Bitlish – Advantages, Commissions and Legal Basis

advantages, commissions and legal basis

Bitlish Exchange is a crypto-trading platform founded in 2015 that allows individuals and legal entities to trade cryptocurrencies, stable clocks, and fiat money.

The market for cryptocurrency trading platforms is changing at an incredible rate. Regulators’ pressure, changing regulatory environment, attacks by cybercriminals, the rise and fall of Bitcoin, unscrupulous attempts to wind up trading volume to attract ICO, and now IEO-projects – all this contributes to changes in the alignment of forces in the crypto-exchange market.

In this review we will get acquainted with the British cryptocurrency exchange Bitlish, whose name is well known to professional traders, but says little to ordinary users. In the meantime, Bitlish is included in the list of 30 trading platforms, the data on trades on which come to the quote service of the operator of the New York Stock Exchange InterContinental Exchange (ICE), which in itself means a lot. It also has a LEI issued by the London Stock Exchange, which allows regulators to track Bitlish financial transactions around the world. Even the world’s largest crypto-trading platforms do not allow such transparency.

About Bitlish

Bitlish Exchange is a crypto-trading platform founded in 2015 that allows both individuals and legal entities to buy, sell and trade cryptocurrencies, stablecoats and fiat money. Bitlish supports 13 cryptocurrencies: BTC, ETH, USDT, HBZ, IOTA, DASH, LTC, XMR, XRP, XDG, ZEC, BCH, BTG, and also accepts payment in fiat currencies such as the euro, British pound sterling, Russian ruble, Japanese yen and US dollar. In total, 65 pairs are available for trading on the exchange. At the same time, Bitlish is currently the only exchange in which all fiat currencies are traded in pairs with a USDT token, and quotes of any cryptocurrency in pairs to Euro, British pound and USDT are available, which makes exchanging any fiat currency or cryptocurrency for any available on the exchange easy and convenient.

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The registration process is quick and clear: for registration, you must specify your mobile phone number or email, and to verify the identity of the owner – photos of two documents, ID and proof of address. Without confirmation of identity, key services such as top-up balance or withdrawal of assets in fiat currencies are not available to users. This restriction does not apply to transfers in cryptocurrencies. Account security can be enhanced using two-factor authentication, and you can protect both account login and certain actions (for example, confirmation of asset withdrawal). Additionally, clients can access the function of adding an ip address to the white list, in which case the client can only perform operations in the account from the specified IP address.

From a technological point of view, Bitlish offers a convenient, multifunctional and simple WebSocket API based on the Asyncio module. Security is provided using SSL encryption of the connection, as well as a distributed system architecture for maximum fault tolerance. According to the CryptoCompare study, the average response time through an API for a transaction is slightly less than 200 milliseconds (less than 0.2 seconds). For this indicator, Bitlish is at the same level as Poloniex, bitFlyer and CoinCheck. User funds are stored in offline wallets. To ensure the security of their customers’ transactions, 24-hour anti-fraud monitoring operates on the exchange. The customer support service works 24/7, communicates in 14 foreign languages.

Traders have access to such types of orders as market, limit and time limit (via API). Margin trading is not supported.

About liquidity

Bitlish focuses on liquidity trading, and it’s about real liquidity, rather than painted volumes that exist only on paper. According to the latest CryptoCompare study, Bitlish does not use trading volume inflation schemes, such as trading competitions, eyrdropes, and mining at transactions. Thus, CryptoCompare analysts did not find evidence of inflation of trading volume in Bitlish, whereas such signals were found in many trading data better known trading platforms (Bittrex, Binance, OKEx). This means that problems with the withdrawal of assets from Bitlish are unlikely to arise: the company actually has those assets that are displayed to the user on the balance sheet.

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Bitlish provides an opportunity to purchase crypto assets for up to 500,000 euros per month for individuals and up to 1 million euros per month for legal entities. The exchange also offers more liquidity, but on request and for over-the-counter transactions. The volume of liquidity in the books of orders (stock exchange cups) Bitlish is quite high and amounts to about 800 BTC at a time. At the same time, the maximum size of a single request that a client can submit is practically unlimited and can be up to 10,000 BTC.

About recharge

Bitlish is registered in the register of UK legal entities and has accounts in German Wirecard (Germany) and Frick Bank (Liechtenstein), and therefore allows you to replenish deposits through bank transfers SEPA, SWIFT, as well as through international payment systems such as Neteller, Skrill.

A convenient bonus for Bitlish users is the ability to replenish the balance through VISA and Mastercard, issued by banks of about a hundred countries, and transfers are made directly, rather than by contacting third-party services. This became possible due to the fact that Bitlish provided these payment systems with legal opinions on each individual jurisdiction. In addition, like other organizations that receive and process bank card data, Bitlish is obliged to apply the PCI DSS (Payment Card Industry Data Security Standard) data security standard, which was developed by Visa and MasterCard systems. Bitlish has the highest level of PCI DSS certification – Level 1, which allows to process more than 6 million transactions per year. To obtain such certification, companies need to undergo an independent audit, during which their information infrastructure is studied.

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About privacy

The UK requires legal entities to strictly adhere to the General Data Protection Regulations (GDPR), which was launched in the European Union in May 2018. Bitlish as a British company is also obliged to comply with the norms of the law on data protection, therefore the company was registered with the British national data protection authority – the Information Commissariat (ICO).

About commissions

Bitlish’s trade commission system is designed to stimulate trading operations: zero fees for those placing orders (maker), adding liquidity to the order book of the exchange, and commissions from 0.2% for verified up to 0.3% for those who takes liquidity from the book of exchange orders (taker). For verified legal entities, the maker commissions are also not charged, but taker fees are slightly higher than for individuals – 0.5%.

Top-up fees range from one euro for a SEPA bank transfer to about 4% for VISA or Mastercard. Withdrawals are subject to a lower commission – just over 2% for withdrawing a VISA or Mastercard to a bank card and the same 1 euro for a SEPA bank transfer. In any case, the user should carefully examine the fees for depositing and withdrawing funds and choose the most optimal option in his situation.

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