[SCAM Alert] Bitsane

[SCAM Alert] Bitsane Exchange Review

Centralized

[SCAM Alert] Bitsane Overview

  • UPDATE: In late June 2019 Bitsane performed an exit scam, disappearing with user funds and deleting all of its social media accounts and online presence. We have updated our Bitsane exchange review and score to reflect this.

    Bitsane was a Dublin-based cryptocurrency exchange that was established in 2016 in Ireland. Though established in 2016, Bitsane peaked in 2018 when it was mentioned in CNBC as a place to buy XRP. During this time, a lot of complaints surfaced about Bitsane’s security, as users reported that their funds or deposits did not go through. Many of these complaints were later followed up by updates stating that such deposits did go through in the end, yet it was slow enough for users to become suspicious. This showed that Bitsane’s infrastructure was not strong enough to handle heavy traffic on the website. Bitsane did not make the necessary upgrades to handle heavy traffic, or make any other major improvements before eventually performing their exit in 2019.

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

    • 24h Trading Volume

      NaN BTC

      • [SCAM Alert] Bitsane Total Trading Pairs

        N/A

        • [SCAM Alert] Bitsane Margin Trading

          No

          • [SCAM Alert] Bitsane Deposit Fees

            Advcash: EUR 3%, USD 1% Wire: 0.5% + 1 EUR

            • [SCAM Alert] Bitsane Trading Fees

              Maker 0.15%
              Taker 0.25%
               

              • [SCAM Alert] Bitsane Fiat Deposit

                Yes

                • Accepted Payment Methods

                  Crypto to Crypto, Crypto to FIAT

                  • [SCAM Alert] Bitsane Native Token

                    Yes

                    • Native Token Smart Contract

                      N/A

                      • [SCAM Alert] Bitsane Trading Markets

                        N/A

                        • [SCAM Alert] Bitsane Stablecoins Trading

                          N/A

                          [SCAM Alert] Bitsane Withdrawals

                          • Daily Withdrawal Limit

                            N/A

                            • [SCAM Alert] Bitsane Withdrawal Fees

                              BTC - 0.0001 BTC, BCH - 0.0001 BCH, ETH - 0.01 ETH Full list of fees can be found here

                              • [SCAM Alert] Bitsane Withdrawal Fees Discount

                                N/A

                                • Proof of Reserves

                                  N/A

                                  [SCAM Alert] Bitsane Exchange Rating Analysis

                                  Last edit 29.05.2020

                                  • When we performed our initial Bitsane exchange review, they had all the typical red flags an exchange could have: no public team, no insurance in case of hacks, minimal user account protection and a lackluster website. Following further investigation, we believed the team was of Polish and Ukranian origin. In late June 2019 Bitsane performed an exit scam, disappearing with all user funds that were present on the exchange (they had more than 200,000 registered users), deleted their social media accounts, and are unreachable anywhere online. We updated their score to zero (was 2.9 before - a very low score still) and will update the rating if any new information surfaces.

                                    [SCAM Alert] Bitsane Exchange Additional Information

                                      • [SCAM Alert] Bitsane Headquarters

                                        Ireland

                                        • [SCAM Alert] Bitsane Establish Date

                                          2016