[SCAM Alert] Bitsane Exchange ReviewCentralized
[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 score according to this.
Bitsane is a Dublin-based cryptocurrency exchange or blockchain trading platform that was established in 2016 in Ireland. A Bitsane exchange review reveals that this digital asset trading platform offers trading in the most popular digital assets or cryptocurrencies, including Bitcoin, XRP, Ethereum, Litecoin and others.
It is also revealed in a Bitsane exchange review that they offer via a single account type, both crypto-to-crypto and fiat-to-crypto trading options. Flexible payment options are also available in terms of deposits and withdrawals, including wire transfer and payments via AdvCash and the Single Euro Payments Area (SEPA). They seem to make it as easy and straightforward as possible to register a new account and start trading – something that is positive and in general part of the basic requirements for mass crypto adoption.
Bitsane claims to be the “fastest growing crypto currency exchange platform” and also that they offer the “world’s fastest exchange engine.” A Bitsane exchange review also reveals that beyond an easy to use platform, they proud themselves in terms of super-fast trade execution, safety and security and professional support. They also offer an affiliate program and API access for developers. The latter makes it possible for developers to create their own digital asset or cryptocurrency trading applications.
Bitsane seems to have various partners, include heavyweights in the crypto space such as Bitcoin.com, bitcointalk, NewsBTC and others. This while the Bitsane trading platform is also available and compatible with mobile devices. In addition, verification only seems a requirement in instances where deposits / withdrawals are made via bank wire transfer.
Bitsane trading fees for takers are 0.25%, which is directly in line with the industry average. For makers, it is 0.15%, as the platform offers a specific discount for such users. Though the taker trading fee is nothing special when compared with the rest of the industry, the maker fee gives the platform a competitive edge as it is lower than average. The withdrawal fee is 0.0001 BTC, which is extremely below the global industry average. Bitsane’s security program includes network protection and backup, advanced monitoring and cold storage, enabling the exchange to have a security protocol in line with the cryptocurrency industry. It follows strict Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) guidelines as well as two-factor authentication.
Signing up to trade on Bitsane is pretty easy, free and does not require any personal information. Account holders also have easy access to their Bitsane wallets, which makes the exchange pretty user-friendly.
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 about Bitsane’s security were made, 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 shows that Bitsane’s infrastructure is not strong enough to handle heavy traffic on the website. No new features were added since then, which shows that the same complaints could arise in another situation of heavy traffic, which could be a warning sign for many users.
[SCAM Alert] Bitsane Exchange Review, Trading Fees, Deposit and Markets
24h Trading Volume
[SCAM Alert] Bitsane Total Trading Pairs
[SCAM Alert] Bitsane Margin Trading
[SCAM Alert] Bitsane Deposit Fees
Advcash: EUR 3%, USD 1% Wire: 0.5% + 1 EUR
[SCAM Alert] Bitsane Trading FeesMaker 0.15%Taker 0.25%
[SCAM Alert] Bitsane Fiat Deposit
Accepted Payment Methods
Crypto to Crypto, Crypto to FIAT
[SCAM Alert] Bitsane Native Token
Native Token Smart Contract
[SCAM Alert] Bitsane Trading Markets
[SCAM Alert] Bitsane Stablecoins Trading
[SCAM Alert] Bitsane Withdrawals
Daily Withdrawal Limit
[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
Proof of Reserves
[SCAM Alert] Bitsane Exchange Rating Analysis
Last edit 13.09.2019
Bitsane 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 believe the team was of Polish and Ukranian origin, and in late June 2019 Bitsane has indeed 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 have 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
[SCAM Alert] Bitsane Establish Date