Bit-Z Review

Overview

The exchange offers to a customer safe trading, unique options for work, quick withdrawal, support of various cryptocurrencies etc.

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Details

BrokerBit-Z
Website URLbit-z.com
Founded2016
HeadquartersHong Kong, Beijing; Singapore
Support TypesEmail, online chat
LanguagesEnglish, Chinese, Cantonese
Free Demo Account Open Demo
Deposit MethodsWeChat, Cash Deposit, Alipay, National Bank Transfer, Moneygram, Western Union, PayPal, Bank Transfer, Neteller
Withdrawal MethodsWeChat, Cash Deposit, Alipay, National Bank Transfer, Moneygram, Western Union, PayPal, Bank Transfer, Neteller
Number of Assets100+
Types of AssetsBitcoin, Ethereum, Litecoin, Qtum, Ethereum Classic, Bitcoin Cash, Tether, Neo, Exchange Union, Yoyow, Waltonchain, Viuly, Tron, EOS, 0x, Ripple, SwftCoin, Revain, EDUCare, OceanChain, Nano, etc.
Account CurrencyUSD, CNY
US Traders Allowed No
Mobile Trading Yes
Overall Score9.7/10

Additional Information

  • Exchange Commission: yes
  • Trading Volume: from $210 million
  • Communication channels: Facebook, Twitter, Telegram, Medium, WeChat, Weibo, BiYong, Zhihu, TouTiao, Linkedin, Instagram, Slack
  • The possibility of exchanging for fiat currency: no
  • Number of cryptocurrency: 100+
  • Training: no
  • Auto Trading: yes
  • Analytics: yes
  • Affiliate programs: under construction
  • Bit-Z API: yes

Full Review


The high developing and profitable digital currency market is a huge financial niche, in which Bit-Z cryptocurrency exchange has found its place. The platform is designed for trading in cryptocurrency pairs within the service, as well as for transactions conducted without the participation of the resource. And although it is functioning just the second year, the developers have already managed to introduce a wide functionality and a number of unique options for work.

And yet, is Bit-Z a scam, or reliable platform, trustworthy, allowing you to comfortably trade cryptocurrency and withdraw earned money without delay? You can find answers to these important questions in the detailed overview.

Bit-Z Review. Bit-Z - is it a scam?

Bit-Z Cryptocurrency Exchange attracts traders with unique functionality, reliability, and ease of use. You can proceed to trade operations only after registering in the system. To increase the level of protection of personal data, you will need to pass an account verification, which is as important as the launch of two-level authentication. Activation of these services is in the tab Account, subsection 2FA Code. After this window opened, the QR code will be displayed, which is easily scanned by the Google Authenticator mobile gadget application. The code will be immediately generated so that the user can choose the most convenient way for him to complete two-factor authentication.

It is even easier to proceed with the verification in the system. You do not need to scan documents for first level, it is enough to enter name and surname in the box, add you date of birth and think out a password with the help of which you will confirm transactions on the platform. Verified trade account will open new options for user. If at the beginning you can use sum less than two bitcoins every day, then after improving the verification level this limit increases by 5 times (how to earn on bitcoin rate please read here). For second stage of verification you need to prepare several standard photos with clear view of your face, clear view of all data on shoot two-page opening of documents. You will have to download the identification number and screenshot of the first page of the passport, as well as two personal shots – first with the TIN in hand, then with a white sheet of paper, where the name of the exchange and the date of verification are written. Now it remains to send a request, verification takes a little time. All of these steps are necessary to protect customers’ personal information from fraudsters.

User has a number of automatically updated data to make decisions that allow him to make money on a cryptocurrency exchange. It is possible to use the API to launch strategies, access to the terminal, transaction history, setting of indicators on a chart, changing the type of price, setting time limits are offered. On the main page of the website bit-z.com, information on a particular asset is opened, taking into account the volume of transactions on it for the previous 24 hours, its latest price, minimum and maximum rates in the market.

You can trade after switching to the Exchange tab. To launch this process, you need to deposit to the balance. Many cryptocurrencies are available for work, for example, Bitcoin, Ethereum, USD Tether, DKKT. The latest token is a local innovation, its rate is 1:1, it depends on the Danish krone, but it can be paired with any other digital coin. A market type of order operates on the platform. For the buying and sale of cryptocurrency, you need to specify the number of coins being bought, then the resource automatically converts them. After entering all the data on the currency, you need to put a password and click on one of the buttons: Buy or Sell.

One of the features of the site is the option to trade in OTC mode, – that is, оver the counter, making deals out of the resource. Here, open orders do not go the market, but they are sent to a special OTC area, where you can buy Bitcoin, Ethereum, Litecoin, etc. When conducting any trading transaction, you enter data to search for offers, click the «Search» button, which will open the list of system users ready for exchange. You can consider any offer where information is available on the number of transactions of the seller, its rating, payment methods, price, restrictions on the purchase of coins (find out the truth about cryptocurrency in the material). You should be attentive and give preference to proven traders to avoid fraud. Today, OTC is one of the most popular trading options, so Bit-Z is trying to lead in this area.

The English version of the resource is convenient, contains maximum information. If you have any difficulty, you can request help via online chat and email. You should explain the problem in English or Chinese, but first you need to look at the section Common Problem, where you can already find out answers to the most frequently asked questions. Recently, Bit-Z has got a mobile application (iOS and Android). The developers clarify that the service still needs improvement, work in this direction will continue until ideal conditions are created for traders to manage crypto assets from a smartphone.

 

Depositing and withdrawal

Bit-Z Cryptocurrency Exchange offers different ways to deposit funds to the site – this is MoneyGram, Neteller, Western Union, PayPal, etc.In order not to have problems with financial transfers of funds in the system, it is necessary to act according to simple instructions:

  • Depositing to the account is performed through the internal or main menu on the site. In the first case, you need to open the section Balances, and in the second – Funds.
  • All deposit and withdrawal operations should be performed only with a cryptocurrency, and the best option is Bitcoin.
  • To deposit to the account, you need to click the Deposit button, the resource will provide a link to which funds will be redirected.
  • The withdrawal procedure takes place in the same way, but the user can only withdraw the coins that he traded. Before the first withdrawal of capital you will have to go through an additional verification procedure.
  • The Exchange charges a commission for trading operations, but you should not pay for those that were made through an OTC. In this case, it is possible to save on commission, but there is no guarantee that the partner will fulfill his obligations.
  • When withdrawing funds, the fee to the site varies depending on the type of cryptocurrency used, but more often it does not exceed 0.5%. You must pay 0.1% of the transaction amount for the buying or sale.

 

Complaints about Bit-Z

Today, users comment on many benefits of interacting with the Bit-Z exchange. There is an online chat for communication between traders and with customer support, through which you can very quickly get an answer to the complaint, recommendation on how to fix the problem. The platform offers a great selection of trading pairs with Bitcoin, Ethereum, USDT, as well as the internal token DKKT, tied to the most stable currency in the world – the Danish krone. The project provided traders with a stable digital coin. The commissions are modest, there is OTC trading. The developers have taken care of the safety of traders, involving proven systems used by banks. An API is available for creating automated trading transactions. Traders comment on the convenient operation of the application search system.

Traders can quickly respond to any noticeable market fluctuations, that is why coin quotes show a high rise faster than on competing resources; so you can make a profit more quickly than users of other sites. There is the option of anonymous work, if the trading volume is small. The developers paid serious attention to the protection of the platform, so until now DDOS-attacks, if there were any, did not bring success to the scammers. Traders are satisfied with the presence of Bitcoin Cash on the resource. After many exchanges have excluded a coin from their lists, users have lost their money in their wallets. However, Bit-Z does not plan to get rid of the token; and if at some time this happens, the administration assures that all finances will be transferred to the cryptocurrency chosen by the client (do you want to earn money on cryptocurrency? read our recommendations).

Bit-Z has more advantages than disadvantages, which, by the way, do not complicate work on the exchange too much. Support service responds quickly to customer complaints. Now traders often complain about the lack of leverage, but perhaps this minus will soon be eliminated. There is no choice of orders yet, and work can only be done at market prices. But these disadvantages fade in comparison with the impressive number of useful options of the exchange.

If we find complaints about Bit-Z, we will post it on social media. Follow us to be well informed:

 

Regulation of Bit-Z cryptocurrency exchange

Bit-Z Cryptocurrency Exchange was registered in 2016 in Hong Kong, it has headquarters in Singapore and Beijing. Local laws do not provide for the regulation of the project, so the company does without it. At the same time, this does not mean that it is allowed to violate the laws of countries, engage in fraudulent operations, launder illegally earned money, transfer funds to third parties for the commitment of terrorist operations, etc.

The terms of use of the resource state that its services are under control of Eton Blockchain Technology Ltd, B.V.I. It also stated that it is forbidden to enter false information during registration or verification. For violation of the «Terms» the administration has the right to freeze the trader’s offers, to close, suspend or restrict access to his account. Restriction can last up to 180 days, and in some cases even longer. For example, if a client turns out to be a participant in a legal process and his finances are arrested.

If the fraudulent transaction was nevertheless conducted and the customer was affected losing money, administrators can disclose the personal data of the other party of the transaction to help return the funds to the affected party. Support service is involved in user disputes as an independent party. The customer should select a reliable password to protect his personal account. If the exchange doubts its inaccessibility, it will require to change it, and for refusing to fulfill such a requirement, access to work will be limited. For the security of personal data, special protection systems are used, including SSL secure connection.

 

Is Bit-Z a scam?

Bit-Z Cryptocurrency Exchange is a convenient and practical service where you can safely trade cryptocurrency, conduct transactions in the system, as well as out of it, quickly withdraw funds, etc. Before you start, you need to go through a simple registration process, then verify your account. You need to load documents into the system only if you wish to perform a huge amount of transactions per day, otherwise a simplified verification procedure is enough, which is very convenient. For data protection, two-level authentication is used, high resistance to DDOS attacks is provided. The developers try to prevent the implementation of fraudulent transactions by tracking the history of all trading operations and checking the accuracy of the information provided to customers.

If the trader was affected from the actions of scammers, they will try to help him to get his funds back. The support service responds quickly to requests; you can communicate with other users through an internal chat. The site has a variety of tools, there is a multifunctional API, it is possible to view the history of operations, the dynamics of cryptocurrency prices. The commission is charged on all trade transactions without exception, but its size is small and varies depending on the volume of funds. In addition, the size of the collection is tied to the type of coin being traded.

To deposit to your account and withdraw funds, you can use a large variety of popular payment systems: MoneyGram, Neteller, Western Union, PayPal and several others. For the most part, the comments from traders about the system are positive, which also differentiates the project on the market. And yet, is it worth calling one of the functional exchanges Вit-z a scam? This is a complicated question, but so far you can answer it: no. This conclusion is explained by the fact that the service is popular with traders around the world due to its convenience, comfortable trading, support for various coins, fast withdrawal options, etc. However, most of the comments about the site are positive, and there have not yet been any complaints about the theft of funds, which indicates its reliable protection.

 

Conclusion

According to the statistics the most successful digital currency market is Asian one, which is where cryptocurrency exchange Bit-Z appeared. Platform has already gained a reputation of reliable participant of digital assets market, which fulfills its obligations. Developers tried to provide traders with qualitative and functional service, on which users can have access to safety trading and number of unique options, and wide range of cryptocurrencies.

Editors of FraudBroker.com at the present moment do not appreciate work of Bit-Z cryptocurrency exchange as scam. New comments of users in our project will help to correct the rating of the platform.

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