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Bitit Review 2020
Bitit is an online platform that supports the buying and selling of cryptocurrencies. The platform was created to provide both novice and experienced crypto investors with access to the crypto market from all corners of the globe.
The platform is considered simple to navigate and delivers a safe crypto environment for investors to buy, hold and sell cryptocurrencies.
Bitit was founded in 2015 and is headquartered in Paris, France and legally operates in more than 50 countries including member states of the EU, the UK, and the U.S.
Other countries amongst the in excess of 50 countries include but are not limited to:
Australia, Hong Kong, India, Israel, Japan, Russia, Singapore, Switzerland, Taiwan, Thailand, and the UAE.
Key attributes of the Bitit platform include:
- Efficient: Bitit is the first fiat-to-crypto on-ramp platform that can be understood in just a few clicks. This saves cryptocurrencies time by enabling the purchase of cryptocurrencies in just a matter of minutes.
- User-friendly: A particularly simple and easy to use platform removes unnecessary processes to offer the best purchasing experience.
- Global: The platform supports the purchase of supported cryptocurrencies across more than 50 countries in 15 fiat currencies.
- Helpful: Bitit takes customer support seriously by offering 24/7 customer support via email, chat and social network platforms.
With a large number of cryptocurrency trading platforms requiring prospective investors to pre-own cryptocurrencies, Bitit is well placed to support those looking to enter the crypto trading world or for those looking to simply buy and hold cryptocurrencies.
- The Pros and Cons
- Services, Supported Cryptocurrencies & Payment Methods
- The Details
- Fees and Charges
- Deposit & Withdrawal Options
- Bitit Wallets
- Privacy and Security
- Customer Support
The Pros and Cons
- Cryptomarket access: The easy to use platform provides both new players and more seasoned investors with access to the leading cryptocurrencies.
- Deposits: Investors can purchase cryptocurrencies by credit and debit card, by vouchers and by EUR wire transfer.
- Efficient: Bitit is the first fiat-to-crypto on-ramp that can be understood in just a few clicks, saving time and enabling the purchase of cryptocurrencies in just a matter of minutes.
- Full transparency: Fair, low and transparent pricing.
- Multi-Currency Support: Bitit supports 15 fiat currencies. This ensures that investors avoid currency conversions costs that can be as high as 5%. This also removes the effect of currency fluctuation.
- Non-Custodial Platform: As a non-custodial platform, Bitit instantly delivers purchased assets directly to the investors’ personal wallets.
- Security: Rigid security measures are in place to ensure data protection and to protect investor accounts from unauthorized access.
- Global Reach: Bitit has a tremendous global reach that extends beyond 50 countries across the globe.
- Regulated: Bitit has incorporated in France and is in the process of becoming the first fully regulated crypto platform in France, under the PSAN status.
- 24/7 Customer Support
Other positives include
- Affiliates Program: Bitit affiliates can earn up to 9% of Bitit’s commission fee as commission. Affiliates get paid in Bitcoin on a weekly basis and the affiliate program is evergreen.
- High transaction fees for purchases with Neosurf and Cashlib vouchers.
- There is currently no mobile app for investors.
Services, Supported Cryptocurrencies & Payment Methods
Bitit supports the buying and selling of cryptocurrencies. Investors are able to purchase Bitit supported cryptocurrencies by credit and debit card, EUR deposits and through payment with Neosurf and Cashlib vouchers.
To open an account, go to www.Bitit.io and click on sign up.
Enter your details as prompted, ensuring that you have read the User Agreement and Private Policy terms before agreeing.
Information required includes full name, address, telephone number, and birthday details.
Once you have entered the information required, click create my account to proceed.
You will then need to confirm your account via an automated email sent to your email address.
In order to begin purchasing, you need to complete Bitit’s identity verification procedure.
Once the verification process has been completed, you will be able to start buying cryptocurrencies with credit & debit cards, cash vouchers or via wire transfer.
Do note that Bitit stores all data securely and encrypted to ensure privacy.
The verification process can take up to 24-hours. The choice of document type includes ID card, Passport and Driving License.
Select the ID Document type, complete the information requested and click ‘Next.’
Here you will need to upload front and back copies for your ID document for the verification process.
Once uploaded, click ‘Next.’
The final step in the verification process is to take a selfie, holding up your document and a piece of paper with “Bitit” and today’s date written on it.
(Ensure that your document and face are clearly visible and that the selfie is taken in a well-lit area without glare).
Once you have uploaded the file, click ‘Upload your documents.’
While you are then directed to the Bitit Dashboard, you will also receive an email notifying you that the compliance team is in the process of completing the identity verification.
All account openers will receive an email notification, once the verification process has been completed.
Bitit recommends that you enable Two-Factor Authentication (2FA) in your account at this stage. Click ‘Two-Factor Authentication (2FA).
Scroll to the bottom of the page and scan the QR code or enter your 2-Factor code and click on the ‘Enable 2FA’ icon.
Do note that you are not able to purchase any cryptocurrencies until the verification process is complete.
Upon completion of the verification process, you are good to go.
In order to purchase your preferred cryptocurrency, select the currency that you wish to purchase in and the cryptocurrency you wish to acquire.
Bitit will give you the prevalent rate at the time of purchase and you also have the option to select Bitit’s pricing details for more details before any purchase.
Bitit supports the following coins:
Bitcoin, Ripple, Ethereum, Tether, EOS, Litecoin, BNB, ChainLink, Tezos, Stellar Cardano, Tron, Monero, Ethereum, Classic, DASH, IOTA, ZCash, USDC, Vechain, Basic Attention Token, Dogecoin, 0x, Paxos Standard, Qtum, Bitcoin Gold, Matic Network, TrueUSD, Algorand, OmiseGO, WAVES, KOMODO, Chilliz, Kyber Network, Zillika, Siacoin, iExec RLC, Tomochain, Loopring, NPXS, BEAM, Band Protocol, Civic, BRead, Polymath, ARK, Bancor, Steem, Blocstack, Fetch.ai, Vertcoin, Bitcoin Cash, Ontology, NEO, Bittorent and IOST.
The Bitit pricing page gives buyers the option to purchase cryptocurrencies in EUR, credit and debit cards and cash vouchers.
Fees differ depending upon transaction type.
Fees range from 0.25% for the instantaneous buying of cryptos with EURs to an 8.75% transaction fee for purchases with cash vouchers.
Transaction fees for credit and debit cards are 3.9%.
Choose your preferred payment option.
For demonstrative purposes, click on the ‘Buy with credit card’ icon.
Select your cryptocurrency. You may either select from the icons or via the search option.
Confirm your payment method and choose your amount. (Do note that fees are not included).
Finally, select your delivery address. Here you have the option to use your Ledger Nano 5 hardware wallet or Trezor hardware wallet or enter your wallet address. (You have the option to save your wallet details for future transactions).
Do note the respective buying limits.
- Bitit EUR Wallet purchases are capped at €15,000 per week, while there are no sales limits.
- Credit card buying limits stand at €7,500 per week.
- Cash voucher purchases are capped at €2,500 per week.
Bitit is an international cryptocurrency exchange that delivers investors a platform to buy and sell cryptocurrencies
The platform offers a range of payment methods for investors to purchase cryptocurrencies, which include credit and debit card purchases, purchases with EUR and also voucher purchases.
Cryptocurrencies available for purchase on the Bitit exchange include:
Bitcoin, Ripple, Ethereum, Tether, EOS, Litecoin, BNB, ChainLink, Tezos, Stellar, Cardano, Tron, Monero, Ethereum Classic, DASH, IOTA, Zcash, USDC, Vechain, Basic Attention Token, Dogecoin, 0x, Paxos Standard, Qtum, Bitcoin Gold, Matic Network, TrueUSD, Algorand, OmiseGO, WAVES, KOMODO, Chilliz, Kyber Network, Zilliqa, Siacoin, iExec RLC, Tomochain, Loopring, NPXS, BEAM, Band Protocol, Civic, Bread, Polymath, ARK, Bancor, Steem, Blocstack, Fetch.ai, Vertcoin, Bitcoin Cash, Ontology, NEO, Bittorent, IOST
As a non-custodial solution, Bitit does not hold customer funds, as is the case with other exchanges. Bitit customers hold their funds within the personalized wallets. Upon confirmation of user payment, Bitit transfers all crypto purchases instantaneously to the users’s wallets.
The advantage is that investors are able to quickly access the leading cryptocurrencies and send them directly to their personal wallets. This also removes the risk of theft from the exchange, with investors in full control of their assets.
As more than just a platform, Bitit allows investors to:
- Access Bitcoin, Ethereum and the leading cryptocurrencies in just a few clicks.
- The platform supports payment by credit card, with local payment methods in local currency.
- A simple and intuitive interface facilitates and accelerates the purchasing process.
- Cryptocurrency exchanges cater to traders. Bitit delivers the easiest and most convenient platform for both beginners and cryptocurrency enthusiasts.
- There are no hidden costs, with Bitit ensuring that rates are simple to understand and transparent.
- 24/7 customer service by email, chat and social media networks ensures that Bitit customers receive a heightened service experience.
As this is not a trading platform, there are no risk management tools on offer. Bitit does, however, ensure that the appropriate level of privacy and security is delivered.
Incorporated in France, Bitit’s AML & KYC policies are designed to comply with MLD4 and MLD5 requirements.
These are regulations to prevent the use of the financial system for the purposes of money laundering or terrorist financing.
The regulations also require that adequate controls and systems are in place to meet privacy and security requirements.
Additionally, following the publication of France’s PACTE law of 22nd November 2019, Bitit is in the process of completing the necessary steps to become the 1st fully regulated platforms in France, under PSAN status.
Fees and Charges
Transaction fees vary depending upon purchase method.
Bitit EUR wallet: 0.25% transaction fee for the buying and selling of cryptocurrencies.
Credit & Debit Card: 3.9% transaction fee for the purchase of cryptocurrencies.
Cashlib / Neosurf voucher: 8.75% transaction fee.
Deposit & Withdrawal Options
For investors looking to deposit or withdraw funds from Bitit, investors can either deposit or withdraw EURs or transfer purchased cryptocurrencies to other compatible wallets.
For deposits, investors can either transfer EURs to the EUR wallet provided or purchase cryptocurrencies with a credit card or prepaid vouchers.
The platform offers a range of payment methods to acquire cryptocurrencies supported by Bitit. Cryptocurrency investors are able to purchase more than 50, and rising, Bitit supported cryptos by credit card. Bitit removes currency conversion risk for buyers by supporting the purchase of cryptocurrencies in up to 15 different fiat currencies.
Across other platforms, investors can face up to 5% in fees in addition to punitive market exchange rates. Credit card companies charge additional transaction fees for purchases in foreign currencies.
If an investor chooses to purchase in CNY, the investor is charged in CNY, not an alternative fiat currency that incurs additional fees.
In addition to purchasing with a credit card in fiat currencies supported by Bitit, prospective buyers are also able to purchase supported cryptocurrencies with prepaid vouchers and EURs:
- Prepaid vouchers from Neosurf and Cashlib.
Using store locator, buyers can search for stores selling Neosurf or Cashlib or both.
Neosurf is a pre-paid voucher that can be purchased from an outlet with a face value that allows incremental purchases. Any unused value is retained on the voucher for future purchases.
Countries supporting Neosurf include Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, and the UK.
Vouchers can be purchased in EUR.
Cashlib is described as e-money. It is an alternative to fiat money that was created for safe online purchases. Cashlib removes the need to use credit and debit cards online and to share personal data during an online purchase.
While buyers can purchase Cashlib credit online, buyers are also able to purchase vouchers at stores that can be located on Bitit’s store locator.
EUR Deposits and Withdrawals
Bitit provides EUR wallets that allow investors to sell cryptocurrencies for Euros and to receive funds directly into the EUR wallet.
Once an investor has credited their EUR wallet, investors are able to withdraw funds directly to their EUR bank account or purchase cryptocurrencies.
The EUR wallet allows investors to store funds to facilitate the instant purchasing of cryptocurrencies. Investors can use their European bank account to transfer EUR to and from the Bitit EUR Wallet using SEPA bank transfers. By opening the EUR wallet, investors receive an individual and unique EUR IBAN in their name.
Do note that the EUR Wallet allows for higher limits than for purchases with credit cards and vouchers.
Investors and traders are able to, either purchase by credit card, prepaid voucher or by EUR bank transfer.
For Deposits, investors are able to transfer EURs by SEPA to their EUR Wallet. Investors need to complete and pass the ID Verification process to gain access to a EUR wallet.
Alternatively, investors can purchase by credit card or voucher.
To purchase by credit card, go to the Bitit dashboard and select the cryptocurrency you wish to purchase. These can be located on the top right-hand side of the dashboard.
Enter the currency in which you wish to purchase and the amount and click Buy.
Select your payment method, add your wallet details and proceed to payment. Please ensure that the correct wallet address is provided. Incorrect information will lead to the loss of funds.
Enter the details requested and you will then receive your purchased cryptocurrencies in the wallet provided.
Do note that there are tiered limits in place for weekly purchases.
Deposit limits are as follows:
Tier 1 Investors: For EUR SEPA Deposits of up to €15,000, investors must provide:
- A notarized copy of proof of identity.
- A selfie of holding your ID and a piece of paper with “Bitit” and the day’s date written on it.
As a tier 1 investor, purchases per week cannot exceed €15,000.
Tier 2 Investors: For EUR SEPA Deposits of between €15,000 and €100,000 investors must provide:
- Notarized copy of proof of identity.
- Selfie of holding your ID and a piece of paper with “Bitit” and the day’s date written on it.
- Bank statement – no more than 3-months old.
- Proof of residency – no more than 3-months old.
- Sign a source of funds application form.
As a tier 2 investor, purchases per week cannot exceed €30,000. It is worth noting that Tier 2 investors can increase limits by contacting the support team.
For withdrawals, investors can sell their cryptocurrencies on the exchange and receive EURs in their EUR wallet.
Simply go to ‘Sell’ at the top of your dashboard. Ensure that your EUR wallet is open, as Bitit auto-transfers all proceeds to the EUR wallet.
Alternatively, investors can simply purchase cryptocurrencies and transfer to compatible wallets.
Withdrawal fees are as follows:
SEPA EUR Withdrawal and Deposit Fees: 0.15% (minimum of €3).
There are no fees for the transfer of purchased cryptocurrencies to and from your wallets.
Bitit provides all of its customers with a Bitit EUR Wallet. This allows investors to deposit EURs in order to purchase cryptocurrencies.
For investors new to the crypto world, Bitit simplifies the withdrawal of your purchased cryptocurrencies, with a section that allows investors to manage and save their wallet addresses. This removes the need to re-input wallet details upon each cryptocurrency transaction.
This page can be located by selecting the Wallets icon at the top of your dashboard.
Tutorials are also available on the respective wallet pages.
Do note that the verification process must be completed to gain access to the EUR wallet and to purchase cryptocurrencies on the Bitit exchange.
Privacy and Security
Bitit delivers investors a platform with a strong emphasis on privacy and security.
Data Protection: As a regulated entity, Bitit adheres to all EU regulations on data privacy. This ensures the highest security standards for the protection of customer information are in place. Bitit encrypts and keeps all customer data confidential.
Payments: Bitit’s payment partners are certified as Level 1 PCI service providers, delivering the highest level of security. Bitit does not store account passwords and card numbers.
Regulated: Bitit is incorporated and regulated in France. Following the enactment of France’s PACTE law in November 2019, Bitit is in the process of completing the steps necessary to become the first fully regulated platform in France, under the PSAN status.
Security: Bitit maintains bank-level security, which is independently tested and audited on a continual basis. Training for in house staff is also continuous to ensure that security levels remain robust. Bitit’s 2-step login and verification procedures protect investors and ensure that accounts are protected from unauthorized access.
Bitit delivers 24/7 customer support.
Help: There is a dedicated help center and customers are able to raise a ticket here.
Email: Users are also able to send emails directly to the support team using the firstname.lastname@example.org email address.
Social Media: Bitit has a strong social media presence and customers are able to send queries via Facebook Messenger and Twitter.
Tutorials on YouTube are available for Bitit users to familiarize themselves with the platform and its offerings.
Some of the more frequently asked questions about Bitit include:
Bitit is a cryptocurrency platform that facilitates the buying of Bitcoin, Ethereum and other leading cryptocurrencies in just a few clicks.
Bitit is available in more than 50 countries and supports the purchase of Bitcoin, Ethereum and other leading cryptocurrencies in local fiat currency.
Bitit delivers a multi-currency payment system that supports 15 fiat currencies.
These include Australian Dollar, British Pound, Canadian Dollar, Chinese Yuan, Danish Krone, EUR, HK Dollar, Japanese Yen, Norwegian Krone, Singapore Dollar, Swedish Krona, South Korean Won, Turkish Lira, and U.S Dollar.
Upon verification, you are able to purchase as much as €7,500 of Bitcoin per week.
The minimum sale amount is €50 and there is no maximum limit.
Bitit is committed to implementing and maintaining the highest standards of Know Your Customer (KYC) and Anti Money Laundering (AML) compliance.
In accordance with regulatory requirements, Bitit must collect and verify a certain amount of information about you.
The verification process usually takes less than 24-hours. Bitit recommends that you use your passport in order to be verified more quickly.
Bitit is a user-friendly cryptocurrency exchange that allows even the more novice investor to purchase leading cryptocurrencies with ease.
With a global reach of in excess of 50 countries, Bitit is a truly global cryptocurrency exchange that supports the purchase of cryptocurrencies by credit card, voucher and in EURs.
For credit card purchases, Bitit supports 15 fiat currencies that remove additional cost burdens for investors.
Supporting the world’s leading cryptocurrencies, Bitit delivers a regulated and secure exchange to the more cautious investor.
Cryptocurrency exchanges are built for traders. They fail to provide a mainstream solution, however, to purchase Bitcoin and other leading cryptocurrencies.
With Bitit, you can access the leading cryptocurrency assets in a simple and secure way, no matter where you are, in just a few clicks.
- 5Easy to useLuke
- Bitcoin Cash
- Bitcoin Gold
- United Kingdom
- South Africa
- Czech Republic
- Saudi Arabia
- Isle of Man
- New Zealand
- French Polynesia
- New Caledonia
- United Arab Emirates
- North Korea
- Hong Kong
- Russian Federation
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