de | cn | ru

Bitlish Review - is it scam or safe?

Bitlish Review - is bitlish.com scam or good cryptocurrency exchange?

RATING: 3 / 3 REVIEWS Bitlish

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee
Standard 0.00001 BTC / 5 EUR 1:1 0% 0.2% – 0.3%*

 

*Verified users are charged 0.2%, and anonymous ones– 0.3% Taker fee.

 

Bitlish is a cryptocurrency exchange that offers a single trading account with trading fees charged only on market takers. Users who make offers on the platform (i.e. market makers) don’t get charged. Such fee structure is not uncommon among crypto-exchanges, as CEX.IO, Poloniex and many others have undertaken different approach to charging market takers and market makers. A certain minimum investment is required by Bitlish, which is rather symbolic, and the exchange does not provide leverage.

 

In addition, this exchange also offers its services to corporate clients. Corporate accounts have base taker fee 0.5% and can be negotiated according to the client’s business model.

 

There us a two-factor authentication process with Bitlish, which is quite common in the crypto-space. In order to deposit or withdraw fiat currency, users of this exchange should provide a scanned copy of their ID and utility bil.

 

It is worth noting that unlike many similar venues, Bitlish appears to be a very transparent exchange in terms of its fee structure, minimum deposit required, etc. Many crypto-exchanges do not disclose such features. Also, by becoming a client of Bitlish, you get a crypto wallet for personal and commercial use.

 

Keep in mind that Bitlish’s products and services are not directed at residents of the US, Afghanistan, Bosnia and Herzegovina, Burundi, Congo, Egypt, Eritrea, Ethiopia, Iran, Iraq, Lebanon, Libya, North Korea, Sudan, Syria, Tunisia, Uganda, Vanuatu, Yemen, Zimbabwe and others. 

 

The company. Security of funds

 

Company Country Regulation
Bitlish Limited UK N/A

 

Launched in 2015, Bitlish is a simple P2P crypto-exchange where you can match your bitcoin, altcoins or fiat currencies (USD, EUR, RUB) with orders placed by other users on the platform.

 

The company operating the site and the brand is a UK-registered firm, but it is not licensed by the Financial Conduct authority as a payment provider or else, as this institution currently does not oversee crypto services.


If you have tried out forex trading, you must be aware of th the advantages of dealing with FCA-regulated brokers: clients are covered by the Financial Services Compensation Scheme (FSCS) up to £50,000 and very strict client protection rules apply. In case you are only looking to speculate on the price of Bitcoin and other altcoins, you may be better off with a forex broker.

 

>>Regulated forex brokers offering Bitcoin trading<<

 

The fact that Bitlish is not regulated is not a big deal, as this is currently the case with most crypto-exchanges worldwide. A fact worth noting is that to this date, Bitlish has not been hacked and most user reviews on the exchange are positive.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Bitlish offer trading in the most popular digital coins and several fiat currencies (USD, EUR and RUB). At the moment of writing this review, these include Bitcoin, Ethereum, Litecoin, Zcash, Doge, Dash, Bitcoin Gold, Monero.

 

Currently, the most traded pairs are BTC/USD and BTC/EUR.

 

Minimum initial deposit

Unlike most cryptocurrency exchanges do not clearly specify a minimum deposit level, Bitlish requires suchfor both blockchain transfers, and those in fiat currencies. For example, Bitcoin payments must be no less than 0.00001 BTC, and Bank transfers should be of at least 5 EUR. Maximum payment limits are also set on a monthly basis.

 

Leverage

Obviously, Bitlish does not provide margin trading, as it mentions nothing on its website about leverage. Leverage or margin allows you to operate with large amounts of money, while actually having made rather small investments. This, however, involves greater risk of losses.

 

If you are willing to take that risk, some crypto-exchanges like Kraken and CEX.IO allow margin trading. Besides, you can also trade in digital coins with forex brokerages, all of which offer some leverage.

 

>> Forex brokers offering leveraged Bitcoin trading << 

 

Fees

As we have mentioned above, Bitlish is quite open and transparent about its fee structure. In terms of trading, it charges market takers only. Verified users are charged 0.2%, and anonymous ones– 0.3% per trade. On the other hand, traders who place pending orders and provide liquidity to the exchange (market makers) are not subjected to any trading fees.

 

While these fees are competitive when compared to those applied by other plaers in the cryptosphere, we should note that many exchanges charge both market takers and market makers. For example, such is the case with major US crypto-exchange Poloniex.

 

Keep in mind that Bitlish also charges withdrawal fees for most currencies and payment methods, which are reviewed in detail below.

 

Trading platform

 

Trading at Bitlish comes via a web-based platform. Those who prefer trading on the go are offered mobile apps.

 

Bitlish’s web-based interface is available in English, Russian, Spanish, French and Chinese and is simple and easy to use. The platform is equipped with some basic charting, an order book, market depth and trading history window. There are no technical analysis or other advanced tools.

 

Here is a preview of Bitlish’s platform:


 

Methods of payment

 

One of Bitlish’s main advantages is the variety of payment methodsit supports. While many exchanges allows their clients to transfer only the digital coins it supports, Bitlish also allows payments in US dollars, euros and rubles with credit/debit card and bank wire transfer.

 

As we have mentioned, this exchange charges some fees on most deposit and withdrawal methods. Deposits in bank wire and digital coins are free of charge with Bitlish, while the other payments feature some fees. Here is a snapshot of the deposit and withdrawal fees the exchange charges:

 

 

In addition, Bitlish also offers prepaid cards under rather attractive conditions, as well as Bitlish Vouchers as a way to transfer funds between registered users free of charge.

 

Conclusion

 

Bitlish a UK-based cryptocurrency exchange. The company accepts bank transfers and credit cards, supporting several fiat currencies, and offers trading in a decent amount of the major digital coins. Besides, the community feedback about the company is rather positive. While fees charged by Bitlish are transparent and competitive, we find its platform too basic. To sum up the above:

 

Pros

Cons

Bank wire and credit card payments supported

Unregulated

Peer-to-peer exchange

Minimum deposit level required, withdrawal fees apply

Easy to use interface

No margin trading

Fiat currencies supported

 

Bitlish prepaid cards & Vouchers available

 

 

Latest news about Bitlish
No news about Bitlish. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK, Bulgaria FCA, FSC Web €29 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Bitlish

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

KYC hopeless

Having requested and received all the info on the KYC form (passport photo simple and with me in shot, utility bill, personal info (incl DOB), they are now requesting photo of credit card, card statement, and driving license.
I sent an email advising that there is no way I'd send that much financial info (and it is way beyond what others have requested), and asking for advice on my limits in the absence of this data.
The email *bounced* as their inbox is full.
Utterly hopeless. Don't waste your time.

Simon 06/17/2018

My account got hacked

Woke up this morning with My Helbiz coins(That they just listed) gone. I found my account with the language changed to Rusian. I live in Romania, and language was English as default. My mistake was that i didn't set up 2fa, but still, for an exchange that has " Secure" in their slogan, this is bullshit. I have checked, i've got no trojans on my pc, no viruses, nothing. Also I just signed up for Bitlish because they were listing HBZ, so account was 4 days old, no way my password could have been seen by someone, as i basically didn't even left the house .Sent numerous emails to suport, they did not reply. I know my coins are gone for good, but i hope you can learn from my mistake and stay away from this exchange,(Stay away from HitBTC also). I also checked my gmail history to see the ips log, did not find other than mine. Thanks Bitlish, for your "Secure" website.
My account logs bellow.

103832857 April 30, 2018 3:05 AM -0.0034 BTC 0.001 BTC withdraw from payment system "bitcoin", currency: btc
103826788 April 30, 2018 2:43 AM 0.0035 BTC 0.0001 BTC Sell 0.0479 ETH ( for 0.00349862 BTC ) Order id - 1525045426960878
103824677 April 30, 2018 2:35 AM 0.0159 ETH 0.0001 ETH Sell 1418.3991 HBZ ( for 0.01588607 ETH ) Order id - 1525044955725979
103824675 April 30, 2018 2:35 AM 0.0039 ETH 0.0001 ETH Sell 300 HBZ ( for 0.0039 ETH ) Order id - 1525044955725979
103824673 April 30, 2018 2:35 AM 0.0003 ETH 0.0001 ETH Sell 21 HBZ ( for 0.0002856 ETH ) Order id - 1525044955725979
103824671 April 30, 2018 2:35 AM 0.028 ETH 0.0001 ETH Sell 2000 HBZ ( for 0.028 ETH ) Order id - 1525044955725979

Adrian Claudiu Serbanescu 04/30/2018

ETH Withdrawal - Wait 6hours+

BITLISH WILL ONLY WASTE YOUR TIME

Fellow investors/Traders would you consider 6 hours+ waiting time resonable for a fully paid ETH transaction to still not be visible towards your wallet as good business; NO!!! ; THINK TWICE!!!

I WILL REMOVE ONCE I RECIEVE MY ETH WITHOUT ANY VOLITILITY LOSS IN PRICE!!!!

Willem Wait 12/19/2017
de | cn | ru