Bit-Z Review: Is It Safe to Use? (2024)

This exchange has closed down its operation.

IMPORTANT UPDATE: Bit-Z has decided to permanently close services from October 21, 2021, due to “regulatory policy requirements.”

BitZ platform’s closing announcement and settlement process are mentioned in the screenshot below.

Accordingly, we have marked the platform as “closed.”

If you want to start a crypto trading account, check our best crypto coin exchange list, which helps you to find the right platform according to your requirements.

Overview

Its primary objective was based on supplying trading services for well-protected and cost-effective exchanges of digital tokens. Right from its introduction into the blockchain finance ecosystem, Bit-Z had developed into a high-skilled exchange system with trading experts from diverse domains.

Their prominent features are their in-house training tools available for clients to garner insights from and have profitable trades.

According to user reviews, the Bit-Z team comprises eminent high-level expertise from the global digital currency ecosystem. It also includes a host of distinguished trading specialists from domains such as guides for investors, digital gaming, social media, and e-commerce.

The platform’s system service order conformity is to render the most efficient trades and ensure that security is paramount.

Quick Overview of Bit-z

The Bit-Z exchange was established in 2016 in the British Virgin Islands. Since its origin, the cryptocurrency exchange has evolved into a prominent digital assets exchange platform.

Currently, the cryptocurrency assets platform is based in Hong Kong, where the crypto exchange’s home office is headquartered. It has a total of 10 international offices based in countries such as Japan, South Korea, and Singapore. The exchange platform renders permits to lucrative digital tokens above 200 in number. The digital coins sanctioned by Bit-Z are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), DASH, EOS, Tether (USDT), and Ripple (XRP), to name a few prominent ones.

Users can leverage this potent crypto exchange for their trading ventures through the BitZ website and mobile application. The trading products Bit-Z offers users are training tool requirements for exchanges and the most profitable trading pairs.

How Does Bit-Z Work?

Bit-Z clients can buy or sell various coins from cryptocurrency networks on the exchange platform. They can also buy and sell these digital tokens to earn profits. To start trading, the user needs to acquire a crypto token for account deposit functionalities from the off-exchange permissions. Following the acquisition of the digital tokens, the investor can deposit from their best crypto wallets to the BitZ exchange platform. This currency can then be employed for the transaction of any token that has been acquired.

Additionally, Bit-Z employs over-the-counter exchanges to market the listed cryptocurrencies on the platform. The drawback however is that margin trading isn’t permitted on the exchange platform due to its unpredictable nature compared to other business assets.

Features of Bit-Z

Economical Trading Fee

The trading website imposes a compensation trading fee that is modest and easy on the pocket. BitZ debits a 0.20% fee from both takers and makers. With regard to deposit fees, it does not tax any compensation from the user.

OTC Trade

With Bit-Z , users are warranted with crypto coins for instant acquisition through additional affiliates on the site. The trading order is not visible on the exchange platform but in a distinguished section of OTC.

A Platform for Trades

The client interface is adaptable and easy to navigate for crypto investors. It is conceptualized with an intention to render a profitable outcome for clients to enhance their trading ventures.

Security Measures

The platform’s protection measures apply high bank-level SSL functionalities for trading activities. Bit-Z also administers a two-level Google authenticator method for crypto funds on the system during the process of withdrawals and deposits.

Bit-Z Trading Platform

• The exchange markets its exclusive crypto tokens on the digital trading website. Bit-Z offers all the features an investor would need in an accountable and crypto-skilled trading platform. The user interfaces for acquiring cryptocurrency assets are user-friendly and conceptualized as an intuitive trading market platform.
• The website is structured to guarantee a seamless exchange process for users. The market information about the price of crypto exchanges is displayed in a prominent position on the platform for users to leverage from. The digital holdings market information is detailed on the left-hand side of the trading website.
• For placing orders, clients can avail the available charts and authorize the buying and selling of crypto orders. The trading volume history is available for user insights on the right side of the trading website. The interface is accessible for novice traders breaking into the FinTech markets. Additionally, Bit-Z produces and displays market information of real-time reports, trading volume records, accessibility to API computerized exchanges, and charting instruments.
• The ease of using the BitZ platform is a factor influencing its high liquidity volume. The exchange platform planning team has curated a lucrative crypto trading website for both experienced and novice crypto investors.

Bit-Z Review: Pros and Cons

Getting Started with Bit-Z

To initiate the Bit-Z experience, the users need to click on the ‘Sign Up’ button on the official website, next to the ‘Login’ option. After the process of signing up is complete, the client can enroll on the platform with their assigned mobile phone details and email id. Once the mandated details are entered, the user receives a verification number from BitZ which has to be added for the process to go forward.

After entering the verified code, the activation link on the client’s device needs to be authorized. This link completes the enrollment process, allowing users to carry out trades on the platform.

Bit-Z Fees

The Bit-Z exchange does not impose any coin fee for depositing crypto coins. The taker and maker fees are both at a value of 0.20% of the funds. With regard to the exchange trading fee, the compensation imposed on clients is 0.1% to buy and sell exchanges.

When it comes to the withdrawal fee, the exchange imposes different compensations for different cryptocurrency networks which are Bitcoin (0.0001 BTC Fees), Bitcoin Cash (0.0001 BCH Fees), DKK Token (1 DKK Fees), Dogecoin (20 DOGE Fees), Dash (0.002 DASH Fees), Ether (0.01 ETH Fees), Ethereum Classic (0.01 ETC Fees), Litecoin (0.01 LTC Fees), Tether (10 USDT Fees), and Zcash (0.005 ZEC Fees). Moreover, you can get a full list of Bit- Z fees.

BZ Token Details

The official exchange token of the BitZ, symbolized as BZ, was introduced into the trading market in 2018. Initially, the BZ coin was launched on coinmarketcap.com and it is presently ranked at 226 with a $36 million market cap.

The Bit-Z token is currently exchanging at a market value of $0.27. The BZ currency is only sanctioned to investors from the Bit-Z trading platform. As of this moment, the BZ coin has supplied around 684,307,071 million tokens to crypto investors.

Bit-Z Payment Method

There is an array of available payment methods that are verified on the BitZ platform. The platform only admits cryptocurrency to cryptocurrency exchanges. For users availing the trading platform through an OTC functionality, there are three admissible potent fiat currencies: the Chinese Yuan (CNY), Danish Krone (DKK), the US dollars (USD).

With regard to the OTC functionality, the payment methods that are verified by Bit-Z are Alipay, Bank Transfer, Cash, Cryptocurrency, Neteller, PayPal, Western Union, and WeChat conformities.

Bit-Z Deposit and Withdrawal

On Bit-Z, the users can finance their accounts through exchange networks such as Bitcoin, DKKT, Ether, Tether, and other available tokens. With regard to withdrawals, traders are allowed to only exchange the crypto coin they have deposited into the BitZ platform. Nonetheless, functionalities such as Over Counter Trading make it easy for investors who do not possess their own digital wallets.

The Over-the-Counter function is also available for investors who cannot purchase cryptocurrency such as BTC or ETH with the bank transfer method of their fiscal currency valuation.

The withdrawals can be financed through an array of methods such as Alipay, Bank Wire, Cash Deposits, MoneyGram, Neteller, WeChat, PayPal, and Western Union. A client can avail of any of the withdrawal methods to acquire crypto holdings from other clients on the Bit-Z exchange.

The essential component to identify is that the trading order arises in a distinctive OTC section rather than the exchange itself. Coins can also be marketed in the same conformity.

How Do I Withdraw My Money from Bit-Z?

To initiate the withdrawal process on BitZ , the customer needs to log in to their trading account. After logging in, the client needs to click on the ‘Assets’ option. Once the ‘Assets’ page opens, the ‘Withdraw’ option should be selected.

The user can carry out the withdrawal process instantly by mentioning the desired funds to be withdrawn and then selecting the ‘Withdraw’ option.

Bit-Z Security

Bit-Z employs bank-level SSL technology to guard client’s crypto funds. The trading establishment warrants platform security by banking on the GSLB functionality. The GSLB conformity improves and eases the cryptocurrency platform to accomplish its intention of producing an effective and reliable exchange operation.

The trading platform also employs a two-step verification method to ensure that clients are safe from illicit practices.

Bit-Z Supported Cryptocurrencies & Countries

Supported Cryptocurrencies

With regard to the financed cryptocurrency network, BitZ has holdings of about more than 100 verified tokens. The prominent currencies are Augur (REP), Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Dogecoin (DOG), EOS (EOS), Ethereum Classic (ETC), Ethereum (ETH), Gnosis (GNO), Iconomi (ICN), Litecoin (LTC), Melon (MLN), Monero (XMR), Ripple (XRP), Stellar Lumens (XLM), Tether (USDT), and Zcash (ZEC).

The cryptocurrency exchange platform has initiated a voting functionality for clients to select the digital funds they would want Bit-Z to incorporate. Thus, the Bit-Z review predicts that additional digital currencies will be added to the platform’s portfolio.

Supported Countries

All major countries including the USA sanction the Bit-Z exchange. However, certain areas like the state of New York and the German country have not authorized BitZ exchanges. Some countries where Bit-Z is permitted to function are Singapore, Australia, China, France, Denmark, Ireland, Portugal, Thailand, and Japan, among many others.

Bit-Z Customer Support

Bit-Z,crypto coin exchange offers an array of methods that are functional 24×7 such as digital instant chat with the Bit-Z team specialists, and support tickets. Additionally, the Bit-Z customers can avail aid for their trading ventures through social media, on the company’s official pages on Twitter, Facebook, and LinkedIn.

Clients can also receive instant information on their queries from the BitZ team through the email address: [emailprotected].

Bit-Z Review: Conclusion

The platform’s accountability in the trading market has resulted in a high liquidity rate. It primarily focuses on the trading markets of Asian investors. However, it admits investors on an international scale. In just a six-year time frame Bit-Z has made a name for itself in the crypto realm.

However, the platform needs to work towards acquiring the altcoin trading space, which it hopes to accomplish shortly.

FAQs

Is BitZ a Scam or Legit?

Bit-Z is verified in many prominent countries and has a host of legit crypto coins on its platform. It has curated a safe and secure network that hasn’t been attacked by hackers to date.

Can US Residents Use BitZ?

Yes, US investors can avail the Bit-Z platform with the exception of the state of New York. Investors from the US need to clarify the admittance of their respective home state on Bit-Z exchanges.

How Do I Fund My Bit-Z Account?

Users can finance their Bit-Z wallet account with crypto coin networks such as BTC, ETH, USTD, and DKKT.

Does Bit-Z Offer OTC Trades?

The hallmark of Over-the-Counter trades is available for traders who have less access to purchasing crypto coins from networks such as BTC or ETH with the bank transfer method of their fiscal currency like USD.