[SCAM Alert] BiteBTC

[SCAM Alert] BiteBTC Exchange Review

Centralized

[SCAM Alert] BiteBTC Overview

  • BiteBTC was 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 was the holder of what they described in the footer of the BiteBTC website as the “BITEBTC stored value facility”. In addition, in their opinion this didn’t require the approval of the FSA, short for Seychelles Financial Services Authority. Despite this, BiteBTC seems to have been fully KYC compliant.

    A BiteBTC exchange review reveals that this crypto exchange offered trading access to various currency pairs, both crypto-to-crypto and fiat-to-crypto currency pairs. However, one can find many negative BiteBTC exchange reviews from disatisfied users whose complaints contradict what BiteBTC was promising.

    BiteBTC was 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. We would recommend users to be wary of Fedlio due to our past concerns over BiteBTC.

    [SCAM Alert] BiteBTC Exchange Review, Trading Fees, Deposit and Markets

    • 24h Trading Volume

      NaN BTC

      • [SCAM Alert] BiteBTC Total Trading Pairs

        N/A

        • [SCAM Alert] BiteBTC Margin Trading

          No

          • [SCAM Alert] BiteBTC Deposit Fees

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

            • [SCAM Alert] BiteBTC Trading Fees

              0.2%

              • [SCAM Alert] BiteBTC Fiat Deposit

                Yes

                • Accepted Payment Methods

                  Crypto to Crypto, Crypto to FIAT

                  • [SCAM Alert] BiteBTC Native Token

                    No

                    • Native Token Smart Contract

                      N/A

                      • [SCAM Alert] BiteBTC Trading Markets
                        • [SCAM Alert] BiteBTC Stablecoins Trading

                          N/A

                          [SCAM Alert] BiteBTC Withdrawals

                          • Daily Withdrawal Limit

                            depends on currency, monthly restriction

                            • [SCAM Alert] BiteBTC Withdrawal Fees

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

                              • [SCAM Alert] BiteBTC Withdrawal Fees Discount

                                N/A

                                • Proof of Reserves

                                  N/A

                                  [SCAM Alert] BiteBTC Exchange Rating Analysis

                                  Last edit 09.06.2020

                                  • The BiteBTC exchange was a unique place: from its data, it seemed the exchange handles hundreds of millions in daily volume, denominated in US Dollars, and provided a liquid home to a large amount of coins. A closer look unfortunately revealed an exchange that inflated 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 worked in a user friendly way and did not even allow the user to open a support ticket, or - in the worst case we've seen - when a user wished to disable its two-factor authentication, they simply clicked the button that says "disable 2FA" - and it was disabled, no questions asked - this was an extremely alarming vulnerability, easily exploitable by every amateur attacker.

                                    Before it was dissolved, we recommended staying away from this exchange, due to its nonexistent transparency and extreme level of risk. We transfer that warning to Fedlio, BiteBTC's successor.

                                    [SCAM Alert] BiteBTC Exchange Additional Information

                                      • [SCAM Alert] BiteBTC Headquarters

                                        Seychelles

                                        • [SCAM Alert] BiteBTC Establish Date

                                          2018