Bitit
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UPDATE 15 April 2021: Bitit has closed down. They announced this information through the following email sent out to its users:
Dear customers,
Despite being one of France’s leading fiat-to-crypto platforms and serving over half a million customers since its founding back in 2015, Bitit is closing its doors.
To learn more go to our website.
Built with the goal of making cryptocurrency purchases seamless no matter where you live and no matter what payment method you prefer, we worked hard on building the easiest way to access cryptocurrencies.
Our company focus on simple UX and compliance stood out in a corner of the internet too often known for opacity and frictions.
Notwithstanding rising interest in cryptocurrencies over the past years, interest which was then accelerated by the COVID-19 crisis, our 12-person team ran up against operational issues that were then aggravated by delays originating in local regulators.
These twin issues forced us to make the difficult decision to close the company down, effective today, April 15, 2021.
We fought to build a product that worked for you, with no compromises. And damn, it was worth the fight!
It was a crazy ride, 6 years of a continuous roller coaster, 6 years of falling and recovering, 6 years of resilience.
We want to thank you, our customers, for all the support you’ve given us along the way. We also want to thank our employees, investors and financial partners who trusted us from the beginning.
We share a focus on building products that enable consumers to significantly improve their financial lives, and are honored to have been a small part of your journey.
To the moon,
Nicolas, Ugo, Simon & The Bitit Team
Accordingly, we have marked this exchange as "dead" and moved it into our Exchange Graveyard.
To find a reliable exchange where you can start an account, just use our Exchange Filters and we'll help you find the right platform for you.
Bitit Review
Bitit’s domicile country is France. There are more than one cryptocurrency exchange in the land of wine, baguettes and romance, but not incredibly many as in United Kingdom or USA.
A very interesting feature with Bitit that they announced on 3 June 2019 is that you can connect your Ledger Nano S or Trezor wallets to the Bitit-trading platform. By doing so, you can trade at the exchange and then deliver the purchased cryptocurrencies directly to your hardware wallet. By enabling this feature, Bitit gives the customers the opportunity to store their private keys offline (on their hardware wallet), while still being able to use the Bitit trading platform for trading the relevant cryptocurrencies. This picture shows the different steps involved when connecting your Ledger Nano S or Trezor to the platform:
Bitit does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still do their own independent analysis of any problems arising from their residency or citizenship. In a worst case scenario, they are still prohibited from trading at one or several exchanges that could be the best cryptocurrency exchange site for them.
Bitit 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. At this exchange, there is only an order box. This makes it easily understandable for new crypto investors, while it might lack some features that more experienced traders look for. The below is a picture of the trading view at Bitit:
Bitit Fees
Bitit Trading fees
Never forget to check the trading fees and withdrawal fees of an exchange you are interested in trading at. Bitit is different from most top crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling different cryptocurrencies. Regardless of whether you are buying or selling cryptos from the platform here, you need to pay 0.25% if you are using the Bitti EUR wallet. The global industry average has for a long time been 0.25%, but we are now seeing a shift towards much lower trading fees. The new industry averages that are emerging seem to be 0.10%. In light of this, Bitit is a bit on the high end when looking at its trading fees. Credit or debit card purchases, or cash vouchers, are even more expensive. This is further illustrated in the below picture:
Bitit Withdrawal fees
Considering how Bitit conducts its business, withdrawal fees are irrelevant.
Deposit Methods
Previously, Bitit only accepted deposits via credit card. The deposit fees when using credit cards range from 2.90% to 3.50%.
On 5 February 2019, however, the exchange announced that they would now also enable SEPA-transfers (a sort of wire transfer) in EUR. Moreover, on 20 November 2019, Bitit started accepting Skrill-transfers.
Non-European customers can also create a Bitit EUR wallet should they so wish. Different from most other exchanges, you can now even buy cryptocurrency with cash here, if you use a CASHlib or Neosurf voucher. These vouchers are apparently available in more than 150,000 stores across the world.
