Exchanges

Bit-Z Review

Website : .Bit-z.com
Established : 2016
Support :
Country : Hong Kong
U.S. Clients Allowed : No
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Background

Bit-Z exchange has rose to become one of the top exchanges for cryptocurrency trading around the world since its inception in 2016. Headquartered in Hong Kong, Bit-Z renders both OTC (Over the Counter) and professional digital currency trading services. The team managing Bit-Z includes assorted professionals from industries like e-commerce, gaming, finance, and social networking, as well as other numerous members of the international digital asset industry.

For clients’ security, Bit-Z utilizes bank-level SSL technology. It also uses GSLB in the form of distributed servers for platform stability. Bit-Z primary goal is to provide users with the most efficient as well as safest service.

The Bit-Z platform gives the required features you want from a typical crypto-exchange. Once you get your account verified, you can trade with several forms of cryptocurrencies. The exchange has a reasonably rich portfolio of at least several dozen cryptocurrencies from which clients can choose. Most users will conventionally use the exchange by depositing BTC from their wallet or any platform they prefer, then use that balance to trade.

Besides the ability to trade digital currencies, Bit-Z lets clients make informed decisions by supplying them with the necessary tools needed. It has real-time market data, as well as advanced charts, trade histories, reports, and API access to support automated trading.

Bit-Z is a professional exchange operated by a team with years of experience in the technology industry, providing system stability that you can rely on. It is also convenient due to its security and efficiency, allowing you to complete transactions quickly.

There are no security issues because of the bank-level SSL technology that guards each transaction. Finally, the transactions are quickly confirmed through real-time global synchronized information that is continuously updated.

Account Verification

Creating a trading account with Bit-Z is relatively easy and straightforward. After your registration, you will be required to verify your account using a security code sent to your mobile phone. Withdrawing funds from your account will require further verification. This is an extra security measure which effectively ensures that services are not provided to residents of the countries where it is not legal.

There is no specific timeframe within which Bit-Z will authenticate your account after you supply the required information and identification. Depending on the clarity of the documents provided the verification team usually handles it within maximum two business days. For added security, Bit-Z uses 2FA which increases account safety by requiring you to send additional data for password verification.  To use this system, install the application for Google Authenticator (identification verifier) on your smartphone. Then go the Security Center and scan the QR code, entering your 6-bit password verification and your standard login password. Finally, click on “Start 2FA.”

Trading Platform

Bit-Z offers a web-based trading platform and also provides real-time market information, API access for automated trading, advanced charts, trade history & reporting, likewise important company news in a section beneath the instruments on the left-hand side. The platform is available in two languages; English and Chinese. No trading apps for android or iOS devise have been developed as of now which is factor worth considering if you’re trader who rarely stays in front of desktop PC.

To start trading on Bit-Z, you need to log in to your trading account and click the “Exchange” link located on the top right-hand side of the main menu. You will then be redirected to the trading screen.

On the left-hand side, the available trading pairs such as BTC, DKKT, ETH, and USDT will be displayed. Pick which digital coin you would like to trade in and then click on the currency for which you would like to trade.

You place the buy and sell orders of your desired currency by using the two boxes under the graphs.

Bit-Z Fees

Bit-Z charges relatively low fees, to make the exchange’s services affordable to use. Deposits are free of charge. The fees charged on withdrawals differ by digital currencies but are typically very low.

Examples fees for Withdrawals:

  • BTC 5%
  • DKKT 5%
  • ETH 0100 ETH
  • USDT 0000 USDT
  • LTC 5%
  • FCT 5%
  • LSK 5%

Deposits and Withdrawals

Bit-Z, unlike most crypto-exchanges, does not support deposits in fiat currencies. Users can only deposit with your digital currency wallet. Plus, you can only withdraw the coins you traded in. Deposits are free of charge, while withdrawals incur 0.5% fee on the average.

Is Bit-Z Safe?

As said earlier, Bit-Z is based in Hong Kong and is an unregulated exchange like most other exchanges on the market.  While Bit-Z is unregulated the company has quite clear performance record with no hack attempts reported so far.

It is also worth noting that Hong Kong seems set to follow the regulatory examples established by the US and other Western countries regarding cryptocurrencies and exchanges. Also, Bit-Z is a relatively new exchange with a smaller volume than other digital assets exchanges out there, so we implore you to treat it with caution for now.

Do not hold any significant balances on the platform and make sure to make frequent withdrawals. We have not been able to find much unfavorable user reviews on the platform, but on this stage it appears the company is yet to develop it’s user base and more might surface in the future.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

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Bit-Z Review

Bit-Z Review
7.9

Easy to use

Fees

Support

Payment

Reputation

Pros

  • Good for beginners
  • Low fees
  • Great interface

Cons

  • Users complaints
  • Small volumes
  • New exchange