TideBit Review – Exchange Guide
TideBit is amazingly, one more new cryptocurrency exchange based out of Hong Kong. The exchange was propelled toward the finish of 2017 during the pinnacle of the cryptocurrency markets by a complex team of blockchain and financial specialists. TideBit’s central command are situated at 7/F Sino Favor Center, No. 1 On Yip Street, Chai Wan and they likewise have another head office in Taipei at 21F No.77 Sec.2, Dun hua S. Rd. Da’anDist, Taipei City 10682. The exchange isn’t yet controlled, much like most other cryptocurrency exchanges and they acknowledge merchants from all around the globe. However, TideBit basically services brokers from the Asian markets from nations, for example, Hong Kong, China, Malaysia, Vietnam, and Taiwan. The dialects TideBit bolsters are English, Chinese, and Thai as they cover most by far of TideBit’s client base. The exchange was set up with a solid accentuation on security, straightforwardness, and execution as the team behind TideBit originates from top financial institutions and prominent high tech firms. Since TideBit is such another and generally unknown cryptocurrency exchange, would they be able to be trusted, and do they offer quality services? How about we find out in the following review, where we’ll break down each part of this exchange and perceive how they stack up to the opposition.
TideBit features their own one of a kind restrictive electronic trading platform, much the same as the lion’s share of crypto exchanges. The platform is good with all internet browsers and work areas and additionally smart mobile gadgets through the internet browser. All things considered, TideBit’s trading platform is nothing extraordinary and has an exceptionally essential user interface that is anything but difficult to use. It’s outfitted with all the fundamental devices and features crypto merchants require, but nothing really emerges as extraordinary or new from different exchanges. The platform is even maybe less refined, with not the same number of charting and analysis instruments, arrange types, et cetera. However, it is exceptionally basic and straightforward and use, making it a fantastic choice for beginner to intermediate crypto brokers. Also, the platform is exceptionally responsive and quick allowing for instant request execution and a wonderful user encounter.
Again, TideBit is an exceptionally basic cryptocurrency exchange and has extremely constrained crypto markets to partake in. The main cryptographic forms of money presently upheld on their platform are Bitcoin (BTC), Ethereum (ETH), (EOS) and (NEO). These digital forms of money can not be exchanged for each other, but fairly just with Hong Kong Dollars (HKD). TideBit plans to extend their services to the United States and different nations soon in which they will bolster a more extensive assortment of fiat monetary forms later on. All things considered, the markets bolstered by TideBit are exceptionally constrained as most cryptocurrency exchanges feature 100+ digital forms of money which can be exchanged crypto to crypto and additionally fiat to crypto markets. Additionally, the liquidity of the TideBit exchange is low, making it an ugly crypto exchange because of few markets and low liquidity.
Fees and Commission
The fees forced on TideBit brokers are high contrasted and the industry norms. Brokers must pay 0.3% on all producer/taker exchanges, which is considerably higher than the industry normal of give or take 0.2%. Additionally, brokers must pay deposit and withdrawal fees. Fiat money deposits accompany a 2% expense for bank deposits (ATM, Cash, Bank Transfer), but are free for Chai Wan office money deposits. With respect to cryptocurrency deposits, they are free.
Withdrawals then again are not free, fiat money withdrawals incur fees of 0.1% or more $50 HK. Concerning crypto withdrawals, they shift between cryptos and are standard industry fees. See the withdrawal fees for cryptos below.
Bitcoin: 0.003 BTC
Ethereum: 0.01 ETH
Neo: 0.01 NEO
Eos: 0.01 EOS
Security and Fairness
The TideBit exchange claims they use best in class safety efforts, but there is no information on what these safety efforts may be. They do specify that all touchy and individual information is scrambled and safely stored, but the security technology is unknown. Likewise, TideBit is another cryptocurrency exchange with next to no involvement and notoriety. Along these lines, we don’t know if they can be trusted yet. Too, TideBit isn’t directed and merchants have no assurance from government specialists if something goes off-base. However, TideBit has up to this point turned out to be a protected and secure crypto exchange that presently can’t seem to be hacked or lead fake practices.
The help given by TideBit is average and common among cryptocurrency exchanges. Bolster agents can be come to by means of email or phone and are available from Monday to Saturday, 10 am to 5 pm. The help delegates rush to react and offer decent help. However, bolster in English is fairly broken, which is justifiable as the exchange fundamentally services Asian nations. Extra strategies for help include contact by means of Facebook or LinkedIn, or by browsing the constrained FAQ page. With everything taken into account, TideBit’s help is nothing exceptional and to some degree constrained.
The TideBit cryptocurrency exchange is another exchange who still can’t seem to substantiate themselves as an equipped and trustworthy crypto exchange service. Their trading platform is very good and offers a basic and simple to use trading interface, but the quantity of digital forms of money available is extremely constrained and has low liquidity. The trading fees are fairly high contrasted and industry models and the client bolster is just unremarkable. With everything taken into account, there is nothing uncommon about the TideBit exchange and there are better crypto exchange services out there.
The following are the basic inquiries that clients inquired about TideBit.
Is TideBit directed?
No, it isn’t directed.
Is TideBit a trick?
No,TideBit is a genuine exchange. However, they are new and presently can’t seem to completely substantiate themselves.
Where is TideBit based?
TideBit is based out of Hong Kong with their central command situated at 7/F Sino Favor Center, No. 1 On Yip Street, Chai Wan.
Trading Accounts and Conditions
TideBit is a Hong Kong-based crypro exchange, where users from certain nations (Hong Kong, China, Taiwan, Vietnam and Malaysia) can buy or offer Bitcoin, Ethereum and Antshares against Hong Kong or US dollars. Crypto-to-crypto trading isn’t an alternative here.
Additionally, TideBit does not bolster margin, nor unknown trading.
Likely the greatest favorable position of TideBit is that its customers can straightforwardly change money for Bitcoins. Such deposits are for nothing out of pocket, if you go to the Chai Wan office.
Fiat monetary forms (USD and HKD) can likewise be exchanged by bank wire and check. Tragically, TideBit does not bolster credit card payments.
Relatively pleasant platform
TideBit`s online platform is nothing extraordinary in the crypto world, yet it appears to be pleasant and outfitted with the fundamental features and apparatuses investors require: a request book, a market profundity window, charting with a few specialized analysis indicators, crossing out alternatives.
No crypto-to-crypto trading
As we said above, TideBit does not allow coin to coin trading. Indeed, even the most prevalent match, BTC/ETH isn’t available, albeit both digital forms of money are bolstered by the exchange.
Few altcoins available
Aside from Bitcoin, one can buy or offer just Ethereum and Antshares at TideBit. Such advanced resources portfolio is very constrained, as an ever increasing number of tokens rise, and various exchanges add them because of user request. A few exchanges, offer more than 100, or significantly in excess of 300 digital forms of money for exchange – LocalBitcoins, CoinExchange.io and numerous others.
Comparatively high fees
Users of TideBit are subjected to a level expense of 0.3% for every exchange, which is somewhat over the industry`s normal. Furthermore, deposit and withdrawal fees additionally apply, and some of them are truly salty: Deposits by means of money, bank wire or ATM are accused of an expense of 2% (Crypto deposits are gratis); Withdrawals in fiat monetary forms are accused of 0.1%, or more HKD50/USD5; Bitcoin withdrawals incur a charge of 0.03 BTC, and those in Ethereum – 0.01 ETH.
Just occupants of certain nations acknowledged as customers
Trading at TideBit is offered just to users with residency and nationality from Hong Kong, China, Taiwan, Vietnam and Malaysia, which is very bizarre. This is expressed in the Terms and conditions transferred on TideBit site.
Unremarkable trading volumes
Aside from the BTC/HKD match, trading volumes on different markets are not exceptionally noteworthy, no doubt
No unknown trading
To conform to Act on Prevention of Transfer of Criminal law, Tidebit is conducting KYC (Know your client) process by asking customers to identify themselves. According to us, this resists the inherent namelessness of Bitcoin. Numerous exchanges allow non-verified users to use their platforms and the vast majority of them have set certain trading volume limits for them.
No margin trading
Like most cryptocurrency exchanges, Tidebit does not offer use.
TideBit is publicized as a platform`created for local people, by local people’s and it is indeed such, as just occupants of certain nations are acknowledged as customers. It is headquartered in Hong Kong with workplaces in Taipei, Beijing and Tokyo. TideBit is a partnered company of TideiSun Group (likewise operating Sun TV, which is a 24-hour mandarin dialect direct broadcasting in Hong Kong since 2000).
The exchange gained a force after China prohibited ICOs and a considerable measure of mainland crypto investors opened up accounts at TideBit, as Chinese exchanges close down their neighborhood activities (including the “Enormous Three” Huobi, BTCC and OkCoin).
TideBit has reported plans to offer more financial items like prospects and subsidiaries and furthermore to get a bitcoin exchange permit in Japan. As of now, however, this exchange isn’t administered by any specialist, as there aren’t a specific directions on cryptocurrencies and crypto-exchanges in Hong Kong yet.
The individuals who lean toward doing business with authorized corporate substances, can swing to forex agents, who bolster theoretical Bitcoin trading and are appropriately controlled.