RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

BiteBTC

BiteBTC Exchange Review

Centralized

BiteBTC Overview

  • BiteBTC is a cryptocurrency exchange or digital asset exchange that seems to have launched in early 2018. It seems that First Finance LLC based in the Seychelles is the holder of what they describe in the footer of the BiteBTC website as the “BITEBTC stored value facility”. In addition, in their opinion this doesn’t require the approval of the FSA, short for Seychelles Financial Services Authority. Despite this, BiteBTC seems to be fully KYC compliant.

    A BiteBTC exchange review reveals that this crypto exchange offers trading access to various currency pairs, both crypto-to-crypto and fiat-to-crypto currency pairs. The main currencies offered for trading are the US Dollar (USD), Chinese Yuan (CNY), Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). This crypto exchange seems to serve the crypto community via no less than 41 active markets.

    BiteBTC also seems to offer at least two APIs for automated trading, both a public and trading API. In addition, new applications for coins or tokens to be listed on this crypto-asset platform will be reviewed within 12 hours on business days. They offer three types of listings, including Standard, Advanced and Premium. The refundable listing fee is payable in Bitcoin (BTC).

    A review of BiteBTC exchange also reveals that beside cryptocurrencies, they accept SWIFT wire transfers (USD, EUR) as well as Mastercard/Visa payments, when it comes to the funding of trading accounts. Other payment methods, services or providers include Alipay, OKPay and JCB cards. The latter seems to be a card issued by the Japan Credit Bureau (JCB) – a credit card that is accepted in a 190+ countries and used by an estimated 80 million cardholders.

    BiteBTC charges a fixed trading fee of 0.2% for all currencies. Withdrawal fee and limit (only for verified traders) and deposit minimum and maximum varies depending on the currency and payment method. Although BiteBTC points out that there are special regulations for verified traders, it does not state what a verified trader is and what other categories exist.

    BiteBTC values privacy and gives it a high priority, wherefore they advise customers on how to stay safe and use encryption cryptographic algorithms to protect against third parties. Their trading platform is simple and straightforward and offers as a special feature a box on the side that shows Twitter news. What stands out are the high number of negative user reviews and complains that contradict to what BiteBTC is promising. 

    Since the 15th of July, BiteBTC is absorbed by the Seychelles Commercial Bank and does no longer exist. However, the team of BiteBTC is now working for the new exchange Fedlio that is owned by the Seychelles Commercial Bank.

    BiteBTC Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      NaN BTC

      • BiteBTC Total Trading Pairs

        N/A

        • BiteBTC Margin Trading

          No

          • BiteBTC Deposit fees

            Wire transfer - 1%. Chinese Bank Transfer - 1%

            • BiteBTC Trading fees

              0.2%

              • BiteBTC Fiat Deposit

                Yes

                • Accepted Payment Method

                  Crypto to Crypto, Crypto to FIAT

                  • BiteBTC Native token

                    No

                    • Native token smart contract

                      N/A

                      • BiteBTC Trading Markets
                        • BiteBTC Stablecoins trading

                          N/A

                          BiteBTC Withdrawals

                          • Daily Withdrawal Limit

                            depends on currency, monthly restriction

                            • BiteBTC Withdraw fees

                              BTC - 0.001 BTC ETH - 0.02 ETH LTC - 0.01 LTC Full lists of fees can be found here

                              • BiteBTC Withdraw fees discount

                                N/A

                                • Proof of Reserves

                                  N/A

                                  BiteBTC Exchange Rating Analysis

                                  Last edit 28.11.2019

                                  • The BiteBTC exchange is a unique place: from its data, it seems the exchange handles hundreds of millions in daily volume, denominated in US Dollars, and provides a liquid home to a large amount of coins. A closer look unfortunately reveals an exchange that inflates its volume metrics using wash trading, accused consistently of not honoring users' fund withdrawal requests - allegedly stealing from them, having a seemingly non-existent team untraceable in the real world and a frustrating website, which rarely works in a user friendly way and does not even allow the user to open a support ticket, or - in the worst case we've seen - when a user wishes to disable its two-factor authentication, they simply click the button that says "disable 2FA" - and it is disabled, no questions asked - this is an extremely alarming vulnerability, easily exploitable by every amateur attacker.

                                    With trading fees similar to its competitors, at 0.2%, and a large amount of "exotic" listed coins which appear liquid only due to the wash trading - some traders might feel drawn to BiteBTC. To those we recommend staying away from this exchange, due to its nonexistent transparency and extreme level of risk.

                                    BiteBTC Exchange Additional Information