Exceeded

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/10

uBIT

Canada

|

5-10 years

Common Financial Service License|

Suspicious Overrun|

High potential risk

https://ubit.ca/

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uBIT
https://ubit.ca/
Influence
E

Licenses

FINTRAC

FINTRACExceeded

Common Financial Service License

WikiBit Risk Alerts

2
Previous Detection 2024-05-19

The number of this Exchange's nagitive field survey reviews has reached 1, please be aware of the risk and the potential scam!

Common Financial Service License goes beyond their business with the licenses Canada FINTRAC (license number: M20675347), please be aware of the risk!

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Company Name
uBIT
Regulatory Status
Exceeded
Company Abbreviation
uBIT
Platform registered country and region
Canada
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Registered Country/Area Canada
Founded Year 2021
Regulatory Authority FINTRAC (exceeded)
Number of Cryptocurrencies Available 100+
Fees 0.1% - 0.5%
Payment Methods Credit Card, Bank Transfer
Customer Support FAQs only

Overview of uBIT

uBIT is a cryptocurrency exchange based in Canada and founded in 2021. The platform has swiftly established itself in the crypto space, offering trading for over 100 different cryptocurrencies. The exchange operates under the regulatory oversight of FINTRAC (The Financial Transactions and Reports Analysis Centre of Canada), ensuring compliance with the country's financial regulations.

In terms of trading fees, uBIT charges a competitive rate ranging from 0.1% to 0.5%, depending on the volume and type of transaction. This positions the exchange favorably among its peers in terms of cost-effectiveness.

For users seeking convenience in terms of payment methods, uBIT supports both credit card transactions and bank transfers, catering to a broad audience with varied financial preferences.

However, when it comes to customer support, the platform primarily offers assistance through its FAQs section. While this approach provides answers to common queries, users might find it limiting if they encounter unique issues or need more personalized assistance.

Overview of uBIT

Pros and Cons

Pros Cons
Wide range of over 100 cryptocurrencies available for trading Exceeded FINTRAC license
Competitive transaction fees ranging from 0.1% to 0.5% Limited customer support
Convenient payment methods including credit card and bank transfer Confusing interface

Pros:

  • Diverse Cryptocurrency Selection: With over 100 cryptocurrencies available for trading, uBIT offers users a comprehensive range of options to diversify their portfolios.

  • Competitive Fees: The transaction fees at uBIT, ranging from 0.1% to 0.5%, are competitive, making it a cost-effective choice for traders.

  • Varied Payment Options: The platform supports both credit card and bank transfer methods, catering to a wider audience and ensuring flexibility in terms of funding and withdrawals.

Cons:

  • Lack of Regulation: Despite being under the oversight of FINTRAC, uBIT exceeded its regulation, which might raise concerns about its compliance and the security of funds.

  • Limited Customer Support: Relying solely on FAQs, uBIT might not provide the timely and personalized assistance some users might need, especially in critical situations.

  • User Interface Concerns: Some users find the platform's interface confusing, which can hinder smooth navigation and trading experiences, especially for newcomers.

Regulatory Authority

Regulating Body: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Background: FINTRAC, founded in the year 2000, serves as Canadas primary financial intelligence unit and is headquartered in Ottawa. The establishment and functioning of FINTRAC are guided by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its accompanying Regulations. The core responsibilities of the Centre encompass the identification, deterrence, and prevention of money laundering activities, financing of terrorist activities, and other potential threats that could compromise the security of Canada.

License Details for UBIT INC.:

  • Current Status: Exceeded

  • License Type: Common Financial Service License

  • Regulation By: Canada

  • License Number: M20675347

  • Effective Date: 2020-06-09

  • Expiry Date: 2022-11-30

  • Licensed Institution: UBIT INC.

  • Institution Address: 66 DOWLING ROAD ALLISTON, ON, CANADA L9R0G6

  • Phone Number: (647) 230-3032

Regulatory Authority

Security

  • Potential for Inadequate Compliance: Without full regulatory oversight, there's always a chance that the platform might not adhere to all standard security protocols or best practices prevalent in the industry.

  • Trustworthiness: Regulation often acts as a mark of credibility and trustworthiness for users. An unregulated exchange might face skepticism and reduced trust among potential and existing users.

  • Operational Risks: An unregulated platform might not have mandatory risk management protocols or backup systems in place, increasing the risk of operational failures.

Cryptocurrencies Available

uBIT offers a wide range of over 100 cryptocurrencies for users to trade. These cryptocurrencies include popular options such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as lesser-known altcoins. This feature provides customers with large market opportunities.

Cryptocurrencies

How to Connect to uBIT Pool?

To connect to the uBIT pool, you must follow these initial steps:

  • Installation of Chia Software: Firstly, download and install the Official Chia Blockchain application. This is the primary software that will allow you to interact with the Chia network and uBIT pool.

  • Synchronization: Ensure that you are operating a fully synchronized Chia node. This is crucial for your node to be in sync with the latest blocks and transactions on the Chia network.

  • Wallet Balance: Your Chia Wallet should have a balance of at least one (1) Mojo. A Mojo is the smallest unit of Chia, and having 0.000000000001 Chia or more in your wallet is necessary to perform transactions and engage with the pool.

  • Hard Drive Space: Ensure that you have adequate hard drive space available. This is required to create new plots, which are essential for farming on the Chia network and participating in the uBIT pool.

Remember, these steps are a one-time requirement; once done, you can easily connect to the uBIT pool in the future without repeating them.

How to Open an Account?

To begin the registration process, visit the official uBIT website.

  • Look for the “Sign Up” button on the website and click on it to start creating your account.

  • Provide the necessary details, such as your name, email address, and password, in the registration form.

  • After submitting the registration form, uBIT will send a verification email to the email address you provided. Click on the verification link in the email to confirm your account.

  • uBIT may require users to undergo a Know Your Customer (KYC) process, where you will need to provide additional identification documents to verify your identity.

  • Once your account is successfully registered and verified, you can log in and start trading cryptocurrencies on the uBIT platform.

Payment Methods

  • Credit Card:

    • A widely accepted payment method, that allows users to make transactions using their credit cards. This method provides convenience, especially for users who want to make instant purchases without the need to transfer funds from their bank accounts.

  • Bank Transfer:

    • This method involves transferring funds directly from a user's bank account to their uBIT account. Bank transfers are commonly used for depositing larger amounts and are perceived as more secure, especially for users wary of sharing their card details online.

    Payment Methods

Fees

The trading fees for uBIT range between 0.1% to 0.5%. This means that for every trade executed on the platform, users will be charged a fee that falls within this specified range. The exact fee charged often depends on factors like the type of transaction, the user's trading volume, or membership level on the platform. Generally, a fee of 0.1% is on the lower end of the industry standard, making it competitive, while 0.5% is a bit higher but still within typical ranges for many exchanges. It's always advisable for users to check the specific fee structure details on uBIT to understand when and why they might be charged at the higher or lower end of this range.

Is uBIT a Good Exchange for You?

Beginner Traders: uBIT can be a suitable platform for individuals who are new to cryptocurrency trading. The wide range of available cryptocurrencies allows beginners to explore different options and gain exposure to the market. Additionally, the competitive transaction fees make it more affordable for beginners to engage in trading activities.

Experienced Traders: Experienced traders who are looking for a platform with a diverse selection of cryptocurrencies may find uBIT appealing. With over 100 cryptocurrencies available, these traders can expand their trading portfolio and potentially take advantage of market opportunities.

Cryptocurrency Enthusiasts: uBIT may also attract cryptocurrency enthusiasts who are interested in exploring lesser-known altcoins. The platform offers a range of cryptocurrencies beyond the most popular ones, allowing enthusiasts to discover and invest in unique digital assets. Investors Seeking Customer Support: The 24/7 customer support provided by uBIT can be advantageous for individuals who value prompt assistance and guidance. Investors who prioritize accessible customer support may consider uBIT as a suitable platform for their trading needs.

FAQs

Q: What cryptocurrencies are available for trading on uBIT?

A: uBIT offers a wide range of over 100 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), as well as lesser-known altcoins.

Q: What are the transaction fees on uBIT?

A: uBIT charges competitive transaction fees ranging from 0.1% to 0.5% for each trade.

Q: What payment methods does uBIT accept?

A: uBIT accepts convenient payment methods, such as credit card and bank transfers, allowing users to easily fund their accounts.

Q: Does uBIT provide customer support?

A: Yes, but not much. Only FAQs on the website available.

User Review

User 1:

“I've been using uBIT for a few months now, and I'm quite impressed with the wide range of cryptocurrencies they offer. Over 100 different coins, which is fantastic for diversifying my portfolio. However, my main gripe is with their customer support. Having just an FAQ section isn't enough, especially when you face unique issues. On the brighter side, their transaction fees are competitive, but a clearer interface would make navigation a lot smoother.”

User 2:

“uBIT has become my go-to platform mainly because of the convenient payment options. Being able to use both my credit card and bank transfer gives me flexibility in how I fund my trades. The fees, ranging from 0.1% to 0.5%, are also reasonable. But they should really consider enhancing their customer support. As a newbie, I had tons of questions, and just an FAQ section wasn't enough. Also, the platform's design could be a bit more user-friendly.”

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.