Cryptocurrency Exchange Bit-Z

January 30, 2018

Like most cryptocurrency exchanges, Bit-Z, offers a single trading account. In order to buy or sell bitcoin, one has to register verify their account, which is being done through a mobile phone verification code. Besides, Bit-Z may at any time require submission of additional identification documents such as ID as further levels of verification.

Bit-Z provides an online platform that allows users to trade between a number of different virtual currencies. You have to deposit Bitcoins from you wallet or another platform and use it to trade in other cryptocurrencies on Bit-Z. There are around 20 different virtual coins available for trade on this exchange, which is a rather rich cryptocurrency portfolio. Of course, major exchanges like Bitstampoffer trading in around 200 digital currencies.

If you don’t have a wallet or account in another crypto-exchange, Bit-Z offers anoff-exchange service, called “OTC Trade”. Here, you can buy BTC, LTC or ETH with USD dollars or Chinese yuan via a wide range of payment methods: cash deposit, bank wire, AlyOPay. WeChat, Moneygram, PayPal, Neteller and Western Union. Of course, via Bit-Z’ OTC Trade service you may also sell the above listed digital coins.

Founded in 2016, Bit-Z offers professional digital asset transactions and OTC services. The company is based in Hong Kong and like the majority of crypto-exchanges, is unregulated. Bit-Z warns investors that its services might not be legally allowed in certain jurisdictions and says it does not accept as clients residents of the Federal Republic of Germany and the State of New York in the United States of America.

Trading Bitcoins and other cryptocurrencies is currently not specifically regulated in Hong Kong. Nonetheless, it appears to be developing regulations that largely mirror the approach accepted in the US and other western countries. Hong Kong’s adoption a far more permissive framework than China, which recently banned all ICOs operating within the country, is likely to attract many Chinese crypto investors.

We could not find information about any hacks of Bit-Z, so obviously such did not occur. Also, there aren't many user reviews about this cryptocurrency exchange. We found a Bit-Z user who complained on the company’s Facebook page about slow withdrawals, that are nonetheless charged with salty fees. He said that withdrawals are being reviewed by Bit-Z staff manually and that they clients’ money until they provide ID documents. Obviously, employees at Bit-Z really do check withdrawals manually, as there has been a rapid increase in the number of users and the customer support cannot handle the situation.


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