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Bit2C Review - is it scam or safe?

Bit2C Review - is bit2c.co.il scam or good cryptocurrency exchange?

RATING: 2 / 1 REVIEWS Bit2C
Bit2C is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type

Leverage

Trading Fee

Deposit Fee

Withdrawal Fee

Standard

N/A

0.5%

Free

0.001 BTC

 

Bit2C is an Israeli cryptocurrency exchange that offers trading in several digital assets against the local fiat currency, ILS. Clients of this exchange are required to verify their identity and connect their account to an Israeli Bank account to be able to use the platform.

 

 

Bit2C Advantages

  

Fiat (ILS) and local bank transfers accepted

As we mentioned in the beginning, Bit2C works with the local fiat currency, Israeli won (ILS). It also accepts bank transfers from Israeli banks, which is one of the most convenient payment methods for fiat.

  

A few altcoins listed

Bit2C does not offer an extensive cryptocurrency portfolio, yet it has listed several altcoins Litecoin, Bitcoin Cash and Bitcoin Gold. By the time of writing this the most popular trading pairs on this exchange are BTC/ILS and LTC/ILS.

 

No fees on deposits

Another thing we like about Bit2C is that it does not charge fees on any incoming transactions (however the banks involved definitely will).

 

Security

Bit2C claims that it keeps all coins in cold storage and that users` fiat money is held in separately from the company's operating funds.

 

 

Bit2C Disadvantages

 

No coin-to-coin trading

Although Bit2C offers several altcoins, they can’t be traded against one another. Trading is done only against Israeli shekel, which is actually the case with many other local exchanges. Nonetheless, some investors might find the fact that there is no coin-to-coin trading rather disappointing.

 

For Israelis only

The website of Bit2C is only in Hebrew, and the exchange supports only one fiat, Israeli shekel. Besides, it only allows transfers from and to a bank account in Israel, foreign banking services are not accepted. So, this exchange is intended only for Israelis.

 

High fees

Bit2C charges its users 0.5 per trade, regardless whether they are market takers or market makers. Such fees are double the size of what most exchanges charge. On top of that, withdrawal fees applied by Bit2C are also not to be underestimated:

 

Bitcoin - a fixed commission of 0.001 BTC 

Bitcoin Cash - fixed commission of 0.0001 BCH 

Bitcoin Gold - fixed commission of 0.0001 BTG

Litecoin - a fixed commission of 0.02 LTC

 

Platform without charting

The web trading platform provided by Bit2C is very simple, lacking any advanced features. It has no charts, let alone market depth window or technical analysis tools.

 

No leverage available

This is not surprising, as only a few exchanges offer leveraged trading in cryptocurrencies. If you wish to trade more aggressively the major coins, you may sign up with a forex broker instead. Almost all brokers that have added Bitcoin to their offering, provide leverage.


 
>>Forex brokers offering margin Bitcoin trading<<



Keep in mind that unlike exchanges, forex brokers offer cypto-trading in the form of CFDs. You may find more information here.

 

No anonymous trading

This exchange requires all its users to verify their identity, as well as to have Israeli bank accounts, so anonymous trading is not an option here.

 

Relatively low trading volumes

Another disadvantage of trading at Bit2C is that the trading volumes on all trading pairs, except BTC/ILS, seem poor. This means that the liquidity is low.

 

 

Conclusion

 

Bit2C is the first company in Israel which has developed a crypto exchange in Hebrew. It is an entry-level domestic service, which offers trading in several coins against Israeli shekels and works with local bank transfers.

 

Although the company does not charge deposits, trading on the exchange is not low-cost, as trading fees are quite high and withdrawals are charged. Another thing we don`t like about this exchange is its trading platform, which has no charting. Yet, Bit2C claims to offer a secure trading space and to comply with local laws on prevention of money laundering.

 

That being said, most crypto-exchanges worldwide operate without any license, and Bit2C is no exception. This involves certain risks, so if you would rather trade in cryptocurrencies  with a regulated company, we remind you that forex brokers that offers trading in Bitcoin are also an option.

 

>>Trade Bitcoin with a well-regulated forex broker<<

 

 

Here are, once again, the advantages and disadvantages of Bit2C:

 

Pros

Cons

Fiat (ILS) and local bank transfers accepted

For Israelis only

Several altcoins listed

No coin-to-coin trading

No fees on deposits

High cost of trading

Security

Platform without charting

Advanced trading platform, mobile apps available

Relatively low trading volumes

 

No leveraged trading

 

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Traders` reviews for Bit2C

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Slippage

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Price feed

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Summary

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Cheapest for trading against NIS

I have been using the Bit2c exchange for the last couple of years. mainly to trade against the Israeli NIS for it has the cheapest prices in israel (BTC).
They recently added ETH & ETC though unfortunatly still dont have the option to do coin to coin trading

David 06/10/2018
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