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24xbtc Review - is it scam or safe?

24xbtc Review - is 24xbtc.com scam or good cryptocurrency exchange?

RATING: 2.8 / 0 REVIEWS 24xbtc

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

5%

 

 

24xbtc is a Ukrainian cryptocurrency exchange obviously targeting mostly clients in Russia, Belarus and Ukraine, even though it has an English-language version of the site and claims it provides its services in Europe, China, USA and UAE. Judging by the supported fiat currencies and payment methods, however, the main market are the former Soviet Union countries.

 

24xbtc offers the option to exchange fiat currencies for cryptocurrencies and the other way around and crypto for crypto and supports a number of both. The cryptocurrencies available are: BTC, BCH, ETH, LTC, XMR, XRP, DASH, ZEC. The supported fiat currencies are EUR, USD, RUB and UAH.

 

 

24xbtc advantages

 

- Courier delivery service. 24xbtc offers the interesting option to have your cash delivered to you by a courier service. According to the exchange’s site, the feature is available in Ukraine, Russia, Belarus. This sounds interesting and convenient, but we are not quite sure whether it is safe and more importantly – legal.

 

- Lots of Coins. 24xbtc has a fairly good selection of cryptocurrencies on offer that includes the largest and most popular coins.

 

- Fiat accepted. As per its main markets, 24xbtc offers the option to buy or sell cryptocurrencies for RUB and UAH, as well as USD and EUR.

 

- Multiple fiat deposit methods. 24xbtc has multiple fiat deposit methods that range from cash, wire services like Western Union and MoneyGram, bank transfers, credit cards and online payment services like OK Pay, Perfect Money, Payeer, Advanced Cash, Qiwi, etc.

 

>> See crypto exchanges accepting credit cards <<

 

- Countries. It seems that 24xbtc is available in quite a few countries across the world, which makes it quite convenient.

 

- Simple Platform. 24Xbtc does not have a trading platform in the true sense of the word, but has a very user friendly buy and sell interface. Clients can either type in the currencies, or select them from the drop down menu. There is also a “full version” of the interface, where all currencies and payment methods are visible and the exchange calculates the rate in real time, depending on the payment method.

 

It is a relatively simple and straightforward process and the exchange has provided a written step-by-step guide on how to use it.

 

- Anonymity. 24Xbtc does not say specifically that it requires client verification and one does not even need to open an account. Yet, in the process of ordering and paying, the client needs to provide some information for security reasons.

 

- Good Speed. 24Xbtc claims the buy and sell transactions are conducted in minutes, which makes it almost instant.

 

24xbtc disadvantages

 

- High Fees. 24xbtc says it charges “a small commission”, but 5% is not very small, actually. But 24xbtc has some advantages that can justify the high commission.

 

- No Regulation. Like most crypto exchanges 24xbtc is not regulated, but as there are no specific requirements in Ukraine that we are aware of, this is not a legal problem.

 

- No Leverage. 24Xbtc does not offer leveraged trading in cryptocurrencies, which is fairly common among the exchanges. Those who wish to speculate on their prices, without owning them, can open an account with a reputable regulated forex broker and trade on CFDs with cryptocurrencies as an underlying asset. There are quite a few of those brokers already and they mostly offer CFDs on the major cryptocurrencies.

 

 >> See our list of regulated bitcoin forex brokers <<

 

- No info on security. We could not find information about the security features employed by 24xbtc, but it does not seem to store client funds, so the risk of a hack is quite small.

 

- No info on transfer fees. We could not find information about whether and what the fund transferring fees are.

 

Conclusion

 

24xbtc offers a simple and convenient service in a corner of Europe often overlooked by the major cryptocurrency exchanges. The exchange has been around for five years now and it seems to be doing a good job for its clients.

 

It is true that the commission is a bit high, but considering that 24xbtc offers some nice features like cash delivery and multiple payment methods, we’d say it is worth it, especially if one does not have the wide choice people have in other countries.

 

 

 

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Traders` reviews for 24xbtc

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