Bitlish Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Bitlish Review – is it scam or safe?
Bitlish is a cryptocurrency exchange that offers a single trading account with trading fees charged only on market takers. Users who make offers on the platform (i.e. market makers) don’t get charged. Such fee structure is not uncommon among crypto-exchanges, as CEX.IO, Poloniex and many others have undertaken different approach to charging market takers and market makers. A certain minimum investment is required by Bitlish, which is rather symbolic, and the exchange does not provide leverage.
In addition, this exchange also offers its services to corporate clients. Corporate accounts have base taker fee 0.5% and can be negotiated according to the client’s business model.
There us a two-factor authentication process with Bitlish, which is quite common in the crypto-space. In order to deposit or withdraw fiat currency, users of this exchange should provide a scanned copy of their ID and utility bil.
It is worth noting that unlike many similar venues, Bitlish appears to be a very transparent exchange in terms of its fee structure, minimum deposit required, etc. Many crypto-exchanges do not disclose such features. Also, by becoming a client of Bitlish, you get a crypto wallet for personal and commercial use.
Keep in mind that Bitlish’s products and services are not directed at residents of the US, Afghanistan, Bosnia and Herzegovina, Burundi, Congo, Egypt, Eritrea, Ethiopia, Iran, Iraq, Lebanon, Libya, North Korea, Sudan, Syria, Tunisia, Uganda, Vanuatu, Yemen, Zimbabwe and others.
Launched in 2015, Bitlish is a simple P2P crypto-exchange where you can match your bitcoin, altcoins or fiat currencies (USD, EUR, RUB) with orders placed by other users on the platform.
The company operating the site and the brand is a UK-registered firm, but it is not licensed by the Financial Conduct authority as a payment provider or else, as this institution currently does not oversee crypto services.
If you have tried out forex trading, you must be aware of th the advantages of dealing with FCA-regulated brokers: clients are covered by the Financial Services Compensation Scheme (FSCS) up to £50,000 and very strict client protection rules apply. In case you are only looking to speculate on the price of Bitcoin and other altcoins, you may be better off with a forex broker.
The fact that Bitlish is not regulated is not a big deal, as this is currently the case with most crypto-exchanges worldwide. A fact worth noting is that to this date, Bitlish has not been hacked and most user reviews on the exchange are positive.
Trading conditions
Trading instruments (cryptocurrencies)
Bitlish offer trading in the most popular digital coins and several fiat currencies (USD, EUR and RUB). At the moment of writing this review, these include Bitcoin, Ethereum, Litecoin, Zcash, Doge, Dash, Bitcoin Gold, Monero.
Minimum initial deposit
Unlike most cryptocurrency exchanges do not clearly specify a minimum deposit level, Bitlish requires suchfor both blockchain transfers, and those in fiat currencies. For example, Bitcoin payments must be no less than 0.00001 BTC, and Bank transfers should be of at least 5 EUR. Maximum payment limits are also set on a monthly basis.
Leverage
Obviously, Bitlish does not provide margin trading, as it mentions nothing on its website about leverage. Leverage or margin allows you to operate with large amounts of money, while actually having made rather small investments. This, however, involves greater risk of losses.
If you are willing to take that risk, some crypto-exchanges like Kraken and CEX.IO allow margin trading. Besides, you can also trade in digital coins with forex brokerages, all of which offer some leverage.
Fees
As we have mentioned above, Bitlish is quite open and transparent about its fee structure. In terms of trading, it charges market takers only. Verified users are charged 0.2%, and anonymous ones– 0.3% per trade. On the other hand, traders who place pending orders and provide liquidity to the exchange (market makers) are not subjected to any trading fees.
While these fees are competitive when compared to those applied by other plaers in the cryptosphere, we should note that many exchanges charge both market takers and market makers. For example, such is the case with major US crypto-exchange Poloniex.
Trading platform
Trading at Bitlish comes via a web-based platform. Those who prefer trading on the go are offered mobile apps.
Bitlish’s web-based interface is available in English, Russian, Spanish, French and Chinese and is simple and easy to use. The platform is equipped with some basic charting, an order book, market depth and trading history window. There are no technical analysis or other advanced tools.
Methods of payment
One of Bitlish’s main advantages is the variety of payment methodsit supports. While many exchanges allows their clients to transfer only the digital coins it supports, Bitlish also allows payments in US dollars, euros and rubles with credit/debit card and bank wire transfer.
As we have mentioned, this exchange charges some fees on most deposit and withdrawal methods. Deposits in bank wire and digital coins are free of charge with Bitlish, while the other payments feature some fees. Here is a snapshot of the deposit and withdrawal fees the exchange charges:
In addition, Bitlish also offers prepaid cards under rather attractive conditions, as well as Bitlish Vouchers as a way to transfer funds between registered users free of charge.
Bitlish Review – is it scam or safe? Conclusion
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