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.
|Product Name||Bitsane Cryptocurrency Exchange|
|Fiat Currencies||USD, EUR|
|Cryptocurrencies||BTC, ETH, XRP, DASH, BCH, LTC, BTG|
Bank transfer (SEPA)
|Deposit Fees||Fees vary|
|Withdrawal Fees||Fees vary|
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.
Supported fiat currencies:
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.
The fees below are accurate as of 14 February 2019.
|MisterTango (EUR)||1 EUR|
|SEPA zone (EUR)||5 EUR|
|Other countries (EUR)||30 EUR|
|Deposit||Min 10 EUR – 50,000 EUR max per transaction|
|Withdrawal||Min 10 EUR – 50,000 EUR max per transaction|
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 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.
Cryptocurrency transfers can usually be made nearly instantly.
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:
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