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Bitsane Review - is it scam or safe?

Bitsane review - is bitsane.com scam or good cryptocurrency exchange?

RATING: 3.2 / 43 REVIEWS

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Trading Accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee
Standard 10 EUR or USD* None 0.15% 0.25%

 

*This minimum level applies only to for Wire/SEPA transfers.

 

Bitsane is a spot trading exchange for some of the most popular crypto currencies such as Bitcoin, Litecoin, Ethereum, Ripple, etc. It offers both crypto-to-fiat and crypto-to-crypto trading through a single account type.

 

This crypto-exchange applies different treading fee levels, depending on whether a user places their own bid or just buys/sells from the first available bid/ask. This approach is common for such venues. Also, like most cryptocurrency exchanges. Bitsane does not support margin trading.

 

Registering an account with Bitsane is easy, free and requires no personal information. However, in order to deposit in fiat currencies via bank wire or raise the account limits applicable, one has to verify the account and upload ID documents and a photo. This is typical for crypto-exchanges, as most of them have policy to prevent money laundering.

 

Account holders also get easy access to their Bitsane wallets for fast deposits and withdrawals.

 

 

The company, security of funds

 

Company Country Regulation
Bitsane Ltd. Ireland N/A

 

Launched in 2016, Bitsane is a Dublin-based cryptocurrency exchange that allows users to freely trade between a number of different virtual currencies and fiat (USD and EUR).

 

Its trading volume is not anything significant. As of November 2017, Bitsane is sitting at the #124 spot in the list of the top cryptocurrency exchanges by their 24 hour trading volume, according to CoinMarketCap. The most popular pairs including BCH/BTC, and BCH/EUR.

 

The company operating the platform, Bitsane Ltd., is not regulated by any authority, as is often the case with crypto-exchanges worldwide. The Central Bank of Ireland, which is in charge of financial regulation, has not made any moves towards regulating Bitcoin and the related services and activities.

 

Nonetheless, Bitsane says it keeps clients’ assets in cold storage and follows strict AML and CTF policy. There is also arbitration procedure in place, in case a dispute arises between clients and the company. Besides, this exchange has not been the target of a major hack yet.

 

If you wish to trade cryptocurrencies with a regulated entity, you may also do that with forex brokerages. Their Bitcoin offering involves certain specifics, however they are properly licensed and besides, provide margin trading.



>> A list of regulated forex brokers offering Bitcoin trading <<

 

Trading conditions

 

Trading instruments (cryptocurrencies)

The service provided by Bitsane currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, Ripple, Dash, Iconomi, as well as EUR amd USD fiat currencies. With this exchange, investors can trade in both crypto-to-fiat and crypto-to-crypto pairs.

 

Minimum deposit

Bitsane has set a minimum investment amount only to Wire/SEPA transfers - 10 EUR or USD. No minimum investment levels apply to deposits in blockchain.

 

Leverage

Like many similar exchanges, Bitsane offers only spot trading in cryptocurrencies and does not support margin trading. Indeed, providing leverage in such a volatile and dynamic market as cryptocurrencies may not be such a good idea.

Nonetheless, If you want to trade with leverage, some exchanges offer that optionKraken, Poloniex, CexIo, etc. Besides, you can also try out trading in cryptocurrency CFDs with forex brokers.

 

>> Brokers offering leveraged Bitcoin trading <<

 

Fees

The trading fees at Bitsane are relatively competitive for the current state of the crypto-market. The rate for market "makers" (who provide liquidity) is 0.15%, while market “takers” are charged with a fee of 0.25%.

 

Besides, withdrawals, as well as some deposits are also charged with fees, which we discuss below, in the “Methods of Payment” section.

 

Trading platform

 

Bitsane provides a conventional web-based trading and exchange platform with mobile-friendly design. It has a real-time market quotes section for all the trading instruments offered, an order book, market depth window and is equipped with basic candlesticks charting. The platform allows two order types: Market and Limit. Besides, Bitsane offers a powerful and simple API solution that allows you to develop your own crypto currency trading applications.

 

 

A snapshot of Bitsane`s platform.

 

Unfortunately, it seems that trading volumes on most pairs are quite low.

 

Methods of payment

 

One of Bitsane’s advantages is the variety of payment methods it offers. While many crypto-exchanges allows their clients to transfer only the cruptocurrencies it supports, Bitsane also allows payments in EUR and USD and rubles via bank wire transfer or SEPA, as well as by OKPAY and ADVCASH.

 

Unfortunately, Bitsane’s system does not support Credit/Debit card transactions yet, this option may be added in the future.

 

>>A list of exchanges supporting credit card payments<<

 

As we have mentioned, this exchange charges some fees on most deposit and withdrawal methods. Deposits in bank wire/SEPA and digital coins are free of charge with Bitsane, while payments via OKPAY and Advcash are charged with 3% (and 5% for deposits via Advcash).

 

Withdrawals via bank wire/SEPA involve a fee of 5 EUR, and those in Cryptocurrencies, as follows:

 

Also, keep in mind that Bitsane applies certain deposit and withdrawal limits. The limit for withdrawals and deposits of fiat is 10000 per transaction for non-verified users and 50000 per transaction for verified ones.

 

Conclusion

 

Bitsane is a crypto-exchange based in Ireland that offers a simple way to trade in some of the most popular digital coins with competitive trading and payment fees. Another big advantage of the exchange is that it supports several payment methods, including the reliable SEPA and some e-wallets. However, trading volumes on most pairs seem low, and the platform is very basic. To sum up the above:

 

Pros Cons
No major hacks yet Low trading volumes
Competitive fees Platform lacking advanced features
Supports SEPA transfers No credit card payments
  No margin trading

 

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Traders` reviews for Bitsane

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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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Summary

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Customer Service

The most terrible customer service at all on trusted and stupidest at all time don’t trust yourself here thus bitsane is scary take my word

Edie 05/22/2018

No problems yet

Had no problems with this crypto trading platform yet. My withdrawal took around six hours to appear in my wallet, but it is not really slower than on different platforms I was using.

Joshua 03/26/2018

Totally unacceptable !

Bitsane has kept my ETH hostage for at least the past 12 days. They claim it's a "temporary" condition but no explanations or updates are given.
I am starting to wonder whether my money is there at all.

Use Bitsane only if you don't care about your coins and if you crave that extra excitement of wondering if it's all gone for good.

Thrilling experience!

Joaquim Russo 03/01/2018

Dont use Bitsane - They are either Corrupt, Inept or outright thieves

I transferred Bitcoin from CoinBase to buy ripple months ago and Bitsane "lost" my money. They say they can't find it. I gave them Hash tags and every piece of data and they pretend to not know where it is. They drag this on for months, telling people they are trying, but overwhelmed in customer service- there is no way to contact them beyond the service request. They are a black hole of thieves. Probably run by a group of 18 year olds, this group doesn't understand customer service, good communication or have any standard. Their CEO posts that they will put people who complain to the back of the service queue. I am traveling to Ireland in 2 months with the explicit purpose of finding these unregulated scumbags. They need to be out of business and bankrupt.

Peter 02/25/2018

"below the minimum withdraw..." message

Is there anyway to withdraw my bitcoin from Bitsane? I’ve added funds to go above the min withdraw amount, but it drops and gives me a “ below the minimum withdraw...” message every time. I just want to withdraw my bitcoin please.

Sean 02/16/2018

Deposit not received

I purchased Ether using coinbase and transferred to my Bitsane account. After 30min nothing after 6 hours nothing. I put in a ticket and after over 12 hours nothing.24 hours later nothing. I am so upset that I lost my money. This is insane! This company is a scam! Do not use them!

Neew 01/31/2018

Warning!!! Bitsane.com is Trash! Don't use it!

I transferred money to them 3 weeks ago to buy Ripple and have had headaches ever since. Their website is terrible! I have had two different purchase orders open but they wont allow me to cancel the orders. In other words my money is lost in their system.

Tech support has been non-existent. DON'T USE THIS EXCHANGE! WARNING! WARNING! Run away from it.

Adam 01/22/2018

Not a scam but transaction took over a week to clear.

Like many people on this website, I transferred BTC to Bitsane to exchange other crypto currencies. Tried withdrawing ETH to Coinbase and the status remained “pending” for over a week thinking it might have been a scam but today the transfer finally completed. Everything is now showing up in Coinbase.

Even buying ETH or BTC on Coinbase takes a week. There’s just too much traffic it takes time for the transactions to complete so be patient.

DD 01/18/2018

ETH Transfer Gone!

Transferred some ETH from Coinbase to my BitSane wallet. The transaction cleared Coinbase but my wallet on BitSane is still 0. No response from support after nearly three days. In my opinion, this exchange is a fraud and should be avoided; I only joined because Binance was not allowing users to sign up at that time. Use Caution...Thanks a lot CNBC!

NYB 01/17/2018

Stupid withdraw

I've successfully withdraw 2 days ago, but today 01/13 i cannot get any withdrwaw confirmation email. That was not even pending.

nl 01/14/2018

Bitsane scam

Avoid bitsane like a plague , I have always traded on Coinbase and had no issues so I read on CNBC how to get some ripple transferring crypto from Coinbase to bitsane . What a wrong decision, I bought some litecoin and transferred to bitsane exchange it for ripple the whole process went smoothly and I was so happy . So the next time I wanted to do the same thing bought some Ethereum from Coinbase transferred to bitsane , it never showed up , then I went to review out of panic and realized a lot of people having same issues and calling bitsane a scam . So I decided to get rid of all my ripple, changed it to ether so I could send it back to Coinbase . Well my ripple got stolen to a balance below the limit that could be transferred out , meaning I lost all my money . Advise to anyone Considering trading on bitsane , keep your money in your pocket cos you would regret it .

Paul 01/12/2018

My money isn't released until now

I have made some requests for withdrawing my money but it's still pending for until now.

So I warn anyone to very very careful to this broker.

Until money is received by me, I conclude this broker is scam.

Ilham 01/12/2018

New Account

This company is hard to get information from and you can only open tickets with them which they never seem to reply to. I opened an account with them almost 2 weeks ago and while they welcomed me that was the end of the discussion. They open tickets for all my subsequent enquiries and my verification information that I sent them is still in the "pending state" which stalls any activities that I try to do. I can not deposit, purchase or transact anything.

D Choo Son 01/12/2018

10/10 would recommend

After opening my account, which involved sending in my passport, mother’s maiden name, proof of address, bank account details and NI number, I converted £1000 in to XRP. But when I checked my wallet, it showed as empty. I then received an email saying there has been an issue with the processing and they required another £5000 to release my initial investment. I did so, and once again my account showed as empty. On the plus side I did recently receive a letter from my bank informing me of 2 loans totalling around £30000 and a mortgage for a property in Uganda. Me and the wife are exceedingly pleased to have received such a holiday home, great value for money! and good to know I now have £25 grand in savings somewhere. The hidden perks on this site are pleasantly surprising, 10/10 would recommend to friends and family. Ps how do I get my passport back so I can visit my holiday home? Have messaged Bitsane multiple times but I think they must be busy helping others get great value for their investments.

vishvesh patak 01/11/2018

1800 Ripple vanished (Work 5K euros then). 8 Days of open support case with out a single reply.

I would suggest not to use this site.. No replies on support tickets, messenger or twitter.. I have lost my hope. It was my entire savings..

Abbin Varghese 01/10/2018

Scam, be aware

They first said their servers were down and will fix all open/lost orders by Jan 08. As of today, my $2500 is missing and tickets are not responded to for last 4-5 days. No phone number or address to contract. So it is scam

Yavuz 01/10/2018

$700 lesson - Bitsane a total scam

I transferred BTC (700 USD) from coinbase to the BTC wallet address Bitsane provided. My wallet reflects 0. I have opened 4 tickers and sent multiple email and still no response after 3 days. This company is a total scam. The experts are right "invest in cryptocurrency like you have already lost the money"

save your money - at least you will be ahead of me

fb 01/09/2018

LTC Gone

I entered a trade, there was no fulfillment, no record of the open trade, and now the tokens are gone. They will not respond to me. Anyone have options?

David Carpentier 01/09/2018

Scam?

Thanks guys,you saved me from myself. Was about to follow Todd Haselton's article on how to buy Ripple but decide to read more on bitsane. Luckly I found your reviews which was not encouraging.So have decided will let ripples pass.

Adele Lawal 01/08/2018

So far OK

I transferred some ether over in increments and traded it for ripple with no problems. Actually, Coinbase was having problems dealing with high volume withdrawals - one of my withdrawals took over a day to show up even though in Coinbase it was showing that it had already been sent (Coinbase had bulletins up that they were behind).
Then I read all the negative reviews about Bitsane so I decided to transfer 25 ripple coins to poloniex and only 4.68 showed up. I emailed Bitsane support about it cuz 24.98 were supposed to get there. Don’t know what happened with that. I then traded some ripple for ether and sent back to Coinbase (the reverse process) and all of it got there in a matter of minutes. So, I think I’ll be sticking to just Coinbase to Bitsane and back for now. It’s kind of risky though as Coinbase is the only one I fully trust as they are insured and regulated.

Jimmy 01/07/2018

LTC Withdrawal Issue

I purchased a little over 5 ltc on bitsane. I wanted to send it to another exchange. When i went to do this, it so far has been 1 hour and nothing reporting yet. Their FAQ site says in under 30 minutes.. Wondering if they stole my 5 LTC....

TJ 01/07/2018

Worked for me

You just have to be patient with this site. Coinbase is also really backed up at the moment so these transfers take roughly 12-24 hours. The support will eventually get to your ticket, they just have to go through the massive queue of people complaining that it is taking too long.

Bobert 01/06/2018

Coinbase to Bitsane

I followed the instuctions on that CNBC , from coinbase with litecoin to Bitsane to buy XRP I far as I can tell the exchange went to Bitsane then figured out as close to the dollar how many to buy so that I would use as much of the funds there. It show that I got 100. Something XRP for about 284.dollars.it seemed to work. In all it took about 30 minutes.

Tw 01/06/2018

Rip Off!!!!

I transferred .23 BTC ($3500 USD) to the BTC wallet address Bitsane provided. Days later, my balance still reflects 0. No response to any of my tickets to Bitsane's customer service. I am fairly certain this company is a complete fraudulent rip off. And the fact that they're still open and ripping other people off makes me livid. Karma is a real bitch.

Red 01/05/2018

No response

I placed a buy order at bitsane for 80 shares of xrp.What I received was 8.3 shares for $200 USD. I've made numerous attempts to find out what happened and how it can be fixed.
Bitsane has not responed.

Robert Ragan 01/05/2018

Cheaters

Silly of me that I did not check all the reviews, and I transferred 3+ litecoins from coinbase to bitsane and they did arrive in 3-4 hrs,
and now I am trying to transfer them back to my coinbase account but it is not working.
have been trying and checking for the last couple of day but of no result, they do not even have a phone number we can call.

all cheaters

Ashish 01/05/2018

Article on CNBC

I followed the instructions for transferring money from Coinbase to Bitsane. Coinbase shows the transaction was complete. Once in Bitsane I traded my ETH for XRP, then my $ disappeared.

Al Villarreal 01/05/2018

Scammers!

In the process of trying to convert 0.2 BTC to XRP they mysteriously lost 0.1 BTC. I have screenshots to prove it. I've given them the benefit of the doubt by waiting a day for their books to sort out whichever bug caused this but now have to conceded they've either intentionally or accidentally robbed me, AVOID BITSANE BY ALL MEANS.

bitsane_hater 01/05/2018

spookie

well the site doesnt have many feautures... not even forum....
interface seems so simple.. and makes me feel like they did that the basic things to attract victims...
like me..
transfered only small amount here... to test...
havent tried yet to withdraw..
afraid actually

monty 01/04/2018

XRP are gone

Had a trade order in to trade $600 dollars worth of xrp cancelled my order and my coins have disappeared opened a support ticket and nothing

Micah 01/04/2018

My ETH is probably gone forever

according to CNBC bitsane is suppose to be a legit exchange where one can transfer from coinbase to bitsane. I followed exactly according to CNBC's direction's and realized . What a scam!

Tony Morisset 01/04/2018

CNBC and Bitsane scamming together

CNBC had an article on how to buy Ripple, so I followed the directions they gave. They recommended Bitsane. I transferred 500 dollars worth of LITECOIN from Coinbase over to Bitsane, and my LITECOIN showed up at Bitsane a few hours later. Coinbase shows they transferred it. Then when I tried to exchange it for XRP on the Bitsane website it showed up as an exchange, but then it never happened, all my money disappeared overnight and so did the record of the transaction on Bitsane.
Nobody answers the tickets I generate inquiring. These people are scofflaws that belong in jail.
SCAM!!!!

Erik B 01/04/2018

Just scammed me out of $400

I transferred $400 ETH in order to exhange for Ripple. Transactions were all confirmed but money never went to my wallet.

James 01/04/2018

Litecoin are GONE!

Horrible. Just tried transferring my 4 Litecoin out to Coinbase and now they’re gone!!! Customer support has not reached me yet.

Don Vedner 01/03/2018

LiteCoin GONE!!

Very bad experience trying to use this exchange site. I created an account and transferred 5 LiteCoins from Coinbase to Bitsane. I attemped to exchange all 5 LiteCoins for Ripple.

When I check the Ripple balance, it showed 0.5539 as my balance!?!? I attempted to exchange 5 LTC's for 450+ XRP's and I got back 0.5539 Ripples?

I haven't heard back from my emails to support or any updates on the support tickets I created. I hope they didn't steal my $1,200+ USD.

Victor Vasquez 01/03/2018

Scam site

Transferred all ETH from Coinbase into Bitsane. Transaction cleared in Coinbase but account balance on Bitsane is zero with no pending transfers showing. Opened a ticket - no answer yet.
From all other recent responses - appears Bitsane is a scam site to steal crypto.

DO NOT USE!!!!!!!!!!!!!

Kat 01/03/2018

Transferred xrp into wallet money never showed up

Transferred 1200 worth of money into ripple wallet from gatehub. Money never showed up customer support never reached out. My soul is crushed.

Henry 01/03/2018

Bitsane Scam

CNBC had an article on how to buy ripple, so I followed it, and it said to use bitsane. I transferred ETH from coinbase to bitsane, and my ETH never showed up at Bitsane even though coinbase shows they transferred it. Big scam of a website and cnbc was the ones showing that they were legit

mike harrison 01/03/2018

SCAM!!!

Transferred $1500 into my wallet and it never showed up. The transaction was also verfied on the blockchain. Opened a support ticket with no response.

"DO NOT USE THIS SITE"!!!!

Donovan 01/02/2018

SCAM site

My money just disappeared. No customer service

Sam 01/02/2018

Terrible Service!!!

Bitsane.com seems to have deleted $600 worth of my Litecoin. It's just gone now. I am mystified!

Adam 12/31/2017

SCAM Site

They allowed me to xfer ETH in and trade to get XRP. I went to withdraw XRP and it gave me an error and then magically disappeared. No transaction ID, no hash, just a 0 balance and a support ticket that hasn't been responded to.

Be warned.

This "exchange" just took my damn money.

Brock Lambert 12/31/2017

mistake

I made a mistake of depositing bitcoin to the wrong platform and they found the transaction and corrected it for me

Nick Walker 12/16/2017
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