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TideBit Review - is it scam or safe?

TideBit Review - is tidebit.com scam or good cryptocurrency exchange?

RATING: 1.6 / 1 REVIEWS TideBit
TideBit is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts and Conditions

 

Account type Minimum deposit Leverage Trading fee
Standard Undisclosed N/A 0.3%*

 

*Deposit and Withdrawal fees also apply

 

TideBit is a Hong Kong-based crypro exchange, where users from certain countries (Hong Kong, China, Taiwan, Vietnam and Malaysia) can buy or sell Bitcoin, Ethereum and Antshares against Hong Kong or US dollars. Crypto-to-crypto trading is not an option here.

 

Also, TideBit does not support margin, nor anonymous trading.

 

Advantages

 

- Cash accepted

Probably the biggest advantage of TideBit is that its clients can directly change cash for Bitcoins. Such deposits are free of charge, if you go to the Chai Wan office.

 

Fiat currencies (USD and HKD) can also be transferred by bank wire and check. Sadly, TideBit does not support credit card payments.

 

-Relatively nice platform

TideBit`s web-based platform is nothing special in the crypto world, yet it seems nice and equipped with the basic features and tools investors need: an order book, a market depth window, charting with a couple of technical analysis indicators, cancellation options.

 

 

Click on the image to zoom-in.

 

Disadvantages

 

- No crypto-to-crypto trading

As we mentioned above, TideBit does not allow coin to coin trading. Even the most popular pair, BTC/ETH is not available, although both cryptocurrencies are supported by the exchange.

 

-Few altcoins available

Apart from Bitcoin, one can buy or sell only Ethereum and Antshares at TideBit. Such digital assets portfolio is quite limited, as more and more tokens emerge, and a number of exchanges add them due to user demand. Some exchanges, offer more than 100, or even more than 300 cryptocurrencies for trade – LocalBitcoins, CoinExchange.io and many others.

 

- Comparatively high fees

Users of TideBit are subjected to a flat fee of 0.3% per trade, which is slightly above the industry`s average. Besides, deposit and withdrawal fees also apply, and some of them are pretty salty: Deposits via cash, bank wire or ATM are charged with a fee of 2% (Crypto deposits are free of charge); Withdrawals in fiat currencies are charged with 0.1%, plus HKD50 / USD5; Bitcoin withdrawals incur a fee of 0.03 BTC, and those in Ethereum – 0.01 ETH.

 

Only residents of certain countries accepted as clients

Trading at TideBit is offered only to users with residency and nationality from Hong Kong, China, Taiwan, Vietnam and Malaysia, which is quite unusual. This is stated in the Terms and conditions uploaded on TideBit website.

 

Unimpressive trading volumes

Apart from the BTC/HKD pair, trading volumes on other markets are not very impressive, to say the least

 

No anonymous trading

To comply with Act on Prevention of Transfer of Criminal law, Tidebit is conducting KYC (Know your customer) process by asking clients to identify themselves. According to us, this defies the inherent anonymity of Bitcoin. Many exchanges allow non-verified users to use their platforms and most of them have set certain trading volume limits for them.

 

No margin trading

Like most cryptocurrency exchanges, Tidebit does not offer leverage.

 

>> Brokers offering leveraged Bitcoin trading <<

 

Conclusion

 

TideBit is advertised as a platform`created for locals, by locals' and it is indeed such, as only residents of certain countries are accepted as clients. It is headquartered in Hong Kong with offices in Taipei, Beijing and Tokyo. TideBit is an affiliated company of TideiSun Group (also operating Sun TV, which is a 24-hour mandarin language channel broadcasting in Hong Kong since 2000).

 

The exchange gained a momentum after China banned ICOs and a lot of mainland crypto investors opened up accounts at TideBit, as Chinese exchanges shut down their local operations (including the “Big Three” Huobi, BTCC and OkCoin).

 

TideBit has announced plans to offer more financial products like futures and derivatives and also to get a bitcoin exchange licence in Japan. Currently, however, this exchange is not overseen by any authority, as there aren’t any specific regulations on cryptocurrenciesand crypto-exchanges in Hong Kong yet.

 

Those who prefer doing business with licensed corporate entities, can turn to forex brokers, who support speculative Bitcoin trading and are properly regulated.

 

>> Well-regulated forex brokers offering Bitcoin trading<<

 

 

Pros Cons
Fiat currencies supported No coin-to-coin trading, few altcoins offered
Cash and bank transfers Relatively high trading & withdrawal fees
Nice web-based platform Only residents of certain countries accepted as clients

No major hacks

Anonymous trading not supported
  No leverage

 

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Traders` reviews for TideBit

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Summary

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They gouge on the fees

These guys are a sham and shouldbe avoided. As mentioned above they have high deposit and withdrawal fees even though in Hong Kong interback transfers are free. Additionally they rough up to the $100k and pocket the difference on account closure which in my view is pure theft.

Matt Whitmell 04/09/2019
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