Bit-Z exchange review
Trade dozens of cryptocurrencies and access OTC services for high-volume trades.
Bit-Z is a Hong Kong-based crypto exchange and over the counter (OTC) trading platform. It provides its users with access to dozens of popular digital currencies, offers 0.1% trading fees, and the convenience of a mobile trading app.
This review contains a host of useful information about the features Bit-Z has to offer, as well as any drawbacks, to help you decide whether it’s the right crypto trading platform for your needs.
|Product Name||Bit-Z Cryptocurrency Exchange|
|Fiat Currencies||JPY, CNY, USD, KRW, RUB, DKK|
|Cryptocurrencies||BTC, ETH, EOS, LTC, TRX, DASH, ZEC, LSK, DOGE, DGB & 210+ more|
|Withdrawal Fees||Fees vary|
What is Bit-Z?
Founded in 2016, Bit-Z is a digital asset exchange headquartered in Hong Kong. If you’re looking to buy and sell cryptocurrency, the platform allows you to trade bitcoin (BTC), ether (ETH) and dozens of other crypto coins and tokens with 0.1% trading fees. It also offers an Android and iOS mobile trading app, and a range of protective measures to help ensure the security of transactions.
In addition, Bit-Z provides an OTC trading service for users looking to buy or sell large amounts of cryptocurrency. Eight different digital assets can be traded through this part of the platform.
Which cryptocurrencies can I buy/sell?
- Supported fiat currencies: JPY, CNY, USD, KRW, RUB, DKK
- Supported cryptocurrencies: Approximately 226 cryptocurrencies
Bit-Z offers its platforms to users in a wide range of countries around the world, including Malaysia. However, users in some countries are unable to use the platform, so contact Bit-Z directly to find out whether you’re legally able to access the exchange from your country of residence.
Which payment methods are accepted?
Bit-Z’s exchange platform only offers crypto-to-crypto trading, so the only way to deposit funds into your account is via cryptocurrency transfer.
However, if you’re using the OTC service, the accepted currencies are US dollars (USD), Chinese yuan (CNY) and Danish krone (DKK). The OTC platform accepts the following payment methods:
- Bank transfer
- Western Union
How much will it cost me to use Bit-Z?
There is no fee for depositing funds into your Bit-Z account, but charges do apply to trades and account withdrawals.
In terms of trading fees, a 0.1% fee applies to all buy and sell transactions.
Withdrawal fees vary depending on the cryptocurrency being transferred, with the fees for a selection of popular coins and tokens shown in the table below.
|Bitcoin Cash||0.0001 BCH|
|DKK Token||1 DKKT|
|Ethereum Classic||0.01 ETC|
How fast will my funds be available?
The time it will take for the funds you transfer into and out of your account to become available will vary depending on network congestion and the amount of confirmations required to complete a transaction.
If transferring fiat currency to place an OTC trade, transfer times vary depending on the payment method selected.
Are there any transfer limits?
Before you can withdraw any funds from your account, you’ll need to achieve a higher verification level by providing your name, birth date and a trading password. This takes you to verification level 1 and a 24-hour withdrawal limit of 2 BTC.
By then providing your country of residence, address and mobile number, you can access a higher withdrawal limit.
Is Bit-Z safe to use?
As mentioned, you’ll need to complete account verification before you’re able to withdraw any funds from Bit-Z. The platform also supports 2-factor authentication through Google Authenticator, providing extra security for the funds in your account.
Bit-Z claims to use Bank-level SSL technology to ensure the security of transactions. You can also establish a trading password on your account. This code must be different to your login password and will need to be entered to confirm each trade.
If you have a question about your account or a specific transaction, Bit-Z offers an online help centre with answers to a number of frequently asked questions. If you can’t find what you’re looking for there, you can submit a support request through zendesk. Bit-Z can also be contacted via email or through its official WeChat account.
Pros and cons
- High trading volume
- Access to a wide range of currency pairs
- Supports 2-factor authentication
- Android and iOS mobile trading apps
- Also offers OTC services for large-volume traders
- Very competitive trading fees
- No margin trading available
- Fiat deposits not accepted
- Limited information about transaction limits available online
Disclosure: At the time of writing the author holds ADA, IOTA and XLM.