de | cn | ru

ChileBit Review - is it scam or safe?

ChileBit Review - is chilebit.net scam or good cryptocurrency exchange?

RATING: 2 / 0 REVIEWS ChileBit
ChileBit is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Withdrawal Fee
Standard 1:1 None .70% 0.0003 BTC*

 

*ChileBit claims that it does not charge deposits and withdrawals in Chilean Pesos, but the banks involved in the process certainly will.

 

As its name suggests, ChileBit is a cryptocurrency exchange, operating in Chile, which focuses on the local market. It is an entry-level service which simply allows its clients to buy or sell Bitcoin for the local currency, Chilean Pesos (CLP).

 

As most similar venues, ChileBit requires its clients to undergo ID verification in order to use its services and advises them to utilize Two-Factor Authentication (2FA) for protection.

 

 

ChileBit Advantages

 

Works with fiat (CLP)

As we already mentioned, trading at this exchange it done against CLP. This is an obvious advantage, as Chileans can easily get into the crypto world, buying some Bitcoins with the local currency.

 

Local bank transfers supported

The fact that ChileBit works with Chilean Pesos and deals with the local banking system makes it ideally suited for the local market. Unfortunately, the exchange doesn’t support credit cards payments, which and preferred by many investors because are instant, while bank transfers can take several days.

 

 

>> Buy Bitcoin with a credit cards <<

 

 

Zero maker and deposit fees

Another thing we like about ChileBit is the fact that it does not charge market makers, who add liquidity to the exchange, nor does it have fees on deposits. That being said, the fees applicable to market takers are quite high – you can find more details in the Disadvantages section of this review.

 

 

ChileBit Disadvantages

 

Suitable for Chileans only

As most entry-level exchanges targeting the local market, ChileBit is not attractive, nor easily accessible to people outside Chile. It only works with the local currency and the local banks.

 

Only Bitcoin available

Another weakness of ChileBit is the fact that it only offers one trading pair - BTC / CLP. Indeed, this is the most popular cryptocurrency, but there are also many others who are sought-after – Ripple, Ethereum, etc. Besides, many investors want to diversify their crypto-portfolio.

 

High taker fees

Market takers at ChileBit are charged 0.70%, which is a high fee when compared to what major exchanges charge. However, a lot of local players offer higher fees thanthe average in the sector. For example, Buda.com (previously known as SURBTC)  ), one of the biggest exchanges in Chile, charges market takers 0.8%.

 

No leverage available

ChileBit does not offer leveraged trading, which is not a significant disadvantage, given the fact that most exchanges don’t. There are several who do that, but the number of forex brokers offering crypto CFDs on margin is far greater.

 

 

>> Trade Bitcoin on margin with forex brokers <<

 

 

There are a number of differences between trading Bitcoin on exchanges and with forex brokers. One of the advantages of forex brokers is that trading is done on advanced platforms with which most traders are familiar. That being said, the trading interface offered by ChileBit is too simple.

 

Trading interface without charts

Like several other entry-level crypto services in Latin America, ChileBit uses the open-source software platform for Bitcoin exchanges developed by BLINKTRADE. It is also offered by FoxBit (which targets Brazil), SurBitcoin (Venezuela) and several others. While the BLINKTRADE trading interface is simple and easy to read, it has no charting whatsoever. Instead, there are some Tweets and international BTC rates. Here is a snapshot:

 

 

ChileBit’s trading interface. Click on the image to zoom-in.

 

Banking charges unclear
We could not find any information on ChileBit' s website regarding the fees bank charge on fiat transfers from and to the exchange.

 

No info about the company, storage of funds

Another important thing which remains unclear about is exchange is whether it keeps client funds offline, in cold storage, as all decent exchanges do. It also would have been nice if the website of ChileBit included some information on the company which operates the exchange, its corporate background, etc.

 

Conclusion

 

ChileBit allows Chileans to enter the world of cryptocurrencies. More specifically, it offers trading in Bitcoin against CLP via BLINKTRADE’s software. Experienced enthusiasts will probably find better exchanges, offering more altcoins and lower fees.

 

In general, the main risk involved with all crypto-exchanges is security. Some of them get hacked and their clients lose their coins. Some forex brokers also offer Bitcoin trading and provide higher protection, so maybe you shoud check them out.

 

 

>> Regulated brokers offering Bitcoin CFDs <<

 

 

To sum up the above:

 

Pros Cons
Suited for a local market Oriented towards Chile
Zero maker and deposit fees Only Bitcoin offered
  High taker fees
  No leverage available
  Trading interface without charts
  No info on the company, banking charges, storage

 

Latest news about ChileBit
No news about ChileBit. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 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 ChileBit

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

 

 

de | cn | ru