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 Bitit consists of four parts: general information, fees, deposit methods and security.
Bitit’s domicile country is France. There are more than one cryptocurrency exchange in the land of wine, baguettes and romance, but not incredibly many as in United Kingdom or USA.
A very interesting feature with Bitit that they announced on 3 June 2019 is that you can connect your Ledger Nano S or Trezor wallets to the Bitit-trading platform. By doing so, you can trade at the exchange and then deliver the purchased cryptocurrencies directly to your hardware wallet. By enabling this feature, Bitit gives the customers the opportunity to store their private keys offline (on their hardware wallet), while still being able to use the Bitit trading platform for trading the relevant cryptocurrencies. This picture shows the different steps involved when connecting your Ledger Nano S or Trezor to the platform:
Bitit does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. In a worst case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them.
Bitit 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. At this exchange, there is only an order box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at Bitit:
Bitit Trading fees
Never forget to check the trading fees and withdrawal fees of an exchange you are interested in trading at. Bitit is different from most top crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling different cryptocurrencies. Regardless of whether you are buying or selling cryptos from the platform here, you need to pay 0.25% if you are using the Bitti EUR wallet. The global industry average has for a long time been 0.25%, but we are now seeing a shift towards much lower trading fees. The new industry averages that are emerging seem to be 0.10%. In light of this, Bitit is a bit on the high end when looking at its trading fees. Credit or debit card purchases, or cash vouchers, are even more expensive. This is further illustrated in the below picture:
Bitit Withdrawal fees
Considering how Bitit conducts its business, withdrawal fees are irrelevant.
Previously, Bitit only accepted deposits via credit card. On 5 February 2019, however, the exchange announced that they would now also enable SEPA-transfers (a sort of wire transfer) in EUR. Moreover, on 20 November 2019, Bitit started accepting Skrill-transfers.
Non-European customers can also create a Bitit EUR wallet should they so wish. Different from most other exchanges, you can now even buy cryptocurrency with cash here, if you use a CASHlib or Neosurf voucher. These vouchers are apparently available in more than 150,000 stores across the world.
One might wonder why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Bitit’s security score is D+, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is in line with industry average when it comes to top crypto exchanges.
As mentioned above, this exchange supports credit card deposits. Other exchanges that also have this option include: