bitINKA Review 2020
BitINKA is South Americas first and largest cryptocurrency exchange to bring their services to the unbanked. The exchange currently operates and services clients from Peru, Venezuela, Bolivia, Brazil, Argentina, Columbia, and Chile. BitINKA was founded in 2013 by Roger Gabriel, who had the vision to bring cryptocurrency to the unbanked in South America and allow people to purchase cryptocurrencies in their local currency. BitINKA is more than a cryptocurrency exchange as they offer cryptocurrency wallet services for day to day finances in addition to buying and selling cryptocurrencies. The exchange has developed a strong reputation in South America and has even managed to partner with local banks, financial institutions, and local collection agencies to enable fast and secure withdrawal processes for their users. The exchange is primarily used for purchasing Bitcoin with local fiat currencies, but crypto to crypto trading is supported as well.
- Exchange Platform
- Exchange Markets
- Security and Fairness
- Customer Support
- Pros and Cons
The BitINKA exchange is not well recognized in most parts of the world other than South America, but how does it compare to other leading cryptocurrency exchanges of this kind? In the following review, we delve deep into the aspects that make up this cryptocurrency exchange and see what set’s BitINKA apart from other exchange services.
BitINKA offers traders their very own proprietary cryptocurrency exchange platform and like most of these platforms it’s web-based and can be accessed from both desktop and mobile devices. Their exchange platform is very simple and focused on the ease of use for their users. The platforms interface is beautifully designed and technically sound. Everything operates smoothly and is very fast, as it should because there really isn’t too much to the platform.
BitINKA’s exchange platform is lacking certain features that are common in most other exchange platforms. For instance, there is no chart for users to look at and analyze the price. We found this quite surprising as it is generally a given feature for any cryptocurrency exchange. However, users can simply use charts from other sources if they wish to analyze the price. The exchange platform is primarily marketed towards mass adoption of everyday people rather than experienced cryptocurrency traders. Looking at it from this perspective, the platform does an excellent job at providing a simple and easy to understand interface for buying and selling cryptocurrencies.
BitINKA offers a limited number of cryptocurrencies to exchange on their platform, but this is because the exchange is primarily used for fiat to cryptocurrency trading and vice versa. That being said, the available cryptocurrencies in which can be traded for fiat currencies are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH), and Ripple (XRP). These coins can also be exchanged with Bitcoin as well. As for the fiat currency pairs available, the BitINKA exchange accepts more forms of fiat currency than any other cryptocurrency exchanges we have come across. BitINKA accepts; US Dollars, Euros, Nuevo, Sol, Argentinian Peso, Boliviano, Real, Chilean Peso, Colombian Peso, Bolivar, Hong Kong Dollar, Mexican Peso, Chinese Yuan, Renminbi, and the Indian Rupee. Deposits and withdrawals with all these currencies can be completed via bank wire transfers, money transfers, or via the companies very own payment solution; IncaPay. BitINKA makes this possible through their extensive partnerships with over 25 banks in America and Europe.
Unfortunately, the fees imposed on BitINKA users is quite high compared to many other cryptocurrency exchanges like them. However, it’s the price you pay for being able to buy and sell cryptocurrencies for so many different fiat currencies. Local fiat currency deposit and withdrawal fees range from 0.5% to 2.5% depending on the currency and country. As for the trading fees, they are very high compared to the competition at 0.50% which is at least double from what most cryptocurrency exchanges charge.
Security and Fairness
BitINKA is a very safe and secure cryptocurrency exchange as they employ the latest and greatest security measures to protect their users. All users of the exchange are required to verify their identity, email, and personal bank account information and all this information is stored on secure and encrypted servers. Some security features implemented by BitINKA is email verification and Google two factor authentication for logging in and making deposits and withdrawals on your account. Also, users can generate a non-transferrable PIN to confirm transactions you recognize. Another important security feature is that the majority of user funds are stored offline in a cold storage wallet. The exchange also undergoes periodic information and security audits to ensure the exchange is meeting their high-security standards.
The customer support offered by BitINKA is quite limited as they only offer support through a contact form on their website or via email. While it would have been nice to see a live chat option or telephone support, the support they do offer is sufficient. Support representatives are multilingual and usually, respond within 24 hrs. Additional methods of support include their websites FAQ page where traders will find the answers to most of the questions they might have. As well, traders can get in contact with support representatives through the exchanges social media channels such as Facebook and Twitter.
Pros and Cons
- Extremely easy to use and navigate
- A wide variety of fiat currencies supported
- Wallet service
- A decent selection of cryptocurrencies
- Very high fees compared to the competition
- Limited tools and features on a trading platform
- Primarily services South Americans rather than the entire world
Here are some of the most common questions that are asked about BitINKA crypto trading service.
Is BitINKA regulated?
No. BitINKA is not a regulated cryptocurrency exchange.
Where is BitINKA based?
BitINKA is based out of Brazil and services South America.
How does BitINKA make money?
BitINKA charges market maker and taker fees for each trade transaction. As well, they charge withdrawal fees.
How do I deposit in BitINKA account?
BitINKA accepts cryptocurrency deposits as well as various fiat currency deposits. Users must link their bank account to their BitINKA account so that they can transfer funds via Bank Wire transfers.
How do I withdraw money from BitINKA?
You can withdraw from BitINKA through sending your cryptocurrency to your personal wallet address. When withdrawing fiat, you simply complete a Bank Wire transfer to your linked bank account.
Can I trade on BitINKA with my mobile device?
Yes, you can use your mobile device to trade on BitINKA through your mobile phone’s web interface.
Is BitINKA reliable?
BitINKA has proven to be a reliable and trusted exchange that has yet to be hacked.
Is BitINKA a scam?
No. BitINKA is a very legit exchange and is not a scam.
BitINKA is an excellent cryptocurrency exchange for the demographic they serve. The exchange may not be for everyone, but that’s okay because they act more as a specialized cryptocurrency exchange for the people in South America. BitINKA is the only cryptocurrency exchange to accept as many South American currencies as they do, and they provide the only cryptocurrency services available to many South Americans. The exchanges fees may be higher than most, but they get away with it because they offer a specialized service in which other exchanges don’t. All in all, BitINKA is a good cryptocurrency exchange offering service to those who otherwise wouldn’t have access to cryptocurrencies.
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