Bitsane Review – is it scam or safe?

Bitsane Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.

Bitsane Review – is it scam or safe?

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Bitsane is a spot trading exchange for some of the most popular crypto currencies such as Bitcoin, Litecoin, Ethereum, Ripple, etc. It offers both crypto-to-fiat and crypto-to-crypto trading through a single account type.

This crypto-exchange applies different treading fee levels, depending on whether a user places their own bid or just buys/sells from the first available bid/ask. This approach is common for such venues. Also, like most cryptocurrency exchanges. Bitsane does not support margin trading.

Registering an account with Bitsane is easy, free and requires no personal information. However, in order to deposit in fiat currencies via bank wire or raise the account limits applicable, one has to verify the account and upload ID documents and a photo. This is typical for crypto-exchanges, as most of them have policy to prevent money laundering.

Account holders also get easy access to their Bitsane wallets for fast deposits and withdrawals.

Launched in 2016, Bitsane is a Dublin-based cryptocurrency exchange that allows users to freely trade between a number of different virtual currencies and fiat (USD and EUR).

Its trading volume is not anything significant. As of November 2017, Bitsane is sitting at the #124 spot in the list of the top cryptocurrency exchanges by their 24 hour trading volume, according to CoinMarketCap. The most popular pairs including BCH/BTC, and BCH/EUR.

The company operating the platform, Bitsane Ltd., is not regulated by any authority, as is often the case with crypto-exchanges worldwide. The Central Bank of Ireland, which is in charge of financial regulation, has not made any moves towards regulating Bitcoin and the related services and activities.

Nonetheless, Bitsane says it keeps clients’ assets in cold storage and follows strict AML and CTF policy. There is also arbitration procedure in place, in case a dispute arises between clients and the company. Besides, this exchange has not been the target of a major hack yet.

If you wish to trade cryptocurrencies with a regulated entity, you may also do that with forex brokerages. Their Bitcoin offering involves certain specifics, however they are properly licensed and besides, provide margin trading.

Trading conditions

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Trading instruments (cryptocurrencies)

The service provided by Bitsane currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, Ripple, Dash, Iconomi, as well as EUR amd USD fiat currencies. With this exchange, investors can trade in both crypto-to-fiat and crypto-to-crypto pairs.

Minimum deposit

Bitsane has set a minimum investment amount only to Wire/SEPA transfers – 10 EUR or USD. No minimum investment levels apply to deposits in blockchain.

Leverage

Like many similar exchanges, Bitsane offers only spot trading in cryptocurrencies and does not support margin trading. Indeed, providing leverage in such a volatile and dynamic market as cryptocurrencies may not be such a good idea.

Nonetheless, If you want to trade with leverage, some exchanges offer that option – Kraken, Poloniex, CexIo, etc. Besides, you can also try out trading in cryptocurrency CFDs with forex brokers.

Fees

The trading fees at Bitsane are relatively competitive for the current state of the crypto-market. The rate for market “makers” (who provide liquidity) is 0.15%, while market “takers” are charged with a fee of 0.25%.

Besides, withdrawals, as well as some deposits are also charged with fees, which we discuss below, in the “Methods of Payment” section.

Trading platform

Bitsane provides a conventional web-based trading and exchange platform with mobile-friendly design. It has a real-time market quotes section for all the trading instruments offered, an order book, market depth window and is equipped with basic candlesticks charting. The platform allows two order types: Market and Limit. Besides, Bitsane offers a powerful and simple API solution that allows you to develop your own crypto currency trading applications.

Methods of payment

One of Bitsane’s advantages is the variety of payment methods it offers. While many crypto-exchanges allows their clients to transfer only the cruptocurrencies it supports, Bitsane also allows payments in EUR and USD and rubles via bank wire transfer or SEPA, as well as by OKPAY and ADVCASH.

Unfortunately, Bitsane’s system does not support Credit/Debit card transactions yet, this option may be added in the future.

As we have mentioned, this exchange charges some fees on most deposit and withdrawal methods. Deposits in bank wire/SEPA and digital coins are free of charge with Bitsane, while payments via OKPAY and Advcash are charged with 3% (and 5% for deposits via Advcash).

Also, keep in mind that Bitsane applies certain deposit and withdrawal limits. The limit for withdrawals and deposits of fiat is 10000 per transaction for non-verified users and 50000 per transaction for verified ones.