BitExChain Scam or Legit? What Does this Exchange Offer?

BitExChain Review

If you had asked anyone about the future a few decades ago, no one could have even imagined what would happen. The 21st century brought technology into our lives and if that wasn’t enough, the advent of the internet paved the way for a completely different world than what used to be. Today, we are living in a modern digital age where technology has changed almost every industry and there are innovations and improvements that no one could have envisioned. Similar changes have happened in the financial industry and some of them have been so massive that they have changed the entire landscape completely.

There was a time when making payments online couldn’t have been fathomed, but now it is a reality and one you don’t even think about. But, perhaps, one of the biggest innovations that the financial industry saw was the launch of cryptocurrency, a virtual or digital currency for making payments. Introduced in 2009 by a man named Satoshi Nakamoto, Bitcoin had to face a lot of resistance in its early days because it was decentralized and highly volatile at the same time. Nonetheless, even this has passed and now cryptocurrencies are on their way to achieve mainstream adoption.

As a matter of fact, they are on their way to being the most important element of the financial world and yet, they are still unregulated in most places. This means that there is a lot of uncertainty about this instrument, especially in regard to investment. While some consider it a store of value, others are opposed to the idea. Suffice it to say, crypto investment is not without its risks and these are not just because of the volatile nature of the asset. The fact that it provides users with anonymity and is not under anyone’s control has made it a great weapon in the hands of cybercriminals.

You will come to know that the cryptocurrency market has had numerous issues of hacks and scams as cybercriminals are able to exploit people due to the lack of regulation. You will find lots of stories about people getting scammed in one way or another because crypto is still new and evolving continuously, so those with less knowledge are easily trapped and fooled. As a matter of fact, there have been entire exchanges and platforms that have turned out to be fake or Ponzi schemes, meant to con people. These are deliberately made attractive to lure in clients.

Yet, it remains a fact that the crypto market has a lot of potential and people can earn substantial returns through their investment, if they do it right. So, if you want to invest in crypto or trade them, you need to tread carefully in this market. It is natural to want to do so, despite the risk, because the greater the risk, the higher the reward. Moreover, there are plenty of opportunities for crypto enthusiasts to explore because Bitcoin is no longer the only crypto they can invest in. Lots of other options have been added.

This doesn’t mean that Bitcoin is any less profitable or attractive. The pioneer cryptocurrency is limited in quantity because it has a cap of 21 million. As per the law of economics, the lesser the quantity, the higher the demand and this has pushed up its value significantly. Therefore, it is the top cryptocurrency in the market in terms of market capitalization. But, where do you buy it? This is where crypto exchanges come in because these were developed for this primary purpose. People can use their fiat currencies to purchase and sell crypto.

With the increase in demand of cryptocurrency, the number of exchanges have surged, which means people have numerous options to explore. However, the demotivating part is that buying and selling crypto has been made complex and time consuming. Anyone who has traded other financial instruments is aware that things can be simple and easy. So, it is natural for people to want to look for a crypto exchange that allows them to make crypto investments the same way. They want an exchange that’s not a scam, can be used easily and allows them to purchase their favorite crypto. Lots of exchanges will claim to do this for you, but you have to remember that they may not be able to live up to these promises.

These crypto exchanges may deliberately try to attract you with their low prices and other terms, but you have to realize that a reliable and reputable exchange will always be upfront about their offerings. Hence, when you are going over the various options, you shouldn’t forget to do your due diligence. You need to verify exactly what an exchange offers before you decide to trust them with your money and your personal information. BitExChain is one of the exchanges that will pop up in your search. You may not pay much attention to it since it hasn’t been around for that long.

BitExChain

But, the only way to make up your mind about it is by evaluating its offerings and services. Where did BitExChain come from? The exchange was founded by a company based in Estonia called CoinFarm OU. The company has been issued a license by the Financial Intelligence Unit in Estonia and is properly registered. This means they have the authority to provide financial services across Europe and comply with international regulatory standards for providing a comprehensive crypto exchange to anyone interested in cryptocurrency investments.

If you fall into this category, you will first have to understand precisely what BitExChain can offer to you. Read on to find out:

What is BitExChain?

As mentioned earlier, this is a cryptocurrency exchange that claims to be reputable and innovative in terms of delivering its services. How? This is because BitExChain has made customer satisfaction its mantra and has designed its services around it in order to achieve the goal. They claim to have provided a structured and safe environment for crypto trading, something that every customer will prioritize, and offer competitive market rates to seal the deal.

As far as their services are concerned, there is a long list that you will find when it comes to BitExChain. It will include an innovative platform for buying and selling crypto, OTC trading option for greater liquidity, use of encryption and 2FA for security purposes and a free crypto wallet for storing the digital assets. Plus, the exchange is open to every crypto investor, no matter their experience. Whether you are buying for the first time or already have crypto holdings, BitExChain is ready to facilitate and it only takes a couple of minutes to buy and sell crypto via their platform.

What Cryptocurrencies does BitExChain Provide?

Every crypto exchange is developed to serve a single purpose; enable people to buy and sell cryptocurrencies. But, the question is which cryptocurrency? In today’s market, there are more than 5,000 options that can be explored, but not all can be offered by every exchange and so, you need to check what crypto you will be able to buy and sell. This is particularly important if you want to buy a specific cryptocurrency. When it comes to BitExChain, the exchange has given its clients the option of buying or selling Bitcoin and Litecoin.

You can switch between the assets as per your discretion and the process is easy enough that even a complete novice will not have a problem in figuring it out. This can save a great deal of time and effort on behalf of the investor and can prevent major mistakes as well. Apart from that, BitExChain has really tried to keep their prices and rates as reasonable and affordable as possible to give their clients an edge over others.

Does BitExChain Offer OTC Trading?

Not everyone interested in cryptocurrencies may be comfortable with purchasing them because they need to be stored. Some people are just interested in taking advantage of its volatility because this can provide massive profits, as evidenced in 2017 when people made millions through their crypto investments. When you don’t want to buy or sell crypto in its physical form, you can take advantage of Over the Counter (OTC) trading. Normally, people would have to find a crypto broker in order to do so, but BitExChain has saved you the hassle by providing an OTC trading desk right on their platform.

With this kind of trading, you can reap the benefits of the price movements that tend to occur in cryptocurrencies. BitExChain has added Bitcoin and Ethereum to its OTC offerings and it can save you from some of the problems that you would otherwise face when dealing with a crypto exchange. First off, an exchange is not the right option if you are in search of higher liquidity or only have volatile liquidity. When you want to buy large amount of cryptocurrencies, this can be issue because they may not be available straight away. Exchanges will take some time to fulfill your order and the price may change during this time.

Along with this, large orders that are placed on crypto exchanges can also cause market price to fluctuate because they don’t provide a lot of anonymity. In all of these situations, OTC trading can be a much better option. When you opt for BitExChain’s OTC trading desk, you will not have to worry about these issues and will get the high liquidity you need. Also, you don’t have to deal with the inconvenience of searching for a crypto broker and signing up with them to trade crypto,

What are the Requirements for Registering with BitExChain?

Due to the popularity of the cryptocurrency market, a lot of interest has been generated and many people want to dip their toes in this pool. But, many don’t have the courage to do so because they are worried about the complications associated with registering with an exchange. It is a legitimate concern because some exchanges have been known to add too many complexities to the process; there are endless forms to fill and numerous documents to be submitted. It can be quite exhausting and there is a lot of waiting involved as well because approvals are involved as well. Fortunately, BitExChain is not one such exchange.

In contrast with other exchanges, BitExChain has deliberately kept their process simple and as short as possible. Even newcomers will not have a problem in getting the hang of it due to its simplicity. You can start with going to BitExChain’s website and clicking on the Get Started option provided. This will provide you with a form that needs to be completed. It is only one form and will not take more than a few minutes to complete because only very basic information is asked for. The details you have to provide are:

  • First name and last name
  • Country of residence
  • Phone number (this should be a valid phone or landline number as prepaid or VOIP numbers are not acceptable)
  • Email address for verification and login
  • Password for your account
  • Currency selection (four options are given; EUR, GBP, USD and South African Rand)

Once you have provided all of this, you will also be asked to confirm your agreement with BitExChain’s Terms & Conditions. To avoid any miscommunications or problems in the future, it is recommended that you go over them on their website. Also, you should confirm that you are 18 years or older before you try to avail the exchange’s service. When you have submitted the form, an email will be automatically sent to you for verification. As soon as you confirm it, you will be able to use BitExChain’s platform for exchanging, sending or receiving crypto.

But, there is some additional verification required for you to be able to buy or sell cryptocurrency. You will have to provide some documents because this is part of the regulatory process and is mandatory for everyone who signs up with BitExChain. The documents will be verified by the exchange to ensure they are authentic and it doesn’t take longer than 24 hours. This is the maximum time, but your account is typically unlocked within a few hours. An email will be sent to notify you of this.

Is BitExChain Secure?

Is BitExChain Secure?

As mentioned in the beginning, security issues are a major part of the crypto market, so it is a given that anyone stepping into it will have their doubts and concerns. But, should you let this stop you from taking advantage of this market’s potential? Yes, crypto is unregulated and decentralized, but it cannot be denied that it is an excellent investment vehicle and can offer substantial returns. Will you let these risks deter you? Of course, you don’t want to sit out, but you don’t want to be exposed either. The best way to reassure yourself and have some peace of mind is by choosing an exchange that takes your concerns just as seriously.

This is what you will get with BitExChain. They have strong security policies in place to provide a safe environment for crypto investment and trading. Their clients have to provide them personal information and documents, which are quite sensitive. To protect all of these, the exchange has taken advantage of top-of-the-line encryption technology. Thanks to this technology, every piece of information shared with the exchange is immediately encrypted and no one can decipher or understand it without the decryption key. The information will be of no use to the hackers, even if they manage to compromise the exchange’s security.

Next up, BitExChain is also compliant with international standards that apply to crypto exchanges. This is due to the fact that it is properly licensed and registered. The policies that are involved here are the KYC and AML policies, which are referred to as Know Your Customer and Anti-Money Laundering policies. These are primarily developed to check and verify the identity of individuals when they register with BitExChain. This ensures that the exchange cannot be used by criminals for laundering money or any other illegal activity. In accordance with these policies, you have to complete a verification process by submitting some documents.

Customers have to provide proof of identification, which can be done by providing a scanned copy of their passport, ID card or a driver’s license. You should ensure these are not expired or near expiry. You will also be asked to submit a selfie to confirm your identification. Customers also need to give proof of residence, which is done by providing documents like a bank statement or a utility bill. Any utility bill like gas, water, electricity or phone will work, but a mobile bill is not accepted. None of these documents should be older than three months and should clearly show your name and address. The last step is to give proof of payment, which is applicable if you plan on using a debit or credit card for making payments on BitExChain.

A picture of the card will have to be provided here. These documents are checked and verified by BitExChain and once they have done so, you will be notified via email. You will be able to easily buy and sell crypto after it. Along with these features, 2-factor authentication has also been added to the platform for your security. This can prevent third parties from accessing your account without your permission. Since people also have privacy concerns, you can find the exchange’s privacy policy on their website.

All information that is collected by BitExChain is only used for providing you relevant services and is not shared or sold to anyone without your consent. The information is only stored for as long as it is needed to provide services, after which it is removed.

How Can you Make Payments on BitExChain?

You can use fiat currency for buying and selling crypto on BitExChain, but how will you add this currency to your account on the exchange? Like other crypto exchanges, this one has also added multiple options for you to explore in order to make your deposits and withdrawals. If you are looking for quick and easy options, debit and credit cards are fully supported, which include Visa and MasterCard. Along with these, you can also choose bank wire transfer that allows you to directly use your bank account.

There will be no problems in your transactions, as long as your account on BitExChain has been verified via proper document submission. Deposits are processed instantly, no matter which method you select. To make a withdrawal from the exchange, you will have to submit a request and it will take 72 hours to be processed. In case of a refund, there are some conditions applicable, along with some charges. If the transaction hasn’t been cancelled or confirmed, a refund can be issued. A refund fee is applicable if you have initiated the refund request.

What Kind of Customer Support does BitExChain Have?

Having customer support available is essential when you are using a cryptocurrency exchange because this is still an evolving market and you may have questions or issues when using their services. Without support, you could be stuck and this could result in missed opportunities or hefty losses. If you check support options at BitExChain, you will find an FAQ section that provides answers to possible questions. This is quite extensive and covers a lot of areas, but if your question is not there, you can use other channels to reach out to the exchange’s staff.

Visit the Contact Us section on BitExChain’s website where you will find an email address and a phone number that can be used for getting in touch with their representatives. There is also an online contact form that you can fill and send to them. They are very responsive and friendly and will get back to you as soon as possible.

Final Verdict

Along with the offerings mentioned above, it is also important to know that BitExChain has added a free crypto wallet for clients, making it a reliable solution for crypto investment.

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