In the evolving state of the crypto market, users always look for a platform that can provide them with an easy and secure way to buy and sell cryptocurrencies.
Although one can find many such platforms, not all fulfill the need of every type of crypto investor. Or, they lag in one feature or the other, like geographical restriction, fiat-support, etc, which makes them unsuitable.
Therefore, you need to start with a platform where you can access cryptocurrencies unhindered and in a secure environment. Bitit does that job perfectly for you. A simple platform that provides access to all leading cryptocurrencies from all corners of the world and a lot more.
So, let’s have a detailed review of all the features and functionalities of Bitit.
Overview Of Bitit
Bitit is a Paris-based cryptocurrency exchange to buy & sell cryptocurrencies using a credit card, bank transfer, or cash vouchers.
Founded in 2015 by three friends, Bitit believes that everyone in the world should be able to access cryptocurrencies irrespective of their location through a simple platform that can protect as well as manage their financial well being.
Bitit enables users to acquire cryptocurrencies in minutes and supports purchases in 15 different fiat currencies (highest among crypto exchange platforms). It legally operates in over 50 countries including all EU member countries, the UK, the US, and major economies of the world.
Users on the Bitit platform can buy 52 different cryptocurrencies and stablecoins using fiat currencies. It includes all the leading as well as emerging cryptocurrencies like BTC, ETH, XRP, LTC, DASH, TRX, BNB, USDT, TUSD, etc.
While, through Bitit you can only sell two crypto assets, BTC and ETH.
Deposit & Withdrawal Options
Bitit has a very simplified process of buying and selling cryptocurrencies on its platform. You should note, Bitit is not a trading platform, rather a very straightforward exchange where you can buy and sell cryptocurrencies instantly.
The platform has a range of deposit options to acquire cryptocurrencies. For making a purchase using Bitit EUR Wallet, first, you need to deposit EUR to your EUR wallet and then place your purchase order. It supports the SEPA payment mechanism (equivalent to SWIFT) and the weekly buying & selling limit is €15,000.
Using a credit/ debit card, you have the option to buy cryptocurrencies using 15 fiat currencies including USD, EUR, GBP, JPY, CAD, AUD, etc. By offering so many fiat options, it reduces the currency conversion risk for buyers compared to any other platform in the market. The weekly buying limit is €7,500.
And lastly, Bitit also supports prepaid vouchers from CASHlib and Neosurf or EUR. Using the store locator option, you can search the stores to purchase the vouchers. It’s an offline mode for purchasing cryptocurrencies.
Now, speaking about withdrawals, Bitit provides a EUR wallet to every user to sell cryptocurrencies for EURO and receive funds directly to the EUR wallet. You can either withdraw funds directly to your EURO bank account or make another purchase.
As Bitit is a regulated entity operating in the European Economic Area, it requires its users to complete the ID verification process to access the platform. The following are the steps involved in the sign-up process.
- Click on the “Sign-up” button present on the top right corner of the website
- Enter your Name, Email-address, and password and click on “Next”
- Fill your profile page correctly. Enter the address details, birth-date, country of residence, and phone number. Now, click on “Create my Account” to proceed.
- Click the link sent to your email address to verify your email account
- After successful verification of your mail, complete your Identity Verification
In the identity verification process, you can either submit a photo of your valid passport or any other government-issued identity card. Post successful identity verification, your EUR wallet will become active and you can start the buying & selling activity.
Set up two-factor authentication to further secure your account. You can also update your default settings and limits to personalize the platform.
Bitit is a web-based platform with a highly intuitive interface and easy to navigate to different pages. The platform caters well to the needs of every type of crypto investors, from novice to experienced.
Since it is a non-custodial platform, you can securely transfer your crypto assets to your personal wallet. It also supports the Trezor hardware wallet, which you can connect to the Bitit platform and directly transfer your crypto assets.
One of the unique features of the Bitit platform is, it delivers crypto assets to users’ wallets in the shortest possible time upon validation of the payment. So, how does Bitit ensure your bitcoins arrive in the shortest possible time?
Every crypto transaction includes a mining fee to ensure orders are placed successfully. And, the speed of order execution depends on the fee paid by the user to process the transaction. Higher the fees, lower will be the transaction time.
When using Bitit, you always pay for a premium service that always sends your transaction with the highest priority. This makes sure your transaction is mined in the next 1-2 blocks on the blockchain, resulting in shorter transaction time.
Privacy & Security
Bitit puts a strong emphasis on the security and privacy of users on its platform. Since the platform is developed and registered in France, it is subject to various European regulations related to data privacy and security.
All the users’ data on the platform are stored encrypted and remain confidential with no third-party access. Further, the payments partners on the platforms are certified as Level 1 PCI service providers, which is the highest level of security in the payment industry.
Further, the platform maintains bank-grade security which is subjected to regular testing and audits. The addition of 2FA helps to provide an additional layer of security to the account to protect the account from unauthorized access.
Bitit provides 24*7 support to its customers. You can either raise a ticket or send them a mail directly to the support team at firstname.lastname@example.org.
Also, Bitit maintains a strong social media presence and you can send them queries directly to their different social media channels like Facebook Messenger, Twitter.
Bitit has a very fair, transparent, and low fiat-to-crypto pricing structure. You can either choose Bitit EUR wallet, credit- debit card, or cash vouchers to purchase cryptocurrencies.
- Bitit EUR Wallet: It has a flat transaction fee of 0.25% for both buying and selling of cryptocurrencies
- Credit/ Debit Card: The transaction fee is 3.9% for every purchase made
- Cash Vouchers: Charges 8.75% as a transaction fee for every purchase order
Final Take On Bitit: Is The Platform Reliable?
Bitit truly delivers on what it promises. A simple, fast, secure, and inexpensive platform that makes investing in cryptocurrencies more attractive and less stressful for users.
Being a regulated platform under the strict EU laws, it helps the beginners and cautious investors to participate in the crypto ecosystem fearlessly. Let us look at some of the benefits of the Bitit platform.
- Highly intuitive and simple platform interface
- Transparent and competitive pricing structure
- Supports 15 fiat currencies helping to reduce the additional cost burden of fiat conversion
- Supports a wide range of crypto coins
- Global reach that extends beyond 50 geographies
- Rigid security systems
- Regulated marketplace
In short, a platform dynamic enough, that could usher the mainstream adoption of cryptocurrencies and provide unhindered crypto experience.