Bit-Z
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UPDATE 8 October 2021: When visiting the exchange today, we noticed the following message, announcing that BitZ will close down its operations due to regulatory pressure from Chinese authorities.
Dear BitZ users,
Underpinning BitZ commitment to compliance policies, BitZ has suspended new user registration and KYC in Mainland China on September 26, 2021. For existing users now, BitZ will retire all under the premise of ensuring the safety of user assets, and will officially stop operations on October 21, 2021. The specific schedule is as follows:
1. Closing registration and stop deposit
On October 8, 2021, from the moment the announcement is issued, user registration in all regions will be closed and all asset deposit will be stopped, and only trading and withdrawals will be allowed.
2. Closing trading
At 15:00 on October 14, 2021 (UTC+8), BitZ will stop OTC trading service, stop contract trading service. Uncompleted positions will be automatically closed at the market price at 15:00 on October 14 (UTC+8), and the remaining assets of contract account are uniformly transferred to the spot account.
At 15:00 (UTC+8) on October 21, 2021, spot trading will be stopped.
*Note: From 15:00 (UTC+8) on October 21, 2021, all users will no longer be able to log in to BitZ website and APP.
3. Asset settlement
From October 8, 2021 to October 21, 2021 at 15:00 (UTC+8), the automatic asset withdrawal function will be allowed.
October 21, 2021 15:00 (UTC+8)-November 30, 2021 at 24:00 (UTC+8), manual review and withdrawal is supported. The web page provides an email withdrawal channel, users can only pass through the unwithdrawn assets After contacting the official email and verifying the identity, apply for withdrawal of assets.
*Note: The manual withdrawal channel only provides withdrawal services for mainstream assets (BTC, ETH, USDT), and users are requested to withdraw your assets in time.
4. About BitZ Token(BZ) and DKKT
From October 8, 2021 to October 21, 2021 at 12:00 (UTC+8), the BitZ Token(BZ) will be repurchased at the price of 0.16USDT, and DKKT project party will be repurchased in the USDT market at an exchange rate of 1:6.5. Please sell it in time. After 12:00 (UTC+8) on October 21, the platform will no longer place orders for repurchase, and users need to bear the losses caused by not selling in time.
Finally, we would like to thank all BitZ users for your continued support and hope to get your understanding. We wish everyone a smooth and happy life in the future!
Goodbye!
4-year BitZ
Accordingly, we have marked this exchange as "dead". We have also moved it into our Exchange Graveyard.
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Bit-Z Review
Bit-Z is an exchange based in Hong Kong. There are loads of coin exchanges from Hong Kong. Hong Kong is in a way the Mecca of cryptocurrency trading. A non-exhaustive list of competitors to this exchange on its home turf is Binance and KuCoin.
As for the advantages with the platform, Bit-Z specifically promotes four advantages: professionalism, secrutiy, convenience and synchronization. We feel that these are all very important factors and we understand why they have chosen to highlight these in particular:
The exchange only prohibits US-investors from the State of New York from trading on its exchange. However, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at Bit-Z.
Liquidity
On 9 June 2019, Bit-Z had a reported 24 hour trading volume of USD 653 million. This 24 hour trading volume placed Bit-Z on place no. 27 on the list of the exchanges in the world with the highest 24 hour trading volumes. Fastforward two years, to the date of last updating this review (21 September 2021), and the 24-hour trading volume according to Coinmarketcap was above USD 1 billion.
Bit-Z Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. The below is a picture of the trading view at Bit-Z:
Bit-Z Fees
Bit-Z Trading fees
Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount. It also results in a tighter market spread due to the increased incentive for makers to outbid each other.
There are also a number of top crypto exchanges who don’t charge different fees between takers and makers. Usually, it is called that such exchanges’ trading fees are “flat”. Bit-Z is one of those exchanges.
The exchange offers a flat trading fee of 0.20%. It does accordingly not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model. Trading fees on 0.20% are in line with, or maybe even slightly above, the industry average.
Bit-Z also offers trading fee discounts when under certain circumstances. The fee discount calculation is a bit complex and is based on both your trading volume and your holdings of Bit-Z tokens (the exchange's native token). In any event, the lowest possible trading fee you can achieve for "mainstream tokens", without paying them with Bit-Z tokens, is 0.042% for takers and 0.03% for makers (VIP level 14). The exact trading fee discounts are set out in the below table:
Bit-Z Withdrawal fees
Bit-Z's withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008 BTC per BTC-withdrawal. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
Deposit Methods
Bit-Z does not accept any other deposit method than cryptocurrencies, so new crypto investors are actually restricted from trading at Bit-Z. If you are a new crypto investor and you wish to start trading at Bit-Z, you will have to purchase cryptos from another exchange first and then deposit them at Bit-Z.