TideBit Exchange Review

TideBit is a Hong Kong-based cryptocurrency exchange platform that caters mostly to Asian countries, although it is open to all users globally. Hong Kong is home to many cryptocurrency exchange platforms, however, TideBit is different than its local competitors as it does not allow crypto to crypto trading. The exchange was launched by the end of 2017, during the pinnacle of the cryptocurrency markets. The team behind TideBit come from top financial institutions and prominent high tech firms. The interface on the platform is not highly multi-lingual, as it only supports Mandarin, English, and Thai. However, the three languages have been enough so far for the exchange to be able to cover a majority of its user profile, as trading on this platform is only allowed for residents of Hong Kong, Malaysia, Taiwan, China, and Vietnam.

The trading fees on TideBit are higher than the global industry average. There’s a flat fee of 0.30%, which is high compared to the other firms as the average is 0.25%. Additionally, users must pay deposit fees, which is mostly non-existent in other platforms, as well as withdrawal fees. TideBit claims to use an extremely sophisticated system for security, however, there is no definite information on what system is being utilized for this. Not only does this cause problems concerning transparency, but it also renders the platform’s security unstable and/or suspicious, along with the fact that there is a lack of users comments concerning the security of the exchange.

The biggest advantage of TideBit is that users can directly deposit cash in exchange for cryptocurrency. The platform is very easy to use as it is designed in a way for all users to easily understand its features. This makes the platform somehow user-friendly, however when combined with the lack of a variety of interface languages and the fact that it only allows residents of a handful of countries, TideBit is not the most accessible exchange platform there is.