Bit -Z is one of the leading exchanges for trading digital assets around the world. It offers two types of trading service; Over the Counter (OTC) and professional digital asset trading services. For those who want to know more about Bit-Z, here we present you the detailed Bit-Z exchange review.
Bit-Z Exchange Review
QUICK NAVIGATION :
- Introduction to Bit-Z
- Features of Bit-Z
- How to Trade on Bit-Z?
- Bit-Z OTC Trade
- DKK Token – DKKT
- Bit-Z Fees
- Bit-Z Platform
- Pros and Cons
Bit-Z exchange became one of the top exchanges for cryptocurrency trading around the world since its inception in 2016. CEO of Bit-Z, Jack is also former co-founder and CTO of Yuanbao. Headquartered in Hong Kong, Bit-Z has branches in 10 countries and regions including Singapore, Japan and South Korea.
The team includes various professionals from industries like e-commerce, finance, gaming, and social networking, besides many members of the international digital asset industry. To keep customers secure, Bit-Z offers bank-level SSL technology. Moreover, for platform stability, it relies on GSLB using distributed servers.
The team has built a competent and diversified cryptocurrency exchange that warrants a stable and secure trading environment. However, the exchange is yet to become regulated by any legitimate regulatory authorities like most other cryptocurrency exchanges.
Nevertheless, the exchange has a great reputation and is used by traders from all over the world, but, primarily the services are in the Asian markets. The aim of Bit-Z is to provide users most efficient as well as the safest service.
Features of Bit-Z
The Bit-Z platform offers the features a user wants from a cryptocurrency exchange. After verification of your account, you are eligible to trade between a long list of cryptocurrencies. The exchange has a rich portfolio with more than a dozen cryptocurrencies to choose from.
In addition to the ability to trade cryptocurrencies, Bit-Z offers real-time market information, along with advanced charts, trade histories, reports, and API access to allow for automated trading. The platform runs on lightning, fast and secure servers which allows fast order execution, even in times when liquidity is very high. This Hong Kong exchange did a really good job by designing the platform for both experienced and beginner traders.
No security concerns for each transaction because the bank-level SSL technology protects it. Eventually, the transactions are quickly confirmed via real-time global synchronized information that is constantly updated. In addition to these security measures, the exchange requires all users to verify their accounts and identification before making any withdrawals. Also, the exchange utilizes Google two-factor-authentication for signing into your account and making deposits and withdrawals. Other security features include double password verification and email verification.
How to Trade on Bit-Z?
To start trading on Bit-Z you need to sign in and click the “Exchange” link which is located on the top left of the main menu.
Below you will see the trading pairs which are available: USDT, BTC, DKKT, ETH and BZ. Choose which currency you would like to trade-in and then choose which currency you would like to trade for.
You can then use the two boxes at the bottom right to place your buy and sell orders of your desired currency.
Bit-Z OTC Trades
OTC trades are growing in popularity and the exchange is aiming to be a leader in this respect. These “Over the Counter” trades deals directly with other members of the site to purchase currencies, without requiring an account from another cryptocurrency or exchange platform or your e-wallet.
Also, you can sell your currencies in this manner. You can also check the other member’s trading profile and feedback as the system uses a user feedback rating system.
You can pay both Chinese yuan or U.S. dollars to buy BTC, ETH, or LTC. There are multiple ways to pay for these services, including Western Union, bank wires, AlyOPay, cash deposits, Neteller, MoneyGram, and PayPal.
Bit-Z Coin – DKK Token (DKKT)
DKKT is a stable Bit-Z coin currency launched by Bit-Z themselves, which is set to 1:1 with the Danish Krona and you can use this on the exchange as a trading pair.The blockchain token issued at a 1:1 rate is based on the market value of DKK currency. 1 DKKT=1 DKK. DKKT provides you with a stable digital currency solution.
Moreover, it is committed to the practical application of blockchain technology in the fields of traditional finance, politics, law, social science and natural sciences. DKKT encourages the development of Internet-based digital currencies. One of the best features of the DKKT is that it is equivalent to the same amount of Danish Krone. Making it a good hedge currency in volatile cryptocurrency markets.
Bit-Z charges relatively low fees. No fees for deposits. The fees for withdrawals are different for each cryptocurrency but are typically very low. Also, in Bit-Z exchange, you will find very low fees for trading; both for buying and selling, the most common fee is 0.1 percent, although there are some exceptions.
Examples of Bit-Z fees for Withdrawals :
Bit-Z is unregulated, because of the lack of regulations something that is very common for crypto exchanges. Check your local regulations before using Bit-Z and it does not accept clients who are natives of New York state in the United States or the Federal Republic of Germany, due to legal restrictions.
It is also not legally allowed in certain other jurisdictions. While they have good security measures. Although Bit-Z is unregulated, so far it doesn’t have any hacks.
It is also worth seeing, it seems as if Hong Kong is on its way to follow the regulatory examples set by the United States and other Western countries regarding cryptocurrencies and exchanges. This is a sharp contradiction to China, which has banned every ICO. This means that Bit-Z can get Chinese investors in addition to those from international destinations.
Furthermore, Bit-Z is a relatively new exchange with a smaller volume than other examples which indicates we should treat it with caution for now. Do not keep any large balances on the site, continuously withdraw any significant amounts of currency back to your own wallets so you remain in control of them.
User reviews about Bit-Z
There are some user-reviews related to Bit-Z found online and all seem to be about how long sometimes it takes to withdraw money. Some Bit-Z exchange review say it is because Bit-Z often manually reviews transactions or monitors them closely in an aim to improve security.
While these helps to secure platform more, it leads to the potential for money being released late. If you do not need the funds immediately and have patience, this should not be a problem but it is worth noting if you decide to trade on Bit-Z.
User reviews on their Facebook page rate the exchange 3 out of 5 with some people giving it 1 star and some people giving it 5 stars. It is to be assumed that all the one-star reviews are people who have run into trouble with the withdrawal issues.
Pros and Cons
- Notably easy to use and navigate
- High liquidity
- A wide collection of digital assets
- Low Fees
- Long withdrawal times
- Sluggish customer service and limited options
- The verification process is slow
Bit-Z is definitely an exchange to invest – it has a large number of cryptocurrencies listed with some of them still have to appear on other larger exchanges. Their fees are reasonably priced and on the low side compared to other similar exchanges.
Bit-Z reputation is a bit mixed at the moment with some people loving the exchange and others complaining about long withdrawal times. Ultimately this exchange is worth the investment.