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Bit-Z Review - is it scam or safe?

Bit-Z Review - is bit-z.com scam or safe cryptocurrency exchange?

RATING: 2.5 / 11 REVIEWS

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

Trading 0.3% + Withdrawal 0.5%

 

*0.3% is the highest fee Bit-Z charges market sellers, depending on the cryptocurrency pair traded.


Like most cryptocurrency exchanges, Bit-Z, offers a single trading account. In order to buy or sell bitcoin, one has to register verify their account, which is being done through a mobile phone verification code. Besides, Bit-Z may at any time require submission of additional identification documents such as ID as further levels of verification.

 

Bit-Z provides an online platform that allows users to trade between a number of different virtual currencies. You have to deposit Bitcoins from you wallet or another platform and use it to trade in other cryptocurrencies on Bit-Z. There are around 20 different virtual coins available for trade on this exchange, which is a rather rich cryptocurrency portfolio. Of course, major exchanges like Bitstamp offer trading in around 200 digital currencies.

 

If you don’t have a wallet or account in another crypto-exchange, Bit-Z offers an off-exchange service, called “OTC Trade”. Here, you can buy BTC, LTC or ETH with USD dollars or Chinese yuan via a wide range of payment methods: cash deposit, bank wire, AlyOPay. WeChat, Moneygram, PayPal, Neteller and Western Union. Of course, via Bit-Z’ OTC Trade service you may also sell the above listed digital coins.

 

 

Besides, there is also a growing number of forex brokers that offer speculative trading in cryptocurrency CFDs. Some of the major ones are global brokerage IG, FXTM, HYCM, eToro, etc.

 

Unlike other cryptocurrency trading providers, Bit-Z does not offer its own e-wallet for storing bitcoins.

 

The Company. Security of Funds

 

Company

Country

Regulation

Bit-Z

Hong Kong

None

 

Founded in 2016, Bit-Z offers professional digital asset transactions and OTC services. The company is based in Hong Kong and like the majority of crypto-exchanges, is unregulated. Bit-Z warns investors that its services might not be legally allowed in certain jurisdictions and says it does not accept as clients residents of the Federal Republic of Germany and the State of New York in the United States of America.

 

Trading Bitcoins and other cryptocurrencies is currently not specifically regulated in Hong Kong. Nonetheless, it appears to be developing regulations that largely mirror the approach accepted in the US and other western countries. Hong Kong’s adoption a far more permissive framework than China, which recently banned all ICOs operating within the country, is likely to attract many Chinese crypto investors.

 

We could not find information about any hacks of Bit-Z, so obviously such did not occur. Also, there aren't many user reviews about this cryptocurrency exchange. We found a Bit-Z user who complained on the company’s Facebook page about slow withdrawals, that are nonetheless charged with salty fees. He said that withdrawals are being reviewed by Bit-Z staff manually and that they clients’ money until they provide ID documents. Obviously, employees at Bit-Z really do check withdrawals manually, as there has been a rapid increase in the number of users and the customer support cannot handle the situation.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Currently there are 20 cryptocurrencies available for trade at Bit-Z.

 

Minimum initial deposit

There is no minimum deposit at Bit-Z, as the platform does not require deposits.

 

Leverage

Obviously, Bit-Z does not allow margin trading, which is not uncommon in the sector. As cryptocurrencies are more volatile than the other financial instruments,the leverage ratios available at most crypto-excanges are rarely greater than 1:20. Even the forex brokers, which offer trading in Bitcoin and Ethereum, like IG, do not provide high leverage ratios.

 

If you need some leverage, there are some, usually larger exchanges, that provide suchKraken, Poloniex, etc.

 

Fees

Bit-Z charges only market sellers, which is a common practice at cryptocurrency exchanges. They are charged with different fees, depending on the cryptocurrency pair traded, but the highest amount is 0.3%.

 

 

In addition, withdrawal fee of 0.5% applies to all cryptocurrencies.

 

Trading Platform

 

The platform Bit-Z provides is web based and offers real time market information, advanced charts, API access for automated trading, trade history & reporting, as well as important company announcements in a section below the instruments available on the left. The platform is available in English and Chinese.

 

 

Unfortunately, mobile trading on Android or iOS is not available at this exchange.

 

Methods of payment

 

Unlike most cryptocurrency exchanges, Bit-Z does not works with fiat currencies. The only way one can deposit is via Bitcoin. Also, you can only withdraw the cryptocurrencies you are able to trade in (after submitting ID documents). Deposits are free of charge, while withdrawals incur 0.5% fee.

 

Most cryptocurrency exchanges offer multiple funding options for fiat currencies, or at least credit and debit card payments. There are even exchanges like Coinmama and Coincheck and Paybis who accept cash payments in their offices .

 

Conclusion

 

Bit-Z is a Hong-Kong based cryptocurrency exchange that seems to target mostly Chinese investors. It does not accept fiat currencies, only Bitcoin, which does not make it very convenient. In addition, it also offers OTC trading, where you can buy Bitcoin, LiteCoin and Ethereum with fiat currencies via wide range of payment methods. The fees charged by Bit-Z seem competitive and it has not been hacked to date. To sum up the above:

  

Pros Cons
20 cryptocurrencies available Bitcoin only accepted as deposit, no fiat currencies
Competitive fees No mobile app
OTC trades offered No leveraged trading
No major hacks yet Not regulated

 

Latest news about Bit-Z
No news about Bit-Z. Check back later.
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Traders` reviews for Bit-Z

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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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Customer service

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Summary

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ask in deposit

good day sir mam, i just wanna ask why is it i still not receiving the eth i deposited last night it is now 10 hours since i sent the eth on my account on bit-z. please help me to receive my coin. i have check in the etherscan and it says there i already sent the eth on my bit-z account but still i am not recceiving it on my bit-z funds please help me. thank you very much

alvin enriquez 07/12/2018

Literally the worst exchange I have ever encountered

Do not believe the price you see on coinmarketcap or the volume. Do not transfer funds to this exchange. I bought an altcoin with ETH, they claim it is not available for withdrawal, nothing on the site says this. Stay away from the f'ing scammers.

Mikkel250 07/11/2018

There are many other exchanges. Don't put your money here

They have high fees.

Support doesn't exist, although they show it on the platform.

This is the only exchange that I know that validates verification and for their purposes, undo previous verification of client accounts. It's just not a fair procedure. If they do this kind stuff, what else will they do with our coins? Stay away!

André Almeida 02/12/2018

Address Tag

I entered in a few random letters and it worked. I think it's kind of like a subject for an email. regardless the minimum to withdraw anything from this horrible exchange is wayyy to high to ever pull any money out. I HATE this exchange....

Luis 01/17/2018

Address tag

Habe mit TenX PAY Tokens im Wert von 500€ gekauft. Normalerweise muss man nur die Adresse vom wallet eingebeb und dann hat man die Tokens innerhalb von einigen Minuten.
Dieses mal will er aber meine Wallet-Adresse haben, zusätzlich steht dort aber auch ‚ Please enter the address tag‘
Wisst ihr was die meinen und was ich dort in die Zeile reinschreiben soll?

Translated by Google:

I bought Tokens worth € 500 with TenX PAY. Normally you only have to enter the address of the wallet and then you have the tokens within a few minutes.
This time he wants my wallet-adress, but in addition there is 'Please enter the address tag'
Do you know what they mean and what I should write in the line there?

Ellips 01/13/2018

Withdraw Not Possible

I am trying to withdraw my doge coins from bit-z but they want a adress tag and I have no idea about it....... and the support center does not reply the messages

shimanta 01/13/2018

Scam!

They don't let you withdraw XRB after buying it on Bit-Z. The support staff either don't speak english or are pretending to be stupid. They never answer questions directly.

Do not use BIT-Z

Synapse 01/09/2018

Vague but promising

Should be noted that although there is no minimum deposit, they do require a minimum amount when exchanging... or withdrawing. What this means is if you put in too little of a currency you won't be able to do anything with it... and it will essentially be stuck there on the exchange until you can add enough to it to either exchange or withdraw according to their minimum limits. Good luck.

Scott 01/09/2018

Slow withdrawl

It's taking 2+days to recieve my withdrawl and I still haven't recieved it and it says its froze

Kenneth 01/07/2018

Thief!!!!!!

the support team doenst speak english, they were unable to explain to me where my transfer was after 3h of waiting !!!! complete amateur and thief !!

pal 01/05/2018

exchange

I am looking to exchange around 1 thousand from bitcoin to another one and the system is not very user friendly I have been trying to do it for the past 3 days

Jeaneth Pereira 12/21/2017
Forex
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