Bitit.io is a cryptocurrency exchange based in Paris, France, that has been operating since 2015. It was founded by three friends with the aim of making Bitcoin and altcoins accessible to users all over the world, no matter how remote. Users have the ability to purchase using a credit card, wire transfers and vouchers in over 50 countries. The exchange is also compliant with KYC (Know Your Customer) and AML (Anti Money Laundering) regulations so does require a certain level of verification. With Bitit.io users can purchase Bitcoin, Ethereum, Litecoin and many more, using 15 fiat currencies, including USD, EUR, JPY, AUD, and GBP, on an easy to use platform that’s well suited to beginners and enthusiasts. In this Bitit.io review, we hope to answer all of the questions that you may have before using this platform.
Account Setup and Verification
To sign up with Bitit.io, users must first make an account and then get verified. The account set up process is simple however account verification involves entering some personal information and completing a video verification process. To get verified a government-issued photo ID is required and Bitit.io recommends a passport be used as it can take only 5 mins to get verified. Drivers licenses and government-issued ID cards are also allowed and the verification process takes usually just 24 hrs with those ID types.
Once verified, users can begin purchasing with any of the 15 fiat currency types available on Bitit.io. It’s as easy as going to ‘Buy’ on the dashboard, selecting any of the 18 cryptocurrencies available, how much you want and your payment currency/method. Users must also enter a wallet address as Bitit.io doesn’t offer wallet services and any purchased coins will be sent directly to your chosen, offsite wallet.
Wire transfers and 3D Visa/Mastercard/Maestro credit/debit cards can also be used to purchase Bitcoin and altcoins on the platform, safely and securely.
Another great way to buy crypto is with Neosurf and Cashlib cash vouchers which can be bought at over 150 000 stores around the world. To find a store just go to ‘Buy Near You‘. Another great thing about this option is that when redeeming vouchers, they are processed express and your funds are deposited in minutes.
Fees for credit/debit cards are 6.9%, Neosurf or Cashlib vouchers 11.9% and 5.9% for gift cards. Although fees are higher than other platforms such as Coinbase, Bitit.io does have an uncomplicated fee structure and prides itself on transparency. Mining fees are also charged by the network and subject to change. They can be viewed here.
Privacy and Security
As with many platforms out there, Bitit.io has to collect certain information about users in order to operate and remain compliant in many jurisdictions. The platform is however based in France and therefore must comply with GDPR regulations safeguarding and limiting the use and storage of users’ personal data.
The lack of wallet services offered by Bitit.io makes the platform a securer option as it removes the possibility of attacks and theft from hot wallets storing user funds. Instead, users select an address of their choice and purchased funds are sent directly to the chosen wallet upon the transaction’s completion. They also have 2FA (2 Factor Authentication) available to help keep your account secure.
Something else which is comforting when dealing with Bitit.io is that they publicly post their physical address on their site. This means that users know they are dealing with a legitimate and physical company instead of just a page on the internet.
Bitit.io can be contacted via their ticketing service, and although their FAQ or help center is not the best, some info can be found there. Unfortunately, there is only the one option for contacting support but given that they have a good track record of replying quickly and effectively to quires, it is not such a big problem. Ticket reply times are quite good, usually within 24 hrs and as I contacted their support team I was contacted and the problem was resolved within the hour.
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Bitit.io Review Summary
A large number of payment options and currencies accepted to make this easy to use platform very accessible and flexible. As such, it is very well suited to beginners and enthusiasts who may be interested in the relatively large range of cryptocurrencies offered on the platform. Although fees are a little higher than other platforms, there are no hidden fees and users are actually paying for speed, transparency, payment flexibility and ease of use.
We hope that you’ve found this Bitit.io review useful and have all the information you need in order to begin buying Bitcoin with Bitit.io. If you’re interested you can sign up here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Bitit.io review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.