Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
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
The Bitsane website has gone down without explanation, and Bitsane social media accounts have started disappearing. Some users are saying they have not received any information from Bitsane regarding the outage.
What you can do if you have funds on the exchange
Bitsane is a registered company in Ireland, and you can view its registered address and other information by searching for its name or business registration number (574549) on the Ireland Companies Registration Office website. Bitsane staff are also listed on LinkedIn, including CEO Aidas Rupsys.
If you have been affected by this, you may want to try contacting Bitsane directly, or reporting it to the relevant authorities in Ireland or your country.
While cryptocurrency deposits are free, cryptocurrency withdrawals have a fee depending on which coin or token you’re withdrawing.
Information is correct as of writing (11 January 2019).
Fee 0.0001 BTC, min 0.001 BTC
Fee 0.0001 BCH, min 0.001 BCH
Fee 0.0001 BCHSV, min 0.001 BCHSV
Fee 0.0001 BTG,min 0.001 BTG
Fee 0.001 CLAM, min 0.005 CLAM
Fee 0.005 DASH, min 0.1 DASH
Fee 5 DOGE, min 10 DOGE
Fee 0.01 ETC, min 0.1 ETC
Fee 0.01 ETH, min 0.1 ETH
Fee 0.005 GNO, min 0.01 GNO
Fee 0.2 ICN, min 0.4 ICN
Fee 0.001 LTC, min 0.01 LTC
Fee 0.003 MLN, min 0.1 MLN
Fee 0.01 NMC, min 0.05 NMC
Fee 0.01 PPC, min 0.05 PPC
Fee 0.01 REP, min 0.05 REP
Fee 0.01 SANE, min 0.1 SANE
Fee 0.01 SMS, min 0.1 SMS
Fee 0.05 TIME, min 0.1 TIME
Fee 5 USDT, min 15 USDT
Fee 0.01 VRC, min 0.05 VRC
Fee 0.001 VTC, min 0.005 VTC
Fee 0.02 XRP, min 25 XRP
How fast will my funds be available?
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.
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.
Near instant to several business days
Cryptocurrency transfers can usually be made nearly instantly.
Is Bitsane safe to use?
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.
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 this against reviews lodged outside this period.
Bitsane is overall relatively opaque compared to many more active exchanges, with a minimal social media presence and a more obscure team than 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 de-listings with clear communication to its users.
How do I create an account at Bitsane?
Create an account at Bitsane by clicking “Sign up” in the top right corner of the screen on the Bitsane home page. Enter your email, password and country to sign up.
Note that US-based users are not able to make fiat deposits and withdrawals on Bitsane, although crypto-to-crypto trading and wallet usage is unrestricted.
Verification is only required if you want to deposit or withdraw fiat currency. If you just want to trade crypto to crypto, you can go to Step 3.
To get verified, log in to Bitsane, go to account settings and fill in all the fields in the “personal information” tab.
You will then need to upload some documents to prove your identity. The accepted documents are either an ID card (both sides) or a passport (all relevant pages). Take a photo of the relevant documents (at least 800×600 px) that clearly shows your face and all numbers or text, and the document’s expiry date.
If your document contains any non-Roman letters you will need to get an official translation into English that includes a seal of the translation agency.
You will also need to verify your address by doing the same with a bank statement, tax assessment or utility company bill.
You will need to fund your account before you can start trading.
To fund your account with euros or USD you must be verified as per Step 2, and can use wire transfer or AdvCash.
To fund your account with cryptocurrency (no verification required), go to Balances -> Wallets and choose the currency you want to deposit. A deposit address will then be generated for you.
Use this address to make a cryptocurrency deposit. Make sure you have generated the correct address for the correct cryptocurrency.
Once you have deposited either cryptocurrency or fiat, you can start trading by either making an order or taking an order. Note that the fees for a successfully executed trade will vary depending on whether you make or take an order.
What else do I need to know about Bitsane?
Bitsane is one of the very few cryptocurrency exchanges based in Ireland. With headquarters in Dublin, this global exchange serves not only the UK, Ireland and Europe, but reaches right around the globe.
Launched in 2016, Bitsane offers both crypto-to-fiat (EUR and USD) and crypto-to-crypto trading.
Bitsane also offers an API to software developers who want to integrate Bitsane markets into their own cryptocurrency-related applications.
In addition to Bitsane, your account will also let you sign into the Bitsane-powered Anybits exchange, which is similar except dedicated to crypto-to-crypto exchanges.
In a nutshell
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
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
Ready to sign up?
Compare Bitsane against other exchanges
Bitsane offers open access to users from countries all over the world, although some users should be aware that they are not allowed to use Bitsane in their country.
There is no Bitsane app, but the exchange website is mobile and tablet friendly.
The verification process involves entering some personal details and then uploading some documents as instructed.
Verification is only required for fiat currency deposits or withdrawals. No verification is required for crypto-only trading.
Bitsane offers a help desk and lets you send support tickets. You can also contact Bitsane support through email, or reach out through social media.
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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