UPDATE 20 July 2019: We have not been able to access this exchange’s website. We have made multiple tries several days in a row. Our conclusion at this point is that the exchange has closed down. We will however keep monitoring the situation and if it turns out that we have drawn the wrong conclusion, we will update this review to inform of that. For the time being though, we have marked this exchange as dead and moved it to our Exchange Graveyard.
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Xbit Asia Review
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 Xbit Asia consists of four parts: general information, fees, deposit methods and security.
Xbit Asia is a Malaysian cryptocurrency exchange. There are only two Malaysian coin exchanges featured in our Cryptocurrency Exchange List, this one and Belfrics. Up to this date, Xbit Asia has received a higher user rating than Belfrics.
You can only do one thing here, sell Bitcoin for MYR (Malaysian Ringgit) or buy Bitcoin for MYR. Nothing more, nothing less. If you would prefer a coin exchange with a more extensive selection of trading pairs, we recommend you to check out Changelly or KuCoin.
Only Malaysian investors can trade here. So if you’re a foreign investors, this platform is not for you. Don’t be too sad though, there are many other venues that offer the type of trading this exchange does. Use our Exchange Finder to find out which alternatives you have.
Xbit Asia 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. As this exchange is only open to Malaysian investors, we have not been able to create an account here. Accordingly, we have not been able to obtain a picture of the trading view either. We apologize for any inconvenience this may cause.
Xbit Asia Fees
Xbit Asia Trading fees
The trading fees here are set at 0.80%, regardless of whether you are a seller or buyer. 0.80% is very high from a global perspective. From a local perspective though, 0.80% is competitive (Belfrics charges 1.00%). The global industry average is arguably around 0.25%.
Xbit Asia Withdrawal fees
This trading platform charges a withdrawal fee amounting to 0.003 BTC when you withdraw BTC. This is above industry average.
All in all, the fees will not be e a reason to choosing Xbit Asia for prospective investors out there.
This trading platform offers wire transfer as a deposit method, but you can’t deposit via credit card. This of course negative news to you if you would prefer to use your credit card for any reason.
Xbit Asia Security
This cryptocurrency exchange site’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below the industry average when it comes to the top crypto exchanges.
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):