Bity Review 2021

Blockchains and decentralized technologies are changing the way economies work. Bity is one such Switzerland-based cryptocurrency gateway. The company was established in 2014 with the primary aim of becoming the country’s primary cryptocurrency exchange for buying and selling cryptos. 

What Is Bity?

It is a cryptocurrency exchange from Switzerland. It enables users to buy and sell popular cryptos like BTC (Bitcoin), ETH (Ethereum), and USDC. It also supports fiat money currencies like CHF (Swiss Francs) and Euro (EUR). It is controlled by Swiss regulatory authorities and is compliant with all international AML regulations. KPMG audits all its operations.

Bity Reviews – Platform InterfaceBity  Reviews – Platform Interface

How Does Bity Work?

The company has a vast range of products and services on offer. Bity has a cryptocurrency exchange through which users can trade their supported cryptocurrency. Fiat money to crypto and crypto to fiat money exchanges are also available. Bity also has cryptocurrency ATMs and facilities for paying bills online. Their API services, along with their affiliate schemes and OTC desks, are also popular.

Bity Summary

Headquarters Switzerland
Found in 2014
Native Token None
Listed Cryptocurrency BTC, ETH, USDC (Users can only buy USDC)
Trading Pairs N/A
Supported Fiat Currencies EUR, CHF
Supported Countries 98
Minimum Deposit 10 Euro
Deposit Fees Depends on the currency(Generally Bity do not manage funds)
Transaction Fees 3.5 – 8% (Can Vary)
Withdrawal Fees Depends on the currency
Application No
Customer Support FAQs, Live Chat & Customer guide

Why to Choose Bity?

They do not only have a wide variety of services, but they also have multiple security features to ensure that the user’s data and assets are never at any risk. Bity has also developed different trading accounts for its users with different limits. Their services cater to all kinds of users, whether experienced cryptocurrency traders or amateurs. The Bity website is available in multiple languages.

Bity Reviews – Why Bity?Bity  Reviews – Why Bity?

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Features of Bity

Swiss Industry Standards – Very Best Industry Practices

Switzerland is known for its high standards of privacy. Switzerland’s regulatory oversight is also known for being one of the strongest and most efficient in the world. Bity complies with all Swiss industry standards and AML laws. 

Top-Quality

Bity’s developers constantly work to provide their users with top-notch service. They regularly test and improve their code to ensure a seamless and accurate trading service.

Guaranteed Price

While trading in a rapidly fluctuating market, the Bity exchange ensures that all supported cryptocurrency swaps are completed at the estimated price as long as the payment is processed within 10 minutes.

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Ease of Use

Bity is designed to be easy to use for both amateurs and professionals. Their website is highly responsive and navigable. Bitcoin payments and purchases, Ethereum and payments and purchases are all simple and easy. Even amateurs can trade cryptocurrencies effortlessly. They also have a strong support service team to help users with any problems. The security and safety of Bity’s service make it a perfect option for all demographics of users. Users can instantly begin trading small amounts through Bity without having to wait for a lengthy verification process. 

Products and Services Offered by Bity 

Cryptocurrency Exchange

Bity cryptocurrency exchange lets users buy, sell and trade crypto or swap their supported cryptocurrencies instantly. The exchange is designed to be user-friendly and is simple to navigate.

Bity Reviews – Exchange Crypto with BityBity Reviews – Exchange Crypto with Bity

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Crypto ATMs

Bity crypto ATMs are available all over Switzerland. That makes it very easy for users to trade their crypto locally at very low fees. These Bity ATM kiosks can be spotted in Geneva, Zurich Hardbrucke, Zurich Hauptbahnhof, Lausanne, Montreux, and Neuchatel.

Online Bill Payments

Bity users can easily utilize their crypto to pay online bills. They can also use crypto for online shopping. Users can even transfer their cryptocurrency assets or send BTC to their friends and family or employees.

Online Bill Payments service by BityOnline Bill Payments service by Bity

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Cryptocurrency Exchange API

Businesses can purchase Bity’s cryptocurrency exchange API so that customers can use the business website directly to buy Bitcoins, Ethereum and sell these cryptocurrencies. Businesses can use the API service to integrate fiat on off-ramps for their users or automate buys and sells.

Cryptocurrency Exchange API by BityCryptocurrency Exchange API by Bity

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KYC and AML Compliance Services

It is important for any Initial Coin Offering (ICO) to comply with all the KYC and AML requirements of the Swiss regulatory authorities. This regulatory authority is FINMA. Bity helps its customers comply with all their FINMA requirements while ensuring the complete security of their funds and information. 

Bity OTC

Their Over-the-Counter trading desk ensures accurate, instant swaps at great rates.

OTC Desk by BityOTC Desk by Bity

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Bity Review: Pros and Cons

Pros Cons
Highly secure, Swiss authority regulated.  Only a few fiat money currencies and cryptocurrencies are supported.
ID verification not required for smaller trades (buy-sell). Those who want a higher transaction limit account need to wait a few days to complete the verification process.
Swaps all supported cryptocurrencies at the expected rate if the payment is received within 10 minutes. Does not have mobile apps for ease of usage.

Bity Registration Process

To register an account with Bity platform, users need to follow the below steps:-

  • Bity users need to be registered before they can start trading through the website. They can go to the Bity website and select Register. 
  • They will have to put in their name and email id.
  •  They will then receive a confirmation email.
  • The user can now login to their account.
  • The user is now ready to trade Bitcoin or Ethereum.
  • But trading will only be restricted to 1000 CHF worth of cryptos daily.
  • In order to transact higher amounts, users will have to sign up for a higher level of trading account. There are three types- standard, advanced, and expert levels. Each comes with its own services and features.
  • To change to these accounts, users will have to log in and go to the MY Info section. Here they will have to complete their profile and submit their IDs for verification. Users who submit all necessary documentation are verified for higher-level accounts with larger maximum trading amounts.

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Types of Bity Trading Accounts

Bity has different grades of trading accounts, each has its own features, maximum trading amounts, and requires different levels of personal information verification.

  • Bity users can start trading by only confirming their email addresses and names. But daily transactions are restricted to 1000 CHF and yearly to 100,000 CHF. 
  • Bity users can also sign up for a standard account. This account requires another step of verification after the confirmation email. Users need to submit their phone numbers on which they will get a verification SMS. Daily transaction limits for standard accounts are 1000 CHF, a single transaction limit is 1000 CHF, and yearly transactions can be up to 100,000 CHF. 
  • The next kind of trading account is the advanced account that requires KYC verification. Daily and annual limits for transactions are raised to 100,000 CHF. A single maximum transaction amount is set at 100,000 CHF or 5BTC or 150 ETH. Users with advanced accounts can use the Bity dashboard to keep track of their transaction history. They can also save transaction details like Bitcoin addresses for trades later on. Users with advanced or higher accounts have to pay a slightly lower transaction fees or exchange rates.  
  • The highest level of trading account is the expert account that requires FINMA compliant AML verification. A single transaction can be up to 500,000 CHF or 5 BTC or 150 ETC. There are no upper limits for maximum daily and yearly transactions.

Types of Bity Trading AccountsTypes of Bity Trading Accounts

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Bity Fees

Bity maintains complete transparency about their trading fees, and all fees inclusive of taxes are intimated to the users in CHF or EUR. The transaction fee is usually the Bitcoin mining fee that Bity pays to Bitcoin miners. In case a user’s bank account claims extra transaction fees or a foreign exchange fee for deposits or withdrawals, Bity deducts that amount from the user’s purchase or their volume of sale.

Bity Security

Bity complies with all FINMA  ( Swiss Financial Market Supervisory Authority) requirements. They have KYC and AML requirements in place for larger transactions. The main goal of Bity is to give users complete control over their transactions by removing all third-party permissions usually found in traditional fiat money trading.

Bity does not take responsibility for a user’s private security keys. It does not store the user’s private keys or collect data to access their crypto wallet. Users need to be responsible for their private key and keep it safe at their own risk.  Bity cannot recover the user’s digital assets if they disclose their key or forget this security key. They suggest that users should do their own research about different crypto wallets before choosing one for transactions. Users can also back up their keys on a secure personal device.

Bity Reviews - Bity Security MeasuresBity Reviews – Bity Security Measures

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Bity Customer Support

Bity has a strong and efficient customer service team. Support service personnel are available through live chat on their website. Bity users can avail customer services every day from Monday to Friday between Monday and Friday from 9:00 to 18:00 (GMT + 01.00). Their support team also tries to provide social media features on platforms like Facebook, Twitter and LinkedIn. For more details you can check-out the help section of the official site.

Conclusion

Bity is a secure crypto finance platform that envisions a new society created out of the blockchain revolution. Their reviews found many clients who have been able to successfully navigate the website in order to start trading in cryptocurrencies. 78,000 users have already used Bity services. The only major complaint from negative reviews has been about the time taken for the verification process for expert and advanced trading accounts.

Although, Bity is one of the most well-known crypto coin exchanges in Switzerland. One can read a number of Bity reviews from customers who have used their services over a period of time. They have some negative reviews, but overall it scores highly among digital currency exchange and decentralized blockchain service providers. Its variety of accounts and a broad range of maximum and minimum amounts for swaps make it ideal for a wide range of people. 

FAQs

Is Bity Legit?

Bity is a completely legitimate and legal cryptocurrency gateway. The website is compliant with all the regulations of FINMA, the Swiss financial regulatory authority.

Are Bity Fees High or Not?

Bity’s trading fees are very competitive and at par with industry-standard market prices. They also maintain complete transparency about transaction fees before any trade (buy/sell) is completed.

Can You Get Scammed in Bity?

Bity does not hold the user’s private keys to access their crypto wallets. So the complete responsibility of their digital assets lies in the hands of the user. If they forget their private key or disclose it to untrustworthy people, they may get scammed or their account may get hacked.

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