Bitit provides a fast and secure way of buying and selling cryptocurrency online with local currencies. If you are looking for Bitit review then sit back and read this detailed review.
It has support for over 10 fiat currencies and has fixed rates for transactions. It is a hassle-free and no non-sense platform designed to take cryptocurrencies forward.
Here at BlockchainBiome, we discuss Bitit review which covers features, safety and everything you need to know. Our comprehensive review is exactly what you need to read to learn about it.
What is Bitit?
So, what exactly is Bitit?
Bitit is a cryptocurrency exchange platform that lets you buy and sell cryptocurrency instantly. However, it is not just your regular crypto trading platform, it is much more.
It allows you to buy and sell cryptocurrency instantly using a large number of options of local currencies. You can even buy cryptocurrency in different stores located all around the world for cash with Bitit.
Yes, it has actual physical stores where you can buy a cryptocurrency for cash!
Currently, Bitit has over 150k+ stores worldwide where you can transact, buy, and sell cryptocurrency. The website has a handy ‘Buy Near You’ feature that lets you buy cryptocurrency by locating stores around you.
Registering on Bitit
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The registration process on Bitit is very straightforward with email verification. However, the verification process can be very vexing. You will have to upload documents and selfies with your documents to complete the process.
To Register on Bitit:
- Open the website, https://bitit.io/
- Look for the ‘Sign Up’ option on the top right corner of the page. Click on this button.
- Fill out the form by providing details such as your first name, last name, email, and password.
- Next, fill in your personal details, such as an address, birthday, country, and phone number. Please provide a valid number to continue with the registration. Then, click on ‘Create My Account’.
- The next step is to verify your account through email verification. Go to the inbox of the email address that you used for verification. Look for an email from the Bitit team that says, ‘Welcome Aboard’. Click on the link in the email that says, ‘Confirm My Account’.
- In order to carry out transactions, buy and sell through wire transfer, credit cards, debit cards, you will need to verify your identity.
- You can choose two different options, ‘ID Card’ and ‘Passport’. Once selected, fill in the ID Card/Passport number, Date of Issue, Document Issuing Country, and Issuing Authority. Click on ‘Next’.
- Once done, upload images of both the front and back of your document. When this is complete, click on ‘Next’ to continue.
- Next, upload a selfie with your document with the document ID clearly visible. You will need to also have a piece of paper with ‘Bitit’ written on it along with the current date. This selfie should have a clearly visible face, ID number, date, and ‘Bitit’ visible.
- Click on ‘Upload Documents’ and you are done. Once the documents are verified, you can buy and sell cryptocurrency directly from the website.
Bitit Review: Buying Cryptocurrency through Stores
- Visit bitit.io and log in to your account by clicking on ‘Sign In’ at the top right once the registration is complete.
- Click on the ‘Buy Near You’ to locate the nearest store or https://bitit.io/store_locator
- You will see a search bar, where you can enter your location and find the nearest physical store based on your location. The map that they provide is extremely useful for locating stores.
- In the store, go to the cashier and buy vouchers that you can redeem on the online store for cryptocurrency, with cash. You can buy Neosurf and Cashlib vouchers from the stores with your cash.
- Next, go back to the ‘Buy Near You’ page on the Bitit website.
- Scroll down and click on ‘Redeem your voucher now à’ button below.
- First, pick your cryptocurrency. Then, select the payment method. Since you will need to buy using Neoseurf or Cashlib vouchers. Choose any of those options.
- Next, choose your amount. Select a delivery address, which, is the wallet address for storing your cryptocurrency.
Bitit Team and it’s Mission
How we can miss the team overview in this Bitit review?
Bitit is based in France and was started by three passionate cryptocurrency enthusiasts. It firmly believes that cryptocurrency is the future of finance and business. It was started by Nicolas Katan, Ugo Mare, and Simon Potier.
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Nicolas Katan is the current Chief Executive Officer (CEO), Ugo Mare is the Chief Technological Officer (CTO), and Simon Potier is the current Chief Information Officer (CIO) of Bitit.
The team believes that it is on course to build the future of financial services through cryptocurrencies and Blockchain technology.
The mission is to empower individuals and financial institutions so that these individuals and institutions can deliver cryptocurrencies quickly in an efficacious manner. The emphasis of it is in improving the delivery time of cryptocurrency by making buying and selling much faster than it is currently through other mediums.
Bitit envisions a future where cryptocurrency is a commodity that most consumers around the globe use. Further, the team wants to make transactions smooth for everyone.
The team comprises of risk managers, financial technology (FinTech) experts, and developers. The team has been working hard since its inception in 2015 and consists of motivated individuals.
Problems that Bitit Wants to Address
Let’s move forward in this review of Bitit and see the problems they want to address.
The team found that most existing cryptocurrency exchanges drove people crazy. These exchanges use outdated tools, provide poor or no customer service and clearly lack understanding.
Bitit aims to turn cryptocurrencies into commodities through the interfaces that it creates for trading cryptocurrencies. It predicts that more and more people will begin to move a large amount of money into cryptocurrencies. Cryptocurrency is the future that is inevitable.
The increase in the number of cryptocurrency investors would create the need for a user-friendly platform that provides the users with easy access to these cryptocurrency assets.
This is where Bitit comes into the fray. They provide the interface for people to transact cryptocurrency in a very fast and safe manner. The interface is provided in a manner that allows for great scalability and support for a large number of users. It is dedicated to developing and maintaining the intuitive e-commerce platform that they have created.
Another problem that it’s aims to solve is the irrelevancy of traditional payment methods in most countries. Most customers and consumers are no longer happy with the limited options that credit cards and wire transfers provide. These modes of payment are no longer relevant for a growing user base that continuously grows across the world.
Bitit also recognizes that local currency, local payment methods, and native languages are crucial for most consumers. The convenience that these options provide is crucial to most customers. Therefore, it’s beginning to work with top payment specialists from all across the globe. The team provided relevant payment methods and enabled the buying and selling of cryptocurrency through local currencies on their platform.
It addresses underserved markets and ensures every consumer has the opportunity to buy cryptocurrency rather conveniently.
Bitit Review: Is Bitit safe?
This Bitit review is rendered incomplete without a mention of its security. It is completely based in France. It enforces strict European regulations on using personal data. It is considered to be highly secure to use.
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It claims to apply the highest security standards while dealing with the protection of user data. All data is completely encrypted and is kept highly confidential.
No passwords or card numbers are stored on its server. The passwords, therefore, cannot be hacked by third parties. As a result, passwords can never be compromised on the website.
The payment partners for Bitit are Level 1 PCI service providers, which, is the highest level of security that is attainable in the payment industry. All payment partners ensure that buying and selling take place securely with no hassles.
The level of security is top notch. Constant tests and analyses are carried out to improve and evaluate security. Their bank-level security is continually tested and audited. All members of the staff are trained to ensure no fraudulent activity takes place.
Additionally, on the website, there are features such as 2 Factor Authentication and account credentials verification. These are designed to add extra layers of security and to protect the account from unauthorized and malicious access.
Bitit claims that the security of the user is its highest priority.
Currencies available on Bitit
There are several local currencies available on Bitit. They are:
|Chinese Yuan Renminbi||CNY|
|Honk Kong Dollar||HKD|
|South African Rand||ZAR|
|South Korean Won||KRW|
What are the Bitit fees?
|Debit/Credit Cards(American Express, MasterCard, Visa, Maestro)||3.9%|
|Neosurf, Bitit, CASHlib||5.9%-11.9%|
Let’s step ahead in this Bitit review and see what are the fees?
Its fees are fixed. The fact that the fees are fixed is another convenient aspect of it.
When NeoSurf and Cashlib vouchers are availed after having been bought in physical stores, they incur an 8.75% transaction fee. The buying of cryptocurrencies through these vouchers is limited to 2500€/week.
Credit and debit cards incur a fee of 3.9% per transaction. It supports all major cards such as MasterCard, VISA and Maestro. This is the most popular form of payment and there are 15 currencies that are supported (see ‘Currencies available on Bitit’ above to find out which currencies are supported). The buying limit is set to 7500€/week.
Euro wallets can also be used. These incur a meager fee of 0.25%. SEPA transfer can be carried out and the buying limit is set to 30000€/week.
- Cash Vouchers: 8.75% transaction fees; Buying limit: 2500€/week
- Credit and Debit cards: 3.9% transaction fees; Buying limit: 7500€/week
- EUR Wallets: 0.25% transaction fees; Buying limit: 30000€/week
Bitit Customer Support
The customer support on Bitit is considered to be responsive. Since it came into existence to eradicate the poor customer service provided by already existing cryptocurrency platforms, it does not come as a surprise that it gives prominence to customer support.
To contact customer support, you can generate a ticket at their Help Center, email them at [email protected], or send them a message via their Facebook or Twitter page.
Support for Hardware Wallets
Bitit.io now provides support for hardware wallets such as Ledger Nano S and Trezor One. It allows you to buy more than 32 crypto assets and they can be directly delivered to these hardware wallets.
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This hardware wallet support was introduced to combine the best of both worlds: centralized and decentralized solutions. The private keys can be saved securely on the hardware wallets such as Ledger Nano S and Trezor One while it can be used for buying and selling the crypto assets.
Wrapping Up Bitit Review
Bitit.io was introduced to spread the idea that cryptocurrency is the future and that cryptocurrency is here to stay.
With a dedicated team, it is growing rapidly. The fixed fees provided by Bitit is a boon to customers everywhere.
The buying and selling happen quickly and can be carried out in a whole host of different currencies. It prides itself on good customer support and can quickly grow to become one of the best exchange platforms in the world.
The future of cryptocurrency is in safe hands with Bitit.io.
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