A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bit-Z consists of four parts: general information, fees, deposit methods and security.
Bit-Z is an exchange based in Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance and KuCoin.
As for the advantages with the platform, Bit-Z specifically promotes four advantages: professionalism, secrutiy, convenience and synchronization. We feel that these are all very important factors and we understand why they have chosen to highlight these in particular:
The exchange only prohibits US-investors from the State of New York from trading on its exchange. However, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at Bit-Z.
On 9 June 2019, Bit-Z had a reported 24 hour trading volume of USD 653 million. This showed an amazing liquidity, and placed Bit-Z on place no. 27 on the list of the exchanges in the world with the highest 24 hour trading volumes. Very impressive indeed. On the date of last updating this review (31 March 2020, right in the middle of the crisis with COVID-19), Coinmarketcap had no information as to the trading volume of Bit-Z. CoinGecko on the other hand, informed that Bit-Z had a 24 hour trading volume of USD 1.55 billion. This is still very impressive indeed.
Bit-Z Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bit-Z:
Bit-Z Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount. It also results in a tighter market spread due to the increased incentive for makers to outbid each other.
There are also a number of top crypto exchanges who don’t charge different fees between takers and makers. Usually, it is called that such exchanges’ trading fees are “flat”. Bit-Z is one of those exchanges.
The exchange offers a flat trading fee of 0.20%. It does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. Trading fees on 0.20% are in line with, or maybe even slightly above, the industry average.
Bit-Z also offers trading fee discounts when under certain circumstances. The fee discount calculation is a bit complex and is based on both your trading volume and your holdings of Bit-Z tokens (the exchange's native token). In any event, the lowest possible trading fee you can achieve for "mainstream tokens", without paying them with Bit-Z tokens, is 0.042% for takers and 0.03% for makers (VIP level 14). The exact trading fee discounts are set out in the below table:
Bit-Z Withdrawal fees
Bit-Z's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
Bit-Z does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading at Bit-Z. If you are a new crypto investor and you wish to start trading at Bit-Z, you will have to purchase cryptos from another exchange first and then deposit them at Bit-Z.