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BitGrail Review - is it scam or safe?

BitGrail Review - is bitgrail.com scam or good cryptocurrency exchange?

RATING: 3.3 / 10 REVIEWS BitGrail

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

  
 

Account type Leverage Trading fee Withdrawal fee*
 Standard N/A 0.20% 0.001 BTC

 

* XRB withdrawals are free of charge, but keep in mind that if you deposit in that coin, there is a minimum investment requirement of 100 XRB.

 

BitGrail is an Italian exchange that offers solely coin-to-coin trading with a focus on RaiBlocks (XRB). So, traditional currencies like USD and EUR are not accepted at BitGrail and as is the case with most similar exchanges, no there is no margin trading.

 

BitGrail uses two-factor authentication (2FA) and implements certain know-your-customer (KYC) policy. Unverified users have to comply with low trading daily limits (0.5 BTC).

 

BitGrail Advantages

 

Competitive Fees 

BitGrail charges flat fee of 0.20% per trade which is a competitive pricing. With a. By comparison comparison, Mercatox, another exchange that offers RaiBlocks, charges 0.25%. 

 

Besides, BitGrail does not charge deposits and its withdrawal fees are not high, as you can see for yourselves:

 

 

10 coins available

The current list of coins available at BitGrail includes: BTC, XRB, BCH, BTG, ETH, LTC, DOGE, CREA, LSK and CFT. This is a decent amount of digital assets, however, if you are looking for more altcoins, check out Bittrex or Mercatox.

  

Nice trading platform

BitGrail’s platform is nice, when compared to some of the other crypto-exchanges. It has some basic charting, a neat order book, Latest trades window, as well as a live chat (Trollbox). The trading instruments are divided into two groups: coins traded against Bitcoin (BTC Market), and coins traded against RaiBlocks (XRB Market).

 

 

BitGrail’s trading platform. Click to zoom-in.

 

Focus on XRB

This exchange clearly focuses on trading in RaiBlocks, as XRB/BTC is the most popular trading pair at BitGrail and it constitutes more than 80% of its overall trading volume.  XRB is an open source cryptocurrency that is currently in the top 50 by market cap (according to CoinMarketCap). The RaiBlocks network has no notion of fees, these coins are distributed for free by using captcha and it seems that it has a solid fan base. XRB is not listed on many exchanges, it is currently available on BitFlip and Mercatox.

 

Anonymous trading

Users of BitGrail are able to trade anonymously on the exchange, but only up to 0.5 BTC daily. If they wish to trade in larger volumes, they need to verify their identity. Keep in mind that the check by the BitGrail may require up to 24 hours.

  

BitGrail Disadvantages

 

Fiat not accepted, limited payment methods

As we have pointed out above, BitGrail does not support traditional currencies, so its users are not able to deposit directly in EUR, USD or cash out their coins in traditional currencies, using popular payment methods such as bank transfers or credit cards. This basically means that BitGrail is not that beginner-friendly.

 

>> Check out some exchanges that accept credit cards <<

 

Trading only against BTC and XRB

While this exchange offers decent amount of coins, they can’t be freely traded against one another. Altcoins are either traded against Bitcoin, or against RaiBlocks.

 

No leverage

BitGrail does not support leveraged trading, much like most cryptocurrency exchanges. There are some, like Quoinex and bitFlyer who offer this type of service. If you’d rather trade on the price of Bitcoin, many forex brokers are offering leveraged trading on cryptocurrency CFDs. Moreover, most of them are offering higher leverage levels than crypto-exchanges.

 

>> See our list of forex brokers offering trading it Bitcoin<<

 

Conclusion

 

Operated by Webcoin Solutions, based in Florence, Italy, BitGrail is a cryptocurrency exchange with competitive trading and transfer fees that appears to place a special focus on trading against XRB. It does not accept or send any form of fiat currencies, which makes them not that beginner-friendly. Besides, it puts them in the group of trading venues which are not regulated, as most countries have not developed the respective legislative frameworks yet. 

 

Speaking of regulation, we will reiterate that dealing with cryptocurrencies carries a significant level of risk. First, these assets are much more volatile than traditional currencies, and second, many exchanges are being hacked. That is why we would suggest that you take a look at our list of properly regulated forex brokers, offering Bitcoin below. 

 

>>Regulated cryptocurrency forex brokers<<

 

Here is a summary of the weak and strong sides of BitGrail:

 

Pros

Cons

Competitive Fees 

Fiat not accepted, limited payment methods

10 coins available

Trading only against BTC and XRB

Focus on XRB

No margin trading

Nice trading platform

 

Anonymous trading

 

 

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Traders` reviews for BitGrail

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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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Summary

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NANO and Bitgrail - Complete Fraud

If you Google Bitgrail Fraud, you will see that the operator of Bitgrail is immoral and unethical. After taking investors money from the US and performing verification of documents, they have shut off all withdrawals with no notice and no updates except for a few childish responses. Both, the authorities and Nano, need to come down hard on this tool. What he is doing is illegal and should be punished to the full extent of EU law. Since Bitgrail is a large percentage of NANO trades, they should be investigated as well as this is price manipulation. This is black and white, there is no grey area.

Tony M 02/07/2018

Can't withdraw, no reply

First XRB withdrawal closed.
Sold all to withdraw as ETH. Account unverfied.
Submited documents - not resolved for a week.
Submitted support request - no answer for a week.
Submited account termination - can't login nor contact at all now.
Basically feel like they stole it from me, bastards.

Andrew 02/07/2018

Can’t get my money back.

I have had an incredibly hard time trying to withdraw my remaining amount of funds from this site. I have submitted several tickets and several requests with no response I started those requests for withdraw and for selling roblox back in December 16 of 2017 And multiple times after. I am not sure what to do or how to get my money back.

Jennifer bruno 01/17/2018

LTC not received

I lost $50 worth of Litecoin after sending it from my Coinbase to my LTC deposit address generated by BitGrail. Turns out that address belonged to someone else and was not mine.

Please, whatever you do, stay away from this scam exchange or else you'll lose your money.

SID 01/05/2018

BTC no arriving

Sent BTC, 2 confirmations later no sign of them even in the PENDING section

dev01 01/03/2018

LTC Deposit

Please don't use this exchange. Its is SCAM!!!. I sent my LTC more than 3 days ago, still no sign of them in my account. I raised a ticket, but still no response. All they say on their telegram channel is "Raise a tkt", If you say you already did, then they say "then wait". There are few people on the telegram, who said they raised a tkt more than 2 weeks ago, still no response. Kindly stay away from this exchange.

sindbad 01/03/2018

Ether fee higher

The ether withdrawal fee is 10x higher now, which seems exorbitant

martin 01/02/2018

transfer 10XRB to RAI wallet

I tried to send 10 XRB to my Rai wallet and after 15 minutes the transaction is still processing on Bitgrail. This should have been done in a matter of seconds. Fuck I hope this is not a scam site. Any insight? My total holdings is only 196XRB

panos 01/01/2018

question

hi

planning to buy xrb . just want to know is it true i have to buy 100 XRB otherwise i wont be able to store XRB?
thanks.

jayesh chandanshive 12/31/2017

Great exchange!

Transferred some bitcoin to BitGrail: arrived in few minutes.
Bought some RaiBlocks from BitGrail: got them in few minutes, very low fees.
Transferred RaiBlocks from BitGrail to a Rai Wallet: arrived in few minutes.

Great exchange: does the job perfectly, it is quick and no ID verification required

Ugo 12/29/2017
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