No Regulation

Score

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/10

bitlo

Turkey

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://www.bitlo.com/

Website

Rating Index
Influence

Influence

B

Influence Index NO.1

Turkey 7.82

Better than 98.25% exchange(s)

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B

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

Exchange Info

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Company Name
bitlo
Phone of the company
+908505326840
0850 532 68 40
Company website
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Customer Service Email Address
destek@bitlo.com

WikiBit Risk Alerts

1
Previous Detection 2024-05-22

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

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Aspect Information
Company Name Bitlo
Registered Country/Area United States
Founded year 2015
Regulatory Authority Not regulated
Numbers of Cryptocurrencies Available 100+
Fees Trading fees: 0.25% (maker), 0.35% (taker)
Payment Methods Cryptocurrency deposits and withdrawals, wire transfers, credit/debit cards
Customer Support 24/7 live chat support, email supportPhone of the company:+9085053268400850 532 68 40Email: destek@bitlo.com

Overview of bitlo

Established in 2015, Bitlo is a virtual currency exchange platform based in the United State. With over 100 cryptocurrencies available for trading, Bitlo provides users with a diverse range of options. The fees charged by the platform are 0.25% for makers and 0.35% for takers. Bitlo supports various payment methods including cryptocurrency deposits and withdrawals, wire transfers, and credit/debit cards. Additionally, users can access customer support through 24/7 live chat and email.

Overview of bitlo

Pros and cons

Pros Cons
Diverse range of over 100 cryptocurrencies available for trading Not regulated
Supports various payment methods including cryptocurrency deposits and withdrawals, wire transfers, and credit/debit cards Relatively higher trading fees compared to some competitors
24/7 live chat and email support Cryptocurrency deposits and withdrawals may take longer processing times
Operates under the regulatory authority of the Financial Crimes Enforcement Network (FinCEN)

Pros:

- Diverse range of over 100 cryptocurrencies available for trading: Bitlo offers users a wide selection of cryptocurrencies to trade, allowing for increased flexibility and potential investment opportunities.

- Supports various payment methods including cryptocurrency deposits and withdrawals, wire transfers, and credit/debit cards: Bitlo accommodates different preferences by offering multiple payment options, making it easier for users to deposit and withdraw funds.

- 24/7 live chat and email support: Bitlo provides round-the-clock customer support, ensuring that users can seek assistance whenever they need it.

Cons:

- Not regulated: Bitlo is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

-Relatively higher trading fees compared to some competitors: Compared to some competitors, Bitlo charges relatively higher trading fees, which can affect the overall profitability for users.

- Relatively longer processing times for cryptocurrency deposits and withdrawals: Users may experience delays in processing cryptocurrency transactions, which can be inconvenient, especially for those who require quick access to their funds.

Regulatory Authority

Bitlo is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange.

Unregulated exchanges lack the oversight and legal protections provided by regulatory authorities. This can lead to a higher risk of fraud, market manipulation, and security breaches. Without proper regulation, users may also face challenges in seeking recourse or resolving disputes. Additionally, the absence of regulatory oversight can contribute to a less transparent trading environment, making it difficult for users to assess the legitimacy and reliability of the exchange.

Security

Bitlo prioritizes the security of its users' funds and personal information. The exchange implements a range of protection measures to ensure a safe trading environment.

One of the security measures employed by Bitlo is two-factor authentication (2FA). This feature adds an extra layer of protection by requiring users to provide a second form of verification, such as a unique code sent to their mobile device, in addition to their login credentials.

Bitlo also utilizes cold storage for the majority of users' funds. Cold storage refers to storing cryptocurrencies offline, away from internet-connected devices, making it more difficult for hackers to access the funds.

In addition, Bitlo employs encryption protocols to safeguard users' personal data, including their account details and transaction history. Encryption helps to protect sensitive information by encoding it, making it unreadable to unauthorized individuals.

Cryptocurrencies Available

On Bitlo, users have access to a diverse range of over 100 cryptocurrencies for trading. This includes popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), as well as lesser-known tokens. The availability of a wide selection of cryptocurrencies provides users with the opportunity to diversify their investment portfolio and explore different digital assets.

Cryptocurrencies Available

How to open an account?

The registration process on Bitlo can be broken down into the following steps:

1. Visit the Bitlo website and click on the “Sign Up” or “Register” button to begin the registration process.

2. Provide your email address and create a password for your account. Make sure to choose a strong and unique password to protect your account.

3. Verify your email address by clicking on the verification link sent to your registered email. This step is necessary to ensure the security and validity of your account.

4. Complete the KYC (Know Your Customer) process by providing the required personal information, such as your full name, date of birth, and residential address. This information is necessary for compliance with regulatory requirements.

5. Upload a clear and valid photo ID, such as a passport or driver's license, to verify your identity. This step helps to prevent fraud and ensure the security of your account.

6. Once your account and identity have been successfully verified, you will be able to access the full features and services offered by Bitlo, including cryptocurrency trading and fund management.

How to open an account?
How to open an account?2

Fee

Trading Fee

The fees charged by the Bitlo are 0.25% for makers and 0.35% for takers.

Deposit and Withdrawal Fee

Bitlo supports the following deposit and withdrawal methods:

  • Fiat deposits: Bitlo supports Turkish Lira (TRY) deposits via bank transfer. There is no deposit fee for Turkish Lira deposits.

  • Cryptocurrency deposits: Bitlo supports Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Litecoin (LTC) deposits. The deposit fees for cryptocurrency deposits vary depending on the cryptocurrency.

  • Fiat withdrawals: Bitlo supports Turkish Lira withdrawals via bank transfer. There is a withdrawal fee of 10 TRY for Turkish Lira withdrawals.

  • Cryptocurrency withdrawals: Bitlo supports Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and Litecoin (LTC) withdrawals. The withdrawal fees for cryptocurrency withdrawals vary depending on the cryptocurrency.

Minimum Deposit and Withdrawal Amount

The minimum deposit amount for Turkish Lira deposits is 50 TRY. The minimum deposit amount for cryptocurrency deposits varies depending on the cryptocurrency.

The minimum withdrawal amount for Turkish Lira withdrawals is 100 TRY. The minimum withdrawal amount for cryptocurrency withdrawals varies depending on the cryptocurrency.

Payment Methods

Bitlo offers users multiple payment methods to deposit and withdraw funds. These include cryptocurrency deposits and withdrawals, wire transfers, as well as credit and debit card payments. The processing time for each payment method may vary. Cryptocurrency deposits and withdrawals usually occur within minutes or a few hours, depending on network congestion. Wire transfers may take a few business days to process, while credit and debit card payments are typically processed instantly. It is important to note that additional time may be required for the funds to appear in your Bitlo account, particularly during busy periods or if further verification is needed.

Educational Resources

Bitlo provides users with a range of educational resources and tools to enhance their trading experience and knowledge. These resources may include instructional materials, guides, tutorials, and articles that cover various topics related to cryptocurrency trading and investment. The educational resources aim to help users understand the fundamentals of cryptocurrencies, trading strategies, risk management, and other relevant topics. Additionally, Bitlo offer tools such as market analysis tools, price charts, and indicators to assist users in making informed trading decisions. These resources and tools can support users in expanding their knowledge and improving their trading skills on the platform.

Is bitlo a Good Exchange for You?

Based on its features and services, Bitlo may be suitable for the following trading groups:

1. Beginner Traders: Bitlo offers a user-friendly platform with a wide range of educational resources and tools. This makes it a good choice for beginners who are new to cryptocurrency trading. The educational materials can help them learn the basics of trading and investment strategies, while the user-friendly platform provides a smooth onboarding experience.

2. Experienced Traders: With over 100 cryptocurrencies available for trading, Bitlo caters to experienced traders looking to diversify their portfolio. The platform also supports various payment methods, allowing for greater flexibility in managing funds. Experienced traders may also appreciate the 24/7 live chat and email support, which can provide prompt assistance as needed.

Conclusion

Bitlo is a virtual currency exchange platform based in the United States. The exchange prioritizes security by implementing measures such as two-factor authentication, encryption protocols, and cold storage for funds. Bitlo offers a diverse range of over 100 cryptocurrencies for trading, allowing users to diversify their investment portfolio. The availability of educational resources and tools enables both beginners and experienced traders to enhance their trading knowledge. However, it is important to note that no exchange can guarantee 100% security, and users should take their own precautions.

FAQs

Q: How long does it take to complete the KYC process on Bitlo?

A: The time it takes to complete the KYC process on Bitlo may vary. Users should ensure that they provide accurate and valid information to expedite the verification process.

Q: Can I trade cryptocurrencies on Bitlo using a mobile phone?

A: Yes, Bitlo offers a mobile app that allows users to trade cryptocurrencies on their mobile devices. The mobile app provides a user-friendly interface and access to all the features available on the web platform.

Q: How can I contact customer support on Bitlo?

A: Bitlo offers 24/7 live chat and email support. Traders can access customer support through the Bitlo website or mobile app for assistance with any inquiries or issues.

User Review

User 1: I've been using Bitlo for a few months now and I have to say, their security measures are top-notch. I feel confident knowing that my funds are protected with features like two-factor authentication and cold storage. The regulatory compliance also adds peace of mind knowing that Bitlo operates under the authority of FinCEN. The interface is user-friendly and intuitive, which makes trading a breeze. The range of cryptocurrencies available is impressive, allowing me to diversify my portfolio easily. Customer support is responsive and helpful whenever I have any questions. The trading fees are reasonable compared to other exchanges I've used. Overall, Bitlo is a reliable and secure platform for cryptocurrency trading.

User 2: I recently started using Bitlo and I'm quite satisfied with my experience so far. The user interface is clean and easy to navigate, making it convenient for both beginners and experienced traders. The liquidity on the platform is good, ensuring that I can execute trades quickly without any issues. Bitlo offers a wide selection of cryptocurrencies, including some lesser-known tokens, which gives me the opportunity to explore different digital assets. Their customer support team has been responsive and helpful whenever I've reached out to them. As for trading fees, they are competitive and fair. The privacy and data protection measures are commendable, giving me peace of mind knowing that my personal information is secure. The deposit and withdrawal speed is relatively fast, and I haven't encountered any delays so far. Overall, Bitlo provides a stable and reliable trading experience with a good range of features.

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.