Bit-Z.com is an online cryptocurrency exchange platform similar to the likes of Coinbase, Bittrex, and other such services. The company started with operation in 2016 and is based in Hong Kong. The Bit-Z team consists of experts from a variety of backgrounds including gaming, social media, finance, and of course, members of the international cryptocurrency scene.
This platform features Over the Counter Trading which means that its users can buy cryptocurrencies directly from other users without having to possess and e-wallet or use an account on other similar services.
So far so good, right? To find out more about this promising company, take a look at our full Bit-Z 2018 review. Enjoy!
Is Bit-Z safe?
Safety should be a primary concern of anyone trading on online exchange platforms, no doubt about it. Fortunately for the users of this particular service, Bit-Z boasts with a sophisticated security system which is nearly impossible to hack.
To be precise, the company uses an SSL technology common in banking which protects every single transaction. There is no information online about any hacks or breaches of the website so you can rest assured that your funds will remain intact.
Apparently, all of the withdrawals from Bit-Z are checked manually, which adds to its security but hinders the speed of the process. As the number of users snowballed, the support team started having troubles handling so many requests resulting in slower service.
In addition to this, Bit-Z uses Double Verify passwords (2FA) which increases your account’s safety even more as it requests of you to prove your password twofold. You will require the Google Authenticator app in order to log in to your account.
Once you install it, go to the website’s security center and scan the QR code, then type in your 6-digit code as well as the password, and click on “Start 2FA”. After this, you will be all set.
How does it work?
Bit-Z operates in the same manner as most other exchanges – you make a trading account and then proceed to buy/sell. Before you do the latter, you ought to register and get verified. When registering, you will have to provide some of your identification documents. There is no minimum initial amount that you need to pay because deposits are not required on Bit-Z.
The interface is pretty standard and easy to use, and the available languages are English and Chinese. It features real-time market info, as well as charts, histories, and API access which enables automated trading. A slight downside is that there is no app available for mobile trading.
You can deposit via Bitcoin without any extra fees and withdraw cryptocurrencies with a free of 0.05%. In addition to the Bitcoin deposit, Bit-Z also employs the “over the counter” method which provides you with more payment options.
This method gives you the chance to buy/sell cryptocurrencies directly from other users with USD or Chinese Yuan. The channels through which you can pay include PayPal, AlyOPay, MoneyGram, Western Union, and Neteller.
Bit-Z does not work with traders from countries which enforce some legal or financial restrictions on trading. For example, Germany of the US state of New York are the places from which one could not trade with this platform. Our best advice for you would be to do some research on this topic before you make an account on this website.
The DKK token
This token was launched by Bit-Z, it is pegged 1:1 with the official currency of Denmark (Krona), and it can be used on the platform. This 1:1 rate with the Krona makes this token very stable, which is a rare characteristic in the ever-changing world of cryptocurrencies. DKKT’s purpose is to apply blockchain technology in law, social science, natural science, and traditional finance.
What about privacy?
As far as privacy goes, know that Bit-Z will require identification documents during registration as well as withdrawals. The latter is not so prevalent in the other exchanges, but it is an extra step to promote security.
As of now, there hasn’t been much controversy regarding this exchange, which is a good thing, of course. However, we did manage to dig up something, and we already mentioned it in this article – the slow withdrawals. Let’s elaborate on it a bit further.
The slow withdrawals are a result of employees manually checking and approving each withdrawal request. The more users there are, the slower it’s going to get unless the company significantly expands their team.
If this is the only real issue of this platform, then we believe it is not a big deal, especially if you are not in a hurry to withdraw. If you are, then definitely go for a different exchange.
Bit-Z’s average score of user reviews on Facebook is 3 out of 5. We guess that the 1 and 2-star reviews come from the people who are dissatisfied with the speed of operation.
- Founded and run by experienced individuals
- Uses bank-level SSL technology which makes it very secure
- Wallet to wallet transactions are very fast
- Hasn’t experienced any major hacks
- Offers OTC trading
- Slow withdrawal speed
- Some users needed to provide additional documents to realize their withdrawals
- There is no mobile app
- Offers OTC trading
So we’ve reached the end of today’s article, and now it’s time to give you our verdict of the subject.
Bit-Z is definitely an exchange to be on the lookout for. It is relatively new, yet it succeeded to become one of the major companies on the crypto market, which is not an easy task to achieve. Is it perfect? No, but it is far from bad.
All in all, it will be interesting to see in which way will Bit-Z develop, and we are confident that you’ll hear more from them in the recent future.