No Regulation

Score

0123456789.01234567890123456789
/10

HKbitEX

China Hong Kong

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://www.hkbitex.com.hk/

Website

Rating Index
Contact
HKbitEX
+852 8199 0467
support@hkbitex.com.hk
https://www.hkbitex.com.hk/
Influence
E

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

WikiBit Risk Alerts

1
Previous Detection 2024-10-12

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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New Arrival

Company Name
HKbitEX
Regulatory Status
No Regulation
Abbreviation
HKbitEX
Platform registered country and region
China Hong Kong
Phone of the company
+852 8199 0467

User Reviews

More

2 ratings

Participate in evaluation
BIT9076232072
Contacted with the real HKbitEX and they confirmed that they didn't own that app! This is the fake HKbitEX! The real one claimed that they only have web exchange, so don't get fooled!
2021-07-08 15:46
0
Alex Hu
When withdrawing coins, you have to pay taxes and deposits. I don't know what else to pay.
2021-06-18 19:30
0
Aspect Information
Company Name HKbitEX
Registered Country/Area Hong Kong
Founded Year 2018
Regulatory Authority Unregulated
Number of Cryptocurrencies Available 40+
Fees Maker Fee 0.08%, Taker Fee 0.1%
Payment Methods Cryptocurrency deposits and bank transfers
Customer Support 24/7 customer support

Overview of HKbitEX

HKbitEX is a leading digital asset exchange that was founded in 2019 and is headquartered in Hong Kong. It provides professional and institutional investors with comprehensive and high-performance trading technology solutions, providing a digital asset spot trading and over-the-counter (OTC) trading platform for global professional investors. HKbitEX is one of the first organizations in Asia Pacific to apply for a 'virtual asset trading platform license from Hong Kong's Securities and Futures. Since its launch, HKbitEX has been working on a variety of products to support the digital ecosystem, including a suite of products that will be able to power the upcoming Security Token Offering (STO) market.

Overview

Pros and cons

Pros Cons
Comprehensive and high-performance trading technology solutions Currency-centric
Apply for a virtual asset trading platform license Not truly p2p
Easier for novice buyers Low trading volume and liquidity

Pros:

- Comprehensive and high-performance trading technology solutions: HKbitEX is committed to providing comprehensive and high-performance trading technology solutions for professional and institutional investors.

- Apply for a virtual asset trading platform license: HKbitEX is one of the first organizations in Asia Pacific to apply for a 'virtual asset trading platform license' from Hong Kong's Securities and Futures.

- Easier for novice buyers: HKbitEX provides a familiar and welcoming environment for trading stocks in cryptocurrencies, which is easier for novice buyers.

Cons:

- Currency-centric: Decentralized exchanges provide users with more freedom as they aren't associated with the only blockchain, while HKbitEX is currency-centric.

- Not truly p2p: Decentralized exchanges are truly p2p as order books, matching, and deposits take place on the blockchain, while HKbitEX is a middleman between the contract of sale.

- Low trading volume and liquidity: Trading volume and liquidity appears to be relatively low compared to top global exchanges.

Regulatory Authority

HKbitEX is not subject to any regulation and does not hold any licenses. Unregulated exchanges can have security gaps, limited consumer safeguards, and potential fraud risks. Investors should do their research, prioritize security, and consider professional advice.

Security

HKbitEX is committed to providing a secure platform for its users. The exchange implements various protection measures to safeguard user funds and personal information. These measures include:

- Digital Assets Custody: In relation to digital assets, HKbitEX has a policy where the Associated Entity stores 98% or more of users' digital assets in secure cold storage. This approach minimizes the risk of online hacks or breaches.

- Data Retention: HKbitEX retains users' personal information for a minimum of five years. This retention is in place to comply with legal obligations, prevent fraud, and ensure the security of user data.

    - Wallet Security: HKbitEX differentiates between Cold Wallets and Hot Wallets, indicating that they employ a strategy to keep the majority of funds in offline storage (Cold Wallet) for added security.

    Security

    Cryptocurrencies Available

    HKbitEx offers trading of major cryptocurrencies like Bitcoin, Ethereum and Litecoin against USDT stablecoin. Around 40 overall crypto trading pairs are listed.

    Cryptocurrencies Available

    How to open an account?

    The registration process of HKbitEX involves the following steps:

    • Visit the HKbitEX website

    • Click on the “Sign Up” button

    • Provide personal information

    • Verify email

    • Complete KYC verification

    • Set up two-factor authentication

    • Fees:

      HKBITEX charges a Maker Fee of 0.08% and a Taker Fee of 0.10% for on-exchange trading. The fees are calculated based on the order amount and type (buy/sell). For off-exchange OTC services, a maximum service fee of 0.20% is applied. The fees are either added or subtracted from the quoted price, depending on the order type.

      On-Exchange Trading Fees:

      Fee Type Fee (%)
      Maker Fee 0.08%
      Taker Fee 0.10%

      Off-Exchange OTC Service Fee:

      Service Fee (%)
      0.20%

      Payment Methods

      HKbitEX accepts cryptocurrency deposits and bank transfers as payment methods. Users can deposit cryptocurrencies into their HKbitEX accounts or make bank transfers to fund their trading activities. Depositing assets into HKbitEX is generally free with specific minimum and maximum limits for each asset. However, third-party intermediaries might charge additional fees. Withdrawals, on the other hand, come with associated fees and limits.

      Deposit Info:

      Asset Minimum Amount (per time) Maximum Amount (per time) Maximum Amount (per day) Charges
      USD 100 1,500,000 1,500,000 Free*
      BTC 0.005 Unlimited Unlimited Free*
      ENJ 100 Unlimited Unlimited Free*
      ETH 0.05 Unlimited Unlimited Free*
      SAND 50 Unlimited Unlimited Free*
      USDC 100 Unlimited Unlimited Free*
      USDT 100 Unlimited Unlimited Free*

      Withdrawal Info:

      Asset Minimum Amount (per time) Maximum Amount (per time) Maximum Amount (per day) Withdrawal Fee (per time)
      USD 100 1,500,000 1,500,000 25
      BTC 0.005 50 50 0.001
      ENJ 100 1,000,000 1,000,000 20
      ETH 0.05 500 500 0.010
      SAND 50 500,000 500,000 10
      USDC 100 1,500,000 1,500,000 20
      USDT 100 1,500,000 1,500,000 20

      Educational Resources

      HKbitEX provides educational resources and tools to help users enhance their knowledge and understanding of virtual currency trading. These resources may include articles, tutorials, and guides that cover various topics such as cryptocurrency basics, trading strategies, and market analysis. Especially, HKbitEX does have an Academy section, which provides educational resources on blockchain, cryptocurrency, security, technology, and more.

      Education

      Is HKbitEX a Good Exchange for You?

      Based on the characteristics and offerings of HKbitEX, it caters to below several trading groups:

      • Cryptocurrency enthusiasts: HKbitEX offers a wide range of cryptocurrencies, making it a good choice for those who want to invest in a variety of digital assets.

      • Active traders: HKbitEX's variable fees can be appealing to active traders who frequently trade cryptocurrencies.

      • Risk-averse traders: HKbitEX may not be the best choice for risk-averse traders due to its lack of regulatory oversight.

      • Traders needing customer support: HKbitEX offers 24/7 customer support, which can be beneficial for traders who need help.

      • Traders seeking education and tools: HKbitEX's educational resources and tools can be valuable for traders who want to improve their trading skills.

      Conclusion

      In conclusion, HKbitEX offers a range of advantages and disadvantages for traders looking to engage in virtual currency exchange. The platform provides a diverse selection of over 40 cryptocurrencies for trading, competitive fees, and round-the-clock customer support. However, the exchange operates without regulatory oversight, limiting external protections for users. It also has a limited range of payment options, which may inconvenience some traders.

      FAQs

      Q: What are the trading pairs available on HKbitEX?

      A:The trading pairs available on HKbitEX include USD, BTC, ENJ, ETH, SAND, USDC, and USDT.

      Q: What payment methods are available on HKbitEX?

      A: Traders can deposit cryptocurrencies or make bank transfers to fund their trading activities on HKbitEX.

      Q: Does HKbitEX provide educational resources for traders?

      A: HKbitEX has an Academy section on its official website that provides educational resources on blockchain, cryptocurrency, security, technology, and more.

      Q: Does HKbitEX provide customer support?

      A: Yes, HKbitEX offers 24/7 customer support to assist traders with any issues or questions they may have.

      Q:How do I create an account on HKbitEX?

      A:To create an account on HKbitEX, you need to go to the official website and click on the “Sign Up” button. You will then be asked to provide your email address, password, and other personal information.

      User Review

      User 1: I've been using HKbitEX for a while now, and overall, I'm satisfied with the exchange. The security measures they have in place, like two-factor authentication and encrypted wallets, give me peace of mind. I also appreciate their extensive selection of cryptocurrencies available for trading. However, I sometimes find their interface a bit overwhelming and it took me a while to get used to it. The customer support is fairly responsive, although there have been a few instances where I had to wait a bit longer for a resolution. The trading fees are reasonable compared to some other exchanges I've used, but I wish they had more liquidity for certain cryptocurrencies.

      User 2: I have mixed feelings about HKbitEX. On one hand, I like the fact that they offer a wide range of cryptocurrencies for trading and their interface is relatively user-friendly. The customer support is also quite helpful and responsive. However, the lack of regulatory oversight is a concern for me, as it means there's less protection in case something goes wrong. I've also experienced some delays in deposit and withdrawal speeds, which can be frustrating when you're trying to make quick trades. The trading fees are competitive, but I wish they offered more advanced order types to cater to different trading strategies. Overall, HKbitEX has its pros and cons, and I would recommend doing thorough research before deciding to use their services.

      Risk Warning

      Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.