Is BIT exchange a scam? Is it safe and secure? Today’s article will provide information about the BIT exchange, its pros and cons, and its main features for traders to have an overview before joining. In this BIT Review, let’s find out through the article below.

About BIT

Bit Exchange is a subsidiary of Matrixport, a well-known digital asset bank founded in 2019. Bit Exchange is an exchange registered in the Seychelles. It was launched on August 3, 2020 by Matrixport. Bit offers leveraged spot cryptocurrency trading, and also allows trading in futures and options.

The exchange works with retail and professional traders, miners, prime brokers and hedge funds. Institutional investors have access to block trading through Models and ACCX, portfolio margin trading, and market maker protection mechanisms.

Bit is rated as a reliable and high performance crypto derivatives exchange where users can trade points, futures, perpetual contracts, options and margin with usability use the same account without transferring money between accounts. It is safe with institutional-grade security and uses best-in-class liquidity to create a superior trading experience through risk management.

BIT Review: Pros and Cons

Pros	Cons
Low transaction fees; Ability to trade different instruments from one account; Wide range of assets, including over 100 crypto pairs, USD-M, USDT-M and COIN-M futures, plus USD-M and COIN-M options; Loyalty requirements for the minimum deposit amount; No commission for depositing crypto; Availability of an internal insurance fund; Support margin trading and leveraged spot trading.	The slow speed of the web platform leads to a delay in the display of quotes; You cannot deposit using bank cards and electronic payment systems; It charges fees for depositing and withdrawing fiat currency.

BIT Review: Services and Features

Buy and sell cryptocurrencies

Buying and selling crypto on Bit is similar to other exchanges and is beginner-friendly. To start trading on Bit you will have to create an account by registering and verifying your identity You can sign up with your phone number or email address. The KYC (know your customer) process will help verify your identity and prevent fraud on the platform. Deposit to trade – You need funds to be able to buy and sell any cryptocurrency on the platform.

Spot trading

Bit offers a spot exchange where users can get the market’s current price. Their spot trading platform has a straightforward interface and provides users with a summary of 24-hour trading information of available trading pairs, order book for buy and sell orders, recent trades of each trading pair, order records, order area, candlestick chart, and market depth display area to show the high and low of the market prices.

Limit orders and Market orders are the two types of orders in Bit spot trading. A limit order allows you to set your market price before placing your order, and a Market order fills your order with the current market price.

Futures Trading

For advanced traders, Bit.com offers up to 50X leverage on futures. This means that you can borrow 50 times of what you want to invest in a particular future trade.

For example, if you have 100 USD on Bit.com, you can use 50X leverage, and trade as if you had 5,000 USD.

Keep in mind, higher leverage can leads to higher profitability, but the risk will also be higher.

Options Trading

The value of options is influenced by underlying assets like stocks, commodities, foreign exchange, and cryptocurrencies. Option contract buyers have the right, but are not obliged, to purchase or sell the underlying asset; on the other hand, if the option expires in the money, the sellers are obliged to buy or sell. 

Unlike futures holders, they are not obligated to buy or sell the asset if they don’t wish to do so. Options holders or option buyers refer to traders who purchase call or put options, while option sellers and option writers refer to those who sell them. 

Deposits and withdrawals 

To deposit:

• Click on the Asset and select Spot on the dropdown menu.
• Click on the Deposit button.
• Choose the amount, the asset, and the corresponding mainnet (if necessary) on the deposit page.
• Click on the Copy button to copy the address or scan the QR code to make the deposit.
• Your balance will be updated once the deposit is completed.

Also, Bit allows fiat deposits.

To withdraw:

• Click on the Asset and select Spot on the dropdown menu.
• Select the Withdraw button (you can also switch to the account you want to withdraw from on the asset page).
• Choose the account (e.g., futures account) and asset (e.g., USDT) on the withdrawal page.
• Choose the corresponding mainnet (if necessary), fill in the address and amount, and click on Withdraw.
• Verify your identity on the verification popup page and submit.

Please ensure that the asset selected matches the withdrawal or deposit address asset because if not, it may cause a permanent loss. Make sure you deposit or withdraw more than the minimum withdrawal and deposit amount; otherwise, you will not get credited.

Rebalancing market maker strategy (RMM)

Use Rebalancing market maker strategy to automate your investment strategies. RMM is an intelligent tool that will automatically places orders for you. In other words, it will auto rebalance your crypto portfolio (by buying low and selling high) to initial fixed ratio.

Here are some of the benefits of using Rebalancing market maker strategy (RMM):

• Auto buy low, sell high
• Reduce portfolio volatility
• Earn maker fees by providing liquidity to the market
• Customize the number of single-side open orders to capture trading opportunities in highly volatile markets.

Mobile application

The Bit mobile app is also available on iOS and Android. With this Bitcoin wallet app you can easily manage your crypto on the go. You access all Bit.com features – buy, sell, trade, exchange, store, send, receive, earn, anywhere.

BIT Review: Instructions for registering an account

For Mobile App

Step 1: Open BIT app, You may register by email address or mobile number. Click on the top left hand user icon. Next, Select Sign Up.

Step 2: Simply select the preferred option email address or mobile number, input your password and if you have any referral, just input the referral code, tick on I agree to the User Agreement and Privacy Policy. Click Sign up and a verification code sent to your email/mobile.  

For Web User

Visit to our page https://www.bit.com/signup. Registering is just as easy as app. 

Once you have your account registered, you should immediately head to the security tab of your account and complete all the steps to make sure you’re well protected from any wrongdoers. What’s more, if you already own a Matrixport account, you can simply log in to BIT using your Matrixport account and vice versa.

We have implemented the following additional security steps that you can take:

• Security Key
• Two-Factor Authentication (2FA)
• Mobile Phone verification
• Fund Password
• Withdrawal Address Management

Some of these you need to complete to be able to withdraw funds – the 2FA and the mobile phone verification. 

BIT review takes regulations seriously, and before you can consider depositing funds – you need to complete an Identity verification. You need to submit pictures of a government-issued passport, driver’s license, or an ID card and complete a facial verification. The process takes no longer than a few minutes.

Let’s proceed to next step – Verification

Once complete, you may proceed to deposit some crypto

BIT Review: Withdrawal limit

Bit has a daily withdrawal limit which you can check on the withdrawal page from the assets page. Also, you can increase your withdrawal limit by upgrading your KYC verification level because each level has a different withdrawal limit. For extra withdrawal limits, you will have to contact customer service.

Unverified and Basic Verification level users have a 0 USD limit; they cannot make any withdrawal. Advanced Verification users have 1,000,000 USD/day, and the Video Verification users enjoy a 5,000,000 USD/day withdrawal limit. The withdrawal limit will constantly update after 24 hours of your last withdrawal.

Bit does not have a deposit limit that applies to users from any level of KYC verification.

BIT Review: Fees

Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

Here, takers pay 0.07% and makers pay 0.02% for their spot trading. According to the most extensive industry report ever prepared on average trading fees, the industry average spot trading taker fee was 0.215% and the maker fees 0.162%. So exchange are substantially below average regardless of which trader group you belong to.

With respect to the global average contracts trading taker fee and maker fee, these were 0.063% for takers and 0.018% for makers. Bit charges 0.05% for takers and 0.02% for makers. They are thus below both averages also with respect to contract trading fees. Very competitive indeed.

Withdrawal fees

Bit review Exchange charges a withdrawal fee of 0.0005 BTC per BTC-withdrawal. Once more, this fee is below the global industry average. The current global industry average is 0.000643 BTC per BTC-withdrawal, so Bit Exchange’s BTC-withdrawal fee is quite competitive.

Conclusion

Above are the shares about the Bit review cryptocurrency exchange. Overall a trusted platform that offers a broad set of innovative and easy-to-use crypto investment products for traders of all levels. Low transaction fees are also one of the competitive factors of the exchange. Besides, giving you access to all crypto and crypto derivatives in one mobile and web-based platform is also a bright spot that makes the platform grow.

Hope the article is useful to you. If you have any suggestions, please leave them in the comments section below to make our article better.

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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.