What Is Bitlocus?Why Use Bitlocus?How To Open A Bitlocus AccountVerification Tier LevelsHow Trading With Bitlocus WorksBitlocus FeesReferral ProgramCrypto Payments GatewayContact DetailsBitlocus VerdictFAQsAccepted CountriesAlternatives to Bitlocus
Established in 2018, Bitlocus is a new kid on the block when it comes to cryptocurrency exchanges. However, what the trading platform lacks in age, it makes up for in exciting features to draw you in. This Bitlocus review will look at the benefits of using the exchange, the different fees associated with it, its security protocols and customer support. We will also run through how you can open an account and start trading on the exchange.
What Is Bitlocus?
Bitlocus Ltd is a centralized crypto-to-fiat exchange. This means you can buy and trade cryptocurrencies like Bitcoin and Ethereum directly with fiat money (standard currencies like USD and EUR).
Bitlocus is headquartered in Vilnius, Lithuania, and is operated by a team of Lithuanian crypto enthusiasts. The exchange is spearheaded by CEO and co-founder Andrius Normantas, an entrepreneur and cryptocurrency trader with over 10 years of experience in the financial field.
Bitlocus’ mission is to grow and become one of the largest crypto-to-fiat exchanges around. The broker aims to do this through the delivery of secure, compliant and adaptive services with an emphasis on customer support, both to traders, crypto projects and businesses.
Why Use Bitlocus?
If you want to store and trade cryptocurrencies, what are the benefits of using Bitlocus and are there any drawbacks to watch out for?
Benefits
Assets
Bitlocus allows you to purchase and trade a wide range of cryptocurrencies. In total, there are 16 cryptos available on Bitlocus to purchase with and sell for Euros (EUR). Among the crypto tokens available are the most popular and valuable digital currencies, Bitcoin (BTC) and Ethereum (ETH). There are also cheaper and newer coins available such as Selfkey (KEY), PAX Gold (PAXG) and USD Coin (USDC). The variety of cryptocurrencies available presents lots of opportunities to make a profit from the growth of DeFi.
Security
Bitlocus prides itself on high-security levels and this is clearly visible in the login process. As well as setting up your unique name and password, Bitlocus requires you to use Google Authenticator for two-factor authentications (2FA).
To do this, traders must download the app to their smartphones. The system then provides a unique QR code and secret key which must be scanned and entered whenever you log in to Bitlocus. Two-factor authentication is also required before any crypto or fiat withdrawals, further protecting your funds.
Strong Regulation
Even though the company is headquartered in Lithuania, they are registered in the United Kingdom (UK). This means they are regulated by the Financial Conduct Authority (FCA), a well-respected financial watchdog, giving a level of trust to the exchange.
Quick Processing
Everything on Bitlocus is done in a timely fashion. New traders can register and get their accounts confirmed and ready in up to 15 minutes. Equally, deposits are processed within 24 hours and withdrawals are processed instantly on their end. They have even developed a custom trading engine built for fast order execution, perfect for crypto day traders.
KYC And AML Compliance
Bitlocus fully complies with both know-your-customer (KYC) and anti-money laundering (AML) policies. Customers can trust that their funds are in safe hands when stored in their Bitlocus digital wallet.
Drawbacks
Even though Bitlocus has many benefits, it is still important to highlight the drawbacks:
Lack Of Mobile Apps
Unfortunately, Bitlocus does not provide any mobile apps for traders. This means that it is not possible to place, track or close orders while you are away from your computer. If you are a day trader, this could significantly impact your trading experience as you must stay by your desktop.
Difficult Trading Interface
As the trading platform does have a commercial interface with many indicators for price analysis, it can be confusing. The mechanics are not ideal for a beginner, who may struggle to understand how the interface works and how to get the most out of the platform.
How To Open A Bitlocus Account
Opening an account with Bitlocus is simple and easy:
On the Bitlocus website, click sign up and fill in the form. Ensure that the password you choose is unique and includes different cases and special characters.
Following this, you will receive an email with a confirmation link, click it to confirm your account.
The next step is to confirm your identity, the different verification levels are outlined in the next section. You will also have to download an app to complete two-factor authentication at this point.
Following this process, it usually takes 15 minutes to confirm your identity. You can then deposit funds and begin trading.
Verification Tier Levels
Bitlocus has four different tiers of verification. At each level, more verification is required and you can increase your daily and monthly trading volumes in Euros (there are no crypto limits):
Tier 1: This level requires you to sign up and confirm your email. At this point, you can proceed to tier 2 but you are unable to complete any trades or deposit funds.
Tier 2: You are required to complete the know-your-customer (KYC) verification process. At this level, you can trade a daily volume of EUR 2,000, and a monthly volume of EUR 15,000.
Tier 3: This level requires proof of address and nature of income. After this, you can trade EUR 10,000 daily and EUR 100,000 monthly.
Tier 4: This tier requires the submission of additional documents as specified by Bitlocus at the time. Following this, traders can convert to a business account, if eligible, and trade with custom trading fees. The daily and monthly limits increase to EUR 100,000 and 1,000,000, respectively.
How Trading With Bitlocus Works
Bitlocus facilitates the purchase and sale of a range of cryptocurrencies.
Two types of orders can be placed through Bitlocus. The first is a market order, which is a buy or sell order that is executed immediately at the current market price. Market orders guarantee full execution but do not guarantee a certain price. The order is filled at the best price available at the relevant time. If you buy or sell a market order, you are a taker (you take an order that is already on the market) and pay the taker fee.
The other type of order is a limit order. This type of order allows you to specify either the maximum price you want to pay if you are a buyer or the minimum price you want to receive if you are a seller. This guarantees the price but does not guarantee when or if the order will be executed. In this case, you are a maker (you create orders in the market for takers) and you pay the maker fee, which is usually lower.
Bitlocus Fees
This section will run through the various fees related to trading through Bitlocus:
Trading Fees
Trading fees vary depending on whether you are a maker or taker, as described in the previous section. The maker fee for public markets is 0.1%, while for private sale markets it is 0.2%.
The taker fee for public markets is 0.2% and the fee for private sale markets is 0.4%.
Deposit And Withdrawal Fees
Deposit and withdrawal fees vary depending on the asset you are using to deposit or withdraw funds to. For the full list, visit the Bitlocus website. Here, we will run through the four most popular options:
EUR – SEPA: There is no deposit fee when you use SEPA bank transfer and the minimum deposit is EUR 100.00. The withdrawal fee is EUR 5.00 for withdrawals under EUR 10,000.00 and EUR 10.00 for larger withdrawals.
EUR – Card Payment: The deposit fee for card payments is EUR 0.50 + 3.5% and there is no minimum deposit, withdrawal fee or minimum withdrawal amount.
BTC: There is no deposit fee when using Bitcoin and the minimum deposit is 0.00001 BTC. The withdrawal fee is 0.0005 BTC and the minimum withdrawal amount is 0.00001 BTC.
ETH: There is no deposit fee through Ethereum (ETH) and no minimum deposit. The withdrawal fee is 0.005 ETH and there is no minimum withdrawal amount.
All other cryptocurrencies have no deposit fee or minimum deposit amount and the withdrawal fees vary, refer to the website for further details.
Bitlocus Exchange Platform
Referral Program
Bitlocus has a customer referral program. For any new user that signs up through your referral link, you will receive a 20% commission on that referred clients’ trading fees. There is no limit on the number of traders you can refer or the commission you can receive.
Crypto Payments Gateway
Bitlocus’ crypto payment gateway offers businesses the opportunity to accept payments in cryptocurrencies and automatically receive the money in fiat currency. The benefit to businesses is that they can accept more payment options while not having to hold any crypto assets.
There are no processing fees and payment processing is fully automatic. For customers, the price rate is fixed for long enough to make a payment, with no risk of price volatility. They can choose between many crypto coins to pay with and payment times are very quick.
Contact Details
Bitlocus can be contacted by traditional methods, including telephone, email and post, as well as Telegram. Alternatively, you can submit a ticket on the broker’s website with your email, subject and description of the issue and Bitlocus will get back to you with an answer.
Registration Address: Nageviciaus str. 3, LT-08237 Vilnius, Lithuania
Headquarters Address: Zalgirio 114, Vilnius, LT-09300, Lithuania
Email: info@bitlocus.com
Phone: +370 620 71025
Bitlocus Verdict
Bitlocus Ltd is a new and exciting cryptocurrency exchange. The firm has received glowing reviews from many traders for its innovative trading features and robust security measures. With a wide range of crypto coins and lots of indicators for price analysis, Bitlocus is great for crypto day traders. Open an account today using the link below to begin investing in some of the biggest cryptos out there.
FAQs
Where Is Bitlocus Regulated?
Bitlocus is regulated in the UK. The Financial Conduct Authority (FCA) oversee the regulation and management of exchanges in the UK and is renowned for its rigour.
How Much Capital Do I Need To Start Trading With Bitlocus?
This varies depending on the asset you are using to deposit funds. Bitcoin and Ethereum have no minimum deposit, while for SEPA bank transfers the minimum is EUR 100.00.
Is Bitlocus A Trustworthy Broker?
Yes, Bitlocus is a trustworthy broker regulated by the UK’s FCA. Moreover, the firm puts security first, requiring AML, KYC and 2FA verification, as well as limiting trading volumes for those that provide less verification information.
How Do Bitlocus’ Fees Compare To Other Brokers?
Bitlocus’ fees are quite competitive, with public maker fees at 0.1% and taker fees at 0.2%.
What Is The Best Cryptocurrency To Trade?
There is no simple answer as every investor is different and the markets are unpredictable. Generally, beginners are better suited to the more popular, liquid cryptos like Bitcoin and Ethereum.
Accepted Countries
Bitlocus accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to Bitlocus
If you are looking for alternatives to Bitlocus we have compiled a list of the top 5 brokers that are similar to Bitlocus below. This list of brokers like Bitlocus is in order of similarity and only includes companies that accept traders from your location.
Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
Bitfinex – Bitfinex is among the best crypto exchanges for experienced traders with a free mobile trading app and low fees.
Bybit – Bybit is an established crypto exchange aimed at active online traders.
Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
Coinmama – Coinmama is a popular cryptocurrency trading exchange, aimed at beginners and high-net worth investors.