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Bitsane cryptocurrency exchange review

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Get started faster with optional verification for crypto deposits and withdrawals on Bitsane.

Risks and controversies surrounding Bitsane

  • The Bitsane website is down, and the company has has not provided any explanation or made any mention of it.

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Fiat currencies

7

Cryptocurrencies

Details

Product Name Bitsane Cryptocurrency Exchange
Fiat Currencies USD, EUR
Cryptocurrencies BTC, ETH, XRP, DASH, BCH, LTC, BTG
Deposit Methods Advance Cash
Bank transfer (SEPA)
Wire transfer
Trading Fee Maker: 0.05%
Taker: 0.1%
Deposit Fees Fees vary
Withdrawal Fees Fees vary
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about Bitsane

Risks and controversies surrounding Bitsane

  • The Bitsane website is down, and the company has has not provided any explanation or made any mention of it.
  • Users with funds on the exchange are speculating that Bitsane may be shutting down and taking their money.

You can read on to find out more about the risks of using Bitsane. Or based on this, you might want to consider other cryptocurrency exchanges.

Compare alternatives to Bitsane

What fiat currencies and cryptocurrencies are supported?

Supported fiat currencies:

  • Supported fiat currencies: USD, EUR
  • Supported cryptocurrencies: 7 cryptocurrencies
  • BTC
  • ETH
  • XRP
  • BCH
  • LTC
  • DASH
  • BTG

Which payments methods are accepted?

  • Advance Cash
  • Bank transfer (SEPA)
  • Wire transfer

Restrictions on US-based customers

US citizens and residents can’t make fiat deposits or withdrawals on Bitsane. While the platform doesn’t limit crypto-to-crypto trading or wallet usage, it’s up to you to use the platform in a way that complies with local laws and regulations.

What’s it like to use Bitsane?

Fees and limits

The fees below are accurate as of 14 February 2019.

Platform trading fees

TypeFee
Maker0.05%
Taker0.1%

Deposit and withdrawal fees

AdvCash deposits
TypeFee
EUR6%
USD1%
SEPA/Wire deposits
TypeFee
TrustPay (EUR)0.5%
MisterTango (EUR)1 EUR
Withdrawal fees
TypeFee
SEPA zone (EUR)5 EUR
Other countries (EUR)30 EUR

Limits

Transaction typeLimit
DepositMin 10 EUR – 50,000 EUR max per transaction
WithdrawalMin 10 EUR – 50,000 EUR max per transaction

How fast will my funds be available?

Deposits

Clock icon for transfer speed

Near instant to several business days

Deposits can be made within a minute if using AdvCash or with most SEPA payments.

Wire transfers may take from 24 hours to several business days.

Withdrawals

Clock icon for transfer speed

Same-day to several business days

Withdrawals are made to your bank account. It can be done on the same day, or may take several business days to process depending on location.

Wallet transfers

Clock icon for transfer speed

Near instant to several business days

Cryptocurrency transfers can usually be made nearly instantly.

Is Bitsane safe to use?

Negative reviews and complaints in January 2018

There are a lot of complaints about Bitsane.

Many people report losing money on Bitsane with deposits that never went through, and many people have accused Bitsane of being a scam. However, some of those who have made accusations later said that their funds went through in the end, and were just slow rather than stolen. Others report using it with no problems.

A lot of the issues were the result of an unexpected load of traffic that hit Bitsane in early 2018, when a CNBC article mentioned it as a place to buy XRP. The unexpected traffic caused technical issues, which resulted in a lot of poor user experiences. Many of the complaints are from that period of time.

You might want to consider this incident when looking at reviews lodged in January 2018 and compare them against reviews lodged outside that period.

Bitsane is overall relatively opaque compared to many more active exchanges, with a minimal social media presence and a more obscure team than other, more publicity-friendly exchanges. However, its team is still publicly identifiable through social media.

Its trade volumes are also relatively low, and its marketing presence seems to have generally diminished since 2016 and 2017. But there are still signs of Bitsane working on the exchange behind the scenes. It’s been actively following events like forks and delistings with clear communication to its users.

Based on the above, you might want to consider alternatives to Bitsane:

Find other cryptocurrency exchanges

  • Regulation. Bitsane is a registered company in Ireland (business number 574549) with a physical address listed in Dublin. It was registered in 2016, when the exchange first launched, and is listed in Ireland’s Companies Registration Office. It takes appropriate steps to verify users in line with AML/KYC obligations.
  • Verification. Bitsane does not require all users to verify themselves. Verification is only required when using a bank wire transfer to deposit or withdraw funds. Verification is not required for cryptocurrency deposits or withdrawals.
  • Security features. Bitsane offers, and recommends, that users activate two-factor authentication. It says it uses cold storage for user funds and other cybersecurity best practices.

How do I create an account at Bitsane?


In a nutshell

Pros

  • Mobile-friendly site lets you trade on desktop, phone or tablet
  • Sophisticated trading platform for finding detailed market information
  • No verification required for cryptocurrency deposits or withdrawals
  • Wide range of cryptocurrencies available if there’s enough volume

Cons

  • Security and complianc concerns
  • Low liquidity means order books might be thin for big traders
  • No advanced trade features with only market and limit orders
  • Complex interface might be confusing for beginners

Compare Bitsane against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Wire transfer
Online banking
USD

15
cryptocurrencies

Disclaimer: eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.

Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
Ethana Custody
USD, EUR, GBP, JPY, CAD, CHF

32
cryptocurrencies

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cryptocurrencies

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FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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