BIT.com offers access to 65 Spot, 110 Futures, and 3 Options trading pairs. The exchange rewards up to 80% commission to its affiliates. The BIT copy trading platform offers money managers up to 15% profit share.
BIT; Introduction to the Exchange
BIT, powered by Matrixport, is a full-featured cryptocurrency exchange launched in August 2020.
The exchange reached an Options daily trading volume of over $6B in 2021 and ranked No.2 in the market. Key features of BIT:
- USDT-margined trading pairs
- Fiat payments
- Third-party custodians
- C2C cloud mining
BIT Exchange Specific Features
BIT crypto exchange, leveraging the power of Matrixport, offers a suite of unique features that cater to both retail and institutional traders.
Exchange | BIT |
Launch Date | 2020 |
Levels | VIP 1 – VIP 9 |
Trading Fees | Variable based on the user level and instrument |
Restricted Countries | China Mainland, North Korea, Hong Kong, Iran, Japan, Myanmar, Singapore, Syria, Uzbekistan, American Samoa, Canada, Cuba, Guam, Puerto Rico, the Northern Mariana Islands, the United States of America, Crimea, Sevastopol |
Supported Coins | 60+ |
Futures Trading | Yes |
Minimum Deposit | $20 |
Deposit Methods | Credit / Debit Cards, Crypto |
Withdrawal Methods | Crypto |
Maximum Leverage | 1:100 |
Minimum Trade Size | $10 |
Security Factors | 3rd Party Custodians, Off-Exchange Settlements, Penetration Test, Whitelist, Cold Wallets, Multi-Signature Wallets |
Services | Spot, Futures, Options, Cloud Mining, Copy Trading, RMM Strategy, API |
Customer Support Ways | Live Chat, Telegram, Email |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
Upsides and Downsides
As with any cryptocurrency exchange, BIT has its strengths and weaknesses. Let's examine some of the key upsides and downsides of using the BIT platform:
Pros | Cons |
Wide range of trading products (spot, futures, options) | Relatively new platform, still building trust |
Advanced API connectivity for algorithmic trading | Low trust score on review websites |
Copy trading and cloud mining services | No fiat withdrawals |
Fee reductions based on trading volume | Geo-restrictions |
BIT User Levels
BIT implements a tiered VIP system to reward active traders with reduced fees. The VIP levels range from VIP 1 to VIP 9, with each level offering progressively better perks. Note that the required trading volume for each level differs based on the market.
BIT Exchange Fees Explained
As mentioned in the previous topic of this BIT review, the platform implements a tiered fee system based on user levels and trading volume.
Here's a breakdown of the various fees on the BIT exchange:
BIT.com Spot VIP Levels (Tier 1 pairs)
Level | 30D Trading Volume (USDT) | Maker/Taker |
VIP 1 | < 5,000 | 0.1000% / 0.1000% |
VIP 2 | > 5,000 | 0.0980% / 0.0980% |
VIP 3 | > 10,000 | 0.0960% / 0.0960% |
VIP 4 | > 20,000 | 0.0940% / 0.0940% |
VIP 5 | > 50,000 | 0.0900% / 0.0900% |
VIP 6 | > 150,000 | 0.0850% / 0.0850% |
VIP 7 | > 500,000 | 0.0750% / 0.0750% |
VIP 8 | > 1,000,000 | 0.0700% / 0.0700% |
VIP 9 | > 5,000,000 | 0.0000% / 0.0500% |
BIT.com Spot VIP Levels (Tier 2 pairs)
Level | 30D Trading Volume (USDT) | Maker/Taker |
VIP 1 | < 5,000 | 0.2000% / 0.2000% |
VIP 2 | > 5,000 | 0.1900% / 0.1900% |
VIP 3 | > 10,000 | 0.1800% / 0.1800% |
VIP 4 | > 20,000 | 0.1600% / 0.1600% |
VIP 5 | > 50,000 | 0.1400% / 0.1400% |
VIP 6 | > 150,000 | 0.1200% / 0.1200% |
VIP 7 | > 500,000 | 0.1000% / 0.1000% |
VIP 8 | > 1,000,000 | 0.0700% / 0.0700% |
VIP 9 | > 5,000,000 | 0.0000% / 0.0500% |
BIT.com Perpetual VIP Levels
Level | 30D Trading Volume (USDT) | Maker/Taker |
VIP 1 | < 200,000 | 0.0300% / 0.0600% |
VIP 2 | > 200,000 | 0.0300% / 0.0580% |
VIP 3 | > 500,000 | 0.0300% / 0.0550% |
VIP 4 | > 1,000,000 | 0.0200% / 0.0500% |
VIP 5 | > 2,000,000 | 0.0200% / 0.0450% |
VIP 6 | > 5,000,000 | 0.0150% / 0.0400% |
VIP 7 | > 10,000,000 | 0.0100% / 0.0350% |
VIP 8 | > 30,000,000 | 0.0000% / 0.0280% |
VIP 9 | > 100,000,000 | -0.0050% / 0.0250% |
Note: The negative maker fee is deducted from the order amount, and you’ll enjoy a discount when executing trades.
BIT.com Options VIP Levels
Level | 30D Trading Volume (USDT) | Maker/Taker |
VIP 1 | < 1,000,000 | 0.0200% / 0.0500% |
VIP 2 | > 1,000,000 | 0.0180% / 0.0475% |
VIP 3 | > 2,000,000 | 0.0160% / 0.0450% |
VIP 4 | > 5,000,000 | 0.0140% / 0.0425% |
VIP 5 | > 10,000,000 | 0.0120% / 0.0400% |
VIP 6 | > 30,000,000 | 0.0100% / 0.0375% |
VIP 7 | > 100,000,000 | 0.0080% / 0.0350% |
VIP 8 | > 300,000,000 | 0.0060% / 0.0325% |
VIP 9 | > 500,000,000 | 0.0040% / 0.0300% |
Listed Cryptocurrencies on BIT.com
BIT exchange supports up to 60+ cryptocurrencies for trading in Spot, Futures, and Options markets, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Solana (SOL)
- Tether (USDT)
- Dogecoin (DOGE)
- Cardano (ADA)
- Chainlink (LINK)
- Avalanche (AVAX)
- Polkadot (DOT)
- Litecoin (LTC)
- Binance Coin (BNB)
- Shiba Inu (SHIB)
BIT Perpetual and Option Contracts
Supporting crypto derivative contracts is one of the advantages in this BIT review. The exchange offers USDT-based futures markets and options with specific expiry dates.
- Leverage options of up to 1:100
- 110 futures trading pairs
- USDT-Margined options on BTC, ETH, and XRP
- Expiry dates of up to 160 days
BIT Exchange Sign Up and KYC
Signing up for a BIT account and completing the Know Your Customer (KYC) process is a crucial step for users looking to access the full range of trading features.
#1 Navigate to the Exchange's Official Website
Visit the exchange’s official website and click “Sign Up” to reach the application form.
#2 Provide Register Information
Enter your email address and set a strong password for your account.
#3 Proceed with the Verification Procedure
Navigate to the “Verification” menu through the client dashboard and follow these steps:
- Provide personal information;
- Upload government-issued ID;
- Complete face authentication;
- Provide address information for advanced verification ($12M daily withdrawal limit).
Note: You must complete the Basic verification to trade Spot and Derivatives. This level of KYC enables daily withdrawals of up to $8 million.
BIT.com App and Trading Platform
The exchange offers a comprehensive trading platform accessible through web-based and mobile interfaces with access to Trading View charts and tools.
The BIT.com trading platforms are designed to provide a seamless trading experience across devices, allowing users to stay connected to the markets and manage their crypto portfolios efficiently, whether they're at home or on the move.
BIT Security Factors
BIT.com has partnered with Cactus Custody, Copper.co, Chainalysis, Fireblocks, and Jumio to maintain continuous data and fund safety. The exchange also implements several robust security measures, including:
- Cold and multi-signature wallets
- Advanced encryption
- Two-factor authentication (2FA)
- Regular security audits
- Insurance fund
- Address whitelisting
- 3rd Party custodians
BIT.com Payment Options
BIT exchange accepts fiat and crypto payments. It processes Credit/Debit Card transactions via Banxa and Circle. Here’s a list of available funding & withdrawal methods on the exchange:
- Cryptocurrencies
- Banxa Fiat Gateway
- Circle
Note that fiat withdrawals are not available on BIT.com.
BIT Exchange Trust Scores
There are 27 BIT reviews on Trustpilot, resulting in an average score. However, CoinGecko experts have rated the platform as a poor exchange.
3.3 out of 5 | |
CoinGecko | 3 out of 10 |
While 81% of comments on the exchange’s TP profile are positive (5-star), 15% are negative (1-star).
The ScamAdviser website has rated BIT.com a slightly low trust score of 46 out of 100. The low score is primarily due to the crypto services, which can be high-risk. Here are its positive highlights:
- High traffic
- SSL certificate
- Classified as safe by Maltiverse
BIT.com Features
Let's check if BIT.com offers special services, such as copy trading:
Staking | No |
Yield Farming | No |
Social Trading | Yes |
Liquidity Pool | No |
Crypto Cards | No |
BIT Customer Support
The exchange provides support through various channels, including email and a live chat feature. The limited contact channels are among the biggest letdowns in this BIT review.
- Email: support@bit.com
- Live Chat: Available on the official website
- Telegram community: https://t.me/bitcom_exchange
Investment and Growth Plans
The exchange provides various services for investment and growth, including Copy Trading, Cloud Mining, and RMM strategy.
- Copy Trading: 14 strategy providers to copy from (up to 15% profit share for money managers)
- Cloud Mining: C2C cloud mining for passive BTC profit
- Rebalancing Market Making Strategy: Automatic trading based on the balance ratio of two crypto assets in the portfolio with APYs up to 300% (Buy Low, Sell High)
BIT.com Red Flag Countries
The exchange doesn’t provide services to individuals or corporations located, incorporated, established in, or citizens or residents of any of the following countries:
- China Mainland
- North Korea
- Hong Kong
- Iran
- Japan
- Myanmar
- Singapore
- Syria
- Uzbekistan
- American Samoa
- Canada
- Cuba
- Guam
- Puerto Rico
- the Northern Mariana Islands
- the United States of America
- Crimea
- Sevastopol
BIT.com vs Other Exchanges
The table below compares BIT.com features and services with other exchanges in the market.
Features | BIT.com Exchange | OKX Exchange | HTX Exchange | LBank Exchange |
Number of Assets | 60+ | 7800+ | 700+ | 700+ |
Maximum Leverage | 1:100 | 1:12 | 1:200 | 1:125 |
Minimum Deposit | $20 | N/A | $1 | Varies by Cryptocurrency |
Spot Maker Fee | 0.0% - 0.2% | -0.01% - 0.14% | From 0.02% | 0.02% |
Spot Taker Fee | 0.05% - 0.2% | 0.03% - 0.23% | From 0.02% | 0.02% |
Mandatory KYC | Yes | Yes | Yes | No |
Futures Trading | Yes | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | No | Yes |
Staking | No | Yes | Yes | Yes |
Copy Trading | Yes | Yes | Yes | Yes |
Writer’s Opinion and Conclusion
BIT.com provides access to 60+ cryptocurrencies with USD payments powered by Circle and Banxa. It offers leverage options of up to 1:100 and Futures trading fees ranging from -0.0050% to 0.0300% for makers and from 0.0250% to 0.0600% for takers. The exchange has a score of 3.3 out of 5 on Trustpilot.