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.
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Cubits has shut down
Cubits filed for bankruptcy in late 2018, after it allegedly fell victim to a scam.
According to Cubits, three customers purchased over US$30 million of Bitcoin from Cubits through a payment provider called Paysec in early 2018. However, after the customers received the Bitcoin, Paysec allegedly refused to remit the funds to Cubits. The exchange says it believes the customers colluded with Paysec to perpetrate the theft.
Cubits says it made “every possible effort to recover” the funds without success before filing for bankruptcy in late 2018.
What is Cubits?
Cubits is a combination:
Bitcoin wallet. An extra-secure and easy to use bitcoin wallet for storing and transferring your bitcoin.
Bitcoin buying service. Buy bitcoin quickly and easily with a wide range of payment options and currencies.
Bitcoin selling service. Sell bitcoin just as quickly and easily.
Bitcoin business solutions service. Use the Cubits API algorithm to accept bitcoin payment online by plugging it into the shopping cart feature, and let Cubits convert it to your choice of currency before paying it onwards.
What currencies can I deposit to Cubits?
You can use the following currencies without exchanging them:
All other currencies can be used, but will automatically be converted.
Note that currency availability may vary depending payment method.
Countries where Cubits is available
Cubits is available in every country in the world, except the US. However, the features available to you will vary depending on your location.
If your country is not on the list below, Cubits cannot verify your identity, will not allow all payment options and will only offer a transfer limit of €150 equivalent per day.
If your country is on the list below you can verify your identity, request higher limits and use the full functionality of Cubits.
Austria, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Russia, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom.
You can make payment with:
There is a fixed 0.9% commission on all buy and sell operations, while different payment options may attract other fees.
Up to 2 days
EUR, GBP, HUF, PLN and CHF only
Polish bank account required
Up to 3 days
3D secure Visa and Mastercard only
China Union Pay
CNY purchases for customers with a China Union Pay card
4.9% + €0.29
UK, Germany and Austria only
SEPA (sell bitcoin)
1-3 business days
Bank transfers to supported European banks only
SEPA (buy bitcoin)
3-5 business days
Bank transfers from supported European banks only
SWIFT (sell bitcoin)
3-5 business days
Bank transfers to banks outside Europe
SWIFT (buy bitcoin)
3-5 business days
Bank transfers from banks outside Europe
What are the transfer limits?
The transfer limit for non-verified users is a maximum of €150 equivalent per day. Verified users can request a higher transfer limit.
Safety, security and privacy
Cubits takes a range of extra security measures to make sure your funds are well protected, exceeding current industry standards.
In particular, 100% of user funds are held in cold storage, while all hot funds at any time are Cubits’ own.
It handles and settles current transactions with its own hot funds, which means you can simultaneously access bitcoin as needed, while also having the security of 100% cold storage.
Customer service and contact
Cubits offices can be found at 6 Agar Street, London. You can follow them on Facebook, Twitter or LinkedIn, or you can reach the Cubits support team online.
Pros and cons
A service for seamlessly converting fiat currencies and bitcoin.
Allows quick buying and selling of bitcoin.
Offers a secure and functional wallet.
Only offers bitcoin. No other cryptocurrencies are available.
Your bitcoin buy and sell rates may not be as competitive as elsewhere.
Your functionality and payment options can vary widely by location.
Next steps: How to sign up
First, make sure that you have completed your due diligence and are confident in proceeding. Then, to get started, create an account at Cubits. Enter your email address and password and choose your preferred currency.
To unlock the full features of your Cubits account you will need to verify it by providing additional information after signup.
Image source: Cubits
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