When selecting a cryptocurrency exchange website, it is vital to read user reviews and expert reviews. It allows understanding of whether the platform is right to trade cryptos and the odds of the same. The same goes with the Bitinka. Reading and comparing Bitinka reviews will help you to decide whether the platform is worth trading.
|Supported Fiat Currencies
|Depends on Currency
|Depends on Currency
|Email, Support Center, & FAQs
Let us dig deeper into this exchange and understand whether this cryptocurrency exchange platform is legit or a scam.
What Is Bitinka?
Bitinka exchange is a Latin American exchange that allows residents to buy and sell Bitcoins in their native currency quickly and safely. It is primarily a BTC-to-currency exchange, but it also allows you to trade coins for coins.
Bitinka was created in 2013 by Roger Gabriel, who had the goal of bringing Bitcoin to the unbanked in South America and allowing individuals to buy cryptocurrency in their native currency. Bitinka is not just a cryptocurrency exchange; but offers more than the required, like buying and selling cryptocurrencies; they also provide the best crypto wallets services for day-to-day financing.
In South America, the cryptocurrency exchange has built a solid reputation. It has even partnered with local banks, finance institutes, and collection agencies to provide customers with quick and safe withdrawal operations. The exchange is mainly used to buy cryptocurrency like Bitcoin with local fiat currencies, supporting crypto-to-crypto trading.
How Does Bitinka Work?
Bitinka, unlike other services, provides traders with their unique cryptocurrency exchange, which is web-based and accessible from both desktop and mobile devices, similar to the majority of these services. Its exchange platform is quite primary and aimed at making it as easy as possible for its consumers to utilize.
Many exchanges lack in this department, but the platform’s user interface is attractive and functional. Every feature runs efficiently and quickly, and the platform is not complicated to use. So for the trader who needs an easy API theme website to trade, Bitinka is the right option. The user can deposit or withdraw in “traditional” currencies, including the American Dollar, Euro, Argentine Peso, Chilean Peso, Colombian Peso, Bolivar, and Euro; Hong Kong Dollar, India Rupee, etc. The trading of coins becomes handy.
Features of Bitinka
Bitinka exchange offers multiple features that make the trading of cryptocurrencies handy. Some of the vital features of this exchange are:-
The exchange has partnered with Local Payment Platforms, giving access to all local banks along with 200,000 Top-Up Points.
Like other exchanges, The website offers FIAT pairings worldwide and a range of sophisticated tools for BUYING Bitcoins, cryptocurrencies, and digital tokens INSTANTLY.
Enter the most liquid global marketplaces using your local currency. Bitcoin, Ripple, Ethereum, and other cryptocurrencies may be bought and sold quickly, easily, and safely.
Is Bitinka Regulated?
Unlike other cryptocurrency trading platforms, the Bitinka exchange is not regulated by any law. Since it is not regulated, it becomes difficult to trust the service and its features. There is a high chance of data breaches and other issues. However, the exchange platform ensures that all coins and data of registered users are safe against third parties and breaches.
Services Offered by Bitinka
As per reviews, the Bitinka exchange offers some of the best services in the market at competitive prices and rates. These are easy to use.
The website provides more than 64 pairs of operations to exchange Bitcoins and cryptocurrencies in Latin America, Asia, and Europe.
The website has user-friendly commissions on withdrawal deposits. Bitinka earns through these commissions.
All coins on the platform wallet are secure. Users can feel free to buy and sell with complete awareness of money safety.
Bitinka Review: Pros and Cons
|Very high fees compared to the competition.
|A wide variety of fiat currencies are supported.
|Limited tools to trade cryptocurrencies.
|Primarily services South Americans rather than the entire world.
|Good selection of cryptocurrencies.
|Supporting 69 countries.
Registration Process of Bitinka
Users need to register and have a verified account to buy and sell cryptocurrencies in the Bitinka exchange. Unlike other exchanges’ complicated processes, this exchange offers simple steps to register or sign-up:-
- Open the website and, on the homepage, pick your location by clicking the ‘Select Location’ option in the upper right corner of the screen.
- The user can sign up by clicking the ‘Sign Up Here’ button or logging in with your Facebook (any social media account) or Google Plus account.
- Choose the account type the user wants to open from the drop-down menu under “Type of user.” It can be used for personal or business purposes. Last but not least, choose the country of residence.
- Complete the form with the requested information, such as First and Last Name, Email address & password, etc. After entering the Captcha Code and accepting the terms and conditions, hit the ‘Sign Up’ button.
- It is vital to get verified to buy and sell cryptocurrencies. The user will have to register afresh if unable to authenticate the account within 30 days.
- To begin confirming your account, click the log-in link on the registration confirmation page. The user must fill all relevant fields on the User Verification space and tick the box stating that the user is not politically exposed.
- To complete the procedure, the user will need to supply some papers, such as both sides of the National Identity Document.
- The user will also have to submit a selfie along with the ID and proof of address in addition to your national identity document. The user may also look at exchanges instruction at the bottom of the page to learn how to snap a proper selfie.
Securing Account With 2FA
As a part of registration and securing the account, the user will need to undergo the 2FA. Multi-factor authentication or 2FA) is an additional layer of security or protection that you often don’t see in other exchanges. The user needs to log in using the password to complete the procedure, but it needs information. This process is to confirm a user’s claimed identity.
It is vital to verify the trading costs of the exchange the user intends to use. The trading costs on the crypto exchanges market are 0.50 percent for both takers and makers. This charge is higher than the worldwide industry average of 0.25 percent. The trade charge is 0.50 percent in total. In comparison to other exchange platforms, this charge is rather hefty.
Withdrawal fees at the Bitinka exchange are calculated as a percentage (0.0025 percent). It implies that, like the trading fees, the cost paid for withdrawing money from the platform is proportionate to the amount withdrawn. The calculation of trading fees is done as a proportion of the amount exchanged. Fees for withdrawals are calculated as a percentage of the amount withdrawn.
When the user withdraws modest sums, the cost structure of this exchange is advantageous to you. So with the withdrawal of 0.01 BTC, the cost is reduced to 0.00002 BTC. If the user withdraws 10 Bitcoins, the charge is 0.02 Bitcoins. While withdrawing, the user should think about whether or not this withdrawal charge is appropriate for trading purposes.
Deposit and Withdrawal Methods
Users can withdraw and deposit in local currency through bank transfer. The user may also make transactions from any financial institution that provides money transfers but should keep in mind that this will result in bank commissions plus a 1% Bitinka fee. Wire transfer is one of the deposit options at Bitinka exchange, but the user may also use a credit card or MasterCard for deposits.
To verify the deposit, the user needs to go to Portfolio> Deposit> currency, in which the user wants to deposit, and then click Verify. Fill out the relevant fields, attach the coupon, and click Save. Within 24 to 72 hours, the user will get confirmation about the deposit and availability.
Accepted Payment Methods
As per the review, Bitinka exchange accepts wire transfers for deposits. The user can also use MasterCard and credit cards for payment purposes.
Supported Currencies and Countries
Bitinka exchange accepts trading in 40+ cryptocurrencies, including the popular Bitcoin, Ripple, ETH, LTC, DASH, etc. Even though certain crypto exchanges, like Bittrex, have a large number of altcoins available for trade, Bitinka’s crypto portfolio is not limited, given its concentration on coin-to-fiat trading. Bitinka’s strong connections with over 25 banks in the United States and Europe enable coin transfers. Bitinka operates in Bolivia, Brazil, Chile, Argentina, Spain, Peru, Venezuela, and 53+ countries.
Bitinka Mobile App
Bitinka exchange offers Inkapay, which has new APIs built for e-commerce integration and credit card integration. However as per reviews, officially there is no specific app for trading cryptocurrencies.
Bitinka Security and Privacy
As per our Bitinka review, Bitinka is a highly safe cryptocurrency exchange, as they safeguard its users with the most up-to-date security methods. All exchange users must authenticate their identity, email address, and personal bank account information stored on safe and encrypted servers. Email verification and Google two-factor authentications are two security elements used by Bitinka for signing in and making deposits and withdrawals on your account. Users can also establish a non-transferable PIN to authenticate transactions they are familiar with.
Many users’ funds and coins are held offline in a cold storage wallet, the most vital security feature. Like in other exchanges, Periodic information and security audits are also conducted to verify that the exchange meets its high-security requirements.
Bitinka Customer Support
Like other exchanges, Bitinka’s customer service is highly restricted since they only provide help via email or a contact form on their website. While the live chat feature or phone assistance would have been wonderful, the service they do provide is enough. There is a blog section where the user will get regular updates about the platform and other informative content. Moreover, you can get in touch with the team through social media pages. Be it Facebook, LinkedIn, Instagram, or Twitter. Like other exchanges, there is a Bitinka FAQ section covering all significant aspects of the coin.
According to other reviews, Bitinka’s customer service is highly restricted since they only provide help via email or a contact form on their website. While the live chat feature or phone assistance would have been excellent, the service they do provide is enough.
Bitinka Reviews: Conclusion
Bitinka is South America’s largest exchange website for cryptocurrencies. Registered members can trade some of the most prominent cryptocurrencies against their home currencies and send and receive wire transfers from and to central banks. Trading between coins is also possible.
It is an exchange that caters to inhabitants of certain nations. Thus it is most suited to crypto-investors in South America. Depending on users’ points of view, this may be regarded as both a solid and weak side. However, Bitinka’s trading and transfer fees are hefty.
Furthermore, their trading interface appears to be outdated and lacks any charting. The biggest con of this platform is that any law does not regulate it. The Bitinka API is quite user-friendly to use.
As per the reviews, although the exchange’s costs are higher than others, they can do so because they provide a specific service that other crypto exchanges do not. According to our overall review, Bitinka is one of the best crypto exchange that helps those who would otherwise be unable to access cryptocurrencies.
Is Bitinka Safe and Legit?
Bitinka is entirely safe and is not a scam. The user, while registering, will have to undergo a verification process.
What Does Bitinka Offer?
The website offers almost everything a crypto trader looks for, from the Instant Swap option in FIAT pairs to 60+ cryptocurrencies to trade.
How Does Bitinka Make Money?
Bitinka like many other exchanges also makes money through trading fees, which changes on withdrawals and deposits.
How Do I Deposit in a Bitinka Account?
Bitinka reviews suggest the platform supports cryptocurrencies as well as a variety of fiat currencies for deposit purposes. To send cash using Bank Wire transfers, users must link their bank account to their Bitinka account.
How Do I Withdraw Money From Bitinka?
As per the Bitinka review, it allows you to make a withdrawal by transferring your Bitcoin to your wallet address. You just execute a Bank Wire transfer to your connected bank account when withdrawing cash.