BitExChain Review - Why Use this Cryptocurrency Exchange?

BitExChain Review - Why Use this Cryptocurrency Exchange?

BitExChain Review

There was a time when cryptocurrencies were not part of the norm and were seen as an oddity. As a matter of fact, there were even doubts about their adaptation in the practical world. Things have changed since then and now everyone has come to terms with the fact that cryptocurrencies are here to stay. They are a big step forward in the financial world, one that was bound to happen, given the pace of technological advancement and the modern digital age. Bitcoin was the first every cryptocurrency to be introduced ever in 2009 and it has been joined by a number of others since then. 

The market is not showing any signs of slowing down and there are constant developments being made. It really began from December 2017 when Bitcoin reached a massive price of $20,000, something no one could have foreseen. Those who had the foresight to invest in this cryptocurrency were able to make millions overnight. Other cryptocurrencies also went up and the hype only intensified. Thus, it is perfectly reasonable for people to be interested in buying cryptocurrencies because they hope to replicate this kind of success. What other kind of investments could give 1000x returns to investors? 

This is exactly what Bitcoin achieved and it thrust the cryptocurrency into the spotlight. Today, it is the top cryptocurrency in the market, especially in terms of market capitalization. The fact that there will only be a specific quantity of Bitcoins available ever, has only added to its value and demand. Hundreds of thousands of people entered the crypto space so they could also invest their money in Bitcoin and other cryptocurrencies to enjoy the returns they have to offer. To keep up with this influx, the number of cryptocurrency exchanges also increased because these platforms were designed to help people in buying and selling cryptocurrencies. 

These days, there are thousands of cryptocurrency exchanges that exist in the market and you can find a list easily, just by running a Google search. But, the popularity and demand of this market meant that it would also become the stomping ground of cybercriminals, as they could easily target those new to the crypto space. This is something they have done rather successfully because various crypto exchanges have been hacked, people have ended up signing up with fake brokers and exchanges and they have lost their hard-earned money and even had their identities stolen. 

Obviously, this is enough to make people nervous and they are unsure of which crypto exchange to sign up with. You have to do in-depth research and check an exchange thoroughly before you decide to trust them with your personal information and your funds. Not doing so means that you are opening yourself up to a lot of risk and this is something you want to avoid. Even if the crypto exchange is not a scam, but is shady, there is a good chance that you will lose the cryptocurrency that you buy. Therefore, you need to be extremely cautious when you start looking for an exchange. 

When you begin your search, you will find a multitude of options to explore. You shouldn’t just trust the claims that these exchanges make and should make an effort to verify them. Some people are so focused on just buying and selling cryptocurrencies that they forget about checking aspects, such as security, customer support, withdrawal and even refund policies. These are not something to be taken lightly because they can have disastrous consequences later on. Likewise, you shouldn’t let yourself be swayed by low fees because it is usually shady and unregulated brokers that opt for these tactics. 

So, which exchange should you rely upon? Amongst the best options that you find is BitExChain. This cryptocurrency exchange platform was established by a company registered and founded in Estonia called CoinFarm OU. It is licensed and registered with the Financial Intelligence Unit, which means it can easily offer its services all over Europe. People from other part of the world can also open an account with BitExChain with the exception of a few countries. 

BitExChain

As long as you don’t belong to those countries, you can easily use their services. But, what benefits do you get for choosing this cryptocurrency exchange? 

- Exceptional Cryptocurrency Exchange Services 

BitExChain was introduced in the market when there was a surge in demand for reliable and comprehensive cryptocurrency exchanges. Due to this, it is a relatively new exchange, which often makes people doubtful of it. However, if you take a close look at it, you will discover that it is one of the most exceptional exchanges out there and it doesn’t require you to have any experience or background in cryptocurrency. Even if you are a complete beginner, you will have no trouble in figuring out how to use BitExChain as it is extremely straightforward. 

The most appealing factor about this exchange is that it facilitates its customers by helping them in buying cryptocurrencies quickly, smoothly and in a completely secure environment. When it comes to the cryptocurrencies you can buy, BitExChain is currently allowing its customers to purchase Bitcoin and Litecoin through their exchange. As it is a new exchange, they are working on adding other cryptocurrencies to the mix. You can easily switch between the different digital currencies as per your convenience and you will find your chosen cryptocurrencies at some of the best prices in the market. 

Not only does BitExChain allow its customers to use their trading platform for buying cryptocurrencies, but they have also provided them with a free wallet for storing their purchases. This adds another layer of convenience because it means that you don’t have to go looking for a wallet after you have bought your digital assets. Furthermore, BitExChain also understands the benefits that Over The Counter (OTC) trading can offer to people. Hence, the crypto exchange platform recently introduced their OTC trading desk as well to further facilitate their clientele. 

The beauty of OTC trading is that it allows people to easily purchase large amounts of cryptocurrency without any problems. With crypto exchanges, traders have to wait for their orders to be fulfilled, which can take a long while and prices may change by the time they are completed. This can result in a loss. Apart from that, buying large quantities of cryptocurrency also impacts its price in the market, which is again not favorable. These issues do not occur when you opt for OTC trading and it grants a degree of anonymity to the buy. Also, traders can enjoy high liquidity that cannot be found on a cryptocurrency exchange. 

Knowing all of his, BitExChain has made the effort of adding this option to their platform. They are allowing their clients to easily trade Bitcoin (BTC) and Ether, the latter is the crypto coin available on Ethereum. Here as well, the exchange has proven to be very reasonable as they are offering competitive pricing to their clients in order to help them earn a high return on investment. 

- The registration process is not time-consuming 

Have you ever tried signing up with a cryptocurrency exchange or a broker? If you have ever tried it, then you are probably aware of the formalities that have to be fulfilled. Due to the unregulated nature of cryptocurrencies, there are a lot of uncertainties and the increasing number of scams means that even crypto exchanges are cautious when taking on clients. Consequently, they have a dozen forms to be filled and also ask for extensive documentation, which can be a headache for those who want to start buying cryptocurrencies right away. 

While these issues do exist with other crypto exchanges, BitExChain has eliminated most of the time-consuming steps and has simplified the process for its clients’ benefits. How do you register with this exchange? You have to fill out the form that they have provided on their website. It is not very complicated and doesn’t take long to complete. The basic details that you have to share include your first and last name, a registered phone number, which should either be a landline or mobile phone number as no others are accepted and your location. 

The form also asks you to enter your email address so a verification email can be sent and you also have to choose an account password. The exchange recommends that you use 2FA (two-factor authentication) for securing your account in order to ensure it is not compromised in any way. You have to answer whether you are a politically exposed person (PEP) or not and choose your account currency. When it comes to currency, four options are provided, which include GBP, EURO, USD and South African Rand. 

The form will now be complete, but you have to agree to the exchange’s terms and conditions before your account is made. Plus, you have to be 18 or above to be eligible for an account on BitExChain. As far as the terms and conditions are concerned, they are available on their website and you can go through them to see if you are comfortable with them or not. In most cases, the account confirmation is immediate. A verification email is sent and once you have confirmed it, you can use your account. But, if there is any issue, approval is given in 24 hours. 

When your email is verified, you can start sending, receiving and exchange cryptocurrencies through BitExChain. However, before you are able to make any purchases, you will be asked to provide some documentation. This is in accordance with the exchange’s security policies. 

- The exchange has created a highly secure infrastructure 

The unregulated nature of cryptocurrencies means that the market is now teeming with different kinds of scams. You have probably read some of the horror stories and are aware of the risks. Yet, people still enter this space because they also want a piece of the profit potential that these virtual currencies have to offer. There is absolutely no harm in doing so, as long as you take all necessary precautions. These precautions include opting for a cryptocurrency exchange that provides a secure environment and has used the best possible measures to ensure your safety. 

In this regard, BitExChain is one of the best choices because their security infrastructure is downright amazing. The first thing you need to remember about this exchange is that it was founded by a fully registered and regulated company, which means they follow strict guidelines and comply with top standards in the industry. First things first, the exchange confirms the identity of every single person attempting to make an account on their platform. This is in compliance with the Know Your Customer (KYC) policy. Compliance with this policy is part of international standards and regulations and so BitExChain follows it fully. 

It requires anyone signing up with BitExChain to give proof of their identity and their residence in order to start purchasing their digital assets. The proof can be provided in the form of some documents that have to be submitted with the exchange. For giving proof of identity, traders can either give their passport, national ID card issued by the government or a driver’s license. Any of these documents can be used for confirming identity. Next, the exchange asks for proof of address that can be provided by sending them a scanned copy of a utility bill or a bank statement. Bear in mind that it can be a gas, water, electricity or cable bill, but a mobile phone bill is not acceptable. This should not be more than three months old and should clearly show your name and full address. 

Along with this policy, BitExChain is also complaint with Anti-Money Laundering (AML) policies. This indicates that the exchange is dedicated to preventing its platform from being used for any illegal activities or financial crimes like money laundering. People are asked to provide a picture of the debit or credit card they are using for funding their account, which includes images of the front. A selfie is also asked for confirmation. Once these documents have been submitted, the exchange will do a thorough background check and verify them to confirm they are authentic. 

Only then will you be able to use their services without any problems. In this way, BitExChain ensures that no fraudster, hacker or other cybercriminal is able to use their exchange for any illegal activities or for attacking their clients. But, when you are sharing such sensitive documents with an exchange, it is normal to feel apprehensive about their security. To reassure you, BitExChain has implemented the highest degree of encryption that protects all the information that you share with the crypto exchange. The purpose of encryption is to make the data worthless to anyone who doesn’t have a decryption key. 

Along with these measures, BitExChain has also outlined a clear cut privacy policy. This is to tell reassure people about any concerns they might have regarding how their information is being used. The exchange highlights that all information is solely collected for compliance purposes or for delivering personalized and excellent services to clients. None of the data is sold or rented to any third-party, particularly without the consent of the clients. 

- The free wallet for keeping your digital assets 

One of the biggest perks that BitExChain is currently offering to its clients is its free wallet for storing the Bitcoin and Litecoin you purchase. Finding a wallet is a priority for anyone who has bought these digital assets because you need a place to store them. The market is full of different kinds of cryptocurrency wallets and each of them claims to be better than the rest, just like cryptocurrency exchanges. Rather than wasting your time and effort in finding a suitable wallet and then paying its charges, you can simply use BitExChain’s free wallet for keeping your assets safe. 

There is no need for you to search and then vet a wallet in order to make sure it is safe and reliable for keeping your cryptocurrency in the long run. As you have already vetted BitExChain, you can directly opt for their free wallet as it is a highly secure, unique and innovative solution for protecting and storing your investment for however long you like. As of now, the exchange allows you to store Bitcoin and Litecoin in their wallet and you can easily send, receive, exchange or sell your cryptocurrency from these wallets without any problems. 

To give you peace of mind regarding the security of these cryptocurrency wallets, BitExChain has developed the protocol of changing the wallet address every time there is a movement. This means that whenever you add or remove your assets from the wallets, the address will automatically be changed. It is meant to prevent anyone from being able to track your wallet in order to be able to use or hack it. However, you should also be cautious and always check the address before sending or receiving any cryptocurrency as it will be updated. You will have several Bitcoin and Litecoin wallets as a new address is provided each time and you need to be able to keep track of them. 

The exchange has made use of advanced and sophisticated tools and technology to ensure that its clients will have no trouble in accessing their wallets or their assets at any time. They have also provided them with complete control over their investments and the freedom to take any steps they like. Moreover, since BitExChain is internationally regulated, they also follow the rule of customer account segregation. This means that funds and crypto assets of the clients are kept separate from that of the exchange. In this way, there can be no discrepancies or misappropriation and your assets will remain secure. 

But, where does BitExChain keep your assets? The crypto exchange has chosen efficient and innovative cold storage solutions for keeping your digital assets and it even has insurance of $100 million. Hence, in case of any mishap, you will not be left completely empty-handed. The best thing is that you don’t have to pay anything to avail all these benefits because the exchange offers the wallets free of cost. Only 8% of the assets are kept online in the wallets by the exchange for liquidity purposes and for your daily use. The rest remains in cold storage. They do not disclose your public key or PIN to any third-party or employee for that matter to protect your investments at all costs. 

- Prompt and user-friendly customer care 

No matter what product or service you use, the customer care available with it can have a big impact on your experience and the same is true for a cryptocurrency exchange. Cryptocurrencies are not like other financial instruments and they are still evolving. Even people with knowledge of these digital assets will have questions or they might have queries when they are using the exchange for making their purchases. It is possible they might get stuck or may not understand something and in such situations, customer care can prove vital. 

If it is not readily available, it can be extremely frustrating for traders and can even negatively affect their bottom line. Understanding the sensitivity of the situation, BitExChain has not made any compromises in regard to customer care. They have a complete Contact Us page on their website where you can find all necessary details for reaching out to their team. You can fill out the web contact form provided, with a detailed explanation about your problem. It can be conveyed via email or you can simply give them a call on the number provided. 

Along with these options, the exchange has also created an FAQ section on their website. Answers to Frequently Asked Questions are provided here for the convenience of their clients as they may not have to reach their customer care agents if they find their solution. 

Bottom Line 

Thanks to these prominent benefits, BitExChain has become a popular and reliable exchange for buying, selling and even storing cryptocurrencies.