Bit-Z Exchange Review: Is It Safe or Scam?
Bit-Z is a Hong Kong-based crypto exchange founded back in 2016. It offers both Over the Counter (OTC) and trading services for a number of different digital currencies. The team behind Bit-Z is comprised of individuals that have expertise in various fields such as e-commerce, finance, gaming, and social networking.
Being headquartered in Hong Kong means that the exchange is not regulated, and it also warns investors from certain jurisdictions that it does not accept clients who are residents of Germany or the State of New York.
The exchange uses SSL encryption for each of its transactions, aiming to provide bank level security. Bit-Z also makes use of GSLB distribution serves that ensure the platform is stable and does not go down during your trading process.
To open an account, you must get verified through a code that is sent to your mobile after you register. Additional identification documents are requested for executing withdrawals.
The platform also has implemented a 2 Factor Authentication to strengthen account security.
Bit-Z charges only market sellers, each having different fees, depending what trading pair they choose, but the highest amount is 0.3%. There is no deposit fee.
The exchange applies a withdrawal fee of 0.5% to all cryptocurrencies.
The Bit-Z interface features real-time market data, advanced charts, API access for automated trading, trade history & reporting, in addition to important company announcements in a section under the features available on the left. The platform is translated both in English and Chinese.
They also have an app version which can be used on Android and iOS smartphones. Users have reported several glitches, and performance wise, it failed to be satisfactory.
Methods of payment
Bit-Z does not accept or trade with fiat currencies. The only way one can deposit funds is via Bitcoin. Also, withdrawals can only be made in the cryptocurrencies you are able to trade in (after you have sent ID documents).
Most cryptocurrency exchanges have available more than one funding option for fiat currencies, or at least credit and debit card payments.
What is DKK Token (DKKT)?
“Over the Counter” trades allow users to buy currencies directly from other site members without requiring them to use an account from another cryptocurrency or exchange platform or wallet. The orders will not be displayed on the exchange but in the separate “OTC” area.
Here, you can purchase or sell BTC, LTC or ETH with USD dollars or Chinese yuan through a large list of payment methods: cash deposit, bank wire, AlyOPay, WeChat, Moneygram, PayPal, Neteller and Western Union.
User Complaints about Bit-Z
There have been a number of users that have made complaints on online forums and sites regarding the exchange’s withdrawal process from taking an extremely long amount of time. There are many reasons that generated this issue, but the main one is directly correlated to security, in the sense that Bit-Z will often manually reviews withdrawal requests.
There have also been complaints about Bit-Z’s customer service. The complaints were regarding the time it took for the support team to respond, and there have been some users that complained about the support not being able to properly communicate in English.
There is no information regarding hacks which involve the exchange, so we can deduce that such events did not happen so far.
Bit-Z is a crypto exchange which features competitive rates, and so far it seems that has not experienced any security breaches or hacks. However, it only accepts deposits in Bitcoin, which can be very inconvenient and there have been many complaints regarding its withdrawal times. In spite of its shortcomings, the exchange does not appear to be a scam.