Bit2C Review 2018
Founded by two individuals in February 2013, Eli Bejerano and Haddar Macdasi, Bit2C is first homegrown Israeli cryptocurrency exchange. The exchange is also considered the first of its kind in the industry as it is targeted towards the Hebrew speaking segment of the cryptocurrency industry. Nevertheless, the exchange is also available in English as well as Russian. As a cryptocurrency exchange, Bit2C offers trading services for New Israeli Shekel (NIS) denominated cryptocurrency pairs. The main cryptocurrencies that are supported by Bit2C are Bitcoin, Bitcoin Cash, Bitcoin Gold, and Litecoin. Bit2C has over the years managed to secure a large share of the cryptocurrency trading market due to its attraction to local traders. The exchange is the only cryptocurrency exchange that offers support for deposits and withdrawals in NIS to the local bank accounts via wire transfer.
- Deposit and Withdrawal Options
- Fees and Charges
- Privacy and Security
- Customer Support
- Pros and Cons
Bit2C offers a web-based trading portal for its clients to trade Bitcoin, Bitcoin Cash, Bitcoin Gold, and Litecoin. The interface of the order book is user-friendly with all the basic information displayed prominently. The order book, however, lacks a trading chart as the platform is primarily geared towards those who merely wish to exchange their NIS for Bitcoin or Litecoin. Nevertheless, those who wish to view charts for the cryptocurrency that they wish to purchase may refer to the Bitcoin charts.
Although Bit2C does not provide any dedicated mobile app for their trading portal, the website has already been optimized for mobile devices. This means you can also trade directly from your smartphones or tablets.
Deposit and Withdrawal Options
Israeli financial regulatory restrictions forbid a cryptocurrency exchange like Bit2C to send fiat money to overseas bank accounts, hence the exchange is unable to accept deposits or payouts in U.S dollars or Euros. Only deposits and withdrawals in NIS from Israeli bank accounts are supported by Bit2C. Hence as for the choices of deposits and withdrawal options, Bit2C accepts NIS, Bitcoin, Bitcoin Cash, and Litecoin. The methods which can be used to transfer these funds include bank wire transfer, credit cards, and cryptocurrency wallets. While Bit2C is focused primarily on the Israeli cryptocurrency trading market, the exchange does no place any specific restrictions on who can use the exchange’s services.
Fees and Charges
Unlike most cryptocurrency exchanges that adopted the Maker/Taker fee model, Bit2C charges a graduated fee on all trading transactions regardless of whether it is a purchase or a sale. The higher the trading volume, the lower is the fee. The table below shows the applicable fee according to the volume traded:
|< 5,000 NIS||0.6%|
|> 5,000 NIS||0.55%|
|> 10,000 NIS||0.53%|
|> 25,000 NIS||0.50%|
|> 50,000 NIS||0.46%|
|> 100,000 NIS||0.43%|
|> 250,000 NIS||0.40%|
|> 500,000 NIS||0.30%|
|> 1,000,000 NIS||0.25%|
|> 2,000,000 NIS||0.1%|
|> 5,000,000 NIS||0%|
As for the applicable fee for deposits and withdrawals, the table below shows the relevant fees for each payment method used.
|NIS||Free (bank wire transfer)||60 NIS|
It should be noted that all the fees are inclusive of VAT
Privacy and Security
As per Israeli regulatory requirements, all Bit2C account holders are required to verify their account. The requirement is in line with measures designed to detect and deter anti-money laundering. Verification will require an Israeli ID and a full appendix.
In terms of security, the exchange uses Norton Secured and its servers are protected with SSL technology. On the client’s side, Bit2C offers two-factor authentication.
The customer support at Bit2C is above what most cryptocurrency exchanges are able to offer. Apart from the detailed FAQ offered, there are several other methods which you can use to request assistance from the customer support team. They include support ticket, Fax, and telephone support. For telephone support, the service is available from Monday to Thursday (09:00-15:00 pm local time).
Pros and Cons
- Accept credit card deposit
- Low withdrawal fees
- User-friendly platform
- Only accept NIS
- Limited choices of cryptocurrencies to trade with
How can I deposit NIS to my Bit2C account?
Deposits of NIS to your Bit2C account is through bank wire transfer from a local bank.
Can I withdraw from my credit card?
No. Withdrawal through a credit card is presently not supported by Bit2C.
How long does it take for my withdrawal to go through?
For cryptocurrency withdrawals, it will depend on the blockchain confirmation (7 blockchain approval).
For NIS withdrawals, how long will this take?
Withdrawals of NIS to a local bank account can take up to 2 business days.
Overall, the services offered by Bit2C are better than what most cryptocurrency exchanges have been able to offer. The exchange is a no-nonsense exchange that provides you with a safe and trusted venue for your to exchange NIS for cryptocurrencies. However, due to the fact that you need to have Israeli bank account in order to be able to transact in NIS, this means your options for funding your account at Bit2C is limited to cryptocurrency wallets.