[SCAM Alert] BiteBTC Exchange Review

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.