Indeed, Bity.com is a sort of portal between the world of fiat currencies – our current reality – and the cryptocurrency industry, for Swiss users, but not only. In fact, almost everyone in the world can take advantage of the services offered by Bity.com, though – given how some of these services are linked to physical BTC ATMs – only the Swiss can use the full suite of products.
What exactly is it that Bity.com does though?
Their Bity Web product is accessible for everyone and it is essentially a simple web interface for the buying and selling of three cryptocurrencies and two fiat ones. The supported fiat currencies are EUR and CHF. As for the cryptos: bity.com supports Bitcoin (BTC), Ethereum (ETH) and Augur (REP). The operator is looking to expand the range of accepted cryptos as well as fiat currencies.
According to the Bity.com official site and the community feedback available at forums such as bitcointalk, the main advantage offered by bity.com is the fact that its users can buy/sell cryptos using just a phone number as ID. Registering with the site is indeed extremely fast, and having provided a phone number, one is ready to place a buy/sell order literally within minutes.
To buy BTC for instance, one is required to place a buy order, after which he/she makes a wire transfer (SEPA transfers are available for EUR). Once the money arrives to bity.com, it is exchanged to BTC and the BTC is then deposited into the buyer’s wallet, the address of which he/she has already delivered. The price at which the BTC is bought is the valid price the moment the funds land in bity.com’s Swiss or German bank accounts.
Selling BTCs is done quite similarly. The user creates a sell order, and then delivers the BTC, by scanning the QR code generated with the sell order. Funds are delivered to the client’s account immediately, and bity.com do not charge any kind of commissions. The only fees one might incur through this process are the ones charged by his/her bank.
Though it looks like Bity.com only accepts bank transfers for now, the team behind the operation is working on adding new payment options to the mix.
Opening an account at the site literally takes like a minute: all one has to do is to confirm an email address. The required phone number can be provided after the newly created account is accessed. The phone number is needed for verifications and for overall security, giving the operator a way to see whether the person buying and selling the cryptos on the account is indeed its rightful owner.
The limits on crypto buying are currently set to CHF/EUR 1,000 per day, which is indeed pretty reasonable. Those who want to buy more, can choose to undergo additional verification, which will significantly raise their limits. We have only done the most basic verification though, and within our dashboard, the daily EUR limit was displayed at the EUR 4,000 mark.
When they send funds to bity.com, users need to include the Bity reference linked to their order. If they forget to include it, the transfer will be automatically returned.
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Once executed, orders cannot be cancelled. Those that have not yet been executed can be selected from the History section of the Bity.com dashboard, and they can be cancelled from there.
Bity.com features several account levels, which entail different buying/selling conditions for their users. Those who register a new account, will enter the fray at the Basic level. Additional verification will raise one’s level to Standard. Those who make an actual purchase through the operation, will then go on to the Advanced level, and those who log annual volumes greater than EUR 50,000, can be granted Expert status.
Other Bity.com Services
In addition to the above detailed online service, Bity.com also offers Bity Kiosks, which are in essence Bitcoin ATMs. There are spread out through various Swiss cities, like Lausanne, Monreux, Geneva, Neuchatel – where Bity.com are based – and Zurich. Buying and selling Bitcoin through these ATMs is extremely simple and fast. According to community feedback though, only those in possession of a Swiss SIM card will be able to use the ATMs, as a phone number is required there too, and apparently, this phone number has to be a Swiss one.
Should I Trust Bity.com?
All the above taken into account: yes, you can trust them. The operation is serious and solid, and wholly transparent regarding its corporate background, as well as the identities of the people running it. The About Us page of the site provides all background information one may need. Bity.com is run out of Rue des Usines 44, 2000, Neuchatel, Switzerland. The name of the company behind the online front is Bity SA. The two founders of the operation are Alexis Roussel and Yves Honore. More information (including pictures) is available on them as well as on their staff, on the About Us page of Bity.com.
Red Flags and Question Marks
In regards to legitimacy, there are no red flags or question marks concerning the activity of Bity.com. Everything is straight about it. The only problem users may find a little bit of a thorn in the side is the fact that they do not have proper control over the price at which they purchase their cryptocurrencies.
There aren’t really any serious complaints about Bity.com out there. Some people have brought up the fact that the Swiss SIM requirement of the ATMs is not exactly to their liking, but the ATMs are in fact installed on Swiss soil and the Swiss market is their primary target, so that’s not really an issue either.
Bity Review Conclusion
Bity.com provides a superb precedent and blueprint for startups looking to open up various local/national crypto markets. This is in essence how it should be done. The fact that users aren’t granted enough control over the price at which their buys/sells are executed, is a bit of a hiccup, but it is indeed the only such hiccup in the entire Bity.com business model.
Official Site: Bity.com
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