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.
To keep customers secure, Bit-Z uses bank-level SSL technology. It also relies on GSLB using distributed servers for platform stability. The goal of Bit-Z is to give users the most efficient as well as safest service.
Bit-Z Exchange Features
- 1 Bit-Z Exchange Features
- 2 What Are OTC Trades?
- 3 How Do You Open a Bit-Z Account?
- 4 How to Trade on Bit-Z
- 5 What is DKK Token (DKKT) ?
- 6 What Are Some Key Figures Concerning Bit-Z?
- 7 What Fees Does Bit-Z Charge?
- 8 Is Bit-Z Safe?
- 9 User Complaints about Bit-Z
- 10 Conclusion
- 11 Bit-Z
- 12 Pros
- 13 Cons
The Bit-Z platform offers the expected features you want from a cryptocurrency exchange. Once you have verified your account, you can trade between a long list of cryptocurrencies. The exchange has a fairly rich portfolio with at least several dozen cryptocurrencies to choose from. Most users will use the exchange in a traditional manner by depositing Bitcoins from their wallet or platform of choice. They then use that balance to trade.
In addition to the ability to trade cryptocurrencies, Bit-Z offers users most of the tools they need to make an informed decision. It has real-time market information, along with advanced charts, trade histories, reports, and API access to allow for automated trading.
Bit-Z is a professional exchange run by a team with years of experience in the tech industry, allowing for system stability that you can count on. It is also convenient due to its stability and efficiency, allowing you to quickly complete transactions.
There are no security concerns because of the bank-level SSL technology that protects each transaction. Finally, the transactions are quickly confirmed via real-time global synchronized information that is constantly updated.
What Are OTC Trades?
OTC trades are still growing in popularity, and Bit-Z is aiming to be a leader in this respect. These “Over the Counter” trades do not require you to use an account from another cryptocurrency or exchange platform or your e-wallet and allow you to purchase currencies directly from other members of the site – the orders will not appear on the exchange but in the separate “OTC” area.
You are also able to sell your currencies in this manner and the system uses a members feedback rating system so you can check the other member’s trading profile and feedback.
You can use U.S. dollars or Chinese yuan to buy BTC, ETH, or LTC. There are multiple ways to pay for these services, including bank wires, AlyOPay, cash deposits, MoneyGram, Western Union, Neteller, and PayPal.
How Do You Open a Bit-Z Account?
Opening an account with Bit-Z is relatively simple. You will register and then need to verify your account using a code sent to your mobile phone. You will also need additional identification on file before making any withdrawal. This is an added security measure and ensures that users are not from jurisdictions where Bit-Z is illegal. There is no designated timeframe within which Bit-Z will authenticate your account after you give the necessary information and identification. The team warns that auditing can take time. However, they offer the ability to speed up the audit process (as they refer to it), by contacting customer service.
For additional security, Bit-Z uses 2FA or Double Verify Passwords. This improves account safety by requiring you to prove your password in two ways. To use this system, install the application for Google Authenticator (identification verifier) on your smartphone. Then go the Security Center and scan the QR code, inputting your 6-bit password verification and your normal login password. Finally, click on “Start 2FA.”
How to Trade on Bit-Z
To get started trading on Bit-Z you need to login and click the “Exchange” link which is located on the top right of the main menu. This will then load up the trading screen.
On the left-hand side you will see the trading pairs which are available: BTC, DKKT, ETH and USDT. Choose which currency you would like to trade in and then click which currency you would like to trade for.
You can then use the two boxes under the graphs to place your buy and sell orders of your desired currency.
What is DKK Token (DKKT) ?
DKKT is a stable-coin currency which Bit-Z themselves have launched which is pegged 1:1 with the Danish Krona and can be used on the exchange as a trading pair.
The DKK Token (DKKT) based on the stable value of DKK. The blockchain token issued at a 1:1 rate based on the market value of DKK currency.1 DKKT=1 DKK. DKKT aims to provide you with a stable digital currency solution and it is committed to the practical application of blockchain technology in the fields of traditional finance, politics, law, social science and natural sciences. DKKT drives the development of Internet-based digital currencies.
The biggest feature of the DKKT is that it is equivalent to the same amount of Danish Krone, and 1 DKK ≈ ¥ 1. Make it a good hedge currency in volatile cryptocurrency markets.
What Are Some Key Figures Concerning Bit-Z?
Bit-Z has been open since 2016. At the time of writing, the 24-hour volume for BTC was 22,691.2292. The ETH volume in the same period was 3,016.1560, and it was 24,699.3660 for USDT. There were 56 trading pairs in the BTC markets, three pairs in the DKKT markets, and 10 pairs in the ETH markets. As such, there are numerous combinations for trading available and options for most.
What Fees Does Bit-Z Charge?
To make it affordable to use Bit-Z, it charges relatively low fees. There are no fees for deposits. The fees associated with withdrawals vary by cryptocurrencies but are typically very low. You will also find very low fees for trading; whether you are buying or selling, the most common fee is 0.1 percent, although there are exceptions.
Examples fees for Withdrawals :
Is Bit-Z Safe?
Bit-Z is based in Hong Kong, and because of the lack of regulations, it is unregulated, something that is very common for crypto exchanges. You need to check your local regulations before using Bit-Z, and it does not accept clients who are residents 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 Bit-Z is unregulated, it has not had any hacks so far, suggesting that they have good security measures in place.
It is also worth noting that although nothing is guaranteed, it currently seems as if Hong Kong is on its way to following the regulatory examples set by the United States and other Western countries concerning cryptocurrencies and exchanges. This is a sharp contrast to China, which has banned every ICO. This means that Bit-Z can bring in Chinese investors in addition to those from international destinations.
Another thing to note, Bit-Z is a relatively new exchange with smaller volume than other examples which means we would treat it with caution for now. Do not keep any large balances on the site, always withdraw any significant amounts of currency back to your own wallets so you remain in control of them.
User Complaints about Bit-Z
There are some user-complaints related to Bit-Z to be found online and all seem to be about how long it sometimes takes to withdraw money. Some reviews say that this is due to the fact that Bit-Z frequently manually reviews transactions or at least monitors them closely in an aim to improve security. While this helps make the platform more secure, it does lead to the potential for money being released late. If you have patience and do not need the funds immediately, this should not be a problem but it is worth noting should you decide to trade on Bit-Z.
User reviews left on their Facebook page give the exchange 3 out of 5 with a split between people giving it 1 star and people giving it 5 stars. It is to be assumed that all the one star reviews are people who have ran into trouble with the withdrawal issues.
Bit-Z is definely an exchange to watch – it has a large number of cryptocurrencies listed with some that have yet to appear on other larger exchanges such as Nano ( formally RaiBlocks ). Their fees are fairly priced and on the low side compared to other similar exchanges. Their reputation is a bit of a mixed-bag at the moment with some people loving the exchange and others complaining about long withdrawal times.