Bitit Experience 2021: The Crypto Exchange Test
10 Stars
The French Bitcoin exchange Bitit in a big test: What distinguishes the offer? How good is the support? And which cryptocurrencies can you buy here? Can our Bitit experiences convince us of the exchange?
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What is Bitit?
We take a critical look at the Paris-based crypto exchange Bitit and systematically review the marketplace's offerings: Can Bitit convince us in the test? How cheap or expensive are the Bitit fees? What can the support do? And how does Bitit prevent fraud? Here you can find out everything you need to know before you decide to use the exchange.
Bitit is an exchange for trading and purchasing cryptocurrencies and is based in Paris. The exchange platform was founded in 2015 by Nicolos Katan (CEO), Ugo Mare (CTO) and Simon Potier (CIO). Bitit's offering aims to prove itself against the competition through a focus on security and ease of use. The number of cryptocurrencies, some of which are exotic, that can be traded on the platform alongside the well-known big names (Bitcoin, Ethereum, Ripple & Co.) is striking.
The platform can be used from 50 countries. This means that customers from all over the world can use it. Not only the dollar, the yen and the euro, but a large number of fiat currencies are accepted as means of payment on Bitit.
Bitit advantages and disadvantages
For many customers, a key advantage of Bitit is likely to be the variety of currencies accepted, which people from all over the world can use to make their purchases. In addition, Bitit promises round-the-clock support, high security standards, a service regulated by French authorities and fast processing of all orders. To what extent it can deliver on this, we clarify below.
Also noteworthy are the many cryptocurrencies supported by Bitit that you can purchase on the platform. Among them are many that you can't buy just anywhere.
Bitit is for trading and buying cryptocurrencies.
Is Bitit a broker or an exchange? The platform is used to trade crpyto currencies with each other and to buy them against fiat currencies. Trading, on the other hand, is not possible with Bitit.
The site is clearly laid out and allows quick and easy access to the cryptocurrencies listed here.
Bitit Review - the offer
Buy and trade Bitcoin, Ether and other cryptos with Bitit: A great many different cryptocurrencies are available for purchase on Bitit. Below we list them and link to our guide texts on the respective coin.
Bitit cryptocurrencies
Bitcoin (BTC) | Bitcoin Cash (BCH) | Eos (EOS) |
|---|
Bitit accepts fiat currencies
At Bitit you can pay with many different fiat currencies. We list all supported currencies:
EUR | SEK | CNY |
|---|
Bitit Fees & Charges
What fees do you have to pay when using Bitit to buy and trade cryptocurrencies? The platform is exemplary transparent with the Bitit fees charged here. Before each transaction, you are shown exactly which fees apply to which means of payment. This way, you don't have to check every time how exactly the figures were here.
Bitit does not charge any fees for the registration of an account or the maintenance of your profile. This also applies to transfers to your profile. However, fees may be charged by your financial service provider (e.g. your bank).
In addition, mining fees are also charged for transfers with cryptocurrencies, but Bitit is not responsible for these.
Bitit fees: Particularly cheap with EUR Wallet
A special feature of Bitit's fee model is the so-called EUR Wallet. This makes transactions with euros particularly cheap. The EUR Wallet works like a bank account to which you transfer the money you want to invest in cryptos on Bitit. Bitit charges a fee of 0.25 percent per transaction on the amount transferred when you use the EUR Wallet. Looking at all available payment methods, the fees range between 0.25 and 8.75 percent on the transfers, depending on the selection.
Fee type | costs |
|---|---|
EUR wallet | 0.25 percent |
Credit card payment | 3.9 percent |
Cash voucher | 8.75 percent |
If you want to pay with a fiat currency other than the euro, you have to use a credit card payment. This is significantly more expensive than using an EUR wallet. Even in comparison with the fees charged by other platforms for transactions with credit cards, Bitit is not exactly the cheapest platform.
The purchase limits for the EUR Wallet are 30,000 euros per week. There is no selling limit. For credit card users, the purchase limit is 7,500 euros per week. And those who want to pay with a cash voucher from the providers CashLib or Neosurf can invest 2,500 euros per week with Bitit. These vouchers can be bought on the street in Paris and make it possible to use Bitit without revealing one's identity.
Many CFD brokers charge the so-called inactivity fee for long periods of inactivity. For crypto exchanges like Bitit, this is usually not the case. This is also the case for Bitit: there is no inactivity fee.
Bitit payment methods
To use crypto exchanges like Bitit, you usually have to transfer money to your registered profile. Bitit is no exception.
Customers from European countries can use the EUR wallet, to which you can transfer your money via bank transfer at very favourable conditions (see Bitit Fees). This has the disadvantage that the SEPA transfer is relatively slow: As a rule, you have to wait two working days for the money to reach the recipient's account.
Payments with credit cards are also possible on Bitit, but (see above) they cost comparatively much. Visa, Mastercard and Maestro cards are accepted. You have to rely on them if you don't want to pay with euros, but with one of the many other fiat currencies that Bitit accepts.
Buy Bitcoin with vouchers on Bitit
A third payment method are the "vouchers" (coupons), which are, however, of only minor interest due to the very high fees associated with them. Those who attach great importance to their anonymity vis-Ã -vis the exchange and are willing to incur the additional costs associated with vouchers can buy them for cash from certain street traders.
Consequently, one is not particularly flexible when choosing one's means of payment on Bitit. Neither instant bank transfer nor Paypal are accepted.
Payment method | yes/no |
|---|---|
Credit cards | yes |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | yes |
Other | yes |
Buy coins with Bitit
Bitit makes it easy and hassle-free to buy cryptocurrencies. We'll show you how.
Step 1: Verification
In order to be able to buy Bitcoin on Bitit, for example, you must first be verified by the exchange after registering. To do this, you need a valid identification document such as your ID card or passport. Click on "Account" to start the verification process.
Enter your ID number in the column provided and complete the other information requested. Click on "Next" to upload a photo of your ID or passport to the site.
You will then be asked to upload a selfie of yourself with your identity document. Once you have done everything, Bitit says it takes up to 24 hours for your details to be verified and your account to be activated for buying Bitcoin & Co.
Step 2: Define trading volume
In the next step, you click on "Buy" and define which currency you want to buy and how you will pay for it. When you select a payment method, you will automatically be shown the associated fees. You also have to enter a recipient address. So first set up a wallet and enter its address here.
Tip: If you pay with a credit card, you don't have to top up your EUR wallet first to be able to trade with Bitit. Then your payment is made immediately and the coins you have purchased are transferred to your personal wallet.
Step 3: Buy cryptos
Now you just have to confirm your purchase. The tokens or coins you have purchased will then be sent to the wallet address you specified. Naturally, sending cryptocurrencies can take a few hours because the scalability of Ethereum, for example, is limited. Therefore, be patient.
Our recommendation: Buy cryptos with eToro
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Regulated provider
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Bitit Licence and Security
Bitit says it is regulated by French authorities - but unfortunately we don't learn anything about this in the FAQs. Not even the competent authority is mentioned by name. Under these circumstances, the statement has little value.
The vast majority of crypto exchanges are not regulated. This has to do with the restraint that the authorities exercise towards the new anarcho-currencies. As long as their status remains unclear, regulation is hardly possible. This is true at least for the direct trading of cryptocurrencies. Where cryptocurrencies are traded via derivatives or certificates, the situation is different again: these financial instruments are subject to strict regulations in the EU.
Since Bitit does not offer CfDs, it remains completely unclear to what extent regulation of the exchange can take place at all. Bitit is probably referring to the regulation of the means of payment that the exchange offers. The fact that no more detailed information is given on such an important question in the otherwise extensive FAQ is a clear deficit in our view and has a negative impact on the test result.
Security standards are regularly checked "by an independent body
Furthermore, Bitit promises to treat users' data confidentially and to encrypt it completely, but does not explain anything more specific on this point either. On many other platforms, we are told exactly which mechanisms are used to protect our user data and how. Not so on Bitit.
Furthermore, Bitit claims to maintain security standards in line with those of banks and to train its staff regularly in this regard. The security standards are regularly checked by an independent body. Which body this is - that is also not clear from the FAQs.
Bitit offers two-factor authentication (2FA) for the security of your account, which you can optionally activate. We advise you to use the 2FA in any case.
How do you protect yourself against Bitit fraud?
If you buy cryptocurrencies directly, you are your own bank. Regardless of the exchange you use, you are responsible for the safekeeping of your Bitcoin. Your responsibility starts with the choice of a suitable wallet and extends to the proper documentation and safekeeping of important data.
We generally advise against holding cryptocurrencies on exchange accounts. If your exchange goes bankrupt or is hacked, no one can guarantee that you will keep your currencies. It is therefore better to always transfer the cryptocurrencies purchased on an exchange like Bitit to your own wallet.
How you can effectively protect yourself from fraudulent losses is explained in more detail in the linked article.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Bitit Customer Service, Contact & Support
Good customer service is characterised by constant availability and the competence of the support team. According to the company, Bitit support is available around the clock and can be reached via contact form as well as live chat.
However, we searched in vain for the live chat option and only found the contact form and a Telegram group during our test - it is conceivable that this is meant by "live chat".
Bitit offers an extensive but incomplete FAQ on the site. We searched in vain for information about the exact design of the security of the exchange.
Contact way | yes/no |
|---|---|
phone | no |
no | |
Live chat | (only via Telegram group) |
contact form | yes |
FAQs | yes |
The Bitit App
There is currently no Bitit app for mobile devices such as smartphones and tablets. This is not surprising for a platform that does not offer trading options. After all, apps are primarily of interest to traders who want to react to trends and price movements regardless of location and time.
The fact that there is no Bitit app therefore has no influence on our rating of the crypto exchange.
Conclusion - the Bitit rating
For our Bitit review, we registered on the exchange and took a closer look at what it has to offer. Here in the conclusion, we share our experiences with Bitit.
The Bitit exchange has its strengths: These are primarily the wide range of products available on the site and the large number of fiat currencies accepted for payments. The EUR wallet is also convincing: with this solution, users save a lot on fees. However, the Bitit fees quickly become hefty as soon as you decide to use one of the other available payment methods.
Our Bitit test: The rating
Bitit's security is one of its drawbacks. Whether these are guaranteed or not is not clear from the project's documentation. Here, users have to blindly rely on Bitit's information being correct. This is also a clear deficit in terms of transparency.
We also have to make deductions regarding the company's statements about customer support. We do not find the promised live chat option. Instead, we are referred to a group on Telegram - and do not receive an answer to our request for a full hour. Bitit promises us round-the-clock support. Our experience with Bitit is different.
On the other hand, the site is extremely clearly designed and easy to use. In view of the deductions, it is still only enough for 2 out of 5 points in our preliminary evaluation.
Did you like our Bitit review? Our Bitit review is part of our large series on the best exchanges on the net. You can find a good alternative to Bitit Login in our test winner. Or are you wondering whether it's still worth investing in cryptocurrencies in 2020?
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
Bitit was convincing in our test. The diverse trading options and the excellent customer support attract many customers, most of whom are satisfied with the provider. There are deductions when it comes to security.
The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Withdrawals are processed very quickly and are in your account within a few minutes to 2 working days, depending on the selected withdrawal method.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
