XBit Asia Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this XBit Asia Review.
XBit Asia Review
XBit Asia is one of the leading cryptocurrecy exchanges in Malaysia. They provide a relatively easy access to Bitcoin for locals.
The company, security of funds
As a Malaysian company XBit Asia currently doesn’t fall under any regulatory burdens, as the country simply has none. This may not be the case soon, as local authorities are expected to come with some serious piece of legislation by the end of 2017.
Unlike other entry-level companies, XBit Asia does provide wallets for its clients. While keeping your Bitcoin on a wallet, whose private keys you control or even a physical device, like the Trezor may sound more appealing, this exchange claims to offer a very high level of security.
All the coins held by XBit Asia are kept in cold storage. Two-factor verification is also in place, making the overall security level quite high. Furthermore, we couldn’t find reports of major hacking scandals at this exchange, which is always a good sign.
Ringgit (MYR) transfers to XBit Asia can be made with a Malaysian bank. After the payment is sent, a client must provide some form of verification to the company’s email. While this can make the entire process a bit lengthy, at least you will not be thrown directly in the market once the funds arrive (as is the case with other companies, like BTCDirect)
XBit Asia also offers a Merchant service, allowing online shops to accept Bitcoin. While this may not bother you as a client of the exchange, it does indicate their dedication to the world of cryptocurrencies.
We couldn’t find many user reviews on XBit Asia, but the few comments we stumbled upon were rather positive.
Trading instruments (cryptocurrencies)
The only cryptocurrency available at XBit Asia is Bitcoin. Moreover it is only traded verses the Malaysian Ringgit (MYR). This is not much in terms of variety, but will prove an invaluable service to those who need it. More digital assets can be found at exchanges, such as Cryptopia.
The minimum fiat currency deposit at XBit Asia is MYR 200.00. This is a very reasonable level, especially since such payments will have to go through some banking fees.
Leveraged trading is not available at XBit Asia. Given the recent price volatility in the world of crypto, not everybody needs it. However, some of you may be interested in the purely speculative aspect of Bitcoin.
The forex brokers, who offer cryptocurrency CFDs may present an alternative, which is worth checking out. We must mention there are quite a few differences between the two services. While CFDs allow one to trade with leverage and enter short positions (a type of transaction, in which you profit when the price of an asset falls), they aren’t ideal for a long term investment, as you are charged daily “rollover” fees.
With a 0.8% trading fee, XBit Asia isn’t a competitive exchange. Nowadays the more popular and globally oriented trading facilities charge around 0.25% at most. That bring said, trading at XBit Asia is done against the MYR, which partially justifies the higher rate, as the number of transactions (and liquidity) is will obviously be lower.
When it comes to the fees on deposits and withdrawals, (which we will cover later on in this review) the situation is much better.
Trading at XBit Asia is done on a web-based platform. This is pretty much the current standard for cryptocurrency exchanges.
Saying this is “not that impressive” will be an overstatement. This chart barely does its job, let alone provide ground for serious technical analysis. On the other hand, the order book is much more understandable (although it reveals the relatively low liquidity):
While we are used to dealing with forex platforms, such as MetaTrad4, other crypto-exchanges provide a much better trading experience. We prefer the ones provided by Bitfinex, Bitstamp or Kraken, just to name a few.
Methods of payment
When it comes to the payment options at XBit Asia, Ringgit can be sent via bank transfer. Of course, as this exchange provides a wallet service, you can also transfer Bitcoin in and out. Do be sure to fully verify your account before trading, as withdrawing BTC will not be an option before you do.
All forms of deposits are free of charge, while withdraws are charged 0.0002 to 0.0004 BTC and MYR 0.11. Both levels are almost negligible.
XBit Asia is one of the leading cryptocurrency exchanges in Malaysia. While they may deal only in Bitcoin, the company accepts Ringgit bank transfers. This makes them a nice “gateway” company. That being said, active traders will likely find better places to transfer their newly acquired coins.
XBit Asia Review Conclusion
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