Bit-Z Exchange: The Complete Guide

Bit-Z is a global cryptocurrency trading platform founded in 2016. The company has its headquarters in Hong Kong and has a vision of providing its clients with a more secure and efficient way of trading. To this end, it makes use of enterprise-level security in an effort to safeguard clients’ funds and ensure the privacy of transactions conducted via its system.

As with all Hong Kong-based cryptocurrency exchanges, the Bit-Z exchange is unregulated. This is because the autonomous territory does not regulate cryptocurrency trading. The company offers both professional and over the counter trading services.

Bit-Z Markets

Users can buy or sell several cryptocurrency tokens on the platform and also buy/sell them on the basis of trading for profit. To be able to do this, users need to first secure the Bitcoin to be used for the account deposit from off-exchange sources, then deposit from their wallets to Bit-Z. This can then be used to exchange for whatever token is to be bought.

Bitcoin is not the only exchange market coin on Bit-Z: ETH, USDT and DKKT (the Bit-Z native token) can also be used to secure the tokens that are listed on the exchange.

The trading conditions are different with over the counter trading where traders who do not possess a digital wallet or trading account with other digital currency exchange platforms are allowed to purchase cryptocurrencies like Bitcoin, Ethereum, or Litecoin using the Chinese Yuan or US Dollars through a variety of payment options.

In addition, over the counter trade allows users to sell above the listed cryptocurrency. Margin trading is not supported on the Bit-Z platform. The reason for this is that cryptocurrencies are typically more volatile than other financial assets. As such, traders who need some leverage might want to consider other exchange platforms that allow margin trading.

The Bit-Z Platform

Bit-Z offers a trading system with advanced features to give its customers the extra edge. The systems provided include:

Web-based Trading Platform

Bit-Z’s web-based trading program offers users a full suite of some of the best trading tools anyone can utilize on the market. The online trading system provides market information in real time and allows active and professional traders access to advanced charts, trade history, and reporting, valuable company information, as well as API access for automated trading.

The platform’s interface looks very intuitive and lets you execute trades faster. Consequently, users who require a performance-centred and highly established market data will find Bit-Z’s platform to be ideal for their trading activities. The site is offered in English and Chinese.

Mobile Trading

The Bit-Z trading platform is a strong option for crypto adopters. The best trading systems become even better when they offer their users a competitive edge by delivering mobile trading capabilities to allow them to participate in the market from any location in the world. Fortunately, Bit-Z supports mobile trading on Android and iOS. The application offers the following functionalities:

Market Browsing

Traders can view price and dynamics of the market on the mobile software. The system also lets users customize the list of traded followers.

Exchange

Traders can transact in real time using the mobile trading app. The application also supports PC Webs-side synchronization.

Price Trend

The mobile trading system furnishes users with professional charts.

Announcement

Bit-Z clients receive updates about important announcements, activities, and other information of value.

Assets Traded

Bit-Z supports the following assets:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Zcash (ZEC)
  • GXShares (GXS)
  • Tether (USDT)
  • DKK Token (DKKT)
  • Factom (FCT)
  • Lisk (LSK)
  • HShare Coin (HSR)
  • TenX (PAY)
  • Primecoin (XPM)
  • Dogecoin (DOGE)
  • Ethereum Classic (ETC)
  • MazaCoin (MZC)
  • BlackCoin (BLK)
  • Nuls (NULS)
  • EOS (EOS)
  • OmiseGO (OMG)
  • Peercoin (PPC)
  • Voise (VOISE)
  • Etc.

Bit-Z Fees

Whether you are buying or selling, Bit-Z charges very low fees, which can be up to 0.3 percent depending on the digital currency pair being exchanged. Further, traders aren’t charged deposit fees, but there are fees associated with withdrawals. These fees also vary depending on the digital asset. Example of withdrawal fees include:

Digital Currency

Fee (%)

DKKT 0.5
BTC 0.5
FCT 0.5
LTC 0.5
LSK 0.5
USDT 30.0000 USDT
ETH 0.0100 ETH

Deposits and Withdrawals

Typically, the only way traders can fund their Bit-Z account is through Bitcoin, Ether, Tether or DKKT. In addition, traders can only withdraw the coin they trade in. However, Over the Counter trading services make it possible for traders who do not have a digital wallet or other means of funding their accounts to buy cryptocurrencies like Bitcoin, Ethereum, or Litecoin using the US Dollars or Chinese Yuan.

The purchase can be funded through a variety of payment options such as WeChat, bank wire, MoneyGram, cash deposit, Neteller, PayPal, Western Union, and Alipay. You can use any of these options to purchase tokens directly from members of Bit-Z. However, you need to bear in mind that your order will only appear in a separate OTC area instead of the exchange itself. You can also sell coins in the same manner.

Security

As discussed above, Bit-Z is currently an unregulated trading platform. Also, the company is relatively still new in the industry. Therefore, it will take some time for its legitimacy to be established. So we encourage users to trade with caution and only commit negligible funds. We have also seen a few complaints by traders regarding Bit-Z’s inability to process withdrawals on time.

Despite being a newcomer, Bit-Z makes use of bank-level SSL technology to protect client funds. The company also ensures platform stability by relying on GSLB. This helps the organization to achieve its goal of delivering an efficient and safe trading system.

Bit-Z also uses 2-factor verification to make your trading account inaccessible to hackers. Besides, you will need to verify your account using a code the company sends to your mobile device. Traders will also need added verification on file before they can withdraw funds from the platform.

Limits

Bit-Z limits withdrawal to the level of verification done. For instance, at level 2, withdrawal is limited to 2 BTC equivalent, while a level 3 verification will see the amount increase to 10 BTC equivalent. Traders will need to contact Bit-Z’s customer support team for information on the documents needed for verification.

Supported Countries

Bit-Z does not accept traders from places where there are legal or financial restrictions. For example, crypto users who are based in Germany or the State of New York in the United States are not allowed on the Bit-Z platform owing to legal limitations. There also other jurisdictions where the company is not allowed. So you will need to do some research before you proceed to register with them.

Customer Support

Great customer support allows businesses to keep their operations running smoothly. Bit-Z seems to understand that customers are crucial to the success of their daily operation, as they provide expert support services to their clients through a range of channels. Bit-Z users receive support through the following methods:

Email

Bit-Z provides services designed to support their clients through email. Traders who have any complaint can reach the company through service@bit-z.com for a quick resolution.

Live Chat

Traders can get in touch with Bit-Z’s helpdesk via live chat to get their needs addressed. The feature is available on the company’s website at https://www.bit-z.com.

Bit-Z also has a page where traders can ask questions and receive answers to their queries online. Besides these traditional means, clients can keep in touch with the company through their social media profiles which include:

Twitter

Twitter users who wish to follow Bit-Z closely can do so by following the organization’s Twitter page at https://twitter.com/BitZExchange. The company provides updates on its timeline on a daily basis.

Facebook

Bit-Z has a Facebook page where traders can follow them for updates or lodge complaints. To follow the company, visit https://www.facebook.com/BitZAgency.

LinkedIn

Bit-Z clients who prefer to connect with the company via LinkedIn can do so by going to https://www.linkedin.com/in/bit-z-exchange-062194149/.

YouTube

YouTubers can subscribe to Bit-Z’s channel by visiting https://www.youtube.com/channel/UC8m-m2VglkSO_clc0GoQWZg.

Telegram

Users can join Bit-Z’s Telegram group by going to https://t.me/bitzEN.

Medium

Medium enthusiasts can follow the company on the site via https://medium.com/@Bit_z.com.

Slack

You can establish secure communication with Bit-Z via slack. Follow this link to join the Slack workspace https://bit-z.slack.com/join/shared_invite/enQtMjQ0NjQxNzc2NTQ5LWZhZGY1MzkxNjRjOTU3ZTYxNWRkOTQwMmY4NzExYmI5M2Q1ODQwZDE3YjdkZjk3ZTgxOGIyYTQyYzlhMzc3ODg.

Conclusion

Imperfect, yet effective! Bit-Z is a platform that has managed to earn a place among elite exchange platforms for myriads of reasons despite still being a relatively new player in the industry. First, the company’s core team is made up of professionals in different fields, all of whom have at least 10 years of industry experience. Their experience has been crucial in helping to stabilize the exchange in such a short time.

Secondly, Bit-Z offers advanced security protocols that help make transactions easy. Traders are also offered wallet to wallet services. Third, the company uses bank-level SSL encryption technology to safeguard clients’ funds. Fourth, Bit-Z’s synchronization capacity enables traders to exchange assets and confirm transactions quickly.

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