Bit-Z was founded back in 2016 and is headquartered in Hong Kong. Today, it is among the leading exchanges for trading digital assets around the world. It provides both Over the Counter (OTC) and professional digital asset trading services. The team behind Bit-Z includes diverse professionals from industries like ecommerce, finance, gaming, and social networking, in addition to numerous members of the international digital asset industry.
According to information that can be found online, the company was founded in 2016, and has its headquarters in Hong Kong (a country where a majority of crypto-exchanges are unregulated). However, Bit-Z does not shy away from this fact, and clearly warns its investors to not put in money if they are from the Federal Republic of Germany, or from the State of New York in the United States of America.
In terms of its services, Bit-z aims to provide all of its customers with a “more secure and efficient service” that is at par with any other trading platform in the market. From a security standpoint, we can see that Bit-Z makes use of “bank-level SSL security connections”, so as to ensure the privacy of all the transactions that take place within its network. Lastly, Bit Z also employs’ GSLB distribution servers’ that guarantee the stability of the platform.
After searching through various blogs and community threads, there was no issue of fraudulent activity being reported from the folks at Bit-Z. However, there were numerous complaints regarding the slow withdrawal processes and late money release.
Since, Bit-Z is providing users the option to trade between a large number of different virtual currencies (there are around 20 different virtual coins available for trade on this exchange), individual transactions are carefully monitored.
Some users have written that they have been asked for additional documents for their funds to be released. While all this may sound a bit too much, but seeing the number of scammers that are trying to cash in on the ‘Crypto boom’, it feels like a justified step.
One of the most important things you need to consider before joining any exchange service is how safe your money will be on the platform. You need to make sure that it comes with the best system of security as possible. Bit-Z exchange does have an intricate security system which hackers will not be able to break in and gain access to your funds. Although there are no known activities of fraud in the exchange, there are some complaints about the slowness of its withdrawal process as well as money not being released on time.
Moreover, the platform is based in Hong Kong making it unregulated, so ensure that you’ve checked the regulations in your region before joining Bit-Z. As mentioned earlier in this article, the exchange does not accept clients in certain jurisdictions because of legality issues. There are also certain regions where it not allowed legally.
Bit-Z is relatively new, so there are still risks involve since it has smaller volume compared to other exchanges which have been in the industry longer. Keep in mind not to keep large funds on the platforms and to constantly withdraw any substantial amount of coins right back at your other e-wallets so that you will always control your funds.
Bit-Z is a Hong-Kong based cryptocurrency exchange that seems to target mostly Chinese investors. It does not accept fiat currencies, only Bitcoin, which does not make it very convenient. In addition, it also offers OTC trading, where you can buy Bitcoin, LiteCoin and Ethereum with fiat currencies via wide range of payment methods. The fees charged by Bit-Z seem competitive and it has not been hacked to date.
The BIT-Z mobile app is designed to make trading easier and more accessible since a vast majority of the population today uses smartphones. This app is available for both IOS/Android smartphones and is available in their respective app stores.
As far as the quality of the app goes, users have reported several glitches and an overall poor performance. The mobile app is perhaps one of the major areas where the development team of this exchange needs to put more focus and energy on.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|