Bits Blockchain Review

bit blockchain

Bits Blockchain is a Chinese exchange that allows people to purchase, sell, and trade virtual currencies. Since its inception in 2017, the exchange has allowed many people from around the world to participate in altcoin trade. The exchange is not hostile towards US investors. In fact, it could be one of the best virtual currency trading platforms for those looking for a place to purchase or sell different coins.

Coins supported

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Bits Blockchain, as a Cryptocurrency exchange supports various major coins. Apart from Bitcoin, the exchange also supports other altcoins such as Ripple coin, Litecoin, Ethereum, Dogecoin, and ATM Coin (ATMC), its own Crypto.

ATMC is an altcoin that was created by the same firm that manages Bits Blockchain exchange. The total supply of ATM Cash will reach $2.3 billion when the Crypto reaches its prices limit of $10.

Account security

To open an account on Bits Blockchain, you only need to have an email. As mentioned, American investors are allowed on this exchange.

When it comes to account security, the exchange supports three-factor authentication, which makes it more difficult for anyone to access your account only using your password. Given that the exchange has a wallet service, you are sure the BTC, USD or other monies in your account are safe.

Fees

Before deciding whether to buy or sell Cryptocurrencies in a given platform, transaction fees is one of the most important factors to consider. Both the taker and marker fees on Bits Blockchain are 0.5 percent. The charges apply to both Crypto-to-Crypto and fiat-to-Crypto trades. These charges are considered slightly higher than the market average fees of 0.25 percent. It is advisable to consider the advantages of this exchange to establish if they outweigh the high fees.

Bit Blockchain charges a withdrawal fee of 0.005 ETH, 0.004 BTC, 1 percent ATMC. This charge is much lower than what is charged by most of the other exchanges globally.

Funding methods

Bit Blockchain accepts various payment methods to make it easy for users from across the world to trade on this platform. The exchange accepts wire transfer and credit card. This feature is especially helpful given that many exchanges do not support fiat currency deposits.

Those who choose to withdraw their money using the VISA debit card can do so from any ATM machine worldwide. This is a rare service among Crypto firms giving this exchange an advantage over the others.

Trading accounts on Bit Blockchain

The Macau-based Cryptocurrency exchange is among the top 30 exchanges by daily trading volume according to CoinMarketCap. The exchange is mainly popular because it supports both coin-to-coin and coin-to-fiat trading. Its use of USD and EUR has made it even more popular among newbies.

Demand and supply are among the most important factors that influence the price of most Cryptocurrencies. You can make a profit by buying coins when they are trading at a low price and sell them when their demand and price increases.

At Bits Blockchain, you can buy and sell different Cryptocurrencies at an international level. The exchange provides a secure platform and the necessary tools to enable you to buy or dispose of your coins.

Bits Blockchain provides its customers with various trading pairs. Some of the commonest ones include ATMC/BTC, BTC/USD, BTC/EUR, ETH/BTHC, XRP/BTC, LTC/BTC, and DOGE/BTC.

If you are looking for a platform that allows traders to borrow to trade, Bits Blockchain is not your right place. The exchange does not offer leverage trading. Perhaps you may consider looking for a forex trader.

Note that Bits Blockchain does not have a trading platform. The company does not offer its users with order book, charting, or any analysis tool. No advanced features are present on this website as in most of the other exchanges such as analysis indicator. The company only has an order box. Although this is a disadvantage to more experienced traders, it makes the site easy and simple to use for those joining the Crypto world.

Security

The safety of your coins depends on you first. You also have to consider the security of an exchange before deciding to rely on it. Even with some of the best and largest virtual currency trading platforms, security remains the main issue and there is no guarantee that your funds will be secure especially due to the increased cases of hacking.

Bits Blockchain is an SSL certified website. This means the users should not be afraid when sharing their personal data as they are dealing with a real, authentic, and reliable website. According to the results of the Observatory test by Mozilla, the website’s security score is D-. This is the average score on most Cryptocurrency exchanges.

Pros

• The users have nothing to worry about the fees as Bits Blockchain has a clear presentation.

• The exchange provides its customers with wallet services. They can store their coins on the platform securely.

• The exchange supports fiat currencies, unlike many exchanges.

• The exchange supports Spanish, Portuguese, and English languages. This has made the website appealing and reachable to many people worldwide.

• The exchange only supports a few Cryptocurrencies. This makes it easy for new users to use this website.

Cons

• The customers cannot leverage trading on this exchange.

• The exchange does not have a mobile app thereby limiting its accessibility.

• For fiat deposits, the exchange has a minimum deposit requirement.

• The exchange charges its customers hefty trading and withdrawal fees.

Conclusion

Bits Blockchain is a reliable exchange to use especially if you are new in the Crypto market. Given that it supports fiat deposits, you could use it when dealing with Crypto-only exchanges. You will buy coins on this exchange using fiat currency and then send to them to your other external wallet. Although the exchange has high trading fees, you should consider your current situation to decide whether it is the best platform for you.

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