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Bits Blockchain Review - is it scam or safe?

Bits Blockchain Review - is bitsblockchain.net scam or good cryptocurrency exchange?

RATING: 2.8 / 6 REVIEWS Bits Blockchain

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Min. Deposit Trading Fee Deposit fee Withdrawal Fee
Standard N/A 100 USD/EUR 0.50% 3.95% USD/EUR 0.004 BTC, 1.00% ATMC

 

Bits Blockchain is an exchange that allows both coin-to-coin and coin-to-fiat trading with a focus on its own digital asset, ATM Coin (ATMC). The exchange, which is based in Macau, China, is currently in the top 30 by trading volume at CoinMarketCap.

 

In terms of security, Bits Blockchain uses 3-Factor Authentication, but we could not find information on the storage of digital assets.

 

Bits Blockchain Advantages

 

Few altcoins available 

Other than the most popular cryptocurrency Bitcoin, Bits Blockchain also offers trading in Ethereum, Dogecoin, Ripple, Litecoin and ATM Coin. Actually, the most popular pairs on this exchange are the ones with the ATM Coin – ATMC/EUR and ATMC/USD.

 

ATMC is a digital coin developed by the same company that runs the Bits Blockchain exchange. The coin has a price limit ($10), upon reaching of which a total of $ 2.3 billion of ATM Cash will be available to the market.

 

Fiat currencies supported

Bits Blockchain offers trading in digital coins for some of the most popular fiat currencies (USD & EUR). Therefore, this exchange probably seems attractive to beginner crypto-investors, as they can directly deposit and withdraw cash.

 

Has a wallet service

While some exchanges only act as a middleman and accept deposits and send the coins to a wallet which users must create, with Bits Blockchain one can hold his Bitcoin and USD in his or her account at the exchange.

 

Convenient payment methods

At Bits Blockchain one can deposit or withdraw using bank wire transfers, as well as VISA debit card. The latter allows withdrawals from any ATM in the world and is quite a rare service that is not provided by most cryptocurrency exchanges.

 

Clear presentation of the fees

Another thing we like about this exchange is the very clear and precise presentation or the fees they charge – deposit, withdrawal and trading ones for each instrument. Although this is not an important advantage of this exchange, it is a nice touch, which indicates the transparency of their services.

 

Bits Blockchain Disadvantages

 

High fees

The costs of trading at Bits Blockchain are higher than the ones provided at other exchanges. The fees are 0.50% for both market makers and market takers. Most exchanges charge trading fees that are two times lower. As a comparison, Kraken charges 0.16% and 0.26% respectively.

 

Besides, Bits Blockchain applies comparatively high deposit and withdrawal fees. While crypto deposits are free of charge, investments in fiat via bank wire are charged with 3.95% USD/EUR. Salty gees are also applied to crypto withdrawals: 0.004 BTC, 1.00% ATMC, 0.005 ETH.

 

No leverage offered

Bits Blockchain does not allow traders to borrow money in order to trade more aggressively. If this is what you are looking for, a forex broker may be a suitable alternative for you.

 

>>Trading Bitcoin with margin<< 

 

Keep in mind that there are a lot of differences between trading cryptocurrencies on an exchange and with a forex broker. You may find all the details about it here.

 

No platform

The service offered by Bits Blockchain is a simple order box, rather than a trading platform.  There is no charting, no order book, let alone advanced features such as analysis indicators. Then again, we must admit that this makes the service simple and easy for newcomers in the crypto world.

 

 

Minimum deposit amount 

Bits Blockchain has set a minimum deposit requirement for fiat investments (100 EUR/USD), which is not that unusual for exchanges that support traditional currencies, but yet we consider it a limitation.

 

Conclusion

 

Bits Blockchain seems like an entry level cryptocurrency exchange that offers trading in several coins and supports some of the most popular fiat currencies. The exchange places a special focus on its own coin, ATMC. While Bits Blockchain’s fees are clearly presented, they are pretty high, especially considering the fact that their trading platform is anything but advanced.

 

The Management Company of Bits Blockchain and ATM Coin is ATM Global Investments LLC, headquartered in Macau, China, but it seems that the developers originate from South America. As is the case with most similar companies, it is not regulated.

 

The main issue with most crypto-exchanges is the inherit risk of the system, as well as the counterparty risk. Even some of the most reputable exchanges have been hacked, not to mention the price volatility of Bitcoin and the other digital assets. That is why we recommend investing with trusted and well-regulated companies. Some forex brokers, like HYCM and IG , are also offering a form of Bitcoin trading, and they are duly licensed.

 

>>A list of trusted Bitcoin forex brokers<<

 

To summarize our experience with Bits Blockchain:

 

 Pros

 Cons

 Fiat currency supported

 High trading and withdrawal fees

 Few altcoins offered

 Min. deposit required (for fiat)

 A wallet service

 No trading platform, no mobile app

 Convenient payment methods

 No leverage

 Clear presentation of the fees

 

 

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Traders` reviews for Bits Blockchain

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Lost ATMCash

Hello
My deposit ATMCash 1000000. Exchange trade is no easy. withdawl limit 1 day ATMCash 5000. My 3 day withdawl ATMCash 15000. 4 day show dashboard ATMCash lost. support mail not replay. My lost ATMCash 985000. This bitsblockchain scam.

thiha 06/03/2019

Scam alert / fraud / theft: do not trust these people!!!

They are scammers and stole $653K USD from my Fiat Wallet and claimed their system had an error, allowed people to keep the 100 BTC we sold on their platform and then locked our virtual wallet and prevented a withdraw. WTF!

What the hell are they doing about it?!? NOTHING!!!

They lied to me for 6 months and then CANCELED MY ACCOUNT!

Do not trust these people they are liars and cheats.

I will start listing names and addressed of people involved soon if they do not address this right away. We have already contacted the IRS Criminal Investigations Unit and Cyber Crime Unit and they are calling this a RICO matter as well.

CryptoInvestor 03/14/2019

Scammers: Atm Global Investiments Limited (DBA BitsBlockchain.net)

Here is their legal name:

ATM GLOBAL INVESTIMENTS LIMITED: Avenida Almeida Ribeiro, n.º 61, Edf. Circle Square, 11º andar, Unit A, Macau

CryptoInvestor 03/14/2019

Pls reverse my dogecoin

Pls a withdrawal of 6001 dogecoin was made to the wallet address below since 18th of June 2018 by 16:12:28.

D68k9cP4dbbAeKKGDXfvNS1bShXwGkwSHb

Since on the 18th till now. The withdrawal hasn't been delivered to the above wallet address none was it reverse to my wallet.

Kindly deliver it to it destination or reverse it to my wallet address below

DSerBtg5AukjJAoVg1GLB65jmKqV7eHMfw

Atundaoluwa Samuel Oladimeji 06/21/2018

Opening bits blockchain website

Bits Blockchain is not opening. It is just showing errors with cloudfare.

Elizabeth A Owinyo 05/29/2018

error 504

My phone is not permitted to sign up is reply that error 504 service

German Jomo Taye 05/16/2018
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