Author: Harry Napier
Bitit – Crypto broker: reviews
Bitit doesn’t have any reputation to speak off. It’s barely searched on the Google, and while it’s not the definitive indicator of popularity, it can give you some food for thought. For instance: ‘why does Bitit have so many user reviews on different websites if it’s not that popular?’
Regardless, it’s a fairly comfortable crypto broker, at least at the first glance. Before jumping to the reviews from users and eventual conclusions, let’s first see why you could be comfortable working with this crypto exchange.
The creators definitely made some good decisions.
What is Bitit?
It’s actually a fairly basic crypto exchange. While being basic may be a disadvantage if what you seek is an abundance of methods of trading and other features. However, Bitit is very simple, it’s easy to start exchanging here, and you won’t get confused by the features offered to you.
But yes, there aren’t many unique touches that other brokers and exchanges like to implement in order to stand out. Bitit can boast several crucial benefits, however:
- Simplicity both in design and functionality;
- A large variety to cryptocurrencies and tokens to trade in;
- A large variety of real currencies for different regions of the world, including European Union, United States, Japan, Denmark, Great Britain, Sweden, Norway, Turkey, Australia, Canada, China, Hong Kong, Korea, Singapore and South Africa
But these features are only those you can find and prove without even signing up for any deals on the website. There are several other aspects that the owners claim to be the defining qualities. They are listed on the front page:
- ‘Fast delivery’. It means ease of withdrawing. Remains to be seen, because it does not only depend on technical aspects, but also on the honesty of the bosses;
- ‘Secure payment’. The emphasized security is worrisome, because a lot of fraud platforms use the pretext of ‘security’ to withhold your funds;
- ‘Global coverage’. The ease and speed of connection is crucial. In this case, it’s very believable, given the number of world currencies available for trade;
- ‘Dedicated support’. A very critical quality for exchanges.
- ‘One-stop shop’. It translates into ‘we are convenient and easy to work with’.
- ‘Low fees and rates’. There can still be hidden commission, so simple claims aren’t enough
Now let’s see if the platform keeps its promises and lives up to its principles. The reviews will show.
The rating
The bigger reviews aggregators, like Trustpilot, show that is thought very highly of by the customers. As of September 2020 it has 4.5/5 on trustpilot.com, and it’s very suspicious. Exchanges rarely climb that high, the exceptions being the rare flawless platforms.
On various less visited platforms the rating isn’t that high – 3/5 to 4/5. The truth is, a significant chunk of these reviews are ‘honorable guests’ asked to leave the reviews by the company. However, it’s likely the majority of them are truthful. The real rating would still be somewhere around 4/5.
The advantages
From the myriad of praising reviews without much context, you can distinguish a few key qualities making the work with Bitit comfortable:
The speed is astounding. Among the generic subjects of praising you can see many reviews commending the platform for its speedy execution of both exchange transactions and withdraw/deposit operations. Considering that many websites have issues with these particular aspects, it’s good that Bitit doesn’t have too many flaws on that front.
It’s especially crucial to have a good and transparent withdrawing mechanism, given how a large portion of similar platforms abuse its functions to take some or all of your money.
The simplicity isn’t false. The platform owners claim that it’s easy to do business with them in virtually all aspects. The users seem to agree – the description of ‘one-stop shop’ is pretty on-point. You can deposit your money here, exchange it in a few clicks, and then withdraw it to your debit card or bank account.
It doesn’t give you too many approaches for exchanging. There’s only a single web version of their exchange, albeit truly accessible in a few clicks. However, a lot of reviewers praise the app (whatever it may be), while there are no apps associated with the platform. That’s interesting.
The disadvantages
There’s just one clearly visible disadvantage, albeit you can count partly dishonest user reviews as a disadvantage. After all, they confuse people and distort their expectations. One disadvantage, however, is very apparent.
The fees aren’t ‘low’. The owners of the exchange do tell people that their fees and interest rates are ‘as low as 1%’. While it may be true for some situation, you can get fees as high as 12% for some transactions. At least so say the reviewers. Either side can lie, but it’s not the most disturbing thing about this affair.
Some positive reviews say that ‘the fees are very low’, while other claim that ‘the operations are expensive’. Different users may get, on average, different fees, given that they depend on certain conditions, in theory. However, the difference between these messages is extremely shady.
In conclusion
It may not be a scam, per se. After all, there are 400+ Bitit reviews on Trustpilot, 90% of them are excellent, and the majority has been asked by the owners to comment. They’re proud of their Trustpilot rating very much, you know.
It’s likely that a very good chunk of these reviews are genuine. After all, you can’t persuade people to give you good reviews if you blatantly scam them. Nevertheless, unless you know exactly how many of these people are truthful, you’ll never know if the platform is good or no.
You can try it yourself. In this case, be very vigilant and look for the hidden traps.
