Bitit – Is It Good?
Bitit is a small and fairly new platform. Founded in Paris in 2015, it’s one of the very few bitcoin exchanges with an actual physical address, which gives them extra credibility. Although it’s not licenced it does follow some regulations. However it’s only available in over 50 countries and rates can be a bit high sometimes.
So how good is Bitit? Is Bitit trustworthy? How do you know if it’s for you? And, most importantly, how does it stack up against other platforms?
What Does Bitit provide?
Bitit is an exchange that focuses mostly on their European audience. All prices are in euros so, although you can buy from places that aren’t Europeans, your bank would most likely charge you a fee for the conversion.
Bitit does follow AML and KYC regulations. However you don’t need to verify your identity to buy up to 25 euros worth of bitcoin for your first purchase. Although it’s not really an anonymous option, it’s as a fair compromise to let people buy bitcoin without the hassle of identification.
Their exchange is a very streamlined, straightforward option with no bells and whistles. Instead, they focus on having a simple and intuitive interface and quick and easy transactions. In fact, you can go to Bitit right now and get some Bitcoin in just a few minutes!
In their effort to make it approachable to most people, they also let you buy Bitcoin gift cards! You can buy from 10 to 250 euros worth of bitcoin to give it to someone else. Who wouldn’t want one of those from a few years ago? This also gives a good option to European merchants since Bitcoin gift cards is another way to buy Bitcoin for yourself, just like with any iTunes gift card you get at a 7eleven.
In addition to gift cards, you can also buy crypto with your credit and debit card, through TrustPay banking facilities and even through cash vouchers. You can find a store that sells them near you with their map.
You don’t need to use it exclusively for bitcoin, Bitit has a decent amount of cryptocurrencies supported on their website. You can buy Ethereum, Litecoin, Dash, Bitcoingold and even coins like Clams and Dogecoin.
Bitit focuses primarily on their European customers, being available in all Europe. They however also provice support to Australia, Canada and the United States.
Although their prices are in Euros, they also take U.S. dollars too.
Bitit Rates and Buying Limits
Bitit has fees that are higher than average. Even without any extra fees for conversion, you could find smaller fees in other exchanges.
Bitit deposit fee: 3.9%
The fee listed above is the smallest fee you’ll pay by using your credit or debit card. That is also the only option for people from the United States. If you however find a cash voucher easier and more convenient, you’ll end up paying an 8.75% transaction fee.
Limits in Bitit aren’t the best either, with a limit of 500 euros online purchase and 10,000 cash purchase. You can however request an increase on your limits to Bitit.
- Simple: Their design makes it easy to navigate and perfect for any beginners, especially if they’re European.
- Fast: You can literally buy bitcoin in minutes and transactions are faster than average thanks to their liquidity.
- Payment options: Although for a higher fee, their variety of payment options makes it easier for anyone to top up their account.
- Perfect for Europeans: Their main focus is Europe. With several more purchasing options for Europeans and prices in Euros, Europeans may be willing to pay slightly higher fees for their comfort.
- Anonymous first purchase: Being able to purchase up to 25 euros worth of Bitcoin without verifying your identity is a huge plus.
- Not great for Americans: If you’re an American, you won’t be able to make use of a lot of their most attractive features.
- Higher fees: Even if you’re not paying for conversion fees, you can find lower fees elsewhere.
Go to Bitit
Is Bitit Good For Bitcoin?
Bitit is a great bitcoin exchange platform for anyone in Europe. And although they also have support for Americans, we can’t shake the feeling that they’d feel left out. The fact that they have an actual physical address in Paris does speak volumes for their authenticity and they make an extra effort to protect your information by encrypting it.
Researching their reviews you’ll find some negative ones as you would expect, but nothing to be too worried about. And although their fees are higher than average, some people will be happy to pay a bit extra in exchange for their simple and quick service.