Bitit is an online cryptocurrency exchange. It provides users with a platform to navigate the buying and selling of cryptocurrencies in a safe environment.
Bitit is based in France and offers its services to all cryptocurrency traders from around the world. Bitit ensures a simple, quick, and safe cryptocurrency transaction process using fiat currencies. Its primary purpose is to connect potential crypto buyers who only have access to local currency to the crypto market.
The company is aiming to target as many local currencies and languages as possible to expand the market base for new investors in the crypto market. They are also working with various payment providers to bring better cash payment options for developing countries and those countries that do not have a large number of credit card users.
The platform was designed in 2015 by Nicolas Katan, Ugo Mare, and Simon Potier. Their primary purpose in establishing Bitit was to bring access of cryptocurrencies to people living in remote areas and provide them with an opportunity to safeguard their financial wellbeing.
Based in Paris, the company now operates in over 50 countries worldwide. It is the first French cryptocurrency exchange startup and has earned a remarkable reputation since its emergence.
The company is in the process of becoming a fully regulated crypto platform in France and is to be given the PSAN status.
The company envisions a future in which the use of cryptocurrency becomes common with all consumers around the world. They want to ease these transactions for the benefit of the users. Their team consists of risk managers, financial technology experts, and developers.
Bitit is committed to providing appropriate payment methods for customers to make the process more convenient using their platform. They seek to address underserved markets and ensure that every consumer is provided access to crypto markets.
What differentiates Bitit from its competitors like Bitstamp or Coinbase is its simplistic approach towards the buying and selling of digital assets. It makes the process easier by a simple sign up process for its users. There are no lengthy and time-consuming verification processes that users often dislike.
Moreover, the platform allows users to purchase different cryptocurrencies with common payment methods like credit cards. This approach allows more users to enter the crypto market and brings access to people who are located in distant or remote areas with no access to cryptocurrency exchange dealers.
Bitit also allows transactions in local currencies, which is bringing in more investors for cryptocurrencies and expanding the market. It uses Blockchain technology, which enables it to conduct transactions in seconds amongst individual users or even institutions. The site has generated a lot of traffic and has a notable rank improvement in just a few months.
Despite being relatively new in the crypto exchange industry, Bitit has a good reputation amongst investors. The major advantages of using Bitit are the variety of payment methods it offers, the quick and easy verification process, and easy integration with other wallets.
Bitit also allows minimal risk exposure to investors. Direct payments help make transactions in real-time; thus, users do not have to worry about market volatility.
Investors can buy cryptocurrency regardless of where the merchant is located. They can enjoy high liquidity and payment limits by using a simple e-commerce interface like Bitit.
Some of the key attributes of Bitit are as follows:
- Efficiency: The platform provides a quick and simple way to convert fiat currency to cryptocurrency. Users can navigate through it in just a few clicks. The entire process is smooth and timesaving. Transactions can be conducted within minutes.
- User-friendly: Bitit has a simple and easy to understand interface for the user’s convenience. It allows users to get the best purchasing experience without any unnecessary and taxing processes.
- Global Access: Users can access the platform from more than 50 countries across the world, including the USA, UK, and countries in the EU. It supports 15 fiat currencies. These include the dollar, euro, yuan, lira, and pound, etc.
- Customer Support: The platform offers 24/7 customer support services via email, social networking websites, and chatbots. If users are faced with any problem, they receive prompt responses from the support team.
- No Custody: The platform is non-custodial. It instantly delivers purchased digital assets directly to the buyer’s personal wallet. It gives complete ownership to the investor.
- Security: The platform has rigid measures to ensure the security of confidential data of the users. The company has a robust security system to protect investor accounts and data from any cyber threat.
- Transparency: The pricing methods are reasonably transparent and low for most currencies.
Bitit is currently operating in more than 50 countries, which include the US, UK, and the EU. It is regulated by the Information Commissioner’s Office, which oversees cryptocurrency exchange in the European Union.
The company legally operates in several languages and is able to verify IDs and passports quickly from anywhere in the world. However, Bitit is most commonly used by European users, although the dollar is also supported.
Bitit offers three different payment options for the buying of digital assets, which are as follows:
- Credit or Debit Cards: Payments can be made from credit or debit cards such as Visa, Mastercard, or Maestro.
- Cash Vouchers: CASHlib or Neosurf vouchers are accepted forms of payment. They are available in over 150,000 stores worldwide. Neosurf is a prepaid voucher, which is available for purchase from outlets with a face value that allows incremental purchases. If some value is not used by the customer, it is retained in the voucher for future buying. These vouchers are purchased in euros. CASHlib is a form of e-money that was created for online trading. It removes the need to share personal data in online purchases. CASHlib credit can be purchased online.
- Bank Transfers/Euro Wallet: The Euro Wallet allows instant purchasing of cryptocurrencies. Money can be transferred from any European bank account to the Euro Wallet. The Bitit Euro wallet also allows SEPA bank transfers. Investors receive a unique IBAN for their Euro wallet to make purchases. It allows users to withdraw funds to their bank accounts directly.
Bitit Security and Regulation
Bitit ensures its users with complete privacy and security. It places special emphasis on data protection. Since being regulated, the company is obliged to adhere to all EU regulations regarding the privacy of investor data.
The platform is regulated in France. Under France’s PACTE laws, necessary steps are being taken for Bitit to become fully regulated and achieve the PSAN status. All the standards for the protection of user information are practised rigidly.
Bitit encrypts all data and keeps it confidential. After all, any monetary transactions are highly sensitive and need to be secure. This is why all of Bitit’s payment partners are also certified as Level 1 PCI service providers. It is the highest level of security that is delivered. Moreover, the platform does not retain any card numbers or passwords to protect their users.
Bitit maintains bank-level security, which is tested independently from time to time. The staff is trained according to the security protocols in place. It further ensures robust security for investors by its two-step verification process. This helps protect accounts from any unauthorized access.
Bitit also allows the use of wallets that have been created off-site by the customers. Different wallet addresses can be added for purchasing different cryptocurrencies. It means that your money will not be stored on the platform itself whenever you make a transaction.
All funds are sent to the specified wallet. Users can connect wallets such as Ledger Nano S or Trezor to their Bitit accounts. This will then help keep your funds in these wallets directly. You can also store the private keys offline on your wallet hardware.
This feature of Bitit provides another level of security to all transactions made on the site. This method is less prone to hacking or other outside attacks on hot wallets of the customers.
Like any other currency exchange platform, Bitit charges its users a certain fee while buying cryptocurrencies. The rates they charge are much economical than any other facility, which is why it has become the leading platform for a cryptocurrency exchange in Europe.
Bitit charges fees according to the payment method employed by the users. There is also a buying limit associated with each payment method.
If investors are using the credit or debit card payment method, the fees charged for such a transaction is 3.9% with a buying limit of up to 7.500€/week.
For users paying with cash vouchers, the fee adds up to 8.75%, which is considerably higher. The buying limit for this method is 2.500€/week. Investors who use the bank transfer payment method have to pay a fee of only 0.25%, and the buying limit is up to 30.000€/week.
The only restriction investors have to face is the buying limits imposed.
The average fee in the global industry has been 0.25% for a long time. However, there is a shift towards lower trading fees in many areas bringing the industry average down to about 0.10%. Comparing with this rate, Bitit has a higher trading fee, especially on cash vouchers and credit card payments.
However, Bitit is one of the very few platforms that offer its users a trading bonus called the Bitit Booster. A bonus in Bitcoins is given to active traders on the site. If an investor has bought at least 500 euros worth of bitcoins every week, then he or she is eligible for the bonus. The more trades made, the larger the bonus awarded to the user.
Traders can make cryptocurrency purchases using credit cards, cash vouchers, or by EUR bank transfers. For making deposits, users can transfer euros to their EUR wallet by SEPA transfers.
For this, a complete ID check is required before you are given a EUR wallet.
If a credit card is s being used for purchasing, users are required to go to the Bitit website and choose their desired cryptocurrency. Users are then asked to input the currency in which they are going to make the deposit and the amount of the currency they wish to buy. A payment method is selected.
Bitit requires complete wallet details before it proceeds to the payment. Proper details must be provided before the transaction can go through. If any incorrect information is added, it can lead to a loss of money. After the process is finished, the purchased cryptocurrency is added to the wallet you have provided.
Bitit also has tiered limits for purchases which are:
Tier 1 Investors:
Weekly purchases cannot exceed €15,000. If they are using SEPA deposits, they are required to provide an authenticated copy of their ID card. They must also provide a picture of themselves holding their ID and a piece of paper with “Bitit” and the date of purchase printed on it.
Tier 2 investors:
Weekly purchases cannot exceed €30,000. However, they can increase this limit by talking to the Bitit support team. Deposits of up to €100,000 can be made using EUR SEPA transfers. Tier 2 investors are required to provide the following:
- An authenticated copy of their ID card (preferably notarized)
- A proof of residency which is no more than 3 months’ old
- A picture of themselves holding the ID and a paper with the date and “Bitit” printed on it
- A bank statement which should not be more than 3 months’ old
- A signed source of funds application form
Investors have the option to sell the cryptocurrencies they own on the exchange platform and receive money in euros, which is added to their EUR wallet. For users looking to make withdrawals, they can use the “Sell” option at the Bitit dashboard. Bitit automatically transfers all earnings to the EUR wallet after making the sale.
Investors can also buy cryptocurrencies and direct the amount to off-site wallets that are compatible with Bitit. Bitit does not charge any withdrawal fee, and the money is directly transferred to the investor’s wallets. However, if SEPA EUR withdrawal is used, then a 0.15% withdrawal fee is charged.
Bitit provides a convenient way of making deposits and purchases by assigning all its users with a Bitit EUR wallet. It makes the withdrawal of any purchased cryptocurrencies simpler. There is a section that provides users with an easy way to manage their wallet addresses and save them so that they do not have to re-enter their details to make another transaction. It is important to remember that the verification process should be finalized by each investor before they can use their Bitit EUR wallet so they can make further transactions.
Bitit Account: How to Register and Log In?
Bitit provides a simple way for new users to sign up. To create a Bitit account, users can click on the “Sign Up” button on the company’s website. It will prompt you to enter some basic details about yourself, such as your first and last name, email ID, and a password.
A confirmation email will be sent to your email id for verification. You need to confirm your account by clicking the link in the email received from Bitit. Once your email address is verified, you will be redirected to the Bitit website and asked to enter a valid passport or ID number. After providing these details, you will now be able to purchase and trade cryptocurrency without any further verification.
New users can verify their account by using the pop-up menu. You can click on your preferred ID or proof of verification to get started. There is also an alternative option of entering the details later. It will allow you to deposit and exchange cryptocurrency but only in a limited capacity.
You need to provide all ID information to get the full access to Bitit. 5-minute verification time is required from Bitit upon entering your passport details. You will be required to input your full name, date of issue, and the expiration of your passport number and some other details. A picture of your passport also needs to be uploaded. Upon entering all the required details, you will receive another verification email. This completes the verification process.
You will now be able to add your credit card or European bank account details to purchase digital assets. To make a purchase, click on the “Buy” tab on the top of the homepage. This will reveal all the available cryptocurrencies that you can purchase.
Make sure that you have added the cryptocurrency wallet to Bitit before making any purchases. Bitit enters all your purchased coins to whatever wallet you have added to your profile.
To add your wallet, simply click on the “wallets” option and then enter the wallet address. Save this address, and your wallet will now be secured.
In the buy screen, you will now be able to select a wallet. You can also select your credit card or cash voucher option to make the purchase. Your card number, date of expiry of the card, CVV code, and full name will be required to validate the credit card. You can enter any card from VISA, Mastercard, Amex, and Maestro.
If you are using a bank account, then you can use TrustPay, which is compatible with SEPA. However, currently, it is only available for users in the EU. Paying with cash vouchers like Bitit voucher, Cashlib or Neosurf can also be used here. You can use the store locator to find which stores sell these vouchers to make a purchase. After you have bought the crypto, you can choose the external wallet to which you would like to send the purchased coins and proceed to payment.
Bitit ensures the protection of all customer rights through their comprehensive set of terms and conditions which are available on their website. They also have a dedicated Help section for any new users that may need additional information.
Customers can also directly contact the customer support team if they require any assistance in the process. Bitit provides 24/7 email support to all its clients as well.
Additionally, Bitit has a prominent social media presence on Facebook and Twitter, where any queries can be directed. YouTube tutorials are also available for new users to acquaint themselves with the site and its services. The account management team is very active and provides reliable solutions for all its customers.
Bitit Review: Conclusion
The addition of Bitit to the cryptocurrency exchange market has been welcomed by investors all around the world. The user-friendly platform provides an easy and simple way to access the crypto market from any location in the world. Its interface is very clean and intuitive. This is especially liked by beginners who do not have much experience in cryptocurrency exchange. The various payment methods place it ahead of its competitors. It also has led many beginners to join the cryptocurrency world by making purchases easier.
Additionally, Bitit supports over 15 fiat currencies and removes additional cost burdens for investors. It also allows high liquidity and buying limits with minimal risk exposure to market volatility.
Furthermore, the platform provides a regulated and secure environment to make cryptocurrency trades under the EU’s jurisdiction.
The major disadvantage of the platform is the high fees it charges relative to its competitors. It also only provides access to limited digital assets. However, the platform makes up for these deficits with a unique voucher system and a responsive customer support system for all its users.
Bitit is a reliable platform for any new players or more experienced investors who want to engage in cryptocurrency trade.