A nice alternative for beginners
Beginners usually get attracted towards the typical exchanges, like Coinbase, CEX.io or something that is straightforward and easy. This is fine, but these exchanges are usually limited in terms of the number of coins they support, or its trading pairs or the number of fiat currencies and payment methods supported.
Bitit seems to balance things out a bit better on top of having a mix of nice features. So, if you’re new to crypto trading, stick with us for this short review, as this could be the one for you.
What does it offer?
BitIt is similar to Coinbase in the sense that it’s a straightforward platform that is welcoming towards beginners. The main difference is that it doesn’t offer an advanced trading platform like GDAX. However, to compensate for that, BitIt combines both the commodities of an exchange and the advantages of a marketplace.
To give you a better idea, here’s a small list of some of the features BitIt offers:
- A wide range of payment methods, which includes credit and debitcard, cash, e-wallet, wire transfers, or even BitIt’s own gift cards.
- Dedicated 24/7 customer support.
- A “buy near you” feature that finds stores nearby your location that allows you to buy vouchers that you can redeem on the website.
As you can see, like other beginner friendly exchanges, BitIt is relatively straight forward and simple. This isn’t necessarily bad however, and it provides its features exceptionally well.
What does the community think of it?
Despite being a great alternative to Coinbase, BitIt is not too popular just yet, but most of the opinions you’ll find about BitIt will range from positive to very positive. You’ll see the occasional negative opinion pop out here and there, which is usually related to their fees (which we’ll discuss below). But other than that, the community likes and trusts the exchange, and actually praises their customer support, which is a rare occurrence.
BitIt is fully transparent when talking about its fees, which can vary depending on your payment method. Currently, their fees go like this:
- Direct banking (TrustPay) purchases have a 3% fee.
- Credit/debit card purchases have a 6.9% fee.
- Neosurf and Cashlib have 5.9 and 11.9% fees respectively.
Additional fees may be charged by a store if you buy a prepaid voucher. Foreign transaction fees may also apply if you’re using a currency that isn’t the Euro.
Now that you’ve seen them, you can understand why some users complained about their fees. However, given the amount of payment methods it offers, along with its ease of use and its marketplace, it’s understandable that fees would be higher than usual.
Pros & Cons
- Newbie friendly way to get into cryptocurrency trading.
2. Supports an impressive amount of payment methods and fiat currencies.
3. Supports the most relevant coins.
4. The “buy near you” feature is excellent.
5. Their customer support is excellent.
6. BitIt gift cards are attractive to newcomers.
- Although a great idea, BitIt Gift cards are still quite limited in terms of availability.
2. The fees are quite high when compared to similar exchanges.
3. Lack of a mobile app.
4. No advanced trading GUI.
5. More coins being supported would be nice.
To sum it up
BitIt proves to be a great alternative to Coinbase for those users that are really new to cryptocurrency, but finds itself lacking something to attract more users. Despite that, it’s still a fairly young exchange with a lot of room for improvement. What’s already there is done exceptionally well. So, if you’re not checking BitIt out just yet, at least keep an eye on it, you never know, we might be pleasantly surprised in the future.
BitIt is a relatively young exchange. Founded in 2015, it’s a company based in Paris, France that actually works as an exchange and a marketplace at the same time. Essentially, you have the option to buy the leading cryptocurrencies with a wide variety of payment methods and in your local currency.
BitIt’s main goal is to allow everyone around the world to be able to access cryptocurrencies, regardless of the area they live in, all through an easy and user friendly platform.