Bit-Z Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this Bit-Z Review.
Like most cryptocurrency exchanges, Bit-Z, offers a single trading account. In order to buy or sell bitcoin, one has to register verify their account, which is being done through a mobile phone verification code. Besides, Bit-Z may at any time require submission of additional identification documents such as ID as further levels of verification.
Bit-Z provides an online platform that allows users to trade between a number of different virtual currencies. You have to deposit Bitcoins from you wallet or another platform and use it to trade in other cryptocurrencies on Bit-Z. There are around 20 different virtual coins available for trade on this exchange, which is a rather rich cryptocurrency portfolio. Of course, major exchanges like Bitstamp offer trading in around 200 digital currencies.
If you don’t have a wallet or account in another crypto-exchange, Bit-Z offers an off-exchange service, called “OTC Trade”. Here, you can buy BTC, LTC or ETH with USD dollars or Chinese yuan via a wide range of payment methods: cash deposit, bank wire, AlyOPay. WeChat, Moneygram, PayPal, Neteller and Western Union. Of course, via Bit-Z’ OTC Trade service you may also sell the above listed digital coins.
Besides, there is also a growing number of forex brokers that offer speculative trading in cryptocurrency CFDs. Some of the major ones are global brokerage IG, FXTM, HYCM, eToro, etc.
Unlike other cryptocurrency trading providers, Bit-Z does not offer its own e-wallet for storing bitcoins.
The Company. Security of Funds
Founded in 2016, Bit-Z offers professional digital asset transactions and OTC services. The company is based in Hong Kong and like the majority of crypto-exchanges, is unregulated. Bit-Z warns investors that its services might not be legally allowed in certain jurisdictions and says it does not accept as clients residents of the Federal Republic of Germany and the State of New York in the United States of America.
Trading Bitcoins and other cryptocurrencies is currently not specifically regulated in Hong Kong. Nonetheless, it appears to be developing regulations that largely mirror the approach accepted in the US and other western countries. Hong Kong’s adoption a far more permissive framework than China, which recently banned all ICOs operating within the country, is likely to attract many Chinese crypto investors.
We could not find information about any hacks of Bit-Z, so obviously such did not occur. Also, there aren’t many user reviews about this cryptocurrency exchange. We found a Bit-Z user who complained on the company’s Facebook page about slow withdrawals, that are nonetheless charged with salty fees. He said that withdrawals are being reviewed by Bit-Z staff manually and that they clients’ money until they provide ID documents. Obviously, employees at Bit-Z really do check withdrawals manually, as there has been a rapid increase in the number of users and the customer support cannot handle the situation.
Trading instruments (cryptocurrencies)
Currently there are 20 cryptocurrencies available for trade at Bit-Z.
Minimum initial deposit
There is no minimum deposit at Bit-Z, as the platform does not require deposits.
Obviously, Bit-Z does not allow margin trading, which is not uncommon in the sector. As cryptocurrencies are more volatile than the other financial instruments,the leverage ratios available at most crypto-excanges are rarely greater than 1:20. Even the forex brokers, which offer trading in Bitcoin and Ethereum, like IG, do not provide high leverage ratios.
If you need some leverage, there are some, usually larger exchanges, that provide such – Kraken, Poloniex, etc.
Bit-Z charges only market sellers, which is a common practice at cryptocurrency exchanges. They are charged with different fees, depending on the cryptocurrency pair traded, but the highest amount is 0.3%.
In addition, withdrawal fee of 0.5% applies to all cryptocurrencies.
The platform Bit-Z provides is web based and offers real time market information, advanced charts, API access for automated trading, trade history & reporting, as well as important company announcements in a section below the instruments available on the left. The platform is available in English and Chinese.
Unfortunately, mobile trading on Android or iOS is not available at this exchange.
Methods of payment
Unlike most cryptocurrency exchanges, Bit-Z does not works with fiat currencies. The only way one can deposit is via Bitcoin. Also, you can only withdraw the cryptocurrencies you are able to trade in (after submitting ID documents). Deposits are free of charge, while withdrawals incur 0.5% fee.
Most cryptocurrency exchanges offer multiple funding options for fiat currencies, or at least credit and debit card payments. There are even exchanges like Coinmama and Coincheck and Paybis who accept cash payments in their offices .
Bit-Z is a Hong-Kong based cryptocurrency exchange that seems to target mostly Chinese investors. It does not accept fiat currencies, only Bitcoin, which does not make it very convenient. In addition, it also offers OTC trading, where you can buy Bitcoin, LiteCoin and Ethereum with fiat currencies via wide range of payment methods. The fees charged by Bit-Z seem competitive and it has not been hacked to date.
Bit-Z Review Conclusion
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