Nowadays, there are so many choices when it comes to crypto exchange services. BitValex is a digital asset exchange platform that offers built-in crypto as well as fiat wallets designed to become a complete alternative to regular banking.
Its superior security, reliable architecture, instant order execution, 24/7 support, and many other advantages make this crypto exchange a very interesting topic to deal with. So let’s dive deeper and find out what makes this exchange different from the others.
What you'll learn 👉
BitValex Overview
In this review, we will cover all the necessary information concerning this cryptocurrency exchange platform and what you need to know before you start trading on it.
BitValex is a digital asset exchange located in Europe. It was created in 2018 and managed by Global Xchange OÜ, based in Estonia. The company’s mission is to mainstream blockchain technology by providing a complete alternative to traditional banking.
At the current time, BitValex supports just four cryptocurrencies Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, which you can exchange for EUR, USD or trade between them. BitValex prizes itself in many services it provides for its users, making their goal to pitch the cryptocurrencies into regular everyday use.
BitValex provides its customers with a prepaid debit card and operates as a payment gateway for online transactions in addition to crypto to crypto and crypto to fiat trading pairs.
Services & Features
BitValex provides many services for its customers, such as:
· Trading Platform that supports cryptocurrency to cryptocurrency as well as fiat to cryptocurrency trading.
· Pre-paid Debit Card allows you to use digital currencies in your day-to-day life, making your regular bank account outdated.
· Fiat Wallet Integration provides safe deposit, withdrawal, trading, and holding of USD or EUR.
· OTC Trading Desk represents a decentralized market where High Net Worth customers can buy and sell large block trades.
· Crypto Payroll Processing resolves incomplete fiat payments of ICOs in less than no time.
· Merchant Payment Gateway is a limitless blockchain-based, safe, and economical payment service for all online and offline businesses.
Buy & Sell
BitValex provides you with the possibility to buy and sell mentioned cryptocurrencies for EUR or USD and vice versa.
OTC
An over-the-counter market, or OTC for short, is a decentralized market where members can trade currencies, stocks, or resources between themselves, excluding a broker or a central exchange. Trading on over-the-counter markets is purely done electronically, without any physical locations.
OTC market allows dealers to operate as market makers by setting the prices for buying and selling currencies, stocks, or resources. In addition, trading on the OTC market is done in utmost privacy where the value of the trade is unknown to the other users.
OTC markets are, in general, not as transparent as exchanges and have fewer regulations, meaning that the needed liquidity is hard to come by.
If you want to use OTC on BitValex, you need a fully verified account and a minimum of 100,000 USD/EUR or some (BTC, BCH, ETH, or LTC) crypto equivalent. Most OTC trades on Bitvalex are settled in 24 hours. You can withdraw or use that funds on the platform. Bitvalex will appoint you an OTC trading agent, who will be available to you until your order is settled.
BitValex supported coins
At the current time, BitValex supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Still, in the near future, we can expect more cryptocurrencies to be added.
BitValex deposits & withdrawals
Fees
When it comes to FIAT deposits and withdrawals, BitValex supports SEPA, WIRE/SWIFT, Visa, MasterCard, and AdvCash. Fees for FIAT deposits and withdrawals are as follows:
For SEPA bank transfers:
- Deposit fees are 1 EUR
- Withdrawal fees are 10 EUR
For WIRE/SWIFT bank transfers:
- Deposit fees are 35 EUR/USD + 0.4% of the transferred amount
- Withdrawal fees are 35 EUR/USD
For Visa and MasterCard:
- Deposit fees are 3.2% of the transferred amount
- Withdrawal fees are 1%
For AdvCash accounts:
- Deposit 3% of the transferred amount
- Withdrawal is free of charge
On the other hand, when depositing cryptocurrencies, there are no charged fees; while withdrawal fees are based on the cryptocurrency you are withdrawing:
- Bitcoin 0.0005 BTC
- Bitcoin cash 0.001 BCH
- Ethereum 0.005 ETH
- Litecoin 0.001 LTC
There is no limit for verified and corporate accounts on crypto deposits.
Methods (SEPA, AdvCash etc)
BitValex offers several methods for depositing or withdrawing fiat currencies. If you want to deposit or withdraw EUR, you can do so through SEPA, WIRE, Visa/MasterCard, and AdvCash. On the other hand, if you want to deposit or withdraw USD, your options are WIRE, Visa/MasterCard, and AdvCash. It is important to know that they each have a minimum deposit and withdrawal amounts.
For EUR:
- SEPA Min. Deposit 100 EUR / Min. Withdrawal 20 EUR
- WIRE Min. Deposit 150 EUR / Min. Withdrawal 150 EUR
- Visa/MasterCard Min. Deposit 100 EUR / Min. Withdrawal 50 EUR
- AdvCash Min. Deposit 100 EUR / Min. Withdrawal 50 EUR
For USD:
- WIRE Min. Deposit 150 USD / Min. Withdrawal 150 USD
- Visa/MasterCard Min. Deposit 100 USD / Min. Withdrawal 50 USD
- AdvCash Min. Deposit 100 USD / Min. Withdrawal 50 USD
There is also a minimum deposit and withdrawal amounts for cryptocurrencies:
- Bitcoin Min. Deposit 0.001 BTC / Min. Withdrawal 0.005 BTC
- Bitcoin cash Min. Deposit 0.01 BCH / Min. Withdrawal 0.001 BCH
- Ethereum Min. Deposit 0.01 ETH / Min. Withdrawal 0.01 ETH
- Litecoin Min. Deposit 0.01 LTC / Min. Withdrawal 0.01 LTC
BitValex Trading Fees
Spot trading fees
While trading on BitValex, you do not have to worry about trading fees, all crypto to crypto as well as the crypto to fiat requires no fees.
Does BitValex have mandatory KYC?
You must be wondering what the requirements for registering on BitValex are. It is very simple; all you need to do is to:
- Have a valid and working email address
- Be 18 years or older
When it comes to KYC, it is not compulsory. As stated above, to register an unverified account, you only need two things. BitValex offers three KYC levels for your account:
· KYC Level Unverified – is an unverified account that is active right after you finish signing up. With this type of account, you can only deposit and withdraw crypto without the option of fiat deposits and withdrawals.
· KYC Level Verified – is a verified account. The verification process can take up to 24 hours after submitting the requested information. A verified account allows you to do fiat deposits and withdrawals as well as enables trading while also increasing your funding limits. One thing to keep in mind is that based on your country of residence, you may be unable to trade fiat currency even if you have a verified account.
· KYC Level Corporate – this type is reserved for corporate accounts. The verification process can take up to 5 days after submitting the requested information. With a verified corporate account, you can deposit, withdraw and deal with cryptocurrencies as well as fiat.
BitValex supported countries
BitValex supports trades from many different countries such as Norway, Sweden, Italy, Denmark, Hong Kong, India, France, Germany, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, Singapore, South Africa, United Kingdom, United States, Canada, Thailand, Australia and many more.
Are US investors allowed on BitValex?
As you can see on the list above, US investors are allowed to trade on BitValex.
Does BitValex have Fiat Deposit?
Yes, BitValex does have an option for fiat deposits, but keep in mind that your account needs to be at least KYC level verified for you to be able to deposit fiat currencies.
Does BitValex have a Native Token?
According to our research, we did not find any information related to the BitValex Native Token.
Is BitValex legit and safe?
Bitvalex is fully registered with the Estonian authorities, which is an excellent sign when it comes to the organization’s legitimacy. They follow strict AML and CTF rules, supervised by local and international laws and regulations.
This means they are under Estonian and European law supervision to secure their legal obligations and keep the exchange safe and secure for customers.
Conclusion
We have mentioned all the vital information that you might need before you decide to start doing your trading through BitValex. As we already mentioned, BitValex offers a great deal of services designed to make your experience on the platform a lot more enjoyable and straightforward, making their mission to mainstream blockchain technology by providing a complete alternative to traditional banking.
Although there are only four cryptocurrencies available on the platform to this day, the BitValex team is working hard on adding more in the future. So if you plan on starting to trade with cryptos in the near future, BitValex is a great platform to use.
FAQs
Does Bitvalex Offer P2P Trading?
BitValex offers an OTC trading desk that is used for large transactions. Balance must be at least 100.000 USD for this feature to be available. OTC is different from P2P in the way that when there is a matching buy and sell order, it is completed manually by the OTC software.
Does Bitvalex Accept PayPal?
BitValex does not accept PayPal as a payment method, but it does support many others, which you might find useful.
Can I trade with leverage on BitValex?
According to our research, trading with leverage on BitValex is not possible at the current time.
Does BitValex have a wallet
BitValex offers a built-in fiat wallet that holds your digital assets and allows you to deposit, withdraw, hold or securely trade EUR or USD while on the platform. The digital wallet is available and free for every customer that passes KYC verification.
Does BitValex report to IRS
According to our research, BitValex does not report directly to the IRS. It is important to keep in mind that the US tax system relies on a voluntary compliance system, meaning that it expects you to report all of your taxable income under the internal revenue code, and not doing so can result in penalties.
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