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 Chilebit.net consists of four parts: general information, fees, deposit methods and security.
Chilebit.net is, unsurprisingly enough, a cryptocurrency exchange from Chile. We have not been able to ascertain whether US-investors are permitted to trade at this exchange or not. Accordingly, we urge all US-investors should do their own independent assessment of any problems arising from their residency or citizenship.
Chilebit.net Trading fees
We have not been able to find this exchange’s trading fees. This is potentially a risk for you as an investor (if they are not informed of anywhere we believe there is a higher risk that they are high). Accordingly, we strongly urge you to make your own analysis of the trading fees at this exchange before depositing any funds at it and before concluding that it is the best cryptocurrency exchange site for you.
Chilebit.net Withdrawal fees
Chilebit.net charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is below the industry average. Accordingly, it constitutes a competitive advantage against the majority of other top crypto exchanges in the market.
Chilebit.net offers wire transfer as a deposit method, but you can’t deposit via credit card.
One might also ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons (i) exchanges store a massive amount of personal data and other personally identifiable information, and, more importantly, (ii) exchanges handle loads of cash or coin deposits and withdrawals.
Chilebit.net’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):