Bitit.io is a cryptocurrency exchange based in Paris, France that has been providing cryptocurrency brokerage services since 2015. They offer a range of purchase options and operate in over 50 countries with the aim of giving everyone the opportunity to access cryptocurrency, no matter where they live. The platform is easy to use and complies with KYC (Know Your Customer), AML (Anti Money Laundering) and GDPR (General Data Protection Regulation) regulations. If you would like to find out more about this beginner friendly platform then read this full Bitit.io review and see if it’s the platform you’ve been looking for.
Bitit.io The Company
As we mentioned in the opening paragraph of this Bitit.io review, the platform is a French exchange that’s focused on providing cryptocurrency services all over the world. The company, registered with the Trade and Company register of Paris, France under the number 810 222 513 follows thorough KYC and AML regulations. A great thing about the platform is that they operate pretty transparently, providing their address online (25 rue du Petit-Musc, 75004 Paris) so that you know you’re not dealing with some untraceable internet site. They’re also supported by legitimate companies and organizations such as Ernst and Young (EY) and Luxembourg House of Financial Technology. Now that you know a bit more about the company, it’s time to find out how to get started and verified with Bitit.io.
Account Setup and Verification
The account set up process is simple. However, you will have to verify your account to access all functions on the platform. This involves entering some personal information and verifying a photo ID. For this, you’ll need a government-issued photo ID and Bitit.io recommends a passport be used as it can take just 5 mins to get verified in some cases. However, you can also provide a driver’s license or other valid identification documents. The verification process usually takes up to 24 hrs when using those ID types. So if you want to get trading quickly then it’s best to use a passport.
Accepted Countries and Currencies:
As we mentioned in this Bitit.io review’s introduction, their aim is to provide services to as many people as possible, regardless of where they live, so it makes sense that the services are available in more than 50 countries. That means it’s likely that you can use Bitit.io to buy crypto but a definitive list of accepted countries can be found here. If your country of residence is on the list then you can buy crypto with any of Bitit.io’s supported fiat currencies:
USD US Dollar
GBP British Pound
CNY Chinese Yuan Renminbi
CAD Canadian Dollar
SEK Swedish Krona
NOK Norwegian Krone
DKK Danish Krone
KRW South Korean Won
TRY Turkish Lira
SGD Singapore Dollar
HKD Hong Kong Dollar
JPY Japanese Yen
AUD Australian Dollar
ZAR South African Rand
Bitit.io has added quite a few new cryptocurrencies and seem pretty intent on expanding their range. At the time of writing the following cryptocurrencies can be bought on Bitit.io:
Purchasing cryptocurrency on Bitit.io is pretty simple but be sure to enter a valid wallet address for your chosen cryptocurrency as they do not offer wallet services. Personally, I like the security it offers as you have total control over how you store your crypto-assets and don’t have to rely on a third party that could be vulnerable to hacks.
European residents have the ability to purchase using SEPA wire transfers, credit cards or cash vouchers from Bitit.io, Cashlib, and Neosurf. These Neosurf and Cashlib cash vouchers can be bought at over 150000 stores around the world. To find a store just go to ‘Buy Near You‘. A great thing about this option is that when redeeming vouchers, they are processed quickly and your funds are usually deposited in minutes.
European residents can also use a EUR wallet with SEPA wire transfer which gives you an individual EUR IBAN that can then be used to instantly purchase cryptocurrencies. This is actually a pretty practical system because it means that after loading funds into the wallet you can then choose to purchase instantly instead of having to wait days for individual SEPA transfers/purchases to be processed.
Non-European residents can only purchase crypto using credit cards however this is probably the most popular way to purchase cryptocurrencies so for those with a credit card, it shouldn’t present an issue.
Purchases usually take about 30 minutes to arrive in your wallet depending on blockchain congestion.
Fees and Limits
When purchasing crypto on Bitit.io there are of course fees involved and they are unfortunately quite high. Fees and limits can be seen below and although the fees are somewhat high, Bitit.io is very clear when describing their pricing and limits. The honesty is pretty refreshing when I compare Bitit.io’s buying experience with that of some other exchanges out there.
Limits can also be increased by contacting Bitit.io but only after making credit card purchases. The process involves sending a selfie of you holding your card (with only your name and last 4 digits visible) and a proof of residency document (utility bill etc.) and a bank or credit card statement are also usually required.
Privacy and Security
In terms of privacy, I mentioned under the Account Setup and Verification section of this Bitit.io review that verification is required so the site is not very private. That will not appeal to some users however it ensures that they are able to operate in a wide range of countries due to KYC and AML requirements. They are also GDPR (General Data Protection Regulations) compliant so users have a reasonable amount of control over their data and how it is used.
When it comes to security, the fact that none of your crypto is stored on the site means that you, the user have total control of your funds. Users also don’t have to pay the crypto deposit or withdrawal fees as is common on some other exchanges. Two Factor Authentication is also available and highly recommended to protect your account’s security and to stop anyone from accessing it apart from you.
Customer service is only contactable via their ticket service but they do have a FAQ page with a lot of useful information. Customer service response times are not bad and they aim to reply within 24 hours. As I contacted customer support I received a response in about an hour and my problem was sorted out not long after that which I found quite impressive.
Bitit.io Review Summary
To summarise the Bitit.io review, this platform offers an easy-to-use and reliable cryptocurrency buying service. The issue is that their fees are higher than other cryptocurrency exchanges (such as Coinbase for example), and verification is required to access any of their services. That being said, they sell a wide range of cryptocurrencies, accept a large number of fiat currencies and operate in over 50 countries. They are a great platform for beginners and the setup and verification process is quick but there are some cheaper options out there. After reading this Bitit.io review, if you think that it’s right for you then click here to get started, creating an account only takes a few minutes.
Equally, if you would like to check out some reviews of other exchanges and crypto-products then you can do so here.
Disclaimer: Bitcoin News does not provide any warranties towards the accuracy of the statements in the above Bitit.io review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.
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Image Courtesy: Bitit.io