BitExChain Review
With the world going digital, there have been a number of changes in every part of our daily lives. Since the advent of the internet and with constant technological progress, people and businesses have evolved a great deal. Almost every other industry has seen a lot of changes taken place and the same applies to the financial industry. There have been a number of significant changes in the world of finance in this digital age and all of these have been aimed at simplifying financial transactions and facilitating people. While there have been a number of additions, perhaps the most popular and prominent ones that have been seen is the introduction of cryptocurrencies.
The trend of these virtual currencies was kicked off in 2009 with the launch of the first cryptocurrency, Bitcoin by Satoshi Nakamoto. This digital currency has also evolved in the last decade and is now considered the epitome of modern banking and finance. There was a time when it didn’t really get a positive response and people were skeptical because of its volatile, anonymous nature and the fact that it was decentralized. However, in the last ten years or so, the perception has changed considerably and now Bitcoin is being regarded as a store of value.
Even though cryptocurrencies are moving towards mainstream adoption, they still remain unregulated. Thus, if you want to invest in this investment vehicle, you would wonder how you would go about it and do it safely. This is of the utmost importance because cybercrimes are rampant on the internet and you have to proceed carefully in order to ensure you are able to trade cryptocurrencies safely. In addition, cryptocurrencies are still relatively new and the market is changing and evolving, so not everyone understand how it works. In such situations, you want to find a platform that lets you trade cryptocurrencies in a safe environment and gives you access to all the resources you need.
If you want to invest in the crypto market, you have to be very cautious. Their volatile nature is undoubtedly a benefit in this situation because it allows you to generate massive amounts of profits. This has drawn hundreds of thousands of traders and investors from all over the world to the cryptocurrency market, especially as Bitcoin is no longer the only currency they can trade. Even though it is the leading cryptocurrency by market capitalization, it is no longer the only option that people can invest in. You can find other options, such as Litecoin and Ethereum, which have also generated profits for their investors.
As a matter of fact, there are more than 5,000 cryptocurrencies in the market and this provides tons of opportunities to traders. Regardless, there is no doubt that Bitcoin remains the most coveted and demanded because it is limited in number; there will only be 21 million Bitcoins ever released in the market. This has only added to its value and in 2017, it hit its peak when it reached a value of $20,000 per Bitcoin. So, if you want to invest in Bitcoin, it is perfectly logical.
The problem is that it is easier said than done. Cryptocurrency exchanges have been established for people to be able to invest in Bitcoin and other cryptocurrencies by converting their fiat. However, most of these exchanges have made it a tad time consuming and difficult, which can be discouraging. Consequently, every crypto enthusiast has only one priority; look for a cryptocurrency that they can navigate easily. It should be transparent about its activities, not be a fraud, be secure and should make crypto investment simple and easy.
When you begin your search, you will come across hundreds of cryptocurrency exchanges, considering the huge demand. Every single exchange claims they are the perfect choice, but that’s the rule of business. No one will tell you their flaws and you need to remember that every crypto exchange is different. Some offerings appear to be quite appealing because they claim to have low fee or offer tons of cryptocurrencies to invest in. But, these are just regular tactics and you should know that doing your homework is important if you want to make the right choice. This means considering their features and other aspects because you don’t want any problems later on.
BitExChain Overview
Amongst the various options you will find is the BitExChain cryptocurrency exchange. It has advertised itself as a comprehensive and reliable platform for making cryptocurrency investments and trading. But, when you take a look at it, you can see that it is a relatively new platform and this is enough to cause doubts. So, how can you clear these doubts? You need to know everything possible about BitExChain before you make your decision about it.
BitExChain is a cryptocurrency exchange that has been established by CoinFarm OU. The founding company has its headquarters in Estonia and is registered by the country’s Financial Intelligence Unit. This is one step to clearing any doubts about the legitimacy of the exchange as it indicates that it is properly authorized and regulated to provide exchange services from fiat to digital currencies. To stay at the forefront of the cryptocurrency adoption, BitExChain has aimed to create a safe and trusted environment to help people in buying and selling cryptocurrencies. To make the right decision, you have to start your homework. Let’s do that.
An Introduction to BitExChain
To start with, BitExChain is a cryptocurrency exchange that has taken a customer-centric approach for providing their services. They want to offer a combination of innovation and reliability to their clients and so, their focus has been to work on creating a safe trading environment and to facilitate the buying and selling of cryptocurrencies at reasonable prices. In order to accomplish this, the exchange has added a wide array of features and these include a wallet for keeping your crypto, OTC trading and two-factor authentication.
You will find that BitExChain has not designed their cryptocurrency exchange for a specific class of cryptocurrency traders. Whether you are a beginner or someone who has invested in crypto before, this exchange can cater to you. Their features and services have been put together to simplify the process of buying and selling crypto, which has become a tad too difficult quite recently. However, the only way you can know this for sure is by considering their offerings.
The Cryptocurrencies you Can Buy and Sell
First and foremost, the most important question that you need to ask about any cryptocurrency exchange is about the cryptocurrencies they have added to their offerings. Cryptocurrency exchanges are designed to provide people with a platform on which they can buy and sell cryptocurrency. This is the purpose that BitExChain fulfills. As it stands, people are given the opportunity to buy and sell Litecoin and Bitcoin on this exchange and it has given you the freedom to switch between the options, as per your convenience.
Buying the one you want is easy and BitExChain has made a great deal of effort to provide the best possible rates. They want to make things competitive and to ensure that their clients can make their crypto investments as profitably as possible. If you are not interested in buying cryptocurrencies, BitExChain has also come up with an alternative that you can use and that is Over the Counter (OTC) trading desk for Ethereum and Bitcoin. This is an option when you don’t want to hold cryptocurrencies and would rather take advantage of their price movements to make profits.
Doing that on crypto exchanges is not really feasible because they have volatile or low liquidity and this can make trading less appealing because they have to wait for quite long to see their order fulfilled, particularly when they buy a large quantity of Ethereum and Bitcoin. Moreover, when you use a crypto exchange to buy any cryptocurrency, it will also result in a change in the price of the said crypto. This is not the case with OTC trading because it doesn’t result it in any unwanted price movements and it also provides traders with a degree of anonymity.
In case, you want to place a large trade or want high liquidity, the BitExChain’s OTC trading desk is a lifesaver. You don’t need to look for a reliable cryptocurrency broker for trading cryptocurrencies because you already have a two-in-one solution.
Registration and Signup
Now that you have determined what assets you will be able to trade with an exchange, you do need to consider their registration and signup procedure. If it is too difficult and complicated, has too many requirements, people can often be overwhelmed. In fact, some people don’t feel comfortable when they have to share too much personal information and provide lots of documents for one thing or another. Many end up not completing the process at all and this can discourage them from investing in crypto. The team behind BitExChain understands these issues and complaints that people have had about other cryptocurrency exchanges.
As stated earlier, they have a customer-centric approach, so they have kept their registration and signup simple, easy and quick. The process is not very difficult to follow as you start with by visiting their website. BitExChain will ask you fill a form at this point and there is just one form that asks for very basic and necessary information. As per international regulations, people are required to submit proper documentation because the data needs to be verified. However, even these are not too complicated and can be provided without any hassle.
Account verification is a necessary step because you will not be able to make any purchases or withdraw money without it. When filling out the form, you will be asked to enter your first name, last name, country and your phone number. Bear in mind that you cannot provide a VOIP number of prepaid number. An email address and password are also required, which you will use later on for logging into your account. After you have entered these details, you will receive a confirmation email on the one provided to verify it. When your email is verified, you are allowed to use BitExChain for receiving, sending or exchanging cryptocurrencies without any delays or issues.
But, if you are interested in making a purchase, then you will have to finish the complete verification process. Choosing the fiat currency you wish to use is also part of the registration process. BitExChain provides you with four options to choose from, which are South African Rand, United States Dollar, Euro and Great Britain Pound. To complete the registration process, you will have to agree to the Terms & Conditions of the exchange, which have been outlined in extensive detail on their website. It is best to be aware of exactly what you are agreeing to.
As long as you are 18 or above, the registration process will end here and your account on BitExChain will be created. This is done immediately, even in the case of document verification. If some additional process is needed, it still doesn’t take more than 24 hours to complete. This saves you from having to wait for approvals before you are able to make your purchases.
The Security Protocols that are in Place
It is perfectly normal for people to be concerned about security when they are venturing into the world of cryptocurrency. There have been a lot of stores surrounding this particular instrument, considering the fact that it is not regulated. In addition, there have been some incidents about exchanges getting hacked and crypto stolen from them or them turning out to be nothing less than Ponzi schemes. Plus, you have to enter your personal information on the exchange and this is even more of a concern because it could also be compromised. With these security risks, it is not surprising that people hesitate when signing up with any crypto exchange.
Therefore, those who don’t want to lose the opportunity of investing in the crypto market are in search of a crypto exchange that understands the risks and takes steps to minimize them. BitExChain seems to fit that bill because they have adopted some of the most advanced security protocols in the industry for creating a safe environment for investors and traders alike. As mentioned earlier, the security of personal information is a priority for people because it has long-term consequences.
To protect this information and the documents submitted by their clients, BitExChain has implemented high-end encryption technology to keep every bit of data safe. Encrypting the information ensures that it cannot be misused by anyone not authorized to view it. Apart from that, the cryptocurrency exchange follows international regulations, which means it also complies with security policies. These include the notable Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Anyone who registers with the exchange has to comply with these regulations.
This is where the documents that you have to submit come in. Proof of identity (POI) and proof of residence (POR) has to be submitted. To do the former, investors will be asked to submit any form of government-issued ID, like a national ID card, passport or a driver’s license. The latter, on the other hand, will require a utility bill i.e. water, electricity or gas or a bank statement. No matter what document you submit, it shouldn’t be expired, older than three months or not belong to you. Bear in mind that a cell phone bill is not acceptable.
The purpose of these policies is to prevent any shady individuals from making an account on the BitExChain exchange platform and AML policies are designed to prevent any illegal financial activities from being conducted. Apart from that, the exchange also needs Proof of Payment. This means you need to provide a scanned copy of your credit or debit card that you will use for funding your account on the platform. Make sure the card’s front side is visible and you should also submit a selfie for verification.
When you have complied with these requirements, they will be verified by BitExChain to approve your account. You will receive an email informing you that your account is now unlocked. You will also be asked to use two-factor authentication for keeping your account secure. This can reassure you that your account will not be compromised by any third party. Furthermore, there is also a privacy policy that has been implemented by BitExChain. It outlines that the exchange only collects information needed for providing their services and nothing else.
All information accumulated by BitExChain is stored for as long as services are being rendered, after which it is removed. Third parties are not given access to this information and neither is this information sold or shared.
Storing your Cryptocurrency
If you have done any research into buying cryptocurrencies, then you are probably aware that you need a wallet to store them. There are special digital wallets that have been made for keeping them and when you sign up on BitExChain for buying Bitcoin or Litecoin, then you will require a wallet for storing them. Nowadays, you will come across plenty of crypto wallets and they all have their features to offer. But, here as well, you will have to do some research because not all wallets are good. They can be hacked and your crypto can be stolen. You don’t want that, do you?
This can be a hassle for many and so BitExChain has decided to provide its users with a simple solution; they have added a free crypto wallet on their platform that you can use for your storage needs. You can store both Bitcoin and Litecoin in this wallet, which is highly convenient, and they will be right there on the exchange within easy access. As far as the wallet’s features and security are concerned, like their cryptocurrency exchange, BitExChain has not taken these lightly.
The free crypto wallet provided by BitExChain comes with an insurance of $100 million, which is an assurance that in case something does happen to your assets, you will receive compensation. Also, the exchange follows the international policy of segregated accounts for clients, which means their accounts are maintained separately and the funds are only used by the investors. As far as storing cryptocurrency is concerned, secure cold storage options are made available because BitExChain is aiming to reduce the policy of them being compromised or stolen.
This doesn’t mean that you will have any problem in accessing your crypto because BitExChain has used advanced technology to make it simple. For security purposes, the exchange also changes your wallet address every time there is a movement in funds. In this way, no one will be able to keep track of your wallet because the address is different each time. But, you should always check the address before making any transactions.
Making Deposits and Withdrawals
To buy any cryptocurrency, you have to have money, but how do you do that on a crypto exchange? You will have to check the payment methods supported by the exchange in order to do this. A number of methods have been added by BitExChain to their platform that can be used by people for making their deposits and later, withdrawals. The exchange allows you to use bank wire transfer or you can go with debit and credit cards, including Visa and MasterCard, for your payments.
As long as you have verified your account on BitExChain, your transactions will go through easily. There is a form you need to fill when submitting a withdrawal request and the processing time is 72 hours. If your transaction hasn’t been confirmed on the exchange, you can choose the refund option. However, there might be charges applicable and you will have to bear them.
Conclusion
When you want to buy cryptocurrencies, you want an exchange that is willing to cater to your needs. With BitExChain, you will find that solution and will be able to start your crypto investments the right way.