The first cryptocurrency surfaced back in 2009 and was named Bitcoin by its founder, Satoshi Nakamoto. To this day, no one really knows his true identity, but his purpose was to a decentralized payment system that could give anonymity to users and couldn’t be manipulated by any government or third party and he succeeded in doing so. People had some doubts about Bitcoin in the beginning, considering the fact that it could be used for criminal activities due to its nature, but technological advancement showed what potential it had. Today, cryptocurrencies have become a global phenomenon and Bitcoin is leading the market.
There have been plenty of issues when it comes to the adoption and acceptance of cryptocurrencies as governments and financial institutions controlling fiat currencies showed resistance. Even though they still remain unregulated these days and are highly volatile, cryptocurrencies have become the next big thing. They have made a lot of progress in the past decade and even though Bitcoin is the most valued, it is no longer the only cryptocurrency that exists in the market. Thousands of other crypto coins have been launched since then and the market hasn’t slowed down since December 2017 when Bitcoin achieved a high of $20,000.
This was when those who had invested in Bitcoin from the get go were able to earn millions within a matter of days. People had their fortunes changed overnight, something no one expected and it really thrust cryptocurrencies into the limelight. Learning about their success has prompted thousands of others to also try their luck in the cryptocurrency market. They want to replicate the same success and so they are keen on investing in Bitcoin and other crypto coins. However, the pioneer cryptocurrency has a high demand, considering it is the first and the most valuable.
Furthermore, Bitcoin will only be available in a limited quantity and this has further increased interest in this cryptocurrency. There are others that have also gained a lot of recognition, such as Litecoin and Ethereum. If you want to make money, investing in cryptocurrencies should definitely be on top of your list. That’s how the trend of trading cryptocurrencies i.e. buying and selling was introduced. Like other financial instruments, cryptocurrencies can also be traded online, but where? This is how the concept of cryptocurrency exchanges was introduced. The aim of these exchanges was to provide everyone a platform for buying cryptocurrencies in a legitimate way.
As the popularity of cryptocurrencies increased, so did the number of exchanges to accommodate the growing number of traders and investors. Therefore, when you run a search for a cryptocurrency exchange today, you can find hundreds of them ready to offer you their services. Anyone wanting to take advantage of the potential of this digital asset just needs to find a cryptocurrency exchange to get started. Only, this is easier said than done because even though there are numerous exchanges, not all of them are the same. You can easily find stories about crypto exchanges that were hacked and had their assets and data compromised.
There are crypto exchanges that don’t use proper security protocols and some that don’t appear to be legitimate at all. Some of the exchanges are pure scams and it can be difficult to identify them because all of them claim to be good at what they do. But, not all of them will be up to the mark and it is your job to be able to distinguish a good exchange from an unreliable one. One exchange that will show up in your search is BitOpps . Today we are writing for you a fully detailed BitOpps review.
The address of the company’s office is provided on the website and you can follow it up easily to confirm its existence. This indicates that exchange is a legitimate one with a proper office address and will not disappear with your funds and information. Furthermore, the fact that BitOpps is regulated means that they are monitored by a renowned body and are subject to standard rules, guidelines and operating procedures that are designed to protect their users and deliver the best services to them. Regardless, it is a good idea to do your homework and look closely at this exchange before you make your final decision.
As mentioned earlier, cryptocurrencies had seen a surge in their demand in the last few years, which meant that more cryptocurrency exchanges were needed. This is how BitOpps came to be and was developed to simplify the process of buying and selling digital assets quickly and in a secure manner. A plus point of this cryptocurrency exchange is that it functions seamlessly and it is extremely easy to navigate, which means that even people with zero experience will be able to figure out how to use it. BitOpps is currently allowing its customers to buy and sell two cryptocurrencies; Bitcoin and Litecoin.
As it is a relatively new exchange, they have only added these two options and are working on more to provide greater variety to their clients. But, what makes this exchange different from the rest is that it is not just focused on buying and selling cryptocurrencies, but has also added a free wallet that clients can use for storing the digital assets they buy. This can save people from the inconvenience of having to go search for a wallet for storing their cryptocurrencies when they have bought them. Thanks to BitOpps , buying and selling Bitcoin and Litecoin has become quite simple for everyone.
Registering with BitOpps
Crypto exchanges have become notorious for their time consuming and complicated registration procedures. They require multiple forms to be filled out and extensive information from clients, which can be immensely frustrating for those signing up. In addition, some exchanges make their clients wait for a couple of days for client approval, adding to their stress. Understanding how people feel about such registration procedures, BitOpps has ensured that no such complaints are made by their customers. When you take a look at their sign up procedure, you will realize that it doesn’t take up hours to complete the process.
Clients are required to fill out an online form, which can be accessed by visiting their website and choosing the Get Started option. It is a simple form that asks for some essential information like your first and last name, phone number and the country of residence. You have to provide your email address and enter a password for your account with BitOpps . You also need to decide what currency you will use for your account and there are four options to choose from, namely South African Rand, Euro, US Dollar and Great Britain Pound.
Next, you have to confirm whether you are a politically exposed person (PEP) and that you are 18 and agree to the terms and conditions of the exchange. This is all you need to do to register and in most cases, the confirmation is done instantly. In some cases, there are some additional verifications required in the form of documents, but even this process doesn’t take longer than 24 hours. A confirmation email is sent to you for verification of your email address. When your email address is verified, you can send, receive and exchange cryptocurrencies through BitOpps.
However, in order to buy and sell crypto through this exchange, you have to submit some important documents to them in accordance with their KYC and AML policies. More information about these policies is discussed below as they are part of the exchange’s security structure.
Security Measures at BitOpps
The first and most notable security measure that you will come across at BitOpps is at the time of sign up. In order to be able to use the crypto exchange’s services, you are required to provide some documentation. This is due to the KYC (Know Your Customer) and AML (Anti-Money Laundering) policies that have been implemented for preventing cybercriminals from using the platform. As per the KYC policy, everyone who signs up has to give proof of identity and proof of address before their account is considered fully verified. There are certain documents that can do this task quite well.
You can provide a copy or scan of your national ID card, passport or driver’s license for proving your identity. As long as it is government-issued, it is considered acceptable. Secondly, proof of residence has to be provided and this can be done by submitting a utility bill or bank statement, but they shouldn’t be more than 3 months old and should show your name and address in full. To comply with BitOpps’s AML policy, you have to provide pictures of your credit card if you wish to use it on the exchange and also provide a selfie for confirmation.
Only when these verifications are complete, you will be able to use the services of the exchange fully. It should be noted that BitOpps performs a check to verify all of these documents and they usually don’t take long. The maximum time that’s needed is 24 hours, which means you don’t have to wait for long to start buying and selling crypto. These policies are implemented in accordance with international standards and regulations and have to be complied with in order to make deposits and withdrawals. The purpose is to ensure the crypto exchange is not used for any illegal activities like money laundering.
The security measures don’t end here as the information that’s collected by BitOpps also needs to be protected. These documents are quite sensitive and if they make their way into the hands of criminals, customers will have to suffer. To ensure this doesn’t happen, the exchange has opted for the highest standard of encryption technology. The top notch encryption ensures that even if the data was to be compromised, it would not be understood without the decryption key. Moreover, the storage of this data is not taken lightly either and not everyone is granted access to it.
Payment Solutions at BitOpps
To buy or even sell cryptocurrencies on BitOpps, you first need to take a look at what payment solutions the exchange supports. After all, you will have to deposit funds to make purchases and you may want to withdraw them at some point. You can choose the currency you wish to use at the time of registration from the four choices provided to you. These fiat currencies can be used for buying the crypto you want, whether it is Litecoin or Bitcoin or both. To add your funds, the exchange has given you the option of using bank wire transfers or you can use your debit or credit cards. But, in order to be able to use your card, it needs to be verified as per the AML policy outlined above. You can use either Visa or MasterCard, depending on what you prefer.
As far as bank wire transfers are concerned, you can only use Euro for that method currently, but BitOpps is planning on adding other fiat currencies as well. Deposits don’t require a lot of time and are usually made instantly. Things are a bit different in the case of withdrawal. There is a form that you need to fill for making a withdrawal request and your account should be verified under the KYC measures for it to be processed. If the account is not verified, the request may be cancelled. Withdrawals are processed within 72 hours after the submission of the request.
Once a request is approved, the funds will be credited to the bank account or credit card from which they were made. One innovative feature that BitOpps is offering to its users is a prepaid cryptocurrency card. Clients can use it for using their crypto for shopping or other activities on different platforms and websites. You can use it for travel or even vacations, as per your convenience. Not every exchange offers this facility, which makes it a great feature.
Crypto Wallet at BitOpps
As mentioned earlier, one of the most appealing features of BitOpps that have set it apart from other exchanges is that it has also incorporated a wallet that can be used by clients for keeping their cryptocurrencies. If you have any knowledge about buying crypto, then you must be aware that having a wallet is essential for storing them. You want a reliable and secure wallet because if there are any vulnerabilities, hackers and cybercriminals can steal your funds and leave you empty-handed. It is a fact that the crypto market is teeming with a variety of wallets and you can find plenty of options at your disposal.
However, just like in the case of a cryptocurrency exchange, you need to find a reliable wallet as you will be storing your valuable assets in it. BitOpps eliminates the need of having to search for a wallet and then researching and investigating it to determine its reliability. It has developed its own wallet for their clients and the best part is that they are offering it on their platform absolutely free of cost. You don’t have to worry about searching for a wallet, vetting it and then transferring your digital assets in it.
Instead, you will have at your disposal a unique, advanced and secure cryptocurrency wallet that can hold and protect your investment for any span of time. As of today, BitOpps crypto wallet can be used for storing both Bitcoin and Litecoin and you can send, receive or exchange either of these cryptocurrencies if you want. As a security measure for the wallet, the exchange changes the wallet address every time people send or receive funds or there is a transfer between online and offline wallets. Doing so ensures that the wallet cannot be tracked by any criminals or third parties and your assets remain safe.
All you have to do is to be cautious and check the address of your wallet before you make a transaction. You should remember that as the address is changed every time, you will have several addresses for your crypto wallets. Consequently, you need not be worried about the security of your Bitcoin or Litecoin wallet. BitOpps wallet is also different in the aspect that it gives customers full control of how to manage their funds. They have followed the idea of account segregation, which means the exchange’s own funds are kept separate, which means there is no discrepancy or misappropriation.
For storing the cryptocurrencies that you deposit with BitOpps in the wallet, they have opted to use cold storage in order to provide the best possible security. This form of storage is the most secure and so the exchange has chosen to use the most efficient and advanced storage and even gotten insurance worth $100 million. Some of your funds are also kept in an online wallet in order to let you use them easily. Even in cold storage, the funds remain accessible to you as technological tools are added to give you access and you don’t have to pay anything to take advantage of them.
Customer Support at BitOpps
When using a cryptocurrency exchange, especially if it is your first time, you are bound to have some questions or may even struggle with something. Even experienced traders and investors may have queries about a feature or any aspect of the exchange and they will need assistance, which is usually provided through customer support. But, the problem is that most exchanges take it lightly and focus more on other areas, which can end up creating a lot of trouble for someone who needs answers. In this regard as well, you will find that BitOpps is different from the rest as it has spent some effort on its customer support department.
You can reach out to the crypto exchange’s customer support via different channels. If your query is not urgent, there is an email address that you can use while the phone number is a good choice for urgent issues. You can also use the web contact form on their website for getting in touch and their agent will respond as quickly as possible. In addition, BitOpps has also created an entire FAQ section for the ease of its clients. Under this section, they have provided answers to questions that most traders tend to have regarding their services and features. You can use them for finding a solution or else reach out to them through the various channels.
OTC Trading at BitOpps
An Over The Counter (OTC) trading desk has been developed by BitOpps for helping people trade Bitcoin and Ethereum. OTC trading can offer greater liquidity to clients, particularly those who want to place large orders and don’t want to wait for them to be filled; something that happens on an exchange. Also, OTC trading lends more anonymity to the user and making transactions doesn’t have an impact on overall market movements. There are traders out there who prefer this form of trading and the exchange has chosen to accommodate them as well.
It is apparent that BitOpps has put in a lot of effort to develop a comprehensive crypto exchange for those interested in building their crypto holdings. From customer support to user-interface, it is a great choice and it even offers very competitive pricing and fees as an incentive for traders to opt for their services.