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BITSSA Review - is it scam or safe?

BITSSA Review - is bitssa.com scam or good cryptocurrency exchange?

RATING: 1.9 / 0 REVIEWS BITSSA
BITSSA is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage Maker fee Taker fee Withdrawal Fee
Standard No None 1% NGN 200 (fiat)

 

Describing itself as a cryptocurrency exchange “for the emerging world”, BITSSA basically allows its clients to buy and sell Bitcoin with two African fiat currencies.

 

Like most crypto-exchanges which work with fiat, requires ID verification and bank account information, so anonymous trading is not an option at BITSSA.

 

BITSSA Advantages

 

Fiat currencies accepted

As we pointed out in the beginning, BITSSA offers a country-specific service. It works with two fiat currencies: Nigerian Naira (NGN) and Ghanaian cedi (GHC), which is probably appreciated by local crypto investors.

 

Bank wire and cards supported

Another advantage of BITSSA is the fact that it allows transfers via bank wire and credit or debit cards, which are the most popular and convenient payment methods. Of course, these payments have certain terms and fees.             

 

Nice trading platform

the web-based platform provided by BITSSA is quite good. It is nicely designed, the charts have some technical analysis indicators, there is a market depth window. Here is a snapshot of the platform:

 

 

 

BITSSA Disadvantages

 

Only clients from Ghana and Nigeria accepted

As is often the case with exchanges targeting a local market, their focus limits the overall reach. BITSSA only accepts clients from Ghana and Nigeria. Actually, If you are not living in these two countries, this exchange will not be of much benefit to you, given the fact that it mainly offers trading in Bitcoin against Naira and Cedi. 

 

 

Limited offering

Although it has been planned as a multi cryptocurrency exchange, currently BITSSA offers trading only in Bitcoin and Dekado (DKD). Some popular altcoins, such as Ethereum, Ripple, Litecoin, Bitcoin Cash, Dash, etc. are not listed on this exchange.

 

Besides, BITSSA works with fiat, but does not accept some of the most popular currencies, such as US dollars, or Euros. Overall, clients of BITSSA are able to trade only in the following 3 pairs – BTC/NGN, BTC/GHC, and BTC/DKD.

 

High fees

BITSSA does not charge market makers, but market takers have to pay a fee of 1%, which is significantly higher than the average in the crypto sector. Most exchanges charge 0.2% - 0.25% per trade. Besides, each fiat withdrawal from BITSSA incurs a fee of NGN 200.

 

No margin trading

BITSSA does not support leveraged trading. Some see leverage as a golden opportunity to score large profits with a couple of bucks, while others, usually more experienced traders, rather find it too risky.

 

Nonetheless, if you need some leverage, some major crypto-exchanges, like Kraken provide such. Besides, there is a number of forex brokers that offer trading in cryptocurrency CFDs on margin.

 

>> A list of brokers offering Bitcoin margin trading <<

 

 

No info on storage of funds

Another thing that bothers us with regards to this exchange is that it is unclear whether it keeps clients’ funds offline, in cold storage.  This is a top tier security measure taken by a number of cryptocurrency exchanges in order to prevent hacks and fraud.

 

Conclusion

 

BITSSA is a small crypto-exchange focusing on developing markets in Africa, and more specifically, Nigeria and Ghana. It mostly offers trading in Bitcoin against the local currencies in these countries, but coin-to-coin trading is also available (only one pair - BTC/DKD).  

 

Strangely, the company operating the exchange, BITSSA limited, is registered in the UK. Like most exchanges across the globe, this one also is not regulated, which adds additional risk.

 

If you prefer trading in Bitcoin with a regulated entity, you may also do that with forex brokerages, some of which are properly licensed and besides, offer margin trading.

 

 

>> Top regulated forex brokers offering Bitcoin trading <<

 

 

To sum up the strong and weak sides of BITSSA in a few words:

 

Pros Cons
Fiat currencies accepted (NGN & GHC) Only clients from Ghana and Nigeria accepted
Bank wire and cards supported Limited offering
Nice trading platform High fees
  No margin trading
  No info on storage of funds

 

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Traders` reviews for BITSSA

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