BitIt Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this BitIt Review.
BitIt is another French cryptocurrency exchange, quite similar to Coinhouse. The company is registered in Paris and is compliant with the KYC and AML requirements.
Its services are available in around 50 countries worldwide, including EU, USA, Canada and Australia. It offers trading in Bitcoin, Bitcoin Cash and Ether for EUR and accepts payments via credit and debit cards, direct banking and cash vouchers (prepaid cards).
– Payments. One of the biggest advantages of BitIt are the convenient payment options. One can pay with a 3D secured credit or debit card of any major brand, including Amex, Maestro and China UnionPay, via bank transfer or cash vouchers (prepaid cards) like Cashlib, Flexpin and Neosurf.
– Verification. Customer verification is not required for the first transaction worth EUR 25, which, let’s say can be used for testing purposes. BitIt requires client verification (government ID and an ID selfie) for weekly purchases of up to EUR 700 with credit/debit card and EUR 2500 via cash voucher, e-wallet or direct banking. The verification is required for first payments with credit/debit cards.
There is the option to buy up to EUR 150 worth of cryptocurrencies, by just providing name, address, birth date and e-mail and paying with cash vouchers like Cashlib and Neosurf. You can also use wire transfer (Trustpay) and E-wallets (Epay). After that one needs to get their account verified.
We made a little experiment and provided completely made-up information upon registration, except the e-mail and the country and managed to register with no problem.
– Location. BitIt may be a European exchange, but it accepts clients from countries outside the EU, too. According to the company website, the service is available in 50 countries.
– BitIt gift card. The exchange offers something called BitIt gift card, denominated in euros. This is indeed a gift card, which could be given as a present for various occasions and the Bitcoins can be redeemed at any time on BitIt’s platform.
– BitIt Booster. It is fair to say, that BitIt is if not the only, then one of the very few exchanges, that offers a trading bonus, called BitIt Booster. It is not very well explained how it works, but apparently BitIt gives a bonus in Bitcoins (not an entire Bitcoin, obviously) for the active traders. For starters, one has to buy at least EUR 500 worth of bitcoins per week to qualify. The more one trades, the larger the bonus.
– Platform. BitIt’s platform, which is not exactly a proper trading platform, but gets the job done, is quite intuitive and easy to use. One just has to fill in a simple form and that’s pretty much it. There is also a price chart and order history. For the occasional trader, this is more than enough, but is not sufficient for a professional trader.
– Buy Near You. BitIt offers an option, called “Buy Near You”, which shows the nearest points of sale of the prepaid cards Neosurf and Cahslib and the BitIt gift card. It uses the location services of the browser and shows the locations on Google Maps.
– Coins. BitIt only offers three cryptocurrencies for trading – Bitcoin, Ether and Bitcoin Cash, but that is enough for most clients.
– Speed. Once the registration and payments are completed, the service of buying is instant.
– Exchange rates. On its site BitIt displays the exchange rates of Bitcoin and Ether in EUR, USD, GBP, CNY, NOK, DKK and SEK.
– Wallets. BitIt does not have own wallet and lets users connect their existing ones. Their is also a video tutorial and a written guide on how to choose and set up a free bitcoin wallet.
– Fees. BitIt charges quite high fees, depending on the type of payment used. They vary from 3 (direct bank transfer) to 11.9% (for some cash vouchers) and are way above the average for the industry. The fees are comparable to those of CoinHouse which charges similarly exorbitant commissions, but there are other, also French exchanges, like Paymium, which charges much less.
– Leverage. BitIt does not offer leveraged trading, which is usually of interest to the more dedicated traders, but this is fairly common among the cryptocurrency exchanges. There are just a few who offer this type of trading – CexIo, Kraken and bitFlyer – are some. On the other hand, though there plenty of properly regulated forex brokers who offer leveraged trading on cryptocurrency CFDs. This certainly has its advantages, as the regulation of the brokers guarantees some level of client protection, plus the traders can use the familiar trading platforms, with all their charts and analysis tools.
BitIt offers a service similar to that of many other cryptocurrency exchanges. It is fast and simple to use and offers convenient payment methods with cards, via bank transfer, a gift voucher and several brands of cash vouchers. Another advantage is the scope of operations of BitIt that includes 50 countries and the easy to use platform.
There are a few nice features, like the BitIt gift card, the trading bonus option and the possibility to test the service, before having to verify one’s account.
What we don’t like the most are the very high fees the exchange charges that make trading on BitIt quite expensive.
BitIt Review Conclusion
For more information about cryptocurrency trading brokers visit TopForexBrokers.com crypto brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about BitIt Review.