Z? To get your own Bit-Z login, go through the registration process.
After entering this information, you’ll be asked to provide evidence that you’re not from a banned country. Usually, it’s required to submit an ID here. After finishing the verification step, you’ll be ready to start trading.
Thus, you should ask now how to buy on Bit-Z? The system offers three trading options: its native exchange (the interface is below), its margin alternative (the screen is similar but it provides extra leverage), and fiat trading (allows to buy and sell crypto using fiat currencies through custom buy/sell ads).
All interfaces are simple. Using exchange screens, you should focus on the desired markets, put the relevant orders, fix profits. With fiat trading modules, remember that volume may be low there because they rely on P2P trading between users. Still, fiat payments support several major banking methods, as well as top currencies: USD, CNY, DKK, KRW, JPY, RUB.
If you have any questions, it’s enough to reach the Bit-Z support. Unfortunately, the Bit-Z phone number is unavailable so you can use any email or social channel from the list below.
Let’s sum up the Bit-Z review 2020 with our traditional pros and cons.
- A lot of trading pairs;
- Fiat trading P2P module;
- Low fees, discounts for active users;
- OTC transactions.
- Delays in withdrawals and transfers;
- No exchange-based fiat trading;
- Not regulated.