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Bity Review - is it scam or safe?

Bity - is bity.com scam or good cryptocurrency exchange?

RATING: 2 / 2 REVIEWS Bity
Bity is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

N/A

 

Bity is a Swiss cryptocurrency exchange and a crypto ATM company. It offers the option to buy Bitcoin, Ether or Augur for CHF or EUR, sell the first two for one of the supported fiat currencies or to swap BTC for ETH or the other way around.

 

Bity advantages

 

- Fiat trading option. Bity offers trading of cryptos for fiat currencies, which is quite convenient, particularly the CHF option.

 

- Security. Bity says it does not store client cryptocurrencies. Instead, they are stored in the clients’ own e-wallets and only they have access to the private keys.

 

- Swap option for cryptos. The option to swap BTC for ETH or the other way around, through a simple buy and sell form, is quite convenient.

 

- Exhaustive Information. We really like the way the important information about buying, selling, depositing, verification, etc. is presented in a very clear and detailed manner.

 

- ATM. Bity has placed cryptocurrency ATMs in several Swiss cities: Geneva, Lausanne, Montreux, Neuchâtel, Zürich Hauptbahnhof and Zürich Hardbrücke. Clients can buy Bitcoin for cash, wit only a phone number required.

 

- Augur support. Augur is a reputation token, native to the decentralized Ethereum-based oracle and prediction market, which can be used for rewards and voting on the said blockchain. It is one of the cryptocurrencies that are not often offered for buying on exchanges.

Otherwise, we could say that Bity’s portfolio is quite limited, with only Bitcoin and Ether on offer.

 

- Location. Bity is developed, hosted and regulated in Switzerland. It claims to have the highest standards for privacy and regulatory oversight. As far as we are aware, the Swiss financial services regulator FINMA does not have specific requirements and regulatory reach over the cryptocurrency exchanges in the country, but it is a fact that Switzerland is quite cryptocurrency-friendly and has a good reputation for financial security.

 

 

Bity disadvantages

 

- No Anonymity. The service of Bity is not anonymous and the company requires customer verification. It applies a tiered system, which defines what operations can the client carry out and the buy and sell limits. There are four levels of verification: Basic (phone number), Standard (ID copy, proof of residence and two Bity signed forms), Advanced (same requirements as for Standard, plus an executed order), Expert (same requirements, plus annual trading volume of over CHF/EUR 50 000).

 

- Limits on operations and cvolumes. Depending on the level of verification, there are certain limits on operations and volumes. They are the following: Basic – the client can only sell or swap cryptocurrencies, with an annual volume limit of CHF/EUR 4000; Standard – can buy, sell and swap up to CHF/EUR 4000 per year; Advanced - can buy, sell and swap up to CHF/EUR 100 000 per year, limit per transaction: CHF / EUR 50 000; Expert – no annual turnover limit, limit per transaction: CHF / EUR 100 000.

 

- No info on Fees. We could not find clear information about the trading fees. Instead, they are included in the price offered by Bity.

As for deposit and withdrawal fees, there are fees for the fiat deposit methods: Sofort: 0.25EUR + 0.9%, OBT: 0.15 EUR + 2%.

 

- Limited fiat payment options. Bity only accepts payments through bank transfers. Clients can buy cryptocurrencies for cash at the company crypto ATMs in Switzerland. Unfortunately, Bity does not support payments with credit cards.

 

>> See crypto exchanges accepting credit cards <<

 


Conclusion

 

We like Bity for a number of reasons, such as the option to buy cryptos for CHF, which is a rare option and the neat and simple buy and sell interface. We also like the fact that the exchange offers Augur (not that we are rushing to buy it) and has ATMs. The buy and sell limits are not too restrictive, as long as the client is willing to provide personal information, but this is fairly common among exchanges offering the fiat feature. Most likely the option to trade anonymously will disappear altogether, shortly.

 

We do not like the fact that we could not see what the trading fees are and that we cannot pay with credit card.

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Traders` reviews for Bity

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Bad not fair service

With Bity I had very bad experience. Not recommended at all. Caution ❌
They are not fair in trading. First misleading with limits .Second , they misdoing process of NYC. Besides try to confuse you in support service, and the worst they try to cheat clients with amount of purchase crypto. In my case , they wrote me that I bought 5 Btc more than actually it was. After providing evidence of purchase amount , they disappeared. Be careful. You loose your money. ❌‼️

Hans 05/22/2019

Don't buy bitcoins at bity

I had bad experience with Bity. They make advertisement that you can buy up to 5000 CHF on their ATM machine but the surprising was they kept my money and didn't transfer my money to my wallet. The result was to contact the support, the support needs time and I am still waiting (2 weeks ago).
I can not recommend

Tony 05/21/2019
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