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AnyBits Review - is it scam or safe?

AnyBits Review - is anybits.com scam or good cryptocurrency exchange?

RATING: 3.2 / 0 REVIEWS

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Withdrawal fee
Standard N/A 0.15% 0.25% 0.001 BTC - 0.0001 BTC

 

AnyBits is an altcoin platform, powered and managed by Bitsane – a reputable Dublin-based exchange that offers mainly crypto-to-fiat trading. In fact, you can access both exchanges via one and the same account and the fee structure is the same.

 

No user information is required for trading on AnyBits, so you can trade anonymously.

 

AnyBits Advantages

 

Many altcoins supported

A the time of writing of this review, AnyBits upports a total of 15 different coins including Bitcoin, Bitcoin Cash, Ethereum, Bitcoin Gold, Dash, Ripple, Litecoin, Dogecoin, Iconomi and others. While this is not an offering as extensive as those of Bittrex, for example, AnyBits offers a decent number of altcoins, considering that it was launched not long ago.

 

Competitive fees

AnyBits offered commission-free trading from its launch in October till the end of 2017, but now it applies some commission to its clients. Considering the current state of the crypto-market, AnyBits’s fees are relatively competitive. Much like BitSane, it charges market makers with 0.10% per trade, and market takers with 0.25%.

 

As is the case with most similar venues, AnyBits does not charge coin deposits, however withdrawals include certain fees, which are also in line with what other exchanges charge. Here are the details:

 

 

Related to another, already established exchange

As we already said in the beginning, AnyBits is powered by BitSane – an exchange that has learned an overall good reputation. The company has offices in Ukraine, Poland, and UK.

 

Nice mobile friendly platform

AnyBits’ web trading platform is not special in any way, however it offers ease of use and the basic tool a crypto-trader needs: a functional order book, depth of market window, history of trades and some charts/ Here is a preview:

 


Click on the image to zoom-in.

 

Security and Speed

AnyBits claims it provides speedy trading service and that the majority of funds are kept in cold storage, which is nearly impossible to hack.

 

Wallet service

AnyBits also offers secure wallets, which is not a major advantage, yet it is not a service provided by all exchanges and is definitely convenient.

 

Affiliate program

You can also earn money through an affiliate program at AnyBits by inviting friends to the platform with up to 50% referral commission.

 

AnyBits Disadvantages

 

No traditional (fiat) currencies

On AnyBits you cannot exchange your traditional money for Bitcon, or vice versa. Supporting fiat currencies is an advantage, especially for beginners, who don't have any coins yet. Accordingly, the only payment methods accepted by the exchange, are blockchain transfers.

 

Nonetheless, if you wish to deposit in USD or EUR to buy some cash out your coins, you can do that with your AnyBits account on BitSane.

 

No leverage provided

AnyBits is a spot trading exchange that does not offer margin trading. If you need some leverage, you may check out some exchanges that offer that service, such as OKEX, bitFlyer or Kraken. Besides, a forex broker may be a suitable alternative for you, as they all support margin trading.

 

>>Forex brokers, offering leveraged Bitcoin<<

 

Generally, forex brokers provide leverage, and more advanced trading platforms, but you don’t get to own any coins.

 

Poor charting

Like we said, the platform provided by AnyBits is relatively nice, however its charting is not that helpful. That being said, this is fairly common among crypto exchanges.

 

Conclusion

 

Launched in October 2017, AnyBits is a coin-to-coin exchange, based in Ireland. It allows cryptocurrency investors to instantly trade between various digital tokens via user-friendly platform, to use secure wallets and to benefit from an affiliate program.

 

Anybits is just altcoin exchange for Bitsane, which does not accept or send any form of fiat currencies. This places them in the category of trading venues which are not regulated (as they don't have an official legal status yet). The Central Bank of Ireland, has not undertaken any steps towards regulating Bitcoin and crypto exchanges. UK’s Financial Conduct Authority has also undertaken a neutral approach to those digital assts and the services related to them.

 

As most of you you probably know, dealing with cryptocurrencies carries a significant level of risk – firs due to the volatile nature of these assets, and second, the fact that regulation of crypto-exchanges is still in its infancy. That being said, there are tightly regulated forex brokers that offer trading in cryptocurrencies.

 

>>Regulated cryptocurrency forex brokers<<

 

Here is our recap of the strong and weak sides of AnyBits:

 

Pros

Cons

Many altcoins supported

Fiat currencies not supported

Competitive trading & withdrawal fees

No leverage available

Nice mobile-friendly platform

Poor charting

Related to BitSane

 

Wallet service, affiliate program

 

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Traders` reviews for AnyBits

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