This is an in-depth Bitex review. Read it to save your money from landing into the hands of the wrong people. The first thing you should know is that Bitex is not regulated anywhere and by any entity. So this means that we can’t guarantee that your money will be safe on this platform. Having issued that warning, let’s go into the details in order to explain reasons as to why Bitex.la is a dangerous place to invest in.
Bitex.la claims that it is the first real time BTC exchange in Latin America. The service targets customers who are based in Argentina, Chile and other Latin American countries. Bitex is actually offering Bitcoin buying service to residents of this country.
The minimum trade size is 0.01 BTC and trading fees is 0.50%. This is for their standard account. It also appears that Bitex.la is targeting novice Crypto investors since the service is optimized for this category of people. If you are among this group of investors, our advice is that you should probably consider investing in these trading bots for Crypto currencies. It is much better to use these bots than to attempt using a service like Bitex.la.
The service has existed since 2014. There are a few supposed advantages to utilizing this service. These include various forms of payment being accepted on the platform for convenience, security and track record. The exchange works with fiat currencies like the USD. What this means is that newbies will find it easier to access Bitcoin, which can be an appealing thing on the platform.
Clients of this platform can easily deposit and withdraw money through bank transfers. Since this service is targeting residents of Latin America, its customers can purchase Bitcoins using banking services or through Debin, Argentine Pesos and Chilean Pesos. Debin is a quick debit card payment system that was introduced by the central bank of Argentina which can also be requested by computer or mobile phone.
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In terms of security, the service claims that it is being audited by Deloitte. It has run since 2014 without experiencing major hacks. Indeed 2014 till now is a very long time. This is getting interesting because despite having many features in place, the platform has never sought any form of regulator’s license.
Also, according to what Bitex.la is telling us, all funds are stored offline and are kept into a cold storage facility. Just to add an extra layer of security, the service is also using Google Authenticator for their accounts.
Now, here are the disadvantages which might easily discourage an investor.
The service is only dealing in Bitcoin. You see, the altcoin market keeps expanding by the day, and one cannot restrict themselves to only one coin. But an entry level exchange like Bitex.la is only dealing in Bitcoin, which is a major setback for them. That simply means that customers who wish to trade with other coins like Ripple will be required to look elsewhere since this will not be possible on the Bitex platform.
The other problem that thus exchange has is the high fees which they are charging for their exchange transaction. This is 0.5% which is considered two times bigger than that of most exchanges. But it also appears as if residents of Latin America are so used to these fees because local competitors like Foxbit are applying the same percentage for each trade. Unless a new exchange sets foot into this market, these residents will never know the advantage of trading for cheap.
But that is not all. This platform appears to be very greedy as it charges a standard fee of $10 for deposits and withdrawals through wire transfers.
In addition to this, Bitex.la does not offer leverage and so if you are looking for margin trading, this is not the platform for your needs. On the other hand, if you are going to trade with Forex brokers, you will be guaranteed leverage and some of them are even offering trading in Bitcoin. So this might encourage customers to consider Forex brokers as opposed to Crypto exchanges which charge exorbitant fees and are not mindful of their customers needs.
The other thing that bothers us is their identity requirements where they restrict those who want to trade anonymously from using the platform. The platform has a tedious and lengthy verification process. For clients to gain access to the services of this exchange, they must pass approval.
While things appear to fall into place, there are concerns with regards to this platform not being regulated by any financial organization. This can be a concern to many people especially residents of Latin America which are seemingly being targeted by a few local Crypto currency exchanges.
Bitex is an entry level Crypto exchange with 4 years of operation in this field. It would have been good if they inspired confidence by partnering with the country’s financial regulator. In the event that you invest a lot on this platform and your money ends up disappearing, there will be no recourse for the loss.
While there are a few like-able things about this exchange, there are many other things which we are considering as issues. It works well with conventional money such as USD and also bank wires. But on the other hand, we don’t like it if an exchange is restricting us to BTC/USD pair only.
The other thing that every Crypto investor will hate about Bitex is the fact that their fees are extremely high and the verification and approval process is tough.
Hopefully when Bitex addresses these issues, then they will become the leading Bitcoin to fiat exchange in the country. But as it currently stands, there are many problems with this platform and we do not think anyone wanting to deal with them will have positive feedback about them afterwards.
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