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Cubits Review - is it scam or safe?

Cubits Review - is cubits.com scam or good cryptocurrency exchange?

RATING: 2.8 / 7 REVIEWS Cubits

RECOMMENDED BITCOIN BROKERS


Trading Accounts and Conditions

 

Account type

Minimum deposit

Trading Fee

Transfer fee

Standard

Undisclosed

0.9%

Up to 5%*


*Depending on the payment services provider.

 

Cubits isn’t a cryptocurrency exchange in the sense of a dedicated trading venue, but rather an entry-level service. It allows you to buy and sell Bitcoin instantly, much like Bitstamp and Coinbase. In addition, the company also offers secure Bitcoin storage.

 

Verification is required in order to unlock the full potential of the Cubits account. The verification process is facilitated by IDnow – a digital identification solution available in a number of countries.



Cubits Advantages

 

Many fiat currencies and payment methods supported

Cubits works with a number of fiat currencies, so its users are able to deposit or withdraw in EUR, GBP, USD, SEK, BRL, DKK, PLN, HUF, CHF, JPY, and more. By the time of writing this review, there are around 30 fiat currencies supported. Its services are available in most countries, but unfortunately, not in the United States.

 

More importantly, the company supports wide range of convenient payment methods: credit cards, bank transfers (SEPA included), Rapid Transfer, Sofort, OK Pay, Dotpay, Skrill, and Neteller.

 

Additionally, Cubits' flexible API allows merchants to accept Bitcoin immediately, offering various shopping cart plugins including Shopify, WordPress, Magento, Shopware or osCommerce.

 

Beginner-friendly

Considering the previous point and Cubits’ easy-to-use interface, the services it provides are suitable for newcomers in the crypto world.

 

Wallet service

Cubits is all-in-one Bitcoin service, meaning that it also offers a secure wallet for storing and transferring your coins. Actually, not all exchanges provide wallets to their customers.

 

Security

Cubits claims it keeps 100% of user funds in cold storage. Their hot wallet contains only the company’s own Bitcoin. Besides, Cubits always advises all of its customers to use at least a two-step verification procedure to ensure that their access to the account is private.

 

 

Cubits Disadvantages

 

Only Bitcoin available

The service provided by Cubits only supports Bitcoin. You cannot trade in other popular coins such as Ethereum, Ripple, Stellar, etc., which may disappoint some crypto investors. Nonetheless, we must remember this is an entry-level service. If you are keen on trading altcoins and more exotic digital assets, check out the offering of Bittrex or Binance.

 
High Fees

The fees, charged by Cubits are their major downside. The company charges a fixed fee of 0.9% on buy and sell operations, which is significantly higher than the average in the crypto sector. The trading fees at most crypto-exchanges amount to 0.15% - 0.25% per trade, and some of them only charge market takers.

 

In addition, most payment providers with which the company works charge additional fees. For example, SOFORT charges an additional 1.8% per transfer, and OKPay - 1.5%. Credit card payments are charged with an extra 5%. By comparison,  Coinbase charges up to 4% on Bitcoin credit card purchases. 

 

No trading on margin
Cubits does not offer margin trading. This is not that surprising in the cryptocurrency space. On the other hand, the forex brokers, offering Bitcoin trading, as well as some exchanges, do offer leverage.

 

 

>> Bitcoin margin trading with a forex broker<<

 

 

Read our comparison of forex brokers and cryptocurrency exchanges to get a better understanding of the differences between the two types of trading.

Not much of a trading platform

The interface provide by Cubits is by no means sophisticated trading software, like MetaTrader4 (MT4). There is no charting, no indicators, no nothing. You basically input the amount of funds you wish to transfer and you see an approximation of the amount of Bitcoin you would get. Here is a screenshot:

 

 

 

Conclusion

               

Established in 2014, Cubits is an entry-level cryptocurrency “exchange” for Bitcoin. There are a lot of fiat currencies and payment methods supported, but you cannot trade in altcoins, nor exchange one coin for another. Its interface is user-friendly, but lacks any professional features. Another major disadvantage of Cubits is the high trading fees.

 

Cubits was founded by a team of bitcoin geeks from all over Europe. Its development team based in Berlin, Germany, while the company behind it, Dooga Limited, registered in the UK. It is not regulated, as UK, like most countries, has not developed relevant legislation for digital assets and cryptocurrency exchanges. If you prefer using a regulated entity, we remind you tht you can also trade in Bitcoin with forex brokers. Here is a list of some, who are trusted and regulated:

 

 

>> Tightly regulated Brokers offering Bitcoin CFDs <<

 


Here are the strong and weak sides of Cubits:

 

Pros 

Cons

Many fiat currencies

Only Bitcoin available

Bank Transfers (SEPA), Credit Cards, e-wallets supported

High fees

Beginner-friendly

No trading on margin

Wallet service  

Not much of a trading platform

 

 

     

 

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Traders` reviews for Cubits

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Cubits scam

Yes Cubits is SCAM
They not sent even Cyrpto withdrawals and no answers any emails
How can we open against them court process?

Samir 12/10/2018

Need info

Hy everybody

i got the same Problems.... sent coins to my wallet from cubits.com. on the site it Shows proceeded…. however the Transaction does NOT appear in the blockchain….. it has been 4 day now…

you guys, who it had happened the same, have you already got your coins or Money back?

regards

Erwin 12/10/2018

Cubits seems fishy

I bought 1.11 btc on the 4/12/2018 and then requested a transfer to my wallet. Their site says completed but the transaction has not been executed on the blockchain. I have sent a few support requests but have not received a reply. Does anyone have a direct contact email or phone number to their Berlin office?

Fred 12/05/2018

cubits is SCAM, avoid!

Cubits.com is delaying our payment of total ~180.000€ and making excuses for over a month. We've converted ~33 BTC into Euro in october 2018 and requested a withdrawal to our bank account. When we asked why the delay, their response was they have a lot of work, then we should wait, they're doing their best, we should talk on phone for solutions with their UBO and more excuses. After that they did not want to answer on emails, but persisted to make a phone call for a "amicable" deal. When we agree for a phone call, they were busy again. First, smaller withdrawal we made in September was successfully processed, but not the last/largest one. The whole situation is fishy.

Avoid cubits.com at all costs. Cubits.com is Scam (until proven otherwise).

Globin 11/30/2018

Scam

Kubits deceive people. They cheated on 13,500 euros. 11/20/2018 I sent 3.45 bitcoins. For today they have not returned the bikoins and they do not respond to the letters.

Michael 11/28/2018

Just to balance a little bit the negative reviews...

Just to balance the so negative reviews a little bit, KYC is fast with IDnow it takes 15-30 min all with a webcam and they accepted my european passeport (unlike the other comment below). Also already bought bitcoin 5-10 times with them, had my btc the same day with priority transfer. Same with withdraws the next day the money was on my bank account and several times already. Support answers fast.

My only complain is that when you withdraw btc they send it with extra low fees so sometimes depending on the mempool you can wait a lot for 1 confirmation. Should be able to set them manually.

Always had my money or btc really quick, support is fast, kyc also. What else do you need?

Patrick 09/30/2018

Bad company!

On 23 April 2018 i have sold BTC for 4000 USD and have requested a withdrawal to my Bank account.

Now 14 days later there is no money in my banking account and now my account is locked!
I have written several mails to the support but i get no answer.

I think is the beginning of a big SCAM, please beware of this company.
This process is not legit, now i need a lawyer to get maybe my money back...!!!

Richard 05/03/2018
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