US investors permitted
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. For instance, in addition to this exchange you also have the popular Coinhouse.
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 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. When buying BTC from the exchange, the purchase price offered by the exchange is usually somewhat higher than the market price (the exchange must make its profit somehow). The mark-up is not specified anywhere. This is potentially a risk for you as an investor. Accordingly, we strongly urge you to make you own analysis of the fees and price differences at this exchange before executing any transactions there and before concluding that it is the best cryptocurrency exchange site for you.
Bitit Withdrawal fees
Considering how Bitit conducts its business, withdrawal fees are irrelevant.
Bitit accepts purchases through both wire transfer and credit cards. Many crypto investors of course view this as very positive.
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 (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: