Bit.com is a popular Seychelles-based cryptocurrency trading exchange known for offering exclusive derivatives trading services.
Even though the exchange offers remarkable trading features, it is accessible in only a few limited regions.
This, however, raises concern among Pakistani traders: can they even trade on BIT?
Let’s dig deeper to find out!
What is BIT exchange?
BIT exchange is a cryptocurrency exchange that mainly offers derivatives trading, at least initially. This is because, lately, it has turned into a full-suite exchange that supports options, futures, and perpetual products of BCH, ETH, and BTC, with a specific highlight being its pioneering work in BCH options.
Derivatives serve as instruments, the prices of which are based on the values of other assets, which normally include commodities, bonds, stocks, etc. Within the cryptocurrency landscape, the value of these derivatives is usually derived from how much certain cryptocurrencies are worth, i.e., their prices. Consequently, users can take part in derivatives trading that is linked to popular tokens like Ethereum, Bitcoin, and Bitcoin Cash on this exchange.
Where is Bit.com located?
BIT.com headquarters are located in Seychelles. However, the company originally launched in Singapore.
Who created and owns Bit.com?
The firm behind its launch, Matrixport, is responsible for much of its creation. Also, Jihan Wu, who founded the firm, is the same person who co-founded Bitmain, the biggest manufacturer of computer chips for Bitcoin mining. That said, according to its user agreement policy, the platform is “operated by and proprietary to Smart Vega Holding Limited.”
Is the Bit.com exchange available in Pakistan?
The exchange primarily offers derivative and crypto-to-crypto pair trading options. Therefore, a Pakistani trader would need to have USDT tokens in their digital wallet to trade on this exchange.
On the other hand, the exchange doesn’t support PKR fiat deposits and withdrawals for Pakistani users.
Bit.com customer service
Bit.com does feature live chat as a customer support option, which can be accessed by clicking the headphone icon at the top right of its website. Or, you can simply scroll all the way down and click on the “Help Center” option under “Learn More” to get help with any issues you might be facing.
Is Bit.com legit?
While the exchange has not been around for that many years, having launched in 2020 and suffering from a bit of a lack of information, from what we have concluded, the names behind this platform—mainly Matrixport and Jihan Wu—might play their part in proving its legitimacy.
Another point that may prove its legitimacy is the fact that, in terms of trading volume, it ranks second within the Ethereum and Bitcoin options markets. As far as safety is concerned, the exchange claims that it was made with risk management and security features to guarantee a sophisticated trading experience while leveraging some of the best liquidity out there.
Pros & Cons of Bit.com
- It has a decent selection of cryptocurrencies.
- The performance is good, with more than 10,000 TPS.
- Trading fees are low.
- It is a pioneer when it comes to BCH options, with good trading volume.
- Pakistani traders have little to no fiat deposit or withdrawal support.
- There isn’t a lot of data concerning the exchange.
Is Bit.com safe?
Yes, Bit.com should be safe since the exchange has made security one of its top priorities. One more thing worth mentioning here would be its Trustpilot rating, which currently sits at a surprising 4.5/5. So, bearing all this in mind, we can conclude that Bit.com is a safe and legitimate exchange for trading and storing funds.
How to use Bit.com
This section will focus on how one can begin using the services this exchange has to offer, such as how to purchase, deposit, and withdraw cryptocurrencies on it, for instance.
How can Pakistanis buy cryptocurrency on Bit.com
Before you can buy cryptocurrencies on this exchange, you will obviously have to create an account on it, which the following guide will explore. However, if you already have an account, you can just skip that step.
To create an account on the exchange, you can either do so through its mobile application or its website. This guide, however, will focus on its mobile application. Still, if you happen to be a web user, just head over to this page:
Once you have installed the application on your phone, open it, select the user icon that you will see towards the top left of your screen, and click “Sign Up.” Here, you can register by using your phone number or email address.
Securing your account
Following the registration of your account, it is recommended by Bit.com that you go to your account’s security tab and complete every single step that is outlined there. By doing this, you will bolster the security of your account and ensure its protection from bad actors. Furthermore, if you already happen to have an account on Matrixport, you can log in using that as well.
For instance, the security steps that users can undertake include two-factor authentication (2FA), fund passwords, withdrawal address management, mobile phone verification, and a security key. Also, you have to go through some of these steps to withdraw your funds, namely mobile phone verification and 2FA.
Bit.com takes regulations seriously. Therefore, before you think of depositing your funds, you have to complete the identity verification process. This process will entail you submitting photos of your passport, CNIC, and driver’s license and completing a facial verification, which will not take that much of your time.
Also, this procedure is divided into two steps, including advanced verification and basic verification. However, before you start the KYC procedure, you might want to check out the current list of countries or regions that the exchange does not support. Once you have done that, go through the steps required of you one by one, and you can then deposit and withdraw whatever funds you want into the exchange.
Once you are done with all of the procedures highlighted above, you can now easily buy cryptocurrency on this exchange. To do that, you can buy tokens by engaging in standard cryptocurrency trading that is typical of exchanges like this, i.e., by placing orders like “Limit” or “Market.”
How can Pakistanis deposit on Bit.com
To deposit on the exchange, open the Bit.com application, select the token you want to deposit, like Bitcoin, and then click “Deposit.” Following that, choose the network you prefer, and then you can either copy the deposit address or scan the QR code to make deposits.
How can Pakistanis withdraw from Bit.com
To withdraw on the platform, you need to make sure you have gone through the KYC process mentioned before completely. So, open the mobile application, select the token you want to withdraw, like BTC, and click on the “Withdraw” option. After that, enter the receiving address, network, and withdrawal amount, and you are all set.
What coins does Bit.com support?
The cryptocurrency selection at Bit.com is not bad. Hence, the token variety is alright, with approximately 70 tokens that users can utilize in their trading. These obviously include most, if not all, of the tokens most commonly used.
Review and basic information of Bit.com are as follows.
|Crypto Exchange Basics||Bit.com|
|Exchange Representative (Founder)||Daniel Dong Yan|
|Bit.com Launch Date||2020-08|
|Number of Tradable Crypto Pairs||-1 Pairs|
|Weekly Visits||41,860 Users|
|Overall Rating||⭐ 3.7 / 5.0|
Bit.com Fee 2023
The fees charged to you for transactions at Bit.com are as follows.
|Maker/Taker Fees||Bit.com Transaction Fees|
|Spot Maker Fee||0.08%|
|Spot Taker Fee||0.1%|
|Derivatives Maker Fee||0.01%|
|Derivatives Taker Fee||0.05%|
Bit.com Trading Volume
Trading Volumes of Bit.com are as follows. (Based on CoinMarketCap 2023-03-29 14:41:11 data)
|Trading Volume Items||Bit.com Trading Volume|
|Daily Trading Volume (24h)||-1 KRW|
|Weekly Trading Volume (7d)||-1 KRW|
|Monthly Trading Volume (30d)||-1 KRW|
|Daily Volume Change (24h)||-1.00%|
|Weekly Volume Change (7d)||-1.00%|
|Monthly Volume Change (30d)||-1.00%|
Communicate with Bit.com
You can check exchange's messenger and SNS information in the table below.
Who founded Bit.com exchange?
Bit.com was founded in 2020 by Daniel Dong Yan.
Where is Bit.com located?
Currently, Bit.com's headquarters is known to be located in the Seychelles.
How many cryptocurrencies are tradable on Bit.com?
If you join Bit.com, you can trade a total of -1 crypto pairs.
How much is Bit.com trading fee?
Bit.com has a spot maker fee of 0.08% and a taker fee of 0.1%. On the other hand, the maker fee for futures trading is 0.01%%, and the taker fee is 0.05%%. Please note that these fees are for regular users, and the higher your membership level within Bit.com, the lower the fees.
How much is Bit.com trading volume 24h?
Bit.com's trading volume 24h is -1 KRW. Furthermore, the daily trading volume is showing a -1.00% change from the previous day.
How much is Bit.com weekly trading volume?
Bit.com's weekly trading volume is -1 KRW, with a total of 41,860 users. Furthermore, Bit.com's weekly trading volume is showing a change of -1.00% from the previous week.
How much is Bit.com monthly trading volume?
The monthly trading volume of Bit.com is -1 KRW. Furthermore, this month's trading volume is showing a change of -1.00% compared to the previous month.