It currently is in the process of becoming the 1st fully regulated cryptocurrency exchange in the country and get the PSAN status. This step can take up to 24 hours, and will require copies of an identification document, such as a driver’s licence, passport, or an ID card. Once the verification is complete, you will be notified by email. You won’t be able to make any purchases until this step is complete. Was a pain trying to purchase bitcoins but after 2 hours of being on phone with my bank and visa I finally got it through. Was not your fault but Visa acted like they didn’t know what a 3D security was…
While Bitcoin buyers will hold on for dear life and possibly sell once there’s some profit in the interest of not losing money, trading Bitcoin is an altogether different thing. No photos of the hardware or data center of the mining company. If there are no advertisements from the ASIC vendor, the mining company may not even own the hardware. For greater security, exchanges selected should be on an HTTPS site and should request secure logins to limit the possibility of being hacked. The commonality between face to face and over-the-counter transactions is that, in both instances, a counterparty is located for the trade. The difference will be that there is unlikely to be a negotiation on price in a face to face trade, while OTC transactions will involve a negotiation on price.
OTC transactions will be carried out through exchanges and broker/dealers. Dealers will generally trade using their own funds, while brokers link buyers and sellers and negotiate on price for the buyer, whilst charging a fee. Bitcoin exchange OTC trading desks are used for the more sizeable transactions that go into the millions of dollars. Bitit is a French cryptocurrency exchange that is safe and trustworthy. It has many crypto and fiat currencies that can be used, high fees, and a simple interface that is even suitable for newcomers.
- The company says it protects user data with the highest security standards to ensure it remains encrypted and confidential.
- If you encounter any issues, the easiest way to solve them is by getting to Bitit’s support center or contacting the customer support.
- One of the simplest and easiest exchanges for cryptocurrency – Been in this industry for many years, and I’ve not seen one as fluid as Bitit.
- If you aren’t doing this a couple times a week, you need to start.
Here is what a user with the nickname Adam writes about Bitit. He says that it is very simple to use and has reasonable fees. It is good to know that 76% of all reviews are excellent and only 6% are bad.
The Trustpilot Experience
In our Bitit review, we have gathered everything you need to know about the exchange. For more information please read our Terms and Conditions. One of the simplest and easiest exchanges for cryptocurrency – Been in this industry for many years, and I’ve not seen one as fluid as Bitit.
Her writing and financial expertise have been featured in MSN Money, Debt.com, Yahoo! Finance, Go Banking Rates and The Penny Hoarder. She holds a degree in journalism from the University of North Carolina – Chapel Hill. There’s big difference between buying and holding on to Bitcoins and trading Bitcoins. For many, it is just a case of buying and holding on to Bitcoins in the hope that values will continue to rise. Talks of $100,000 have continued to draw in buyers in the hope of making a small fortune.
He compares Bitit with Coinbase saying that it is much faster. Robert is completely satisfied with the services and recommends it to everyone. For urgent issues, it is recommended to leave a ticket. This can be done by writing to the support service directly via email or social media on Facebook, Twitter, and LinkedIn.
- Bitcoin mining is the validation of transactions that take place on each Bitcoin block.
- Robert is completely satisfied with the services and recommends it to everyone.
- It is too expensive and there are many cheaper alternatives in the industry.
- For many, it is just a case of buying and holding on to Bitcoins in the hope that values will continue to rise.
- Traders will be looking to buy and sell Bitcoins to earn profits and with the OTC market becoming more widely used, at present there is little worry that there will be a lack of buyers for the Bitcoin trader.
Thanks to Satoshi, there are now a plethora of cryptocurrencies, but Bitcoin continues to be considered the master, despite the recent offshoots that have created Bitcoin Gold and Bitcoin Cash. Bitcoin came into existence in 2009 and was created by software developer Satoshi Nakamoto. Satoshi’s vision was to create an electronic payment system that was completely independent of central banks and governments.
bitit is not one of the top crypto…
However, the wire transfer option is only available for purchases made using Euros. Using this method, you can purchase up to 15,000 Euros of cryptocurrency per week. Miners compete with everyone on the peer-to-peer network to earn Bitcoins.
Unlike fiat https://forex-reviews.org/ that is controlled by central banks and governments, Bitcoin and other cryptocurrencies are not controlled and are produced by miners globally, embracing the concept of decentralization. Paris-based Bitit is an e-commerce platform that allows users to buy and sellcryptocurrencies. The simple and intuitive interface lets users access Bitcoin, Ethereum and leading cryptocurrencies quickly and safely while using their local currency. Finally, about the cash advance fee, it’s a fee charged by your bank which is considering the transaction as a “money withdraw”, we are not responsible for such fee. Please do not hesitate to contact our support team at in order to clarify this issue.
The fiat currencies include CAD, CNY, ZAR, SGD, KRW, and others. Bitit offers around-the-clock customer service by email and chat, and on social networks. The company’s website features a help section with frequently asked questions to help users who would like to learn more about the platform. It took a week to get verified, then my account was blocked for 1 unsuccessful payment with my card. Due to massive amount of daily transactions that we are processing this process can take up to 8hours.
What is Bitit?
Today, Bitcoin ATMs are located worldwide, with a reported 30 different types of Bitcoin ATMs and as Bitcoin becomes increasingly more popular. ATM providers will likely widen the net to attract the traffic that can generate transaction fees of 7%, before even considering exchange rates that are certainly considered less competitive than high street banks. Do note that buying and selling Bitcoins on LocalBitcoin and the other agents listed above are for smaller transactions. Buying a large number of Bitcoins is more difficult and Bitcoin ATMs will have limits that would require additional information for larger purchases. Bitit is a French cryptocurrency exchange that was founded in 2015.
We use dedicated people and clever technology to safeguard our platform. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. The purchase fee with Credit Cards is still higher than some other competitors such as Binance.com (@3.5%), Blackmoon.net (@3%).
bitit review like how fast the service works and how responsive the customer support is. Also, if you make a purchase with cash, the service will charge from 7.9% to 10%. This is a ridiculously high fee, so we do not recommend using this method. It is too expensive and there are many cheaper alternatives in the industry. You will find all the coins you need here and that is one of the reasons why we like Bitit. When you choose a coin, its price is immediately shown in 15 fiat currencies that can also be used.
User opinions about Bitit
The faster the processing power, the more attempts are made by the hardware to attempt to complete the verification, etc., earning the miner the Bitcoins that are highly sought after along with transaction fees. Finally, obviously knowing how you can buy and sell Bitcoins is of importance and will vary from person to person. Some exchanges will accept payments by wire transfer, credit/debit cards, PayPal and even cash.
It operates in over 50 countries that even include the United States. The company aimed to create a service that would be suitable for both newcomers and professionals in the field. This is something that is not easy to do, but it looks like Bitit actually managed to succeed.
Customer reviews are positive, so we assume that the service can be trusted. This comes with the highest transaction fees of 8.75% and is only available for purchases made using Euros. The ATMs allow you to insert cash to purchase Bitcoins or dispense cash in the case of a sale. Unlike the traditional bank ATMs, Bitcoin ATMs are not linked in any way to banking networks and it’s also worth noting that transaction fees can be particularly high.
Traders use their own accounts for buying and selling Bitcoin and exchanges also provide leverage of up to 20 times, with traders likely to be buying and selling throughout the day. There are a number of ways to buy Bitcoin, the most common method being via a Bitcoin exchange. Most exchanges have developed mobile phone apps to make it easier for those looking to buy and sell Bitcoin. The Exchanges will request credit/debit card or bank account details to cover the purchase price and bank details for the transfer of proceeds from the sale. Besides the Bitit fees, there is a mining fee that comes with cryptocurrency purchases.
Bitit is subject to European enforcement regulations when it comes to the use of private data. The company says it protects user data with the highest security standards to ensure it remains encrypted and confidential. The platform does not store your card number or account password. Bank-level security and two-step login verification further protect accounts from unauthorized access. When making a purchase, you will see the cryptocurrency exchange rate and total purchase price in the selected currency.