Exchanges

Bitit Review

Website : Bitit.io
Established : 2017
Support :
Country : France
U.S. Clients Allowed : Yes
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Background

Bitit is a France-based international cryptocurrency exchange. Currently, users of Bitit can buy Bitcoin, Ethereum, Litecoin, Ripple and DASH  through many payment methods. While users can purchase these digital currencies on Bitit, they cannot trade or sell them on the exchange. For this reason, the Bitit exchange is not as famous as those exchanges that allow their users to buy and sell cryptocurrencies. For people looking for an easy way  to buy  Bitcoin or Ethereum, Bitit would be a perfect landing

The exchange’s website has a beautiful design, and it is straightforward to follow. New users of Bitit can get signed and create their trading account in minutes. This is a desirable benefit for someone who is looking for a quick and convenient way to buy Bitcoin or Ethereum.  As Bitit takes pride in being an international cryptocurrency exchange, it accepts customers from around the world. It currently accepts residents from over 50 nations including the US, Canada, Australia, Europe, and Oceania. While Bitit allows people from all these countries to conduct transactions on its platform, its primary focus is on European clients as it primarily deals in the Euro, but also allows US dollars as well.

Account Verification

Creating a basic account on Bitit does not require any personal identification information and allows buying up 25EUR worth of digital currencies. However, it does demand further identification if you wish to buy more. Bitit has a transparent and straightforward privacy policy; therefore, your information will never be shared with any third parties. However, users who want to remain anonymous are out of luck if they wish to buy more than €25 Euro worth of cryptocurrency on Bitit.

Bitit has successfully developed the reputation of being a secure cryptocurrency exchange. The company has many physical store locations in France, and it is active on social media which proves its legitimacy. The company as well encrypts all its data and is run on an SSL secured website.  It also takes all the precautions and security requirements you would expect from a financial service.

Regarding verification levels, users that want to buy more than €25 Euro worth of cryptocurrency must provide personal identification information. The identification required is a government-issued ID and a picture of you holding the same ID. Once Bitit gets this information, and it is verified you will have access to the maximum purchase amounts of Bitcoin and Ethereum.

Trading Platform

The trading platform offered on Bitit is not exactly a proper trading platform, but it gets the job done, and it is quite intuitive and straightforward to use. As a trader on Bitit, you just have to fill in a simple form, and your transaction will be processed. A price chart and order history is also available. For the irregular trader, this is more than enough but is not sufficient for an experienced or a professional trader.

BitIt offers an option, called “Buy Near You,” which reveals the nearest points of sale of the Neosurf and Cahslib prepaid cards and the BitIt proprietary gift card. It utilizes the location services of the browser and displays the locations on Google Maps.

Bitit Fees

Bitit charges different fees, depending on which payment method you used to buy your cryptocurrency. However, no matter which payment method you use, the fees are quite high compared to many other cryptocurrency exchanges. The cheapest fees you can achieve on Bitit is via direct banking with Trustpay at only 3%. The next more affordable fees are by paying with credit card, incurring fees of 6.9%, which is quite high compared to any regular exchange.

The cash vouchers are the most expensive buying option, as the fees incurred range from 5.9% to 11.9%.

The fees listed above are, of course, only the fees for buying the Bitcoin or Ethereum. You will also incur a small network fee when transferring your bitcoin or Ethereum to your cryptocurrency wallet. This fee may differ according to the usage activity of the network.

Deposits and Withdrawals

The payment options for buying cryptocurrencies on most exchanges are very limited. However, this is not the case with Bitit. Bitit outranks other exchanges at giving its users an abundance of payment options for buying both Bitcoin and Ethereum.

The following deposit options available for Bitit clients:

3D Secure Credit Cards- Visa, Mastercard, Maestro, American Express, Discover, China Union Pay

Bank Transfer- Trustpay

Prepaid Cash Vouchers- Neosurf, Cashlib vouchers, Flexepin

E-Wallets- Epay

Regarding withdrawal options, Bitit clients can only withdraw Bitcoin or Ethereum as users, as said earlier, cannot sell their cryptocurrency on Bitit. After buying the cryptocurrency, you send it directly to your cryptocurrency wallet through your Bitcoin or Ethereum address.

Is Bitit Safe?

Bitit offers customers a swift and convenient way to buy both Bitcoin and Ethereum. The most striking feature of this exchange that stands out from other crypto-exchanges is the available payment methods such as different credit cards, bank transfer, cash vouchers, e-wallets, and physical store locations to pay with cash. While Bitit has some excellent benefits, it does have hefty fees compared to most of the other exchanges out there. Nevertheless, Bitit is a reputable exchange that’s good for novice traders who want to purchase some cryptocurrency.

Also, Bitit is safe as it utilizes security measures and keeps an active social presence where people can read and learn about the company.

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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Bitit Rating

Bitit Rating
8

Ease of use

Fees

Support

Security

Pros

  • Easy account creation
  • Online and Offline payment options
  • Easy to operate platform

Cons

  • Fees are high (3-11.9%)
  • No leveraged trading
  • No App