BitExChain Review – Investing in Bitcoin and Litecoin Securely

BitExChain Review

When cryptocurrencies were first introduced in 2009, they didn’t get a very warm reception. As a matter of fact, skeptics thought that they wouldn’t last for long and governments even banned them because they believed they could only be used for nefarious purposes. But, over time, people had to accept that these digital currencies are here to stay and do have a lot of value to offer. They are considered a major improvement in the financial world because they might bring about complete decentralization, something that was not possible with fiat currencies. In today’s modern digital age, cryptocurrencies have become a very important financial instrument and this can be easily seen with the expansion of the market.

In 2009, Bitcoin was the only cryptocurrency that existed, but now there are more than 5,000 cryptocurrencies circulating in the market and there don’t seem to be any indications of this growth slowing down anytime soon. Progress was slow initially, but it sky rocketed in 2017 when Bitcoin reached its peak price of $20,000. Bitcoin investors made huge fortunes within a matter of days and other cryptocurrencies also saw a surge. When you read such success stories, it is understandable that you would be interested in investing in cryptocurrencies as well.

There are not many investments out there that are capable of generating such returns. It takes most people the better part of their lives to even come close to this goal, but the volatility of Bitcoin and other crypto coins have made them a great option for earning high returns. Not only is it the pioneer cryptocurrency, Bitcoin is also the market leader with the highest market capitalization. Its demand is constantly on the rise because there will be only 21 million Bitcoins and no more. A huge number of people have ventured into this market and to accommodate them, the concept of cryptocurrency exchanges was introduced.

These are platforms that facilitate the buying and selling of cryptocurrencies and you can find a number of these in the market. With the increase in demand for cryptocurrencies, the number of these exchanges has also increased, but this popularity has also paved the way for criminals to enter the crypto space. Due to the unregulated nature of cryptocurrencies, they were already a target of cybercriminals and with the influx of people into this market, the security concerns have increased further. There have been several incidents of some prominent cryptocurrency exchanges being hacked, fake brokers and exchanges have also been created and other similar schemes have been cooked up to exploit people.

Keeping these in mind, it is understandable that people are hesitant in signing up with just any crypto exchange. You have to trust them with your funds and your personal information and this is easier said than done. Therefore, it is best to do your due diligence and carefully check a crypto exchange before you consider them trustworthy. Not every exchange is legitimate, despite its big claims and you shouldn’t just take their word for it. You will come across a plethora of options and each one will seem better than the others, but this may not be true.

To make your decisions, your focus should not just be on the cryptocurrencies the exchange is offering to you. Most people are often blinded by the choices and don’t consider other aspects of an exchange like their customer support, their pricing, their privacy policies or their security measures. Not doing so means you are exposing yourself to a great deal of risk. Do you really want to be that vulnerable? Never let yourself be tempted by offers that seem too good to be true, such as low pricing or hundreds of crypto options. These are just tactics used to draw in people and most of these brokers will turn out to be shady.

One of the most reliable options that you will find in the market is BitExChain. CoinFarmOU, a company licensed and registered in Estonia, founded this cryptocurrency exchange. As the company is registered with the Financial Intelligence Unit, it is authorized to offer its services all over Europe. The cryptocurrency exchange caters to investors from all around the globe, with the exception of some areas. As long as you don’t reside in these areas and are above the age of 18, you will be able to create an account with the exchange and avail their services. But, what makes BitExChain different from the rest of the exchanges out there? Read on to find out:

A Comprehensive and Innovative Exchange

The team behind BitExChain came up with the exchange in order to meet the rising demand of innovative and trustworthy crypto exchanges. It has not been around for as long as some of the oldest exchanges in the market and this causes some people to doubt its authenticity. But, despite this hesitation, this crypto exchange has developed a strong and positive reputation in the market and is catering to people from all backgrounds, regardless of their skill level or experience. Whether you are a novice or a seasoned trader, BitExChain can accommodate you easily and you will have no trouble in engaging their services.

However, the most notable thing about BitExChain is that it has made it extremely easy for people to buy cryptocurrencies smoothly, quickly and in a safe manner. Currently, the crypto exchange is allowing people to use its platform to buy Bitcoin and Litecoin. The offerings are limited because the exchange is still quite new and the team is working to add more options to the mix. The exchange allows you to switch between the cryptocurrencies easily and you can trade them at some of the most competitive prices in the market.

To add to it, BitExChain doesn’t just enable its customers to purchase the cryptocurrencies they want; it has also added a free wallet they can use for storing their purchases without any stress or worries. It is quite convenient because it saves people from having to go looking for a wallet. The benefits don’t just stop here because the exchange has also added another feature; an Over The Counter (OTC) trading desk. This form of trading is quite popular and a lot of traders want to take advantage of it and BitExChain has added this option to their platform for their convenience.

The biggest advantage of OTC trading is that it is the best option for those looking for large quantities of cryptocurrencies. The problem with using crypto exchanges for that is that it takes time for orders to be fulfilled during which prices can change. Moreover, placing a large order also leads to volatile price movements, which can result in losses for the investor. These problems are eliminated automatically when you opt for an OTC trading desk because it enables you to enjoy some anonymity when you are making your purchases and it also lets you have a great deal of liquidity, higher than an exchange.

BitExChain has added this option for their client and you can use it for trading Bitcoin and Ethereum via their OTC desk. Even in this form of trading, the exchange has gone above and beyond to offer impressive prices to traders so they are able to profit from the movements and achieve their financial goals.

No Complications in Registration

Amongst the different things crypto investors and traders complain about, registration is the most prominent one because it is just the beginning of the process. If you are facing trouble from the start, how will you move forward? But, the fact is that people do face problems because a lot of exchanges and brokers have added a lot of formalities to the process. You have to fill out numerous forms and provide them with various kinds of documentation and then wait for a while before you can get started because there is an approval process. A lot of people get frustrated and end up quitting halfway because it seems like too much effort.

Understanding the clients’ perspective, BitExChain has attempted to keep this process as simple and accessible as possible. Their registration process is not that complicated and neither too time consuming. There is one form that you have to fill and it is easily available on the exchange’s website. You don’t have to jump through hoops to find it and there is no need to enter extensive details either. Basic information like your full name, the country you are based in and your phone number has to be shared. Make sure you are not from one of the few countries the exchange doesn’t operate in.

Plus, the phone number you provide should either be a mobile number or a landline number as no other numbers are accepted. The registration process also asks for an email address and you have to choose a password that you will use for accessing your account on BitExChain. You will be sent an email to confirm your account and then you will be able to use the exchange for sending, receiving or exchanging crypto as per your convenience. You are also recommended to use 2FA (two-factor authentication) for protecting your account against hacks.

As part of its registration, BitExChain also asks if you are a politically exposed person (PEP) and you have to agree to their terms and conditions. These are provided on the website and it is best to go over them before you agree. The exchange also asks you to select an account currency and four options are given to you, which are GBP, Euro, USD and South African Rand. As long as you are above 18, the form will be submitted. Your account will be active, but it will remain locked for buying and selling cryptocurrencies until you submit some documentation for verification purpose. This is part of the exchange’s regulation and is done for your own security.

A Structured and Secure Environment

As mentioned earlier, the crypto market has become a hotbed of scams due to their decentralized nature and lack of regulation. Some people may have been driven away, but most people dive in because there is no denying the potential these cryptocurrencies hold. Yes, you can trade and invest in the crypto market, but it is best to take safety precautions for mitigating the risks and minimizing damage. The best way to do so is to select a cryptocurrency exchange that uses the necessary measures needed for creating a secure environment for its clients and is proactive about maintaining their privacy.

You will certainly not be disappointed with BitExChain in this regard because they have proven to be extremely dedicated in terms of security. First and foremost, you should know that a regulated and licensed company owns and operates this exchange so they are automatically in compliance with all industry standards and guidelines. The Know Your Customer (KYC) and Anti-Money Laundering (AML) policies are an excellent example. These policies have to be followed by all registered and licensed organizations offering financial services and this also applies to BitExChain.

Anyone who is opening an account with the crypto exchange also needs to comply with them. As a matter of fact, it is part of their verification procedure. The aim of these policies is to keep out cybercriminals by ascertaining and verifying the identity of anyone who signs up on BitExChain. There are several steps that have to be completed in order to make this happen. Proof of identity is the first requirement and clients have to submit a passport, driver’s license or a national ID card to do so. They should also submit a selfie holding the card to confirm it.

The next step is to give proof of your address and to do so, a document showing your name and address is needed. Any utility bill like electricity, gas, or water will suffice, but not a cell phone bill. You could also give your bank statement or credit card bill. However, you should ensure that they are not more than 3 months old or they will be rejected. If you are planning on using your credit or debit card on the exchange for buying or selling cryptocurrencies, BitExChain also requires you to submit a photo of the card in question. Make sure it is a clear image and the card is in your name, as per AML policies.

After you have provided these documents, it is now BitExChain’s job to check their authenticity and then your account will be unlocked. This procedure doesn’t take more than 24 hours. In fact, it is even quicker and only takes 24 hours in case there is a problem. Nonetheless, when you have shared such sensitive documents with the exchange, it is normal for you to worry about their security. To reassure you in this regard, this crypto exchange has employed the highest standards of encryption technology to keep it under wraps. Every single communication, including your emails, are encrypted for your own safety.

If you are concerned about your privacy, you can find BitExChain’s privacy policy on their website. You will be pleased to know that they do not share, rent or sell any of their client information to outsiders, unauthorized individuals or third parties. It is only used and stored for as long as services have to be provided to the clients, as it is required by regulations, and then removed later on. Hence, you can enjoy peace of mind when you choose this exchange because they have not taken your security lightly.

A Free Wallet for Storing your Digital Assets

Once you buy your chosen crypto, whether it is Bitcoin or Litecoin, you will have to start looking for a wallet to store it. This means searching for a secure and reliable wallet because not all of them will fit this criteria. Finding one is easier said than done, especially considering the number of wallets that have popped up in the last few years. Luckily, BitExChain provides you a solution in the form of a free cryptocurrency wallet that has been developed for storing your Bitcoin and Litecoin. Just like their exchange, their wallet has also incorporated the top security features needed for protecting your digital holdings.

When you opt for BitExChain’s wallet, you no longer have to look for one, which saves you time and also gives you an alternative that will keep your assets safe. The exchange has come up with a unique and advanced solution to help you in this regard and it allows you to send, receive, sell or exchange your cryptocurrency without any issues or without jumping through multiple hoops. BitExChain’s different because it grants you full access and control of your funds. The technological innovation lets you move your holdings around whenever you like and how you like it.

Even here, BitExChain has exercised caution to keep your funds secure as their priority is to protect their clients from all kinds of risks. Thus, every time there is movement in your wallet, whether you send or receive funds, the wallet address is changed. In this way, even if someone is trying to keep an eye on your wallet, they will not be able to track it once the address changes. But, you also need to be cautious and check the address before you make a transaction. In addition, as per regulations, customer funds are kept segregated in order to prevent any misappropriation or discrepancies. But, where are the assets kept?

BitExChain has chosen to go with cold storage for keeping your funds because it is one of the most secure options available. To add to it, the exchange has chosen to get them insured for $100 million, which means that even if your wallet is compromised, you will not lose everything. The exchange doesn’t keep all your funds in online wallets; only 8% is online for use and for liquidity and the rest is kept safely in cold storage. They do not have a policy of sharing your PIN or public key with anyone and even employees are not given access to ensure their safety.

Most importantly, BitExChain is providing this crypto wallet completely free of cost to its clients and this is a great advantage that not many other exchanges can claim to offer.

A Strong and Robust Customer Care System

Whether it is a cryptocurrency exchange or another service, it cannot be denied that the quality of customer care you receive will have a huge influence on your overall experience. It is even more important with cryptocurrencies because this particular asset is still relatively new and there is a lot to learn about it. Even those who have don’t their homework will get stuck at some point or may have queries that need answers. Plus, when people use a crypto exchange for the first time, they will have problems and this is where customer care can be crucial.

Lack of support means that the exchange doesn’t care and this is not what BitExChain wants. They are committed to providing their clients a smooth and easy experience and they have taken steps to ensure their clients don’t suffer at any point. First, they have created an FAQ section where the exchange has answered most common questions that people tend to have when they are using their services. You can seek help there. If you don’t find a solution, you can visit the Contact Us page on their website. Here, you will have three options; you can fill the online contact form provided, use the phone number to call an agent or send an email at the email address provided. They will get back to you promptly and resolve your problems.

Conclusion

Anyone looking for a cryptocurrency exchange for buying Bitcoin or Litecoin should definitely take a look at BitExChain. They have a secure platform and offer the best rates you can find. The wallet adds to the benefits as do the easy banking solutions they have provided, along with top notch customer support to facilitate clients.