The popularity of the cryptocurrency market has led to the introduction of a huge number of cryptocurrency exchanges and brokers to facilitate people in investing in this digital currency. While this has certainly proven to be beneficial because competition has allowed people to get better services at lower prices, it has brought some problems as well. The market has become a thriving space for scammers and cybercriminals and they want to take advantage of people’s naiveté where cryptocurrencies are concerned. Therefore, you will also come across stories about crypto exchanges being hacked and scam brokers being set up.
It is imperative that you understand the risks when you are looking for a cryptocurrency exchange to make your own investments. Buying and selling cryptocurrencies is undoubtedly lucrative because there is the possibility of making high returns. But, you need to find a safe platform to get it done or else all your effort will just go down the drain. This means finding a good and reliable cryptocurrency exchange. One of the options that you will find is BitExChain, an exchange that’s relatively new yet claims to offer optimal services and a secure environment. The question to ask is whether it is authentic or just another scam.
BitExChain- Is it Legitimate?
The best way to determine if a cryptocurrency exchange is a scam or legitimate is to take a look at their regulatory status. BitExChange was founded by CoinFarm OU, a company based in Estonia. If you take a look at its license, you will discover that it is fully registered with the Financial Intelligence Unit in the country, which means its activities are regularly monitored. This is undoubtedly reassuring because a scam would never go as far as registering themselves as they have to fulfill certain obligations and requirements for this purpose.
What Can you Buy and Sell?
The next most important thing you need to check before choosing a cryptocurrency exchange is their asset offerings. Which cryptocurrencies can you buy and sell? As Bitcoin is the leading crypto in terms of market cap, it is understood that you would want an exchange that gives you the opportunity of buying it. BitExChain doesn’t disappoint as it has added Bitcoin and also Litecoin to its offerings.
You can buy and sell both or either of these cryptocurrencies at your whim. They are offering some of the best prices in the market as they calculate the average price of the currency pair you want to get. Moreover, they also take the market volatility into account at the time of execution to offer the best possible prices.
You can cancel your order anytime, as long as your transaction hasn’t been executed. But, if the order has been placed, it cannot be cancelled. A refund is applicable in case of cancellation, but a refund fee is deducted.
How Can you Open Account and Verify it?
The account opening procedure is not that complicated at BitExChain. There is only one form that has to be completed and it asks for first and last name, phone number, and country of residence, email address and password. You should also choose an appropriate account currency, depending on the one you are comfortable with. The exchange allows you to choose between four options, which are GBP, EURO, USD and South African Rand. Take a look at the exchange’s terms and conditions and you can sign up. When it comes to verification, you first need to verify your email address first by opening the confirmation email sent to you. This will activate your account for exchanging, sending and receiving cryptocurrency.
The next step in the verification process is to submit some documents under the KYC (Know Your Customer) policy. Any form of government-issued ID that doesn’t expire for six months, such as passport, driver’s license or national ID card should be submitted, along with a selfie photo. The exchange also needs proof of address, which can be given by submitting any utility bill like gas, electricity, cable or water or a bank statement showing full name and address.
BitExChain also complies with the Anti-Money Laundering (AML) policy and according to its rules, users have to submit a photo of their respective debit or credit cards they want to use for adding funds to their account.
How Secure is the Cryptocurrency Exchange?
When you are sharing such detailed information about yourself, it is a given that you would be concerned about its security. If it falls into the wrong hands, your identity could be stolen and you will have to deal with the consequences. BitExChain is well-aware of this issue and they have addressed it by implementing the highest-standards of encryption on their website and trading platform. All information is immediately encrypted upon submission and no employees or third parties are given access to it.
What Kind of Customer Support is Available?
When you are using a crypto exchange, there are most likely going to be issues with how things work. It is natural to have questions and queries and you want them answered as soon as possible. With BitExChain, there is a complete FAQ section where answers to frequently asked questions are given for convenience. They also have a customer support department and you can reach out to them via phone or email, both of which are provided on the Contact Us page on the website. In fact, there is also a contact form that you can fill out to get in touch with their agents.
Along with these features, BitExChain also offers a free wallet to its clients for storing the Bitcoin and Litecoin they buy. It has added an OTC trading desk as well and its regulatory status ensures that it is not a scam.