Bit-Z Exchange Review

Bit-Z, launched in 2018, managed to quickly make a name for itself in the altcoin trading space - although not a completely positive one. It is often being called out as an exchange that blatantly fakes its reported volume numbers, with some estimations showing up to 99.6% of the exchange's volume is not genuine. Nevertheless, we took a deep-dive approach to the exchange, like with any exchange we review, and came up with a thorough rating.

Starting with User Experience, the website is nicely designed - but that is almost its only redeeming trait. We tried approaching customer support using the live chat, but no answer was received in a reasonable waiting time. Some features don't work on all browsers, and we managed to get the best (although not that great) experience using Chrome browser. The support section is buggy and not easy to navigate, the pictures didn't load, and many of the functionalities of the platform are hard to understand by yourself - and users have no choice but to resort to guessing their way around - since documentation is close to non-existent.

Performance is not great, with many points deducted due to the fact is is an open secret that Bit-Z's reported volume is almost fake in its entirety. The sad reality is that exchanges understand they can move up arbitrary ranks using false volume reporting in a desperate attempt to raise their actual user numbers and attract real volume.

Features are abundant, Bit-Z has a wide range of "extras" for users to utilize, the most attractive being their margin trading and perpetual contract, which so many exchanges implement nowadays following its success in the derivatives space. Users have the option to borrow and lend funds for margin alongside simply trading them, with the option to specify interest rates and earn income from an additional source.

The Bit-Z team is nowhere to be found online, at least in English speaking circles and platforms, and the community using the exchange outside China is left wondering who are the people behind the exchange and if they are to be trusted; unfortunately, we have no answer.

On the social front Bit-Z is doing well; They have an online presence on many platforms, including western-oriented ones such as Medium, Twitter or Facebook, and we believe their Asian outlets, specifically Chinese ones, are thriving much more than their western counterparts. This is also cemented by the fact that when reviewing the exchange we identified much if not all of the trading happening on the exchange originates from China: there were zero orders for USD-crypto OTC trading, while the CNY-crypto OTC orderbook was packed with offers.Our trust in Bit-Z to securely safeguard user funds is questionable; The security measures they provide for users are too basic - just two ways to use 2-factor-authentication and email confirmation before withdrawing funds. Additionally, they do seem to store some user assets in cold storage, although not everything - as other highly secure exchanges do. Moreover, Bit-Z was never hacked, despite displaying impressive volume numbers - even though they are most probably fake, and that means they do have a functioning Risk Management team, although its expertise is not known to us in-depth, since English communication on the exchange's side is not its strong suit, to put it lightly.

To conclude, Bit-Z seems at first glance like a large, seasoned exchange, although a deeper look reveals it is a less-than-two-year-old business, struggling to attract users using several different tactics. Some seem to work, some less; and it is definitely trying to compete in the altcoin trading space. Bit-Z's largest problem, however, is that this space is ultra-competitive, and in our opinion there are multiple choices out there which are orders of magnitude better for the end user than Bit-Z. For now, we'll recommend avoiding this exchange if it isn't necessary to trade there.