Bit-X Review
3 stars - "Bit-X Review" Bit-X Review
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Bit-X Review

Written on: January 21th, 2016 | Author: David M

wire  qiwi  sepa  okpay  perfect-money

wire  interac  perfect-money  west

USD  EUR  GBP  RUB

BitCoin  LiteCoin

English English
 Русский Русский

Important info
  • Trading Fees :  0.5%
  • Order types:  Market, Limit, Stops
  • Office location :  Edinburgh, Scotland
  • Mobile:   Responsively Designed
  • Email :  Online Ticketing System
  • US Customers Accepted? :  Yes
  • Institutional Accounts? :  Yes
Pros and cons
  • Offer a bitcoin debit card
  • Multiple currency pairs, decent litecoin market
  • Liquidity improving
  • Fees are steep
  • No really USP outside of accepting rubles

LP

Summary

Bit-x is an ambitious latecomer into the bitcoin exchange market place. We call them ambitious due to the number of services they offer - bitcoin trading platform, debit card service and, until recently, cloud mining provider. Bit-x was much loved by the cloud-mining community due to their partnership with bitfury and the ability to instantly spend mining profits through the debit card offered. It will be interesting to see how the cessation of cloud mining affects the overall business.

Security

From the client side, two factor authorization is set up when registering, which is convenient. Login is done with your telephone number rather than email, and a confirmation code must always be confirmed before logging in. There is little said about coin storage strategies, and protection offered to hot and cold wallets - so we are unsure as to the robustness of server side protection.

Opening an account

First things first, registration starts with confirming telephone number, which might be a turn-off for some, though it does allow for quickly integrating two factor authentication, so that's nice.

Immediately upon telephone verification, users are redirected to their dashboard, otherwise knows as the "balance" screen, and will notice a message waiting for them in the internal mailbox. This message advises the user to set up their access recovery settings, which can be done from the profile section of the site.

deposit-screen

The profile section is also where users can adjust their notification settings - email, sms or system messenger? - is set up as SMS by default, as well as sort out two-factor authentication, which can be done via SMS or google authenticator. Do make sure to set up your access recovery - it's a simple question of selecting your phone number or email and clicking - send request. Ditto enabling two-factor authentication.

Bitcoin and litecoin deposits require no additional account verification, and are processed within 3-6 verifications. It is quite difficult to determine which deposit and withdrawal options are available, and what the associated fees. We do the dirty work for you.

  USD GBP EUR RUB
Payment Method Deposit Withdraw Deposit Withdraw Deposit Withdraw Deposit Withdraw
Wire Transfer 0 1% 0 1% 0 1% 0 1%
SEPA         0 1%    
OKPay 0 NA 0 NA 0 NA 0 NA
Perfect Money 3% NA 3% NA 3% NA NA NA
VTB24             2.5%  
Sberbank             2.5%  
Qiwi             5%  
Alfabank             2.5%  

Please note that the above fee list does not take into account fees accrued on the customer side from the payment option.

To withdraw funds or raise debit card limits, users must fill out a more detailed biographical form, and provide photocopies of an ID and proof of residence.

The Bit-X Exchange

The bit-x order slip, in our opinion, does not possess the most intuitive of interfaces, and their terminology might be confusing to those who dabble in bitcoin exchanges. Users are first asked to pick their currency pair - which basically denotes the currency you'd like to buy, and the currency you'd like to buy it with. Traders are then asked if they would like to set up a limit or auto order - auto actually representing what is known at most other platforms as a market order, as well as if they would like to buy or sell the pair. If you were to sell, for instance, the btc-usd pair, that would mean you were selling your bitcoin for dollars, while buying the pair would mean the opposite.

trade-slip

When the order has been placed, however, the details are populated to the right of the slip, which clarifies things. Two additional fields, stop loss and take profit, can be filled in as required.

A quick scroll down the order page will show a market depth chart and open orders list. The few times we've been playing around with the exchange, the open orders list has been relatively shallow, and the spreads are a good bit wider than one would find at the main exchanges - but that is to be expected.

The market tab actually shows the depth of all possible crosses - for those looking at more exotic pairs, like rubble-ltc, probably best to check this out prior to going through the bother of registering. Make sure that the liquidity is appropriate for you.

Exchange fees - a .5% fee is charged to all trades on the exchange.

The Bit-X Debit Card

Bit-X is perhaps best known for their debit card, which is a definite convenience for those using the product. Three different currency cards are offered, gbp, usd and eur, which not only potentially accommodates a wide swath of the bitcoin marketplace but offers convenience for travelers. This was of particular use when bit-x had a relatively large cloud mining operation set up, which was backed by bitfury - many mining enthusiasts were happy to earn bitcoin through the mining and instantly be able to spend the earnings through an associated debit card. This also, incidentally, served to boost exchange liquidity - unfortunately, due to the unprofitability of the venture for bit-x, mining was discontinued. While this is understandable, it did away with what was probably the only real USP of the product.

  Anonymous Limited Anonymous Named Named White
Currencies Euro, USD Euro, USD Euro, USD Euro, USD
Issuance, with delivery $€14.95 $€14.95 $€9.95 $€99.95
Activation $€9.95 $€9.95 $€9.95 0
Monthly Fee (from year two) $€2.95 $€2.95 $€0.95 0
Monthly Inactive Fee (from year two) $€9.95 $€9.95 $€4.95 0
ATM Fee $€9.95 $€4.95 $€4.95 $€3.95
Point of Sale $€2.95 $€2.95 0 0
Currencty conversion (if not in card's currency) 5% 3.5% 3% 2.5%

Bit-X debit card limits

Anonymous

  Anonymous
Level 1 Level 2 Level 3
Requirement No Verification Required Verification and card form complete Verification approved by Bit-X bank
Lifetime Turnover $300, €250 $€2,500 $€15,000
ATM Withdrawal Limit N/A $1,300, €1,000 $2,000€1,500

Named Cards

  Named Card
Level 1 Level 2
Requirement Residential Verification Bit-X Bank Approval of Verification
Lifetime Turnover $€2,500 Unlimited
Atm Withdrawal Limit $€1,000 $1,300, €1,000 (Two daily)

Mobile

Bit-x is nicely optimized for mobile use, but there are no applications available.

support

bit-x is best contacted through the ticketing system, located under the "help" tab. Generally speaking, queries are responded to within 4-5 hours.

Bottom Line

Bit-x offers a decent exchange, though liquidity is somewhat lacking as of late, with a very good debit card solution. With bit-x, multiple cards can be ordered in multiple currencies, allowing bitcoin to be converted to local currencies easily and relatively cheaply. While bit-x will have a hard time cracking the US and UK, we can see it emerging as a solid offering for Russian and Eastern European markets.

Visit Bit-X

Bitcoin Price (USD): 853.48