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Bitit.io Review – Buying Bitcoin and More on Bitit.io

bitit.io review

Bitit.io is a cryptocurrency exchange based in Paris, France that has been providing cryptocurrency brokerage services since 2015. They offer a range of purchase options and operate in over 50 countries with the aim of giving everyone the opportunity to access cryptocurrency, no matter where they live. The platform is easy to use and complies with KYC (Know Your Customer), AML (Anti Money Laundering) and GDPR (General Data Protection Regulation) regulations. If you would like to find out more about this beginner friendly platform then read this full Bitit.io review and see if it’s the platform you’ve been looking for.

Bitit.io The Company

As we mentioned in the opening paragraph of this Bitit.io review, the platform is a French exchange that’s focused on providing cryptocurrency services all over the world. The company, registered with the Trade and Company register of Paris, France under the number 810 222 513 follows thorough KYC and AML regulations. A great thing about the platform is that they operate pretty transparently, providing their address online (25 rue du Petit-Musc, 75004 Paris) so that you know you’re not dealing with some untraceable internet site. They’re also supported by legitimate companies and organizations such as Ernst and Young (EY) and Luxembourg House of Financial Technology. Now that you know a bit more about the company, it’s time to find out how to get started and verified with Bitit.io.

Account Setup and Verification

The account set up process is simple. However, you will have to verify your account to access all functions on the platform. This involves entering some personal information and verifying a photo ID. For this, you’ll need a government-issued photo ID and Bitit.io recommends a passport be used as it can take just 5 mins to get verified in some cases. However, you can also provide a driver’s license or other valid identification documents. The verification process usually takes up to 24 hrs when using those ID types. So if you want to get trading quickly then it’s best to use a passport.

Accepted Countries and Currencies:

As we mentioned in this Bitit.io review’s introduction, their aim is to provide services to as many people as possible, regardless of where they live, so it makes sense that the services are available in more than 50 countries. That means it’s likely that you can use Bitit.io to buy crypto but a definitive list of accepted countries can be found here. If your country of residence is on the list then you can buy crypto with any of Bitit.io’s supported fiat currencies:

  • USD  US Dollar

  • GBP British Pound

  • EUR Euro

  • CNY Chinese Yuan Renminbi

  • CAD Canadian Dollar

  • SEK Swedish Krona

  • NOK Norwegian Krone

  • DKK Danish Krone

  • KRW South Korean Won

  • TRY Turkish Lira

  • SGD Singapore Dollar

  • HKD Hong Kong Dollar

  • JPY Japanese Yen

  • AUD Australian Dollar

  • ZAR South African Rand

Bitit.io has added quite a few new cryptocurrencies and seem pretty intent on expanding their range. At the time of writing the following cryptocurrencies can be bought on Bitit.io:

bitit.io review

Purchasing

Purchasing cryptocurrency on Bitit.io is pretty simple but be sure to enter a valid wallet address for your chosen cryptocurrency as they do not offer wallet services. Personally, I like the security it offers as you have total control over how you store your crypto-assets and don’t have to rely on a third party that could be vulnerable to hacks.

European residents have the ability to purchase using SEPA wire transfers, credit cards or cash vouchers from Bitit.io, Cashlib, and Neosurf. These Neosurf and Cashlib cash vouchers can be bought at over 150000 stores around the world. To find a store just go to ‘Buy Near You‘. A great thing about this option is that when redeeming vouchers, they are processed quickly and your funds are usually deposited in minutes.

European residents can also use a EUR wallet with SEPA wire transfer which gives you an individual EUR IBAN that can then be used to instantly purchase cryptocurrencies. This is actually a pretty practical system because it means that after loading funds into the wallet you can then choose to purchase instantly instead of having to wait days for individual SEPA transfers/purchases to be processed.

Non-European residents can only purchase crypto using credit cards however this is probably the most popular way to purchase cryptocurrencies so for those with a credit card, it shouldn’t present an issue.

Purchases usually take about 30 minutes to arrive in your wallet depending on blockchain congestion.

Fees and Limits

When purchasing crypto on Bitit.io there are of course fees involved and they are unfortunately quite high. Fees and limits can be seen below and although the fees are somewhat high, Bitit.io is very clear when describing their pricing and limits. The honesty is pretty refreshing when I compare Bitit.io’s buying experience with that of some other exchanges out there.

Limits can also be increased by contacting Bitit.io but only after making credit card purchases. The process involves sending a selfie of you holding your card (with only your name and last 4 digits visible) and a proof of residency document (utility bill etc.) and a bank or credit card statement are also usually required.

bitit.io review

 

Privacy and Security

In terms of privacy, I mentioned under the Account Setup and Verification section of this Bitit.io review that verification is required so the site is not very private. That will not appeal to some users however it ensures that they are able to operate in a wide range of countries due to KYC and AML requirements. They are also GDPR (General Data Protection Regulations) compliant so users have a reasonable amount of control over their data and how it is used.

When it comes to security, the fact that none of your crypto is stored on the site means that you, the user have total control of your funds. Users also don’t have to pay the crypto deposit or withdrawal fees as is common on some other exchanges. Two Factor Authentication is also available and highly recommended to protect your account’s security and to stop anyone from accessing it apart from you.

Customer Service

Customer service is only contactable via their ticket service but they do have a FAQ page with a lot of useful information. Customer service response times are not bad and they aim to reply within 24 hours. As I contacted customer support I received a response in about an hour and my problem was sorted out not long after that which I found quite impressive.

Bitit.io Review Summary

To summarise the Bitit.io review, this platform offers an easy-to-use and reliable cryptocurrency buying service. The issue is that their fees are higher than other cryptocurrency exchanges (such as Coinbase for example), and verification is required to access any of their services. That being said, they sell a wide range of cryptocurrencies, accept a large number of fiat currencies and operate in over 50 countries. They are a great platform for beginners and the setup and verification process is quick but there are some cheaper options out there. After reading this Bitit.io review, if you think that it’s right for you then click here to get started, creating an account only takes a few minutes.

Equally, if you would like to check out some reviews of other exchanges and crypto-products then you can do so here.

 

Disclaimer: Bitcoin News does not provide any warranties towards the accuracy of the statements in the above Bitit.io review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.

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Image Courtesy: Bitit.io

 

The post Bitit.io Review – Buying Bitcoin and More on Bitit.io appeared first on BitcoinNews.com.

Coinmama Review – Is It Right For Me?

coinmama review

Coinmama is a major player in the crypto exchange industry that aims to make buying cryptocurrencies simple. Based in Israel and belonging to Slovakian company NBV International, Coinmama operates in over 180 countries so just about anyone can use the platform. This Coinmama review will shed light on how to use the platform, their verification requirements, fees, limits and other important information that will help you find out if Coinmama is right for you.

Coinmama, the Company

Coinmama is one of the largest exchanges around, thanks largely to the fact they accept all fiat currencies and operate in 41 US states and over 180 countries worldwide. Although verification is required, this is largely due to the fact that Coinmama is registered and needs this information from customers to operate in many jurisdictions. In the US they are registered with FinCEN as a Money Services Business and comply with the Bank Secrecy Act. And for those users in the EU, they are GDPR (General Data Protection Regulation) compliant.

Setup and Verification

As we mentioned above, Coinmama is registered and regulated which means that they have to comply with KYC (Know Your Customer) regulations. As such, verification is required before you can begin trading on the platform. The process is not overly difficult but requires government-issued photo ID and a selfie with the ID and a piece of paper with ‘Coinmama’ and the date written on it.

All in all, the process is very similar to that of other exchanges and quite self-explanatory. It takes about an hour for the verification to be processed and then your account will be ready to make purchases.

Purchase

To begin purchasing any of Coinmama’s supported cryptocurrencies you will have to select how much, what type, how you want to pay and the wallet address you want the funds sent to. Coinmama allows users to purchase cryptocurrencies with any fiat currency without the need to transfer money into an account to be held by Coinmama.

It should be noted however that all prices are quoted in Euros or USD. It is possible that your bank may charge an extra conversion fee when purchasing with other currencies but we will talk about it later in this review.

In August 2018, Coinmama introduced the ability for European users to purchase funds via SEPA bank transfer alongside their usual credit/debit card option. They also don’t hold any crypto for you which means that you have total control over the security of your crypto assets. Just make sure that you confirm your chosen wallet address via the email sent to you otherwise the transaction won’t be processed.

Limits

Depending on how much information you choose to share with Coinmama, the higher will be the lifetime limit. This is independent from the daily and monthly limits of USD/EUR 5000 and USD/EUR 20000 respectively. If you have completed the ID verification that we mentioned earlier in this Coinmama review then you have reached level 1. Coinmama has three levels of verification, and the second involves supplying a secondary ID and a utility bill. The third level involves filling out a form that you can get by contacting [email protected].

Accepted Cryptocurrencies

Coinmama gives users the ability to purchase the following popular cryptocurrencies:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ripple
  • Litecoin
  • Cardano
  • QTUM

Fees

As Coinmama doesn’t hold any fiat funds for you, there are no deposit or withdrawal fees like those on other exchanges. The platform uses the XBX index to calculate their exchange rate and then, as a fee, adds 5.9%. Tradeblock XBX provides an average price of bitcoin based on a number of rates offered by various platforms. The 5.9% is included in the quoted price so there are no hidden fees. Coinmama doesn’t charge fees on SEPA transfers which makes it a pretty appealing payment option when compared to the 5.00% fee charged on credit cards.

If you are not sure whether your bank or credit card provider will charge fees on Coinmama-related transactions, then it is best to contact your bank for more information. Some customers have reported unexpected fees from their banks or card providers (such as a conversion fee or transaction fee) but these are not charged by Coinmama and they don’t have any control over them.

Privacy and Security

As we mentioned under the Purchase section of this Coinmama review, neither fiat nor crypto-funds are held by Coinmama. This means that a lot of the risks associated with using a cryptocurrency exchange are removed. That being said, as verification is required and personal information must be entered and held by the platform, it is not a very private platform. Fortunately, they are GDPR compliant which gives users some power over their data and its uses.  The credit card also information isn’t stored by Coinmama on their website or servers and all personal information is encrypted.

Customer Support

Coinmama’s support replies pretty quickly and effectively to queries over their ticket service. They aim to reply to tickets within two hours which I experienced first-hand and found to be a reasonable time frame. Alternatively, you can contact them via email [email protected]. But unfortunately, no phone support services are available. So be aware that any numbers you find online are almost certainly fake. If you feel like trying to solve the problem by yourself, first then you can visit Coinmama’s FAQ page. It’s pretty handy, providing you with answers to most problems you may encounter.

Coinmama Review Summary

All in all Coinmama makes buying cryptocurrencies very easy but unfortunately, it’s the fact that you can only buy cryptocurrencies on the platform that’s a shame. It would be nice if a ‘sell’ feature would be added at some point. When buying via SEPA bank transfer, the fees are reasonable but via credit card, they are quite high which is something that has led to some complaints from users. That being said, Coinmama doesn’t attempt to hide fees and it is pretty transparent. Also, with it being regulated, it is ideal for those looking for someplace legitimate and safe to buy crypto from anywhere in the world.

We hope to have cleared up most of your questions about the platform in this Coinmama review. If you wish to signup and get started with Coinmama right away then you can do so here.

 

Disclaimer: BitcoinNews does not provide any warranties towards the accuracy of the statements in the above Coinmama review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.

 

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Image Courtesy: Coinmama

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