Bitsane is an Irish Bitcoin exchange which was founded in 2016. A company runs its operations from Dublin and it is known for its quality services. Bitsane offers multiple payment options like Wire Transfer, SEPA, OK Pay and Advcash. In this post, we will give you the detailed review of Bitsane to give you better insight.
Does Bitsane offer its services in your country?
Bitsane runs its operations in the following countries: Afghanistan, Albania, Algeria, American Samoa, Belize, Benin, UK, USA, Canada, Italy, France, India, Germany, Pakistan, Bhutan, Switzerland, Poland, Portugal, Brazil and many other European and Asian countries.
Bitsane require you to submit following documents for individual account
- A scan of your ID card or driving license or Passport.
- Verify your residential address by submitting your bank statement or tax assessment or any utility bill.
- The company can also ask you to upload a selfie of you holding the ID card in your hand.
For Business account verification you will need to submit following documents.
- Certificate of incorporation
- Company first minutes
- Constitution of the company
- General Power of Attorney
- Bank statement of the company
- Declaration of a Beneficial Ownership
- ID and Proof of residence of all owners with 10% share or more.
Limit & Liquidity
Individual and Corporate account holders can deposit up to 50,000 EUR per transaction and withdrawal limit is also set to 50,000 EUR per transaction. There is no buying limit mention on their website so we assume that there are no limits however there are deposit and withdrawal limits.
Transactions in Bitsane
The transaction at Bitsane are not very fast and it can take up to 1-3 days to deposit funds in your wallet depending on the method you choose. Once your payment is verified and confirmed your Bitcoin will be transferred into to your wallet. However, if you are using other Cryptocurrency to buy Bitcoins then transactions can be completed in 30 minutes.
How to create Bitsane Account and Buy Bitcoins?
You can create your Bitsane account by following these steps
- Enter your email
- Enter password
- Confirm your password
- Select your country
- Solve reCaptcha
- Agree to terms and conditions.
- Click “create an account”
- Open your email and confirm the link Bitsane sent.
- Verify your identity by submitting a scan of your ID or passport or driver’s license.
- Verify your residential address by submitting a bank statement or tax assessment or any utility bill.
Fund your account using any of the payment methods and once your account is funded, you can easily buy the Bitcoins.
How secure is Bitsane?
Bitsane is a very secure platform. The company uses state of the art network protocols to keep the website secure. The company also keep the users’ funds in cold storage to keep them safe and only authorized persons can access them. The company also keep the backup in encrypted form and passwords are also saved in hashed form and only users know their passwords.
However, Bitsane doesn’t offer 2-factor Authentication which is a bit disappointed as it adds an extra layer of security to secure your account.
Bitsane charge ~3% of the total transaction as a trading fee. Other fees are as follows.
- 4% Deposit Fee
- 3% Withdrawal fee
- 7% Deposit Fee
- 0% Withdrawal fee
- 0% Deposit Fee
- SEPA Zone payment 5 EUR as withdrawal fee
- Other countries 30 EUY as withdrawal fee.
Customer support of Bitsane is not very responsive however you can contact them by submitting a ticket on their website. You can also contact them via email at firstname.lastname@example.org.
Bitsane is a new exchange and it is in the business for almost 2 years. In our review, we found some irregularities in the transaction where user paid 380 EUR for the coins but he received only 18 EUR worth of coins. In one case, user transferred coins into Bitsane wallet but fund didn’t show up even after 3 days and Bitsane customer support was also not responsive in the case. Bitsane Facebook page has 1.8 rating which shows that its users are not satisfied with its services. In many cases, people experience the delay in transactions. In all cases, customer support was not responsive, however, their social media pages are active. After reviewing the Bitsane, we will recommend you to check other Bitcoin exchange with good reputation and services. You can check reviews of other Bitcoin exchanges on our website.