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Bitsane cryptocurrency exchange review

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

MUST READ: BITSANE DOWN

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.

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Details

Product Name Bitsane Cryptocurrency Exchange
Fiat Currencies USD, EUR
Cryptocurrencies BTC, ETH, XRP, DASH, BCH, LTC, BTG
Deposit Methods Bank transfer (ACH)
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.

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What fiat currencies and cryptocurrencies are supported?

Supported fiat currencies:

  • Supported fiat currencies: USD, EUR
  • Supported cryptocurrencies: 7 cryptocurrencies

Which payments methods are accepted?

  • Bank transfer (ACH)

What’s it like to use Bitsane?

Fees and limits

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?

  • 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.

MUST READ: 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?

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

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

  • 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

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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