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Bitit is an e-commece platform that offers transparent pricing, support for multiple currencies, a variety of purchase options including credit and debit cards, and rigid security measures. The interface is easy-to-use and can be an efficient way to purchase cryptocurrency in minutes.
Here’s what it is, how it works, and the fees associated with using the platform.Buy and Sell Bitcoin, Ethereum, and dozens more cryptocurrencies with Wealthsimple. Sign up and Trade here.
What is Bitit?
Paris-based Bitit is an e-commerce platform that allows users to buy and sell cryptocurrencies. The simple and intuitive interface lets users access Bitcoin, Ethereum and leading cryptocurrencies quickly and safely while using their local currency.
Cryptocurrency purchases can be made using credit cards, debit cards, or using CASHlib or Neosurf vouchers. Customers with an European bank account can transfer euros via a wire transfer to their EUR Wallet and use this method to receive funds.
The exchange was designed to be simple and easy to navigate, letting users purchase cryptocurrency in minutes. It offers five local payment methods and fifteen currency options, including:
Canadian Dollar (CAD)
U.S. Dollar (USD)
Chinese Yuan (CNY)
British Pound Sterling (GBP)
Danish Krone (DKK)
Norwegian Krone (NOK)
Swedish Krona (SEK)
South Korean Won (KRW)
Turkish Lira (TRY)
Singapore Dollar (SGD)
Hong Kong Dollar (HKD)
Japanese Yen (JPY)
Australian Dollar (AUD)
South African Rand (ZAR)
When making a purchase, you will see the cryptocurrency exchange rate and total purchase price in the selected currency. Bitit says other currencies will be available soon.
Bitit is subject to European enforcement regulations when it comes to the use of private data. The company says it protects user data with the highest security standards to ensure it remains encrypted and confidential. The platform does not store your card number or account password. Bank-level security and two-step login verification further protect accounts from unauthorized access.
Bitit offers around-the-clock customer service by email and chat, and on social networks. The company’s website features a help section with frequently asked questions to help users who would like to learn more about the platform.
How does Bitit work?
Getting started with Bitit is simple. Create an account and fill out your profile with your full name, address, telephone number, and birthday. You will be prompted to verify your account before you have access to the platform.
This step can take up to 24 hours, and will require copies of an identification document, such as a driver’s licence, passport, or an ID card. Once the verification is complete, you will be notified by email. You won’t be able to make any purchases until this step is complete.
When your account is verified, you can log in and purchase your preferred cryptocurrency. To get started, select the currency you want to use for your purchase and the cryptocurrency you want to buy. Review the current exchange rate as well as Bitit’s pricing and fees before making a purchase.
Bitit allows you to sell 56 cryptocurrencies, including:
Basic Attention Token (BAT)
Bitcoin Cash (BCH)
Bitcoin Gold (BTG)
bZx Protocol (BZRX)
Ethereum Classic (ETC)
iExec RLC (RLC)
Kyber Network (KNC)
Matic Network (MATIC)
Pundi X (NPXS)
True USD (TUSD)
USD Coin (USDC)
Wrapped Bitcoin (WBTC)
(Note: The Bitit platform only allows you to sell Bitcoin and Ethereum.) Once you select the cryptocurrency you want to buy, you’ll need to confirm your payment method and delivery address before completing the transaction.
What are the Bitit fees?
Bitit fees vary depending on the payment method. If you use the Bitit EUR Wallet option, you can buy and sell cryptocurrency instantly and pay 0.25% in fees. However, the wire transfer option is only available for purchases made using Euros. Using this method, you can purchase up to 15,000 Euros of cryptocurrency per week. There is no cap for selling.
Purchases made using credit and debit cards are the most popular choice and come with a 3.35% transaction fee. Bitit only allows Visa and MasterCard credit and debit cards. You can use this purchase method to buy cryptocurrency in any of the 15 currencies that Bitit currently supports. There is a buying limit of 7,500 Euros per week if using this option.
The final purchase option is using a cash voucher. This comes with the highest transaction fees of 8.75% and is only available for purchases made using Euros. Supported vouchers include CASHlib and Neosurf. The buying limit for vouchers is 2,500 Euros per week.
Besides the Bitit fees, there is a mining fee that comes with cryptocurrency purchases. Each Bitcoin transaction requires a mining fee attached to it to ensure that it’s processed successfully. The fee is paid to Bitcoin miners who process transactions and secure the network. Fees can vary depending on a variety of factors such as time of day, day of the week and current demand.
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