Bity offers high standards for privacy and allows trading by only providing a telephone number. The platform provides a crypto exchange and the possibility for users to deposit or withdraw fiat through ATMs located around Switzerland. The exchange is designed for all types of users, mostly those based in Switzerland, and is very easy to use.
Users can buy or sell up to 250 EUR/CHF per day up to an annual limit with a simple telephone verification by simply connecting their external wallets to their Bity account and getting started. Withdrawals and deposits can be made via the platform's ATMs, named Bity Kiosks, which can be found in Geneva, Lausanne, Montreux, Neuchatel, Zurich Hauptbahnhof, and Zurich Hardbrücke.
Bity security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.
Bity was founded in 2014 by Alexis Rousell and Yves Honore. Both of them have a solid experience in the financial services realm. The exchange is located in Neuchatel, Switzerland and is registered under the name Bity SA as a licensed broker company. Their purpose was to create the most efficient way to acquire or sell Bitcoins in Switzerland.
Overall, Bity provides a very simple and easy to use platform. Trades can be made easily through ATMs or via several other payment methods. A lot of investors are using the platform daily, which may be the reason for bad publicity recently regarding long processing times for transactions. If Bity solves this issue, they should have a solid future.
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Users who want to make small-volume trades will benefit from a fast and simple registration process. In order to access larger orders and faster payment methods, users need to have their identity verified. The minimum amount per-purchase order is 10 CHF/EUR. All orders that have not yet been executed can be cancelled.
Slow customer support, slow transactions