Azbit

What is Azbit？

Azbit, established in 2019 and registered in Seychelles, is a cryptocurrency exchange. With 74 cryptocurrencies listed, it boasts a $133 million daily trading volume. The exchange charges 0.1% for takers and 0.05% for makers as trading fees. Impressively, it serves over 330,000 users, processing 100,000+ transactions daily. Azbit provides various services, including spot crypto trading, wallets, staking, savings, and Initial Exchange Offerings (IEO).

Pros and cons

Azbit excels in these areas:

• Reach spans across 200+ countries, ensuring accessibility to a wide global audience of traders.

• Multifaceted offering, providing a range of trading features.

• A selection of more than 70 listed coins.

• Offering traders the advantage of low trading fees, creating a cost-efficient environment.

Azbit lacks these areas:

• Operational without regulatory oversight, this exchange faces challenges in ensuring certain security measures for users.

• A narrower range of cryptocurrencies available for staking, limiting earning opportunities.

• Lacking a standalone mobile app for trading on-the-go.

• Not supporting fiat deposits, narrowing payment gateways.

• This exchange's reputation may not match that of larger, more established exchanges.

• Withdrawal fees can be high for some coins.

Regulatory Authority

Azbit lacks regulatory oversight, implying trading on this exchange carries inherent risks. Trading with an unregulated exchange poses multiple risks, including security, liquidity, fraud, and regulatory concerns.

Security

Azbit gives top priority to security, implementing measures to safeguard user funds and information. Some key security features are:

• Two-Factor Authentication (2FA): Azbit offers 2FA, an extra security layer for accounts. This prevents unauthorized access even if login details are compromised.

• Cold Storage: Most user funds are stored offline in cold storage, lowering the risk of online wallet hacking.

• Encryption: Azbit uses encryption to secure data and communication, keeping sensitive info like passwords safe.

Cryptocurrencies Available

Azbit features 74 cryptocurrencies in its listing. Here is the top popular coins listed on the Azbit exchange:

And you can check the full list of cryptocurrencies available here: https://azbit.com/markets/. The exchange consistently introduces new coins, adding around 1-2 new options monthly. This regular addition keeps the variety fresh for users.

An intriguing feature on Azbit crypto exchange is the “Earn” tab, also known as soft staking. Soft staking is a fresh concept in the crypto realm, offering a way to earn rewards from staking coins while retaining control over them. Presently, you can stake AZ (Azbit's own token, we'll delve into this later), along with USDT and WSBT on Azbit. This innovative approach adds to the earning potential of staking.

How to open an account？

1. Visit the Azbit website and click on the “Get Started” button to initiate the registration process.

2. Fill in the required information such as email address and password, then click “Next” to proceed.

3. Verify your email address by clicking on the verification link sent to your registered email.

4. Complete the Know Your Customer (KYC) process by providing necessary personal information such as full name, date of birth, and address.

5. Upload the required identification documents, such as a passport or driver's license, to verify your identity.

6. Once the documents are successfully uploaded and verified, your registration process is complete and you can start using the Azbit platform to trade cryptocurrencies.

Fees

Spot Trading Fees

The trading fees for both makers and takers on this exchange are set at -0.20%.

Derivative Trading Fees

The trading fees for both makers and takers across various features like Forex, Metals, Commodities, and Indices are a flat 0.20%.

Deposit and Withdrawal

Azbit operates exclusively as a cryptocurrency exchange, allowing solely crypto deposits and withdrawals. Notably, Azbit offers fast and cost-free services for deposit transactions involving any token types available on their platform.

This table lists coins/tokens with their names, networks, minimum withdrawal amounts, deposit fees, and withdrawal fees. For instance, SCOLLAR (Collar) on the SCOLLAR network has no deposit fee and a withdrawal fee of 0.025. Similarly, OSTC (ShieldTokenCoin) on its network has no deposit fee and a withdrawal fee of 0.007. The pattern continues with details for each coin/token.

Withdrawal fees on Azbit differ depending on the specific coin. For instance, withdrawing Bitcoin incurs a fee of 0.0001 BTC, which is notably reasonable compared to the average fee of around 0.0006 BTC.

Customer Support

To connect with Azbit, you can reach out via email at support@azbit.com. Additionally, the exchange maintains an active presence on various social media platforms, including YouTube, Facebook, Instagram, and Twitter.

Is Azbit a Good Exchange for You？

Azbit may be a good exchange for traders for traders in the following types:

• Traders who want to explore more trading features.

• Traders who want to earn rewards through staking.

• Traders who seek competitive trading fees.

Compare with other exchanegs

Features
Trading Fees	-0.20% for both taker and maker	Maker: 0.04%, Taker: 0.075%	Maker: 0.05% - 0.1%, Taker: 0.1% - 0.5%	Up to 0.40% maker fee and up to 0.60% for taker fee
Cryptocurrencies	74	500+	11	200+
Regulation	Not regulated	Regulated by NMLS, MAS/FinCEN (Exceeded)	Regulated by FSA ( Japan), NMLS, CSSF, DFI, NYSDFS	Regulated by NMLS , FCA, NYSDFS, SEC (Exceeded), FINTRAC (Exceeded)

Conclusion

In conclusion, Azbit is available in 200+ countries, offering diverse features and over 70 coins. It lacks regulation and a standalone mobile app. While low trading fees are a highlight, no fiat support and potentially high withdrawal fees are drawbacks. Azbit's reputation is not as established as major exchanges. Consider these factors when deciding to trade on Azbit.

FAQs

Q: What devices can I use Azbit on？

Q: Azbit exchange is currently available only as a desktop version. So, there are no standalone apps available on iOS or Android systems.

Q: Does Azbit have a wallet ？

A: Yes, Azbit does have its own wallet and it is implemented into your Azbit account.

Q: What is the withdrawal fee for Azbit？

A: Azbit charges a withdrawal fee of 0.001 BTC per BTC-withdrawal. The current global industry average is 0.00057 BTC per BTC-withdrawal.

Q: Can I cancel a Azbit(AZ) withdrawal after it has been sent？

A: No, once a Azbit(AZ) transaction has been broadcast to the network, it cannot be cancelled. The transaction is processed by the network and added to blockchain, making it a permanent part of the network's history. This is one of the key features of the Azbit(AZ) network, as it ensures that once a transaction has been made, it cannot be reversed or modified.

Q: What is the value of the azbit？

A: The live price of Azbit is $ 0.000004 per (AZ / USD) with a current market cap of $ 292,641.29 USD. 24-hour trading volume is $ 1,330.48 USD.

User Reviews

March 15, 2022

John O'Sullivan

“Azbit has been my go-to crypto exchange for a while now. I really appreciate the emphasis they place on security and regulation. I feel confident knowing that my funds and personal information are protected. The interface is user-friendly and easy to navigate, making it simple to execute trades quickly. The liquidity on Azbit is impressive, ensuring that I can easily buy and sell various cryptocurrencies without any issues. Customer support is prompt and helpful whenever I have any inquiries. The trading fees are reasonable, especially for high-volume traders. Overall, Azbit offers a secure, user-friendly, and reliable platform for crypto trading.”

August 8, 2022

Liam Murphy

“I have mixed feelings about Azbit as a crypto exchange. On the positive side, I appreciate the wide range of cryptocurrencies available for trading. It allows me to diversify my portfolio and explore different investment opportunities. The customer support is also responsive and provides assistance when needed. However, I find the trading fees to be relatively high compared to other exchanges. The deposit and withdrawal speed could be improved, as it sometimes takes longer than expected for transactions to be processed. Additionally, I have experienced occasional glitches on the platform, which can be frustrating. ”

Risk Warning

Cryptocurrency trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.