Bit-Z Exchange Review [2022] – Is Bit-Z Legit or Scam?

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Founded in 2016, Bit-Z, short for Bit-Zeus, is a Hong Kong-based crypto exchange and over-the-counter (OTC) trading platform that provides its users with access to dozens of popular digital currencies. Besides Hong Kong, Bit-Z also has a presence in no less than 10 countries and regions, including Japan, Singapore and South Korea. The platform offers 0.1% trading fees and the convenience of a mobile trading app, so it managed to quickly make a name for itself in the altcoin trading space.

The exchange has had great success thanks to their competent and diversified team of professionals.  Unlike most other crypto exchanges, the management team comes not just from crypto, but also from industries like ecommerce, finance, gaming, and social networking, in addition to numerous members of the international digital asset industry. The team has worked hard to build a competent and diversified crypto exchange, so today Bit-Z is regularly in the top ten exchanges by volume, with roughly $200 million in trading volume daily.

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Bit-Z specifically promotes four advantages: professionalism, security, convenience and synchronization, which are all very important factors for crypto exchange. To keep customers secure, Bit-Z uses bank-level SSL technology and relies on GSLB using distributed servers, which ensures a stable and secure trading environment. The exchange also offers an Android and iOS mobile trading app and provides users with access to over 160 plus markets with high liquidity. Bit-Z has built up a great reputation and is used by traders from all over the world but primarily services the Asian markets.

We recommend Binance instead

Exchange Platform


The trading platform offered by Bit-Z is their very own proprietary web-based platform. It is nicely designed and offers all the features one would expect from a competent crypto trading platform, including  access to advanced charts, reports, trading history, real-time market information as well as API access, which all help traders to make informed decisions. 

Its entire user interface is very user-friendly, intuitively designed and the layout looks excellent. Everything is positioned in a clean and optimized way to ensure it offers a great trading experience for users. The whole setup is extremely well done and easy to understand and its design is suiting for both experienced and beginner traders. One more thing worth noting is that the platform is available in English and Chinese.

How to Open a Bit-Z Account?


It is relatively simple to open an account with Bit-Z. To get started on Bit-Z, follow the steps below:

  • Visit the official website of the exchange and click on the Sign Up icon
  • You will be taken to a page that offers you two options to sign up, either using your email address or your phone number
  • Choose a password, which should be strong to secure your account from being easily breached
  • Solve the puzzle that will appear after entering your details and clicking sign-up
  • Verify your email by clicking on the link that has been sent there
  • You can now sign in by entering the email address and password
  • Proceed to the overview section on the top bar to set up the security of your account before you start trading
  • Activate the SMS authentication to improve security
  • Set “Trade Password”, which is used for withdrawal and transferring digital assets, so please keep it safe and confidential
  • Set the Google authentication, which is used for security verification when you log in and modify security settings
  • Set up the anti-phishing code, which will protect you from fake Bit-Z emails and websites.

There is no designated timeframe within which Bit-Z will authenticate your account, but the team behind the platform warns that auditing can take time. However, you can contact customer service to speed up the audit process.

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If you want to raise the limit of withdrawals you have access, you will need to continue to verify your account by entering the necessary details asked for.

The first level allows a 24-hour withdrawal limit of 2 BTC, but you will need to provide your full name and date of birth, as well as adding a trading password that is different from your login password.

The second level allows you to withdraw up to 50 BTC in 24 hours, but you will need to add your country, city, state, street address and mobile phone number.

The third level provides access to higher limits, but you will need to upload a scanned copy of your passport or ID card, as well as a photo of yourself holding the passport or ID. This level must be manually approved, and the whole process shouldn’t take more than a week

How to Trade on Bit-Z?


To start trading, make sure that you have deposited some cryptocurrency on your account. To get started trading on Bit-Z follow the steps below:

1. Log into your account and click the “Exchange” link, which will then load up the trading screen

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2. On the left side of the screen, you will see the trading pairs that are available, with BTC, ETH and DKKT being the major currencies.

3. Choose the currency you prefer and click on the currency you would like to trade it for.

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4. You can then use the box on the right to place your buy and sell orders of your desired currency.

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Bit-Z Fees


Bit-Z charges clients very reasonable and even low fees compared with the competition. There is no fee for depositing funds into your Bit-Z account, but there are charges involved when it comes to withdrawals. Withdrawal fees vary depending on the cryptocurrency being transferred, but the average withdrawal fee is 0.5% which is the same for all the major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, etc.

Bit-Z differs from most other crypto exchanges by charging the same fee amount of 0.1% to all buy and sell transactions, which is well below the industry average which is 0.25%. A lower fee is more appealing for certain users, so this gives the platform a strong competitive advantage in the industry

Supported Cryptocurrencies


Bit-Z CURRENTLY supports a total of 105 digital assets, including:

BTCETHXRPEOSLTCXLMTRXNEODASHETCCPXBTXINKDCTXMXBOXPAXZPRHCUSCCVTOCNRNTBEKTETPIXTQTUMBNBOMGZECLSKBTGONTBCDDOGEIOSTPRAAIDOCXRBGBCSSLEOARNTUSDREBLNKCOXYPUTDGBXINARKWICCELAHTKINNULSFCTMCOVIUATOMOPTSEXCPYLNTTEAMADCWDCARCONGTTCGBYTEPAYBTOPARTSPHTXVTCGRSHPBTKYXASPXC

However, the platform is continuously adding new virtual assets based on the voting system where users can vote on which crypto assets they would love to see added.

Payment Methods


Unlike most cryptocurrency exchanges, Bit-Z does not allow for fiat-crypto trade, only crypto to crypto trade, which means that new investors will have to utilize another platform to make a fiat-crypto trade, and then be able to use Bit-Z. However, they can use OTC (Over The Counter) service provided by the platform to make such trades on the side. Currencies accepted through the OTC market include US dollars (USD), Chinese Yuan (CNY) and Danish krone (DKK). And you have multiple options for making payment, including:

  • Bank transfer
  • Cash
  • Cryptocurrency
  • PayPal
  • MoneyGram
  • Neteller
  • Alipay
  • WeChat
  • Western Union

OTC Trades


OTC trades has become more common in recent years and Bit-Z is definitely one of the leaders when it comes to OTC trades.

OTC markets are those in which participants trade directly between two parties, without the use of a central exchange or other third party. Also, the orders don’t appear on the exchange but in a separate “OTC” area. It’s also important to note that OTC markets do not have physical locations or market-makers.

Another great thing about this type of trading is that the system uses a member feedback rating system that allows one to check the other member’s trading profile and feedback.

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What is the DKK Token (DKKT)?


The DKK token is a stable coin currency used on the Bit-Z exchange platform, and it is pegged at 1:1 to the Danish Krona. DKKT is currently used on Bit-Z for trading with four currencies, and more being planned in the future. It is also committed to a practical application that surrounds the application of the blockchain technology, including the fields of politics, traditional finance, natural resources and also social science. The DKK Token has been able to distribute 15,000,000 tokens so far, which means that many people trust this business model.

Supported Countries


Bit-Z is available to users all around the world, including the US. However, users in some countries are unable to use the exchange. The best way to find out whether you’re legally able to access the exchange from your country of residence is to contact Bit-Z directly.

Customer Support


If you have a question about your account or a specific transaction, Bit-Z offers users two ways of customer support, one is through live chat, and the other is through support tickets. Both options are available 24/7. Also, if you have a question about their account or you are concerning any transaction, the platform offers an online help center with answers to a number of FAQ. Users can also contact Bit-Z via email, Zendesk or through its official WeChat account.

Bit-Z Security


Nowadays, security is considered as one of the vital aspects of a cryptocurrency exchange. Bit-Z is a safe and secure platform that hasn’t been breached since it began operation almost three years ago. Bit-Z claims to use bank-level SSL technology to ensure the security of transactions and the Global Server Load Balancing (GSLB) for stability. Other security features include a system of two-factor authentication, double password verification and email verification.

It’s also important to note that, as the exchange is based in Hong Kong, it is not regulated due to Hong Kong laws, which is common for crypto exchanges in 2020, and certainly doesn’t mean it isn’t safe to trade with Bit-Z. Bit-Z warns investors that its services might not be legally allowed in certain jurisdictions and says 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.

We recommend Binance instead

Conclusion


Bit-Z is definitely a cryptocurrency exchange to watch. It already has a large selection of cryptos to choose from and continues adding more, it’s accessible in many countries, and the platform fees are unrivalled. Also, Bit-Z offers an excellent trading platform and has a pretty good reputation among the cryptocurrency community.

Bit-Z Alternatives

Other crypto exchanges to check out:

7 Total Score
Bit-Z

Ease of use
7.5
Fees
7.5
Reputation
6.5
Customer support
6.5
Supported assets
7
PROS
  • Offers access to a wide range of crypto pairs
  • Provides access to high trading volume
  • Provides OTC services for all large-scale volume traders
  • Supports two-factor authentications
  • Easy for beginners
  • Android and iOS mobile trading apps
  • Offers very competitive trading fees
CONS
  • It doesn’t support fiat deposits
  • Relatively new exchange
  • No margin trading available on the platform
  • Slow customer service
  • A limited amount of information that is available concerning the transaction limits that are available online.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Bit-Z Exchange Review [2022] – Is Bit-Z Legit or Scam?
Bit-Z Exchange Review [2022] – Is Bit-Z Legit or Scam?

Rene Peters

Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

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