Is Bitxhide Legit or Scam? – An Honest Review

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  • Post published:February 13, 2024
  • Post category:Reviews

Is Bitxhide legit or scam? Let’s find out. Bitxhide is a relatively new cryptocurrency exchange that launched in 2021. There has been some speculation on whether Bitxhide is a legitimate and trustworthy exchange or a potential scam.

In this comprehensive review, we will take an in-depth look at Bitxhide, its features, user experiences so far, and determine if it is safe to use or not.

Let’s dive in.

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Overview of Bitxhide

Bitxhide is a centralized cryptocurrency exchange registered in Estonia. It allows users to buy, sell and trade major cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash etc. The exchange aims to provide a simple and easy to use platform for crypto beginners.

Some key features offered by Bitxhide:

  • Easy to use interface and quick KYC process
  • Support for credit/debit cards, wire transfers and other payment methods
  • Competitive fees
  • High liquidity
  • Robust security features
  • Responsive customer support

The exchange is owned and operated by Bitxhide OÜ based in Tallinn, Estonia. Very little is known about the team behind the exchange or its owners. So is Bitxhide legit?

The Bitxhide website claims they have over 300,000 active traders on the platform. However, this seems like an inflated number as the exchange lacks reputation and mainstream recognition so far.

Is Bitxhide Legit or Scam?

One of the biggest concerns regarding new crypto exchanges is whether they are properly regulated and compliant with know-your-customer (KYC) and anti-money laundering (AML) rules.

Bitxhide claims to follow all applicable laws and regulatory guidelines. On their website, they mention they are registered as a legal entity in the European Union and follow EU AMLD5 directives.

However, there is no clear information on what licenses the exchange holds or proof of registrations. Most legitimate exchanges clearly display their regulatory info and license numbers on their website or about page.

But is Bitxhide legit? The lack of transparency from Bitxhide regarding regulations raises some red flags about their legitimacy.

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Security Features

Bitxhide states they utilize top-grade security measures like cold storage, data encryption, DDoS protection, and other precautions to keep user funds safe. However, again they provide no real specifics or details on their security architecture.

When asked about what percentage of user assets are kept in cold storage, their customer support could not provide a clear response. Lack of solid information on security measures is always a cause for concern.

Some of the steps users can take to enhance security include:

  • Enable two-factor authentication on your account
  • Use a unique and strong password
  • Do not store large amounts of coins on the exchange
  • Review account activity regularly for unauthorized access

While the exchange claims to have robust security, the lack of transparency makes it difficult to fully assess how secure user funds would be.

Supported Coins and Liquidity

Is Bitxhide legit or not? Bitxhide supports 30+ major cryptocurrencies on its platform, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Cardano (ADA)
  • Polkadot (DOT)
  • Dogecoin (DOGE)

The trading volume and liquidity on Bitxhide seems low compared to leading exchanges. The daily reported 24 hour trading volume is only around $2 million as per CoinMarketCap, which is quite low. This can result in significant price slippage for large orders.

The exchange will need much higher trading volumes and order book depth before it can be considered liquid enough for large trades. Currently, the low liquidity makes it more suitable for only small retail traders.

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Bitxhide Review: Fees and Charges

Bitxhide has a simple fee structure that is divided into two parts:

Trading Fees

Bitxhide charges a flat 0.2% fee on each trade, which is quite competitive. For example, buying $1,000 worth of BTC will cost $2 in trading fees.

Withdrawal Fees

Withdrawals also attract some processing fees depending on the crypto. Withdrawing BTC costs 0.0005 BTC, ETH is 0.01 ETH, LTC is 0.001 LTC etc.

The withdrawal fees are comparable to most major exchanges. Overall, the trading and withdrawal fees charged by Bitxhide are reasonable.

Payment Methods

Users can fund their Bitxhide account using various payment methods:

Credit/Debit Cards – Visa and Mastercard cards can be used to directly buy crypto. This is very beginner friendly but usually has higher fees.

Wire Transfers – Bank wire transfer deposits have lower fees but can take 1-3 days for the funds to reflect in your account.

Cryptocurrency Deposits – Users can deposit supported crypto assets directly to their Bitxhide wallet addresses. This method has negligible fees.

Third-Party Payments – Bitxhide also supports some third party payment processors and voucher systems like Neosurf, EPS, Cashlib etc. Fees are higher with these options.

The variety of payment methods make it easy for new users to enter the crypto space through Bitxhide. Credit card purchases are quick and convenient. Bank transfers or crypto deposits are lower cost for larger amounts.

Is Bitxhide Legit? Customer Support and Reviews

The customer support offered by the exchange seems adequate but not outstanding. They offer 24/7 live chat plus an email support option.

User reviews about Bitxhide’s customer service are mixed. Some mention they received quick helpful responses from support staff. However, others have complained about delayed or template responses from the agents.

Response time also appears to be inconsistent – sometimes quick, sometimes delayed by hours. Overall the support could be improved and more streamlined.

In terms of public reputation, there aren’t many independent user reviews available about Bitxhide yet. Trustpilot has zero reviews for the exchange. A few reviews on Cryptotrust and Forexpeacearmy mention poor response times from support.

The small number of reviews indicates the exchange is still new and operating on a small scale. More user experiences shall provide better insight into their customer service levels.

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Is Bitxhide Legit or Scam? Analyzing the Ease of Use

The Bitxhide exchange is designed to be easy to use for beginner crypto traders. The trading platform has a simple and clean user interface.

Some of the key features that enhance usability include:

Quick account creation – New users can sign up quickly with just an email address. Verifying identity requires submitting ID proof which can take 1-2 days.

Easy order placement – The intuitive order box allows easy buying and selling of supported cryptos. Traders can select market/limit orders and preview trading amounts.

Simple withdrawal process – Withdrawing crypto assets require submitting the wallet address and entering 2FA code for confirmation. Fiat withdrawals must be initiated from the balances page.

Mobile app – Bitxhide offers iOS and Android mobile apps with full account access and trading features.

Limited charting – The exchange does provide some basic price charts and indicators to analyze the markets. But advanced traders may find the features insufficient.

While the interface is easy to use, users should be cautious when trading on platforms with limited charting capabilities and order types. Beginners may benefit from the simplicity while advanced traders may find it limiting.

Account Tiers and Limits

Like most exchanges, Bitxhide implements different account tiers and trade limits for standard and verified users. Unverified accounts face more restrictions.

Account tiers are:

Standard – Requires only email address. Allows limited crypto purchases of up to 150 EUR/day without ID verification.

Verified – KYC level 1 requires document ID submission which takes 1-2 days to process. Increases purchase limits to 10,000 EUR/day.

Enhanced Verified – Additional verification steps increase purchase limits up to 100,000 EUR/day. Limits vary by payment method.

The tiered structure suits users with different trade sizes and risk appetites. Standard accounts allow quickly getting started with crypto while verified accounts enable larger trading volumes for established users.

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Is Bitxhide Legit and Safe to Use? Verdict

Based on this detailed analysis, here are some key points to summarize the safety aspects of using Bitxhide exchange:

  • Unregulated nature raises compliance concerns
  • Lack of transparency about licensing, audits and company ownership
  • Vague information about security and operational practices
  • Low trading volumes indicate limited use and unproven platform
  • Mixed customer service experiences from users so far

While Bitxhide seems functionally legitimate, the lack of regulatory oversight and transparency about their operations makes it an exchange best avoided currently, especially for large holdings. For small amounts, proceed with caution and implement security best practices.

Bitxhide needs to improve transparency, achieve better regulation compliance, build up trading volumes and prove long term legitimacy before it can be considered a completely safe option.

Conclusion

In summary, while Bitxhide offers some attractive features like low fees, quick signup and an easy-to-use platform, the lack of proven security track record, regulatory compliance and transparency makes it a high risk exchange currently.

Small, new exchanges always carry increased risks from sudden closure, hacks or loss of funds. Hence, it is recommended to avoid using Bitxhide for large holdings. For small traders and test amounts, proceed with caution and apply security best practices.

As the exchange builds up its reputation over time, assessment of its safety and legitimacy may change. But currently, the unproven exchange is not recommended for serious or high volume trading until it matures and establishes a trustworthy record. Traders are advised to stick to regulated, high liquidity exchanges that transparently follow all applicable laws and regulations.

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