RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

Bit-Z

Bit-Z Exchange Review

Centralized

Bit-Z Exchange Rating Analysis

  • Bit-Z, launched in 2018, managed to quickly make a name for itself in the altcoin trading space - although not a completely positive one. It is often being called out as an exchange that blatantly fakes its reported volume numbers, with some estimations showing up to 99.6% of the exchange's volume is not genuine. Nevertheless, we took a deep-dive approach to the exchange, like with any exchange we review, and came up with a thorough rating.

    Starting with User Experience, the website is nicely designed - but that is almost its only redeeming trait. We tried approaching customer support using the live chat, but no answer was received in a reasonable waiting time. Some features don't work on all browsers, and we managed to get the best (although not that great) experience using Chrome browser. The support section is buggy and not easy to navigate, the pictures didn't load, and many of the functionalities of the platform are hard to understand by yourself - and users have no choice but to resort to guessing their way around - since documentation is close to non-existent.

    Performance is not great, with many points deducted due to the fact is is an open secret that Bit-Z's reported volume is almost fake in its entirety. The sad reality is that exchanges understand they can move up arbitrary ranks using false volume reporting in a desperate attempt to raise their actual user numbers and attract real volume.

    Features are abundant, Bit-Z has a wide range of "extras" for users to utilize, the most attractive being their margin trading and perpetual contract, which so many exchanges implement nowadays following its success in the derivatives space. Users have the option to borrow and lend funds for margin alongside simply trading them, with the option to specify interest rates and earn income from an additional source.

    The Bit-Z team is nowhere to be found online, at least in English speaking circles and platforms, and the community using the exchange outside China is left wondering who are the people behind the exchange and if they are to be trusted; unfortunately, we have no answer.

    On the social front Bit-Z is doing well; They have an online presence on many platforms, including western-oriented ones such as Medium, Twitter or Facebook, and we believe their Asian outlets, specifically Chinese ones, are thriving much more than their western counterparts. This is also cemented by the fact that when reviewing the exchange we identified much if not all of the trading happening on the exchange originates from China: there were zero orders for USD-crypto OTC trading, while the CNY-crypto OTC orderbook was packed with offers.Our trust in Bit-Z to securely safeguard user funds is questionable; The security measures they provide for users are too basic - just two ways to use 2-factor-authentication and email confirmation before withdrawing funds. Additionally, they do seem to store some user assets in cold storage, although not everything - as other highly secure exchanges do. Moreover, Bit-Z was never hacked, despite displaying impressive volume numbers - even though they are most probably fake, and that means they do have a functioning Risk Management team, although its expertise is not known to us in-depth, since English communication on the exchange's side is not its strong suit, to put it lightly.

    To conclude, Bit-Z seems at first glance like a large, seasoned exchange, although a deeper look reveals it is a less-than-two-year-old business, struggling to attract users using several different tactics. Some seem to work, some less; and it is definitely trying to compete in the altcoin trading space. Bit-Z's largest problem, however, is that this space is ultra-competitive, and in our opinion there are multiple choices out there which are orders of magnitude better for the end user than Bit-Z. For now, we'll recommend avoiding this exchange if it isn't necessary to trade there.

    Bit-Z Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      63,901.769 BTC

      • Bit-Z Total Trading Pairs

        N/A

        • Bit-Z Margin Trading

          No

          • Bit-Z Deposit fees

            Fee

            • Bit-Z Trading fees

              Maker=0.18% Taker=0.2% Full list of fees here.

              • Bit-Z Fiat Deposit

                No

                • Accepted Payment Method

                  Crypto to Crypto Only

                  • Bit-Z Native token

                    Yes

                    • Native token smart contract

                      Bit-Z Token

                      • Bit-Z Trading Markets
                        • Bit-Z Stablecoins trading

                          Bit-Z Withdrawals

                          • Daily Withdrawal Limit

                            2BTC, 20BTC or 50 BTC per day. Depending on verification level

                            • Bit-Z Withdraw fees

                              Depending on currency Full list here.

                              • Bit-Z Withdraw fees discount

                                25% fee discount for holding more than 50 BZ

                                • Proof of Reserves

                                  N/A

                                  Bit-Z Overview

                                  • Bit-Z, short for Bit-Zeus, is a digital asset exchange that was founded in December 2016. This was a couple of months before the start of the 2017 crypto bull market. A Bit-Z exchange review reveals that its headquarters are based in Hong Kong and it has a presence in no less than 10 countries and regions, including Japan, Singapore and South Korea.

                                    It is also revealed in a Bit-Z exchange review that it is one of the top 10 cryptocurrency exchanges in the world as measured by trading volume. It provides access to a 160+ markets and the high liquidity these markets offer, including professional trading access to no less than 100 digital assets and a 140+ trading pairs. Furthermore, Bit-Z provides access to reports, advanced charts, real-time market information, trading history as well as API access. This enables traders to make informed decisions.

                                    In addition, they offer OTC trading services, including an OTC trading platform where ads pertaining to the buying / selling of certain crypto assets can be posted / listed. The OTC trading they offer makes the direct trading of digital currencies between users possible.

                                    The team behind the exchange is made up of highly experienced, professionals with a diverse background when it comes to industry-related experience. A Bit-Z exchange review shows that they have experience in ecommerce, gaming, finance and social networking. This combined experience adds to the ease of use and security of the Bit-Z platform, including the deployment of SSL technology normally used by banks for optimal security.

                                    The reason why Bit-Z is so high on the list of top exchanges is due to its liquidity since Bit-Z has reported a 24-hour trading volume of USD 653 million as of June 2019. Visiting the platform’s website will reveal to the user the four factors that the exchange values and prides itself on: professionalism, security, convenience, and synchronization. The exchange offers a flat fee of 0.10%, which is well below the industry average which is 0.25%. This gives the exchange a strong competitive advantage in the industry, as a lower fee is more appealing for certain users. Its withdrawal fee is 0.0001, which is also below the industry average and provides a competitive advantage to the exchange.

                                    Though the low fees are attractive to users, the platform is not the absolute best for new cryptocurrency investors, as the exchange does not allow for fiat-crypto trade, only crypto to crypto trade. This means that new investors will have to utilize another platform to make a fiat-crypto trade, and then be able to use Bit-Z, however they can use OTC service provided by the platform to make such trades on the side.

                                    For security, the exchange uses a bank-level SSL technology on transactions and utilizes Global Server Load Balancing for stability. A system of two-factor authentication is also used when making withdrawals, and the user is asked to verify their account when trading. The platform prides itself on being transparent with their security system and rules. As the exchange is based in Hong Kong, it is not regulated due to Hong Kong laws. However, there has not been any security-related defects on the platform so far, which is an assurance of the strength of its security system.

                                    Bit-Z Exchange KYC and AML

                                    Bit-Z Exchange Additional Information