Bitsane Limited (Bitsane.com) is a cryptocurrency exchange and trading platform which was founded in 2016.
When Bitsane introduced themselves to the public on BitcoinTalk.org, this Ireland-based company wrote that their exhange is
to be the most sophisticated platform the industry has seen to date.
Can you trust Bitsane or is it a scam?
Keep reading this Bitsane review to find out if this is a cryptocurrency exchange you can trust!
Bitsane is an online trading platform for different cryptocurrencies.
Supported cryptocurrencies include:
- Ethereum (ETH)
- Bitcoin (BTC)
- Euro (EUR)
- Iconomi (ICN)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- US Dollar (USD)
- Dash (DASH)
- Ripple (XRP)
- Bitcoin Gold (BTG)
Bitsane imposes a standard 0.2% – 0.5% fee on every transaction performed.
Verifying your account is a must if you want to use a bank wire transfer in order to deposit/withdraw your funds. You don’t have to verify your account if you want to deposit/withdraw cryptocurrency.
Estimated verification time is 14 business days.
Required documents include ID card or passport (to verify your real name) and a bank statement, tax assessment or utility company bill (to verify your address).
US citizens/residents may not deposit/withdraw fiat currency from the exchange.
Deposits and Withdrawals
Fiat deposit and withdrawal methods include bank wire transfer, Advcash and Okpay.
Bitsane Support and Contact Information
If you need to contact Bitsane, know that there are at least 3 ways to do so.
The first is to email [email protected]
The second method is to create a support ticket.
Finally, there’s the official Facebook page (more on that below.)
Unfortunately, we could find no telephone number, physical address or live chat feature.
Who is Behind Bitsane?
Since Bitsane.com employs a privacy service, there’s no way to find out the identity of the person who registered this site.
Moreover, the name of the owners of Bitsane Ltd. cannot be found anywhere on the Bitsane.com site.
The only thing we are able to learn from Whois.com in this case would be that the domain Bitsane.com was registered in December 19, 2007.
Bitsane Affiliate Program
Registered members with Bitsane can take advantage of the Bitsane affiliate program.
Your personal referral link can be found in your profile. When someone uses it to open a new Bitsane account, they will automatically become your referral.
What do you get out of it?
You can earn 1 EUR for each deposit your referral makes equal or exceeding EUR 100 (one time for each referral).
Additionally, you can earn 10 EUR for each deposit your referral makes equal or exceeding EUR 10,000 (one time for each referral).
Since January 2018, Bitsane.com experienced a drop in popularity.
During April 2018, less than 100,00 people visited the site, according to SimilarWeb.com, almost half of them are Americans.
Ripple.com, Prostocoin.com and cnbc.com are some of the sites referring people to Bitsane.com.
Now that we know all the basic facts regarding Bitsane.com, it is time to find out whether this is a legit exchange.
And even if it is legit, is Bitsane a recommended cryptocurrency exchange?
The Bitsane Reddit is a good place to look for people who use this exchange.
Some complaints can be found there. People are debating whether it’s a scam or just a really bad exchange.
One person writes:
Pretty sure they’re a scam. If not that then they sure are bad at what they do and perform some shady transactions. I lost control of 0.5 ETH back in Jan of this year. Saw my funds go from Coinbase to my Bitsane wallet via Etherscan but the Bitsane interface never showed it. Then, less than 30 mins later Etherscan reported a transfer OUT of my Bitsane wallet to another address containing ~700 ETH. They also closed support tickets without comment during this time. After a couple weeks and dropping several F bombs in Facebook and Twitter I got blocked but then I started tagging Bitsane execs and employees on LinkedIn. Once I did that, funds reappeared and I received a terse email stating that I needed to withdraw all funds and close my account as they no longer wanted to do business with me. “Wahhh-wahhh, we’re taking our toys and going home.” To that I say, good riddance.
There are other people complaining about difficulties with withdrawals. Like this guy:
I successfully withdrew all my funds out of Bitsane. After using their exchange, wallets, and ticketing system, I can confidently suggest that everyone should STAY AWAY from Bitsane.
Bitsane Facebook Page
The official Bitsane Facebook page is another good place to look for Bitsane client reviews.
As of May 21, 2018, they had a 4.3 star rating with a total of 501 reviews, and seem to be replying to private messages within minutes.
Out of the 501 reviews, almost 20% are negative (1 and 2 stars). Let’s take a look at a couple of those negative reviews.
In January 2018, one person wrote:
I transferred ETH from Coinbase to Bitsane early this morning at about 1 AM and even though Coinbase said the transaction was completed it still didn’t show up in my Bitsane wallet until about 6 PM this evening after multiple emails to their awful unresponsive customer service department. So now that I can actually see my ETH in my Bitsane wallet the icing on the cake is the fact that I’m unable to purchase anything at all with it because their exchange is completely useless and unresponsive! I’m absolutely furious with this subpar atrocity of a supposed financial institution!
Apparently, other people experienced a similar problem in January after a promotional article about Bitsane was published on cnbc.com.
The company was not prepared for the amount of traffic they received after this article and they published an announcement on BitcoinTalk.org saying that
due to recent CNBC story, our servers were slammed quite a bit. Our equipment was not ready to process such number of new users simultaneously. We hope you understand that it gave us a jolt and we have been working non-stop since then to resolve all the issues.
But in March 2018 people were still complaining:
I transferred $39 of ether from my CoinBase account into my ether wallet to my Bitsane account on March 2nd. As you can see, it has been over 4 days and still my Bitsane total balances says 0.00 when my CoinBase says the transaction went through. I researched for hours and the highest wait time anyone experienced (that I saw) was less than 24 hours, not 4 days! What is going on, and when will my purchase be posted?
More alarming then these reviews is the fact that the company did not take the time to answer them even though they are posted on Bitsane’s official Facebook page.
We tried their live chat feature on Facebook.
They did answer within minutes, but when we asked about their telephone number, address and business license, their reply:
We apologize for the inconvenience however at this moment we can not share more information publicly than what you can find on the web-site. We will be able to share more after you create an account on bitsane.com and pass the verification.
Other Bitsane.com Reviews
Lastly, let’s see what other reviewers are saying as well as at what the community is replying to those reviews.
forexbrokerz.com gave them 3.2/5 stars based on 42 reviews.
The negative reviews are all from that January incident they experienced after the CNBC article.
They conclude that Bitsane “offers a simple way to trade in some of the most popular digital coins with competitive trading and payment fees. […] However, trading volumes on most pairs seem low, and the platform is very basic.”
Coinclarity.com gave them 2/5 stars based on 32 reviews.
Again, the negative reviews are mostly from December-February 2018.
In May 2018 someone commented:
Transfered eth to them, after 20 minutes it showed up in the balances, I sold them, withdrew the whole amount by SEPA, after one workday the amount was on my bank account. So I’m happy. The only downside is the missing margin trade feature. But I didn’t need that in this case.
Here’s another comment from April 2018:
I had made a small mistake and deposited my BTC to a BCH wallet. Support was quick to respond and said that they will recover my deposit for a small fee. I have not seen that operation available on different trading platforms I was trading on.
hulacoins.com were not impressed with Bitsane, concluding their review writing that
you should look more closely to whom you entrust you money. On Bitsane, we currently do not have a good impression and cannot in good faith recommend the stock market to our readers.
Finally, there’s bitcoinexchangeguide.com writes:
The company’s current objective is to continue being a fast growing, reliable and user-friendly solution for trading cryptocurrencies and digital assets. […] If Bitsane continues to observe the current industry trends, listen to user feedback and incorporate innovation in its new developments, it will soon transform into a top leading platform in the world.
Again, some really terrible comments from January 2018 were left here, but let’s take a look at a couple more recent ones:
In March 30 Karl wrote:
I had the problem with orders in January. Support took some time to respond but the issue with btc trade was successfully solved. They should quicken their support responses and they will be alright.
In April 8 another person wrote:
Deposited a small amount of Ethereum to check how Bitsane works but wasn’t able to see my money. Then I realized that I’ve deposited a less than the minimum amount required. The support team told me that money isn’t lost, it will be summed with my future transactions and, as a consequence, displayed on my balance. And it worked for me. Also, I got a little lesson for myself: carefully read FAQ and other useful information before doing something. Especially, if it’s internet trading platform
And there are some other positive reviews as well from recent months.
Bitsane Review Conclusion
Overall, it seems like Bitsane got over that major hiccup they experienced starting December 2017 and ending February-March 2018.
Since March-April 2018, people seem to be happy with the exchange.
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Sure, Bitsane is not regulated, they don’t offer margin trading or accept credit/debit cards, but the support is OK and people seem happy with the platform and fees.
To sum up, if you want to go with Bitsane, then we’d say why not.
But if you’d ask us for a recommendation, there are better cryptocurrency exchanges out there.