Summary

Cubits is an extremely efficient brokerage, offering customers a quick method of exchanging bitcoin with any of the 17 different currencies. The KYC process is arguably the best and fastest in the market – verification is sorted within the website in a manner of minutes, and usually requires only a government-issued ID. Once verified, there are a number of different deposit options that have been integrated to facilitate convenient money transfers from any number of different countries. The merchant solution is widely utilized by leading gaming operators, making Cubits the easiest on ramp to the world of bitcoin gambling for any potential customer new to the world of bitcoin.

The 0.9% fees are quite good for a brokerage, but more than you will find at an exchange. This is the price of convenience and speed.

Security

Two factor authentication is available upon login, and notifications are sent to the user for any account actions, like withdrawing and the changing of personal data.

Coins are kept in cold storage, with forum posts suggesting a 100% cold wallet reserve. Withdrawals must also be signed by Cubits, and larger orders – anything more than a few bitcoin – are manually checked before sign off to ensure integrity. Should anything seem strange, the customer is contacted directly by support.

Gravitas

Cubits has registered offices in London and Berlin, and is licensed as an IT payment service provider by HM revenue and customs. The team is comprised of approximately 20, with a group of four co-founders who provide funding. Their adherence to UK’s compliance and regulatory statutes is supported by top consulting firm Diacle.

Opening an account

Cubits offers one of the quickest and easiest know-your-customer process in the bitcoin exchange market, thanks to their partnership with Jumio. Jumio is a leading identity management company specializing in providing fast, seamless verification in the fintech market. Their technology allows instant ID verification from over 120 countries. Simply click “verify”, which is located under the user profile, and a photo of the front and back of your ID can be submitted, straight through the webcam or uploaded, which is generally approved within a minute or two. Once verified, customers are able to deposit in 17 different currencies including.

For merchant accounts, proof of site ownership requires submitting a metatag to the homepage for verification.

The Cubits product

Cubits Wallet

Cubits offers a no-frills bitcoin brokerage, offering quick and easy exchange of bitcoin and any of the 17 currencies supported. There are a number of “instant buy” methods that result in the immediate purchase of bitcoin; bank transfers, on the other hand, will fund a cash wallet, from where transactions can be executed at a user’s discretion. The interface is extremely simple, with five tabs offering users the ability to send bitcoin to a particular address or QR code; request bitcoin via email; buy bitcoin, which also includes depositing options; sell bitcoin, which also includes the withdrawal options; and an activity tab, which shows all pending and completed account actions.

Cubits Pay

Cubits Pay is a bitcoin payment processing solution for online merchants. While the solution has been adopted by a number of e-commerce sites it has proven most popular amongst online bitcoin casinos and sportsbooks. Users may simply select “Pay with Cubits” which launches a login screen, served by Cubits, to which they enter their user and password. After signing in, the user can simply enter the amount of bitcoin he’d like to transfer to the merchant and the funds are instantly credited. In the case of the bitcoin casinos, withdrawals are just as simple.  We list below the top three gambling sites that have integrated with Cubits Pay.

The merchant has the option of instantly converting the bitcoin into EURO, with no additional conversion fee.

Mobile

The site is optimized for mobile use, with full deposit, withdrawal, send and receive services available. Cubits has yet to integrate Jumio’s mobile KYC functionalities, which stops the product from being truly end to end. There have been rumblings of a Cubits app for iOS and Android, though this has yet to have hit the market.

Fees

The main gripe with Cubits is their .9% trading fee, which is much higher than most exchanges. We’ve also illustrated below the deposit options available, as well as the currencies (or countries) supported.

Support

Cubits has an excellent support team, and any questions are answered via email within an hour or two. Additional services – for instance, resetting a two factor authentication – is also managed swiftly by customer support.

You might be better off at a different exchange if:

You plan to day trade.

Cubits is a brokerage, it is not appropriate for frequent trading.  Day traders need massive liquidity and the associated tight spreads, and low fees – we recommend bitfinex for spot market trading and bitmex if you want to try your hand with derivatives – like cryptocurrency futures or highly leveraged spot market trading.

You are based in the US.

Check out our list of the top US bitcoin exchanges for alternatives.

You put a higher premium on price rather than convenience.

The fee is a bit high at .9% (although relatively low compared to other brokers) and the spread can at times get wide.  If you are OK getting your hands a bit dirty, you might be better off just choosing a bitcoin exchange rather than a brokerage.

Bottom Line

Cubits is a simple, user-friendly platform with the industry’s best KYC process. If you’ve got an ID, you will most likely be verified within 5 minutes of visiting the site. For non-bitcoin users interested in checking out the world of bitcoin gambling, an account with Cubits offers almost instant play with a number of leading casinos, thanks to their integrated wallet solution.

While the 0.9% fee might scare off some, Cubits offers a safe, simple, and effective method of converting fiat currency into bitcoin.