RESEARCH & ANALYSIS
FOR THE CRYPTO ECONOMY.

BiteBTC

BiteBTC Exchange Review

Centralized

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 card holders.

  • 24h Trading Volume

    20399.833 BTC

  • Establish date

    2017

  • Headquater

    Singapore

BiteBTC Exchange Review

  • BiteBTC Withdraw

    BTC – 0.001 BTC

    ETH – 0.02 ETH

    LTC – 0.1 LTC

    Full lists of fees can be found here

  • BiteBTC Deposit fees

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

  • BiteBTC Trading fees

    0.2%

  • Fiat Deposit

    USD

  • Accepted Payment Method

    Crypto to Crypto, Crypto to FIAT

  • Native Token

    Yes

  • Margin Trading

    No

BiteBTC Exchange Score Analysis

The BiteBTC exchange is a unique place: from its data, it seems the exchange handles hundereds 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-existant 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 similiar 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 nonexistant transparency and extreme level of risk.