BitDATA Exchange Review – Main Benefits of Regulated Exchange

One thing about this crypto exchange is sure. They are transparent. In general, that’s something refreshing, knowing there are numerous shady companies out there. 

BitData Exchange crypto investment company offers transparent legal information. On top of that, their location and contact details are also something you can find easily. Therefore, you shouldn’t have a reason not to trust them.

Yet, some things could be fairly better. To find out what those are, read our BitData Exchange review carefully.

Legal Info: Is BitDATA Exchange Legit?

You can never be sure if the company is legit unless you check its regulatory status. Numerous companies were trying to copycat this firm. Yet, all of those were lacking adequate licenses. Luckily, the BitData Exchange Singapore license really exists.

Important to note is that the ownership of this crypto trading brand belongs to BITDATA DIGITAL TECH PTE LTD. If you check the Monetary Authority Service (MAS) Singapore register, you will find them there. With this in mind, you know that the company shouldn’t move your funds freely. 

Still, to provide services in the US or UK, it would be an advantage if they have licenses from the local authorities.

Who Are BitDATA Exchange’s Clients?

Generally, all the clients of this company are coming from Asia. Understandably, traders mainly trust companies nearby. Since their registration in March 2020, they have been mainly trading with customers from: 

• Singapore
• Malaysia
• India
• United States
• Vietnam

So far, clients don’t have many complaints about this company. But if they are the best out there, we are about to see. Anyway, if you are experiencing any irregularity, feel free to contact us. Also, you can get some general advice from our Crypto1Capital review.

Traders Reviews

Overall, BitData Exchange reviews look quite positive, with an average rating of 4.5 on Seedly. However, 4 out of 39 comments have negative ratings. Sadly, filters don’t work, and it’s hard to see what those negative comments are all about.

But one thing is sure, this exchange is quite expensive. On top of that, their offer is quite poor. But if you know something more, share your opinion in the comments or contact us directly for advice.

Investment Costs With BitDATA Exchange

Important to realize is that the company has fixed maker and taker fees of 0.6%. Yet, some other far more popular exchanges have way lower fees. Sometimes even close to 0%.

Other costs may include transfer fees depending on the funding method. For fiat currencies, those are up to 3.25%. On the other hand, crypto transfers are free of charge, while for the withdrawal situation is different.

Bonuses

Generally, the Bitex exchange doesn’t reveal any bonus promotions transparently. Yet, their T&Cs reveal there could be such deals offered to customers. But it’s important to know requirements are set for any bonus deals.

BitDATA Exchange Trading Features

One of the great features of this company is that they are offering business accounts. On top of that, since 2021, the company has set up an over-the-counter (OTC) service desk in Singapore. 

Of course, to complete the whole procedure, traders must comply with KYC and AML laws first. To understand why this is important, check our detailed Crypto Portfolio review.

Trading Platforms Available

On the negative side, this crypto exchange doesn’t offer downloadable Windows or Mac software. Instead, all the purchases are done through the company’s web-based platform. Unfortunately, access to the dashboard and platform features is limited only to registered users.

Available Trading Assets

One of the biggest disadvantages of this company is the number of supported cryptocurrencies. In general, traders are looking for versatility. You should never keep all eggs in one basket, as they say. That’s why more options mean more opportunities. However, with BitData Exchange you can choose only: 

Account Types

Another key fact is that the company doesn’t have any account type separation. This means that the whole time, regardless of your trading volume, you can expect trading fees of 0.6%. When you compare it to some US-regulated exchanges, that’s quite hefty.

Mobile Trading App

When it comes to iOS and Android apps, this company was thinking through. They know all crypto investors prefer to track their portfolios on mobile devices.

Therefore, it’s quite positive that both apps are developed. However, it looks like there were only just over 1k downloads on PlayStore. Potentially, that could reveal how often this app is used.

Demo Account

Same as with many other crypto exchanges, a demo account is not included in the offer. All the trading features are only accessible to registered traders. But without a minimum deposit requirement revealed, this might be quite tricky.

Education

As can be seen, the company expects you to know everything about the crypto when you register. Consequently, there’s no reason to provide any educational material. In fact, this might be disappointing for some users.

BitDATA Exchange Withdrawal

The biggest advantage of regulated exchanges is transparency. Still, they don’t reveal how long it takes to process a withdrawal request. Anyway, with BitData Exchange, traders can expect a 2 SGD withdrawal fee for all fiat currency withdrawals. When it comes to crypto transfers, fees may vary. Those are: 

• BTC – 0.002 BTC
• ETH – 0.08 ETH
• LTC –  0.2 LTC
• USDT – 40 USDT
• USDT/USDC ERC20 – 40 USDT/USDC
• USDT/USDC TRC20 – 10 USDT/USDC

Customer Support

One huge disadvantage we found is the lack of quick response customer support. The company only provides customers with one e-mail address, with an expected response time of 1 business day. At least they could implement a live chat option.

Key Information To Consider About BitDATA Exchange

In the first place, we have to say that their regulation plays a key role. Thus, the company might be a bit more expensive compared to its competitors. On top of that, they have just a few investment options and not-so-popular mobile apps. In any case, there are far better options.

But the key is to have a clean withdrawal without any issues. However, if any problem occurs, don’t hesitate to contact our crypto experts for advice.

FAQ Section