Many newcomers in the crypto-currency business are not guided in the choice of a suitable exchange for the trade and exchange of digital currency. In this article, we will talk in detail about the Bitsane exchange and whether it is possible to earn on it.
Overview of the Bitsane exchange, pros and cons
The Bitsane exchange for crypto currency was founded in 2016 by Irish businessmen. The trading floor belongs to the company “Bitsane Ltd”, registered in Dublin. The company does not have any licenses or other permits. But the activity of BitSane is not illegal, since the status of the crypto currency has not been determined by the Ministry of Finance or the central bank in Ireland.
Bitsane is a relatively young company that is very actively developing in the trading industry. The platform offers its clients for trading popular crypto-currencies in pairs with fiat. In total, 7 crypto-currencies (XRP, BTC, BTG, DASH, LTC, BCH, ETH) and 1 token (ICN) are supported. Among the fiat money, the US dollar and the euro are supported. Financial assets (trading instruments) are expanding, but rather slowly. The developers are positive about the addition of new and promising altcoyins, which in the future will be able to provide serious fees in the form of investments.
The site of the exchange has only English version. Customers’ assets are stored on cold wallets, and the platform itself adheres to strict AML and CTF policies. There is also an arbitration procedure in case of disputes between clients and the company. For all the time the service has not been hacked.
Bitsane provides third-party developers with access to APIs for integrating various services and tools into their own applications. The Credit Exchange has official accounts on the platforms of Facebook, Twitter, Google+ and Reddit.
Among the advantages of the Bitsane trading platform can be identified: a simple and intuitive interface, the availability of a chart with Japanese candles and order volumes, verification on the exchange is not mandatory, the presence of a mobile version of the site, security and security tools: two-factor authentication, the history of entries, fiat, the availability of an affiliate program.
Bitsane also has significant shortcomings: a small number of crypto-currencies, a complete absence of promising altcoins with low capitalization, new trade positions are added very rarely, regular delays in entering and withdrawing funds, only the English-language interface, support services are also English, minimal trading volumes, lack of license .
Registration and verification at Bitsane
To register on Bitsane.com, click Sign Up in the upper right corner, and then fill in the questionnaire with the standard fields:
- Email address;
- A country.
It is necessary to unravel the captcha, and also agree with the terms and conditions of use of the site. Activation of the account occurs by e-mail.
If the user plans to use the bank transfer while working with the exchange, then he needs to go through the verification process. The procedure is carried out through the user’s office on the site. To do this, download a scanned copy of the identity document (national passport, passport, ID-card, driver’s license, etc.) and your photo with this document in your hand.
Verification is necessary on most crypto exchange services, as many of them fulfill AML and KYC policy requirements. Usually verification is carried out throughout the day. If the procedure drags on for more than 72 hours, the platform administration recommends contacting technical support.
How to use the Bitsane exchange?
Bitsane Exchange offers a very convenient, friendly, minimalistic interface for work, which allows you to understand absolutely every newcomer to the market. The Exchange partition is responsible for bidding on the platform. At the top of this section, a course is displayed in the most popular pairs. To select other pairs, use the mini-bar in the green frame. If you click on it, a window with the available items will appear.
On the platform there are two types of chart available – Japanese candles, and a schedule for the volume of orders for purchase and sale. The user can select the time range for the market chart.
If you select Order Type – Limit, the highest market price will be automatically placed for the order. If you select Market, then the user can set the price himself. A tick near Hidden allows you to hide an order. If the order is not executed or partially executed, then the user can cancel it.
The Bitsane system offers only spot trading and does not support margin trading. But, according to the developers, in the future, the possibility of trading with the leverage will be added to the platform. In addition, the developers promise to add the possibility of lending by the users of traders using the mode of margin trading.
How to replenish your wallet and withdraw funds?
To conduct financial transactions, go to the page “Balances”. Next to each currency there are buttons “Deposit” and “Withdrawal”. The first is intended for crediting funds, the second is for withdrawal. The minimum deposit amount via bank transfer is 10 euros or US dollars. For deposits in crypto currency, the minimum restrictions are not established.
BitSane Exchange users can replenish the account of any supported crypto currency: Ripple, Bitcoin, Bitcoin Cash, Bitcoin Gold, Iconomi, Ethereum, Litecoin, Dash. Commission for deposits in crypto currency is not. Also replenishments in euros and dollars on payment systems OKPAY, AdvCash and through bank transfers are available. The conclusion is possible on crypto-currency wallets and the methods of input of means listed above.
When you enter funds, you must pay the following commission:
- OKPAY: 1% commission for the euro; 0% for dollars;
- AdvCash: 3% for the dollar and the euro;
- Bank transfer / SEPA: 0%
- In the case of withdrawal by bank transfer, including SEPA, you must pay a commission of 5 euros. When withdrawing funds from the exchange purse in the crypto currency, payment of the fee is also required. For each coin, its fee is set.
The clients of the exchange frequently receive complaints about delays in the transfer of funds. Moreover, both incoming and outgoing transactions hang. Usually the transfer takes 12-36 hours, but some users do not pass the transaction for weeks, even despite the unconfirmed status
Reviews of the Bitsane crypto exchange
Among the Russian-speaking users of reviews of Bitsane is not so much. All because the exchange is not very popular in the CIS countries. a small crypto exchange with trading volumes that look miserable against the backdrop of giant exchanges. Nevertheless, the platform’s potential is not bad.
In general, users respond positively to the exchange. Traders appreciated the convenience and friendliness of the interface, the ability to conduct transactions with EUR and USD. Negative comments are usually associated with the impossibility of margin trading, extended types of orders and support for many popular payment services.