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Office: 63 Chulia Street, OCBC Centre East, #15-01, Singapore, 049514
Main contacts:
[email protected]-Technical supports and inquiries
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Business Hours: Mon. - Fri. (11.00-19.00)
Time zone (Singapore)
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Crypto
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bitsten

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Indonesia

Founded in

2017 (9 Years)

Founded

Last online: No recent activity

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OVERALL SCORE
Licenses
--/40
Reviews
28/60
4 reviews

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OVERALL SCORE
Licenses
--/40
Reviews
28/60
4 reviews

Provided by TrustFinance

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FTD LIMITED

FTD LIMITED

(505 reviews)

foundedInBritish Virgin Islands

2017

(9 years)

Security Information :

BVI FSC

Security Information

Warning

This company is currently Unproved.

Please be cautious of the potential risks!

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License

A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.

Company Information

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Get to know bitsten

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Company Information

Get to know bitsten

Bitsten was a digital asset exchange based in Indonesia that provided a platform for users to buy, sell, and trade various cryptocurrencies. Launched as a marketplace for crypto-to-crypto and crypto-to-IDR pairings, it aimed to serve the growing Southeast Asian market. However, the company announced its permanent closure and the cessation of all services effective April 30, 2021, citing undisclosed reasons.

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Industry

  • Crypto ExchangePRIMARY

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Reviews

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Maryam Garba

Maryam Garba

Direct

Excellent

Overall Thought

"Using exchange.bitsten.app has been a revelation in my crypto journey. The platform's intuitive interface and lightning-fast transactions have made trading effortless. I was pleasantly surprised by the variety of cryptocurrencies available for trading and the depth of market analysis tools at my disposal. What sets them apart is their commitment to innovation – I've experienced smooth trading experiences even during peak market volatility. The customer support's swift response to my queries has been reassuring. With exchange.bitsten.app, I've found a reliable and advanced platform that aligns perfectly with my trading goals."

Aug 29, 2023
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A

askyargamji

Direct

Excellent

Overall Thought

"Exchange.Bitsten.app has truly impressed me with its cryptocurrency trading platform. Navigating their website is seamless, and their comprehensive range of cryptocurrencies and trading pairs provide ample opportunities. What sets Exchange.Bitsten.app apart is their commitment to user security and transparency, evident through their advanced security measures and responsive customer support. The real-time market data and trading tools have been invaluable in my trading journey. Thanks to Exchange.Bitsten.app, I've found a reliable partner for my cryptocurrency trading needs, making it easier to navigate the fast-paced world of digital assets and achieve success."

Aug 26, 2023
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bitsten Reviews

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Summarization

Bitsten Crypto Exchange Review: A Comprehensive Analysis

Overview and General Information

Bitsten is a centralized cryptocurrency exchange launched in May 2018 [1]. Operating from Indonesia [1, 3], the exchange lacks publicly available information regarding its founders, a detail that raises some concerns for transparency. Similarly, detailed information about its certifications and licensing is currently unavailable [1]. This lack of readily accessible information is a significant drawback that needs to be considered. The limited public information available presents a challenge in fully assessing the exchange's legitimacy and operational practices.

Products and Services Offered by Bitsten Crypto Exchange

Bitsten offers a range of crypto-to-crypto and crypto-to-fiat trading pairs, totaling nine spot markets at the time of this review [1]. The exchange supports EUR and IDR as fiat currencies for trading [1]. However, information regarding any additional or specialized services, such as lending, staking, or derivatives trading, is absent from publicly available sources [1]. This limited product offering may not appeal to traders seeking a more diverse range of investment options.

Product Features and Conditions

A key feature of Bitsten is its implementation of KYC (Know Your Customer) verification, which is a standard procedure adding a layer of security for both users and the exchange [1]. Trading fees on Bitsten are a flat 0.2% on all trades [1], which is competitive within the market. The exchange also has its own native token, BST [1], though details on its utility and impact on the trading ecosystem are currently scarce. Further investigation into the specific use cases of the BST token is recommended before engaging with the platform.

Contact Channels and Customer Support

Unfortunately, readily accessible information concerning Bitsten's customer support channels is limited [1]. Contact methods like email addresses, phone numbers, or live chat support are not publicly available, hindering potential users' ability to resolve issues or obtain timely assistance. The lack of detailed information about customer support hours and response times poses a substantial risk to users, particularly those who may require immediate assistance with account-related matters or technical difficulties.

Pros and Cons of Bitsten Crypto Exchange

Pros

  • KYC Verification: The implementation of KYC verification enhances security and helps to prevent fraudulent activities. This is a positive aspect for those prioritizing security on the platform.
  • Multiple Trading Pairs: The availability of multiple crypto-crypto and crypto-fiat trading pairs provides users with greater flexibility and choice in their trading activities.

Cons

  • Limited Information: The significant lack of readily available information about the exchange’s founders, licenses, and operational details raises serious concerns regarding transparency and accountability. Potential users should exercise caution and perform thorough due diligence before engaging with this exchange.
  • Security Concerns: As a centralized exchange, Bitsten is inherently more susceptible to security breaches and hacks compared to decentralized exchanges. This vulnerability is a significant risk for users, who should carefully evaluate the security measures before entrusting their funds to the platform. The lack of detailed information on their security practices further amplifies this risk.
  • Lack of Customer Support Transparency: The absence of clear and accessible customer support channels significantly reduces user trust and confidence. Without readily available support, users may face difficulties resolving issues or obtaining assistance when needed.

Summary of Bitsten Crypto Exchange Review

Who is it Best Suited For and Why?

Bitsten may be suitable for users who are comfortable with a less transparent exchange and prioritize the availability of multiple trading pairs and a native token. However, the lack of information about the exchange's management, licensing, security measures, and customer support is a significant concern. This exchange is not recommended for users who prioritize transparency, robust security features, and readily available customer support.

Final Thoughts on Value and Choosing the Company

The decision to use Bitsten should be made with extreme caution and only after thorough independent research into their security practices and operational transparency. The lack of readily available information presents significant risks that outweigh the benefits for most users. There are many other exchanges with more established reputations and greater transparency, and those seeking a safe and secure trading experience should prioritize those platforms.

Frequently Asked Questions about Bitsten Crypto Exchange

Due to the lack of publicly available information, we are unable to provide a dedicated FAQ section at this time. We recommend that potential users independently research Bitsten and seek answers to any specific questions they may have before using the exchange.
Question Answer
What are the fees on Bitsten? 0.2% on all trades.
What fiat currencies are supported? EUR and IDR.
Is KYC required? Yes.
What is Bitsten's native token? BST.
What is Bitsten's customer support like? Information not publicly available.

References

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