What is Bity?
Bity is a unique Crypto Exchange operating worldwide with tons of Crypto ATMs installed all over Switzerland. Initially launched in 2014, Bity aims to simplify the trading of cryptocurrency directly with fiat currencies. Apart from Crypto ATMs, Exchange also offers other services, including Online Bill Pay, OTC Trading, Wallet for storing cryptocurrencies, and Exchange API.
Bity has secured regulatory permits from the Swiss Financial Market Supervisory Authority thanks to its dedication to compliance and security (FINMA).
Where is Bity Located?
Bity was founded in 2014 and is headquartered in Neuchâtel, Switzerland.
Who Created Bity?
Bity was founded by a group of Swiss-based individuals led by co-founders Alexis Roussel and Gian Bochsler.
Who Owns Bity?
The Swiss corporation Bity SA is the sole owner of Bity.
Is Bity Legit?
Bity is a legal cryptocurrency exchange platform authorized by the Swiss Financial Market Supervisory Authority (FINMA) to act as a financial intermediary. It is subject to the authority’s registration and regulation. Bity has been in business since 2014 and has proven to be a trustworthy and reputable platform for purchasing, selling, and storing digital currencies such as Bitcoin, Ethereum, and Litecoin.
Is Bity Exchange Available in the USA?
US users cannot use Bity exchange yet. Bity’s website says they don’t serve US residents. US clients cannot buy, trade, or exchange digital assets on Bity.
Bity Customer Service
The Bity support staff is reliable and helpful. Customer care agents are accessible for a live chat on the website. From Monday through Friday (GMT + 01.00), users of Bity can contact customer support. Facebook, Twitter, and LinkedIn integrations are all things that their support team strives to offer. The site’s help center is a great resource for more information.
Pros and Cons of Bity
Here are some potential pros and cons of using Bity as a cryptocurrency exchange:
Pros👍
Fully Regulated: As FINMA has verified and approved Bity, the platform is more trustworthy and subject to stricter regulations.
Wide Range of Cryptocurrencies: Users have a wide variety of alternatives available to them, thanks to the fact that Bity supports many cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Secure: Bity protects customer cash and personal information with stringent security features, including cold storage, multi-factor authentication, and encryption.
User-Friendly: Bity is designed to be user-friendly and easy to explore, which might be advantageous for inexperienced cryptocurrency traders.
Cons👎
Limited Payment Options: Bity only offers a limited number of payment methods, some of which might only be suitable for some on the platform.
Higher Fees: Trading cryptocurrencies on Bity may not be as profitable as on other exchanges due to the increased fees associated with buying and selling cryptocurrency.
No Margin Trading: Bity does not allow margin trading, which may be a drawback for experienced traders who wish to leverage their capital.
Limited Global Reach: As a Swiss and European service, Bity may not be the best fit for users outside of those regions.
How to’s of Bity
The fundamentals of using Bity as a cryptocurrency exchange are explained here.
How to Use Bity
Create & Verify
Visit their website to sign up for Bity. Provide your data and create a strong password. You need a copy of your ID and other supporting documents to finish the verification process and meet AML and KYC requirements.
Once your account has been verified, you can add funds using an approved payment method, such as a bank transfer, credit/debit card, or cryptocurrency.
Buy or Sell & Store
You can trade cryptocurrencies after depositing funds into your account. Just heed the directions to buy or sell the cryptocurrency you want.
With multi-factor authentication and cold storage, your cryptocurrency holdings are safe in your Bity wallet. Send cryptocurrency to your wallet’s address, which you may find by clicking the “Receive” button.
Contact Customer Support:
You can reach Bity’s customer support service by email, phone, or live chat for queries or difficulties. The Bity website has contact info.
How to Buy Crypto on Bity
The following is a condensed guide that will walk you through purchasing cryptocurrency on Bity.
- Choose the Cryptocurrency and Amount: The first step in buying cryptocurrencies is logging into your Bity account and choosing the cryptocurrency you wish to purchase. Enter the amount of fiat currency you want to spend on the purchase.
- Select Payment Method: If convenient, you can pay via bank transfer or credit card. Please finish the transaction by following the on-screen instructions.
- Confirm the purchase: Please make sure everything looks good with the purchase and confirm it. The cryptocurrency will be added to your Bity wallet after finalizing the transaction.
How to Purchase Bitcoin on Bity
Login to your account on Bity, Now selects a cryptocurrency you wish to buy, for example, BTC. After that, choose a payment mode and confirm the purchase by following the instructions to make a transaction. Once the transaction is successfully made, the purchased amount of BTC/ETH or any other currency will instantly be added to your Bity Wallet.
How to Buy Cardano on Bity
To buy Cardano on Bity. Sign in to your Bity account, pick Cardano as the cryptocurrency you wish to purchase, input the amount of fiat currency you wish to spend, select your chosen payment method, and confirm the transaction. Upon completing the transaction, Cardano will be credited to your Bity wallet.
How to Deposit on Bity
For depositing Bity, users should go to the “Deposit” area of their account, choose the cryptocurrency they wish to deposit, copy the unique deposit address supplied by Bity, and then send the cryptocurrency from their wallet to the deposit address. Your Bity account will be credited with the purchased cryptocurrency when the transaction has been validated.
Keep your cryptocurrencies in a safe place, and make sure the deposit address is correct. You can also contact customer support for any help.
How to Sell on Bity
Log in to Bity, select “Sell,” choose the cryptocurrency you want to sell, input the amount of cryptocurrency or fiat currency equivalent you wish to sell, choose a payment method, and confirm the transaction. Your account will get fiat currency after the transaction.
To withdraw cryptocurrency from your Bity account, click “Withdraw,” pick a withdrawal method, input the amount, and follow the steps. Always double-check transactions and store cryptocurrency and fiat currencies safely.
How to Earn Money on Bity
On Bity, you can participate in the affiliate program by referring new users to the platform and, in return, get paid when they start trading on the platform. Apart from that, by buying coins at low prices and selling them at a higher value, users can make a good profit. Unfortunately, other than these, there are no ways to make money Bity. The platform doesn’t offer staking services or crypto mining.
What Coins does Bity Support?
Bity supports Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), Bitcoin Cash (BCH), and Tezos. In addition, they support stablecoins such as USD Coin (USDC), Tether (USDT), and DAI.
Bity’s OTC trading desk lets corporations and institutions trade cryptocurrencies in bulk.
FAQs
Is Bity Safe?
Yes, Two-factor authentication, multi-signature wallets, and regular security audits protect Bity’s platform and users’ assets. Bity is a FINMA-licensed financial intermediary, adding another layer of protection and control.
What is Bity?
Bity is a cryptocurrency exchange in Switzerland that allows its customers to purchase, sell, and trade many cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin.
How to Sell on Bity
Go into Bity, choose the cryptocurrency you want to sell, then click “Sell.” After entering the amount of cryptocurrency to sell and confirming the transaction, the funds will be credited to your Bity account and may be withdrawn or traded for other cryptocurrencies.
