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Bit.com Review: Good Exchange or Scam

Publisher

January 14, 2024
Bit.com Review: Good Exchange or Scam

Bit.com is a cryptocurrency exchange built for options and perpetual trading. The Seychelles-based exchange offers 93 cryptocurrencies and 112 trading pairs on the spot and futures market and a nice trading interface.

In this Bit.com review, we will provide you with a comprehensive guide on the major features, trading fees, and products offered by the exchange to aid your decision on whether it is the best choice for you to buy, invest, or trade cryptocurrencies.

 

Bit.com Overview

Established in August 2020, Bit.com was born as an offshoot of Matrixport, a financial service company founded in 2019. Since its inception, Bit.com has seen steady growth and development in its community.

BIT is a high-performance cryptocurrency exchange that is designed for professional use. It provides a comprehensive product suite comprising spot and futures trading, options trading, Copy trading, RMM strategy trading, and many more. There are also several services such as trade execution strategies and price discovery.

BIT is an exchange built on professionalism and security, making it a world-class trading exchange. Although most recognized for its excellent derivatives platform, it also offers a good spot and options trading interface. On the spot market, BIT has a 24-hour daily trading volume of $312 million. The futures market has seen a massive decline in 2024, as its market volume fell to $0, a major red flag for intending traders and investors. Its most active trading pair is ETH/USDT, with a daily volume of $115 million.

Additionally, BIT strives to encourage the creation of new and innovative financial products and improve on the available tools for the best trading experience. There are currently 93 available cryptocurrencies listed on the exchange with 112 trading pairs.

The Bit.com security is also top-notch with some of the best measures put in place to secure funds. Users have access to a 24/7 live chat and customer support services in case of any complaint regarding their use of the exchange.

 

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Pros and Cons

👍 Bit.com Pros👎 Bit.com Cons
✅ Good for advanced traders❌ The futures market volume is at $0
✅ Excellent trading tools❌ Charges fees for fiat deposits and withdrawals
✅ Low fees❌ The exchange
✅ A good number of cryptocurrencies are available❌ Poor regulations
✅ Advanced risk management

 

Bit.com Signup & KYC

Signing up on Bit.com is a straightforward process, and can be done in under a minute. To sign up, all you need is your email address and a strong password.

When you put in your email, you will be asked to create a strong password after which a confirmation message will be sent to your email for verification. After verifying your email, your account has successfully been opened. You will have to complete your KYC before you can make deposits.

KYC allows BIT to have reliable information about its registered users. Without completing your KYC, your account will be limited and you won’t be able to withdraw funds from the exchange or conduct higher-level transactions.

To start your KYC registration, you’ll need to click on the verify now icon that will appear on the top of your screen right after you register.

You will be taken to the verification page, where you will be asked to complete the basic verification before you can move on to the advanced verification.

Once there, click on the verify now icon and read all of the instructions carefully as you complete the facial recognition and submit the required documents. After that, you can proceed to complete the advanced verification and continue enjoying endless withdrawals.

 

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Bit.com Trading

BIT grants users access to 66 cryptocurrencies on the platform, including the more common assets like BTC, ETH, SOL, AVAX, and DOGE. Its trading terminal adopts TradingView charts for optimal experience. These charts come with all the necessary trading tools and indicators which users can access either on the web terminal or the mobile app. The charts allow users to conduct in-depth technical analysis for the most informed trading decisions.

Bit.com offers a unified trading account feature that allows users to trade from one account. This is particularly useful for users with expertise in more than one trading niche. BIT majorly supports types of trading in spot, futures, options, and margin.

 

Spot Trading

Spot trading is a key feature of BIT, and attracts a 24-hour volume of $312 million at the time of writing. It offers a wide range of cryptocurrencies for traders to select from, up to 66 crypto assets, and 77 trading pairs.

The interface is also fast and reliable, with real-time market data for users to conduct a perfect analysis. The platform also has an underlying machine engine that can process 10,000 transactions per second. This is built to ensure that users enjoy seamless transactions while trading. BIT spot trading fees are lower than the standard market price, making it highly competitive. Spot fees are charged based on a tiered level structure with the prices lowering at each level. For those who newly joined the exchange, each trade attracts a fee of 0.08% maker and 0.1% taker.

 

Futures Trading

Trading futures on Bit.com involves two options for users, the COIN-M futures and USDT-M futures. The former has to do with setting up contracts that are settled in cryptocurrency, while the latter allows users to open long or short positions designated settled in USDT.

The BIT futures trading is perpetual, meaning that traders can open a position and hold it for as long as they wish. There are currently 50 pairs on the futures market. Some of the most popular pairs are ETHUSDT, BTCUSDT, SOLUSDT, DOGEUSDT, and many more. It also offers users leverage of up to 50x and tools such as TP/SL, indicators, Trigger tools, cross margin, and market depth.

Fees on Bit.com futures are low when compared to some of the bigger exchanges, giving it an edge over its competitors. For new users on the exchange, BIT futures trading attracts a fee of 0.04% maker and 0.06% taker.

 

Options Trading

Bit.com options trading is influenced by assets such as stocks, commodities, and cryptocurrencies. Users can now also trade using TON/USDT on Bit.com.

Trading options on BIT offer users affordability. This involves using low-cost trading instead of storing the cryptocurrencies. It also helps to contain risks of losses and maximize the markets to gain profit. In this case, options traders spend less and gain almost as much, or even more than the current price.

 

Bit.com Fees

Fees on Bit.com differ based on the tier level for users on the exchange. When compared to some of the larger crypto exchanges in the market, BIT offers lower fees, making it a competitive exchange. Here we will observe the exchange’s spot fees, futures fees, and deposit and withdrawal fees.

 

Spot fees

Spot fees on the exchange are calculated over 30 days, based on your current VIP level. The standard fees for spot traders however is 0.08% maker and 0.1% taker. Users can also get a 10% discount on fees when they enable TON deduction on trading fees. This allows fees to drop to 0.720%/0.9% maker/ taker.

 

Futures fees

Like its spot fees, Bit.com futures fees also range differently according to the tier structure. The standard fee charged for futures trade is 0.04% for makers and 0.06% for takers.

 

Options fees

Options trading fees are lower than the regular spot and futures fees, and BIT options are no different. The platform attracts a fee of 0.02%/0.05% for makers and takers respectively.

 

Withdrawal fees (Crypto)

Withdrawals on Bit.com require that users complete their KYC registration first. Without KYC, no withdrawals can be made to an external wallet. Withdrawal of cryptocurrencies requires a fixed block transaction fee. This fee differs on the block on which the chosen cryptocurrency is found. For those who have completed the basic and advanced KYC registration, there is a $12 million withdrawal fee for cryptocurrencies. However, for those with only the basic KYC completion, the withdrawal limit is $8 million.

 

Withdrawal fees (fiat)

Withdrawals in fiat currency are done in USD. The fees incurred by banks on crypto withdrawals are charged by the banks and can range from $15 to $30 per transaction.

 

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Bit.com Product and Services

Bit.com offers users many products to aid the general output and productivity of traders and investors who are registered with the exchange. These products include:

 

Copy Trading

With the newly adopted copy trading platform, BIT seeks to help beginner or inexperienced traders learn by copying the trades of the more advanced traders on the platform.

Bit.com offers a list of the top traders for spot and futures alike. This is essential in helping the newbies gain familiarity with the trades of these advanced traders and execute it as they would, in a bid to maximize profit. With copy trading, both parties involved are potential benefactors. Bit.com uses this platform to also help build a stronger network of traders who are all making a profit off different markets.

 

Strategy

Another important product provided by Bit.com to users is strategy. This strategy is known as RMM.

RMM stands for Rebalancing Market Making and is a strategy used in calculating the ratio of two crypto assets available in a trader’s portfolio based on the initial total funds, including virtual and actual funds. When the prices in the markets change, a limit order will be filled to set the ratios back to their initial level, effecting an automatic rebalancing.

 

Institutional services

Bit.com provides institutional services ranging from Market maker programs to white glover customer services, advanced risk model and fund efficiency_ unified margin and portfolio margin_ institutional grade trading experience, and so on.

 

Bit.com Mobile App

Users also have access to the Bit.com mobile app available on the Play Store and Apple Store.

With the Bit.com mobile app, users can enjoy all of the traditional features available on the web terminal without any trouble whatsoever. This means that customers can trade options, futures, and spot on the go, join in the airdrop market, and win rewards.

 

Options trading

Bit.com offers users access to trade options on the exchange without any interruptions whether on the web portal or the mobile app. With options trading, users can take advantage of the markets and not have to store cryptocurrencies.

 

Direct purchase with cards

Bit.com partners with Banxa to allow users to purchase cryptocurrencies directly through a debit/credit card. With an easy process, customers can now make direct purchases of crypto assets. To make a direct deposit though, you would need to have completed your KYC registration to continue. Once that is done, head over to the assets page and click on deposit. After that, click on the “Buy Crypto” option. You must ensure that you have a Banxa account to link it to your crypto wallet. Select USD and input your card info. Once you are done and the purchase has been confirmed, it will automatically be added to your wallet and you begin trading.

 

Bit.com Security

Bit.com was established with a drive to create a highly secure exchange where asset safety is guaranteed. To achieve this, Bit.com partners with cutting-edge technology providers to maintain continuous user safety through measures such as compliance, technology, and regulation.

These companies include:

  1. Cactus Custody
  2. Copper.co
  3. Fire blocks
  4. Jumio and
  5. Chain analysis

 

The exchange also adopts several advanced security measures for all-round asset protection. These include:

  • Data security
  • System access protection and
  • Internal control

 

Other measures put in place by BIT include:

  1. Withdrawal address whitelisting
  2. API permission management
  3. Risk management protocol
  4. Multiple-layer identity verification
  5. Fraud detection for transaction address

 

Bit.com Customer Service

Customers are entitled to a 24/7 live chat on the exchange where you can state difficulties that you may have encountered on any of the platforms. There is also a customized help center for you to see some of the most commonly asked questions relating to your membership or difficulties. You can also contact the customer care team via email to get your message across if it cannot be solved by chat.

 

Conclusion

To sum it all up, Bit.com is a crypto platform that offers a fine crypto trading platform, 93 cryptos and 112 pairs, a unique options trading system, and a top-notch secure system where you don’t have to worry about your funds. Although the exchange is most suitable for advanced traders, if you have some knowledge of trading already, you can also head over to the copy trading platform to see how others are doing it and start making a profit.

In conclusion, if you’re thinking of where to engage in spot and futures trading, then you can give Bit.com a try.

 

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FAQs

Is Bit.com legit?

Bit.com is a cryptocurrency exchange that is rapidly gaining global recognition. There are however poor regulations on the exchange as it is yet to be licensed in any of the major countries that accept crypto trading.

 

What are Bit.com fees?

0.08%/0.1% for spot and 0.04%/0.06% for futures.

 

Is Bit.com available in the US?

No, Bit.com is not available in the US due to regulatory issues.

 

Where is Bit.com located?

Bit.com is headquartered in Seychelles.

 

Does Bit.com have a native token?

BIT currently does not have a native cryptocurrency token.

 

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