What is Bitit and How It Works
What is Bitit?
Bitit is an exchange platform for digital assets which is headquartered in Paris, France. It enables users to purchase cryptocurrencies in their local currency of choice and with a variety of payment methods including Debit and Credit Card purchases.
BitIt is a Paris- based business founded by three friends in 2015. Their goal was to make cryptocurrencies accessible to anyone, regardless of their geographical location. The three co-founders are Nicolas Katan- who is the CEO, Ugo Mare -the CTO, and Simon Potier – the CIO.
The platform is supported by The Family (a European group which supports entrepreneurs), the Luxembourg House of Financial Technology, and EY (a global company).
Supported currencies and countries
Bitit currently offers its services to 50 countries from all over the world. It has 15 fiat option with which you can buy cryptos: USD, CNY, HKD, KRW, SDG, ZAR, CAD, AUD, TRY, NOK, SEK, GBP, DKK, JPY, EUR.
Bitit currently has listed the following coins and tokens:
It should also be noted that other fees may incur when you buy from a store in exchange for a prepaid voucher or for foreign exchange or foreign transaction fees which your financial institution charges.
Bitit allows users to purchase cryptocurrencies in several ways;
- Through credit/debit cards and all the cards from recognized card processors such as VISA, Mastercard, Maestro, American Express.
- By using cash vouchers on Bitit (CASHlib, Neosurf, Bitit).
- Through direct banking facilities which are powered by TrustPay.
- With the Bitcoin Bitit Gift Card you can claim your Bitcoins in a 3-step process:
- Buy from one of Bitit partners and have the gift card sent to you by post or email.
- Redeem your gift card on bitit.io for the main cryptocurrencies.
- Your cryptocurrency will be delivered to you in minutes.
- Merchants are able to sell Bitcoins through Bitcoin Bitit Gift Card on their store.
What Limits Does Bitit Have?
Without account verification, users have a buying limit of 150 Euros worth of Bitcoin. Account verification is required in order to make purchases with a credit card.
If you are a verified user, you have the possibility of increasing your limits to 700 Euros each week with a credit card and 2,500 Euros per week using other payment methods. For this, you must send a notarized copy of your ID and a selfie with you holding your ID in addition to a paper where you wrote the date and “BitIt.”
Additional approval for higher limits involves a selfie with your credit cards (with all but the last four digits covered), proof of residency, and a current credit card or bank statement.
The platform lets users add their wallet addresses in the wallet section of their site for various cryptocurrencies that have been created off-site.
This implies that none of the user funds are stored on the Bitit exchange and that the funds will be redirected to the addresses specified in that section. As a result, the exchange is less susceptible to hacking attempts or other issues associated with exchange- hosted hot wallets.
The platform accepts a wide variety of payment methods including credit cards, e-wallets, wire transfers, or even cash through payment processors such as Maestro, Mastercard, Visa, TrustPay, CashLib, and Neosurf.
Support comes in the form of a “Help” window for all inquiries that involve account issues, but they do not have any live chat/phone support to contact if an immediate intervention is needed.
The platform also has an extensive FAQ section that features answers to most common questions. The support section is divided into categories to help users find the topics they are looking for more easily. If you wish to contact them in person, they do have a physical address in France.
Bitit is a web service which offers a large variety of payment methods, including fiat currencies, for those that are interested in purchasing cryptocurrencies. The service does pose a rather high fee, so you might want to weigh in your options before going ahead with this service.
Image Source: bitit.io