BitKan Review – Understanding This Crypto Exchange Is A Challenge

BitKan is a crypto exchange platform that first appeared in 2013. In the beginning, it was mainly focused on the Asian market, but it grew its usebase with the expansion of crypto trading. As of 2018 and 2019, the company has launched its own token – KAN. Today, you can often hear how this is one of the biggest crypto exchanges of all times with an astonishing number of users – almost 10 million of them in total.

However, some doubts will always exist. For example, the regulatory status of the website and how exactly safe are they, if they do not own a valid Tier 1 license? This and many other questions are answered in our BitKan review, so read on to gain understanding of it all. 

What is BitKan?

BitKan is a crypto currency exchange platform, dating back to 2013. However, the exchange wasn’t always what it is today, and it had it undergo various changes during its development. Major trading functions, as well as their proprietary token didn’t appear until late 2018. However, with the massively growing popularity of crypto trading, BitKan entered the race with the focus on providing automated digital coin trading.�

The website claims that this brand was established in the British Virgin Islands, supposedly “in accordance with relevant laws and regulations”. You can assume we couldn’t just take their word for that and went to immediately check with the jurisdictional regulator� – BVIFSC. BitKan doesn’t show up among regulated/unregulated entities as well as the formerly regulated ones.�

Since the document also states that the parties have to agree to “arbitrate the dispute arising from this agreement in the Singapore International Arbitration Centre”, we checked with the Singaporean financial regulator, MAS, if they have approved of this exchange. They did not. So no matter their success or the number of years on the market, we advise caution.

However, that didn’t stop this company from gradually growing into one of the major crypto exchange platforms over the course of more than a decade. Leon Liu and Fang Yu, the co-founders of the business, had enthusiasm to recognize the crypto potential, perhaps at a time when not many other people did. And they persisted in fulfilling their goal of providing a valuable place for the Asian investors to trade and exchange digital coins.�

Countries of Service

BitKan has more than a decade of experience behind their conduct. We have to admit it’s more than enough time to get accustomed to the market and discover the preferred public. BitKan has apparently succeeded in that, since they do have customers from various areas. From how things are at the present moment, most of the investors using this exchange platform come from:

• United States
• Turkey
• Singapore

Atomic Wallet users also qualify the exchange as reliable, but they still do not own a license. No matter how good they claim their service and customer protection are, we have to warn our audience yet again of the crypto volatility and the lack of security. Heavily regulated websites and companies run an array of safety measures and implement a handful of standards to increase the protection of funds and data. 

In case you are experiencing difficulties with this, or any other similar company or unregulated exchange like KoinDeFi, do not feel ashamed for asking for professional help. We are here to offer it and believe us when we say: we know what we’re doing, and we understand your troubles. 

Traders Opinion About BitKan.com

It appears that BitKan is not all that popular among traders as they claim they are. At the time of writing this review, their only page on TrustPilot was an unclaimed company profile with a couple of reviews. This is far from enough to draw any valid conclusion about the customer satisfaction with the BitKan services. Either way, here are the only two reviews we found so far:

Good overall. It has got profitable features. Will update you later!

Super easy to use, can trade safemoon shiba safemars kishu etc very easily. Even has free bots for trading that helps me make money all the time. Love it!

All these should be taken with a grain of salt. We wouldn’t recommend immediately rushing into investing after reading a couple of positive reviews which may as well be baits. Consider Demo trading first or contacting our legal professionals if you want more information on such firms.�

Leverage, Commissions, Spreads, Fees and Taxes

Trading at BitKan means accepting to cover the fees that their services come with. What determines the amount of fees you pay for using the services is the VIP tier you belong to. There’s a total of 8 VIP tiers and the higher tier you are, the lower the fees you pay. The starting fees are 0.1000%.

It gradually drops how you climb the leather and with your activity, number of referrals, successful trades, investing, etc. The three final tiers enable negotiable fees, which you are instructed to contact BitKan relationship manager about.

You can reduce your withdrawal fees up to 34% if you use KAN. Additionally, the trading bots powered by BitKan are entirely free to use.

Are There Any Bonuses Available?

Naturally, any raising exchange dealing with crypto will offer bonuses. Especially if they are not supervised by the leading Tier 1 regulators that have banned these. BitKan has a 100 USDT joining bonus that you can apply for as soon as you open an account.�

At the current moment, the website also has an ongoing promotion called BitKan x OKX $100,000 Sure-Win Futures Carnival. The purpose of the event is to get investors to deposit more, become more active in order to finish the tasks and then be able to enter the contest. A lot of prizes are mentioned, like mobile devices and minor cash rewards. The biggest one is the $100,000 prize.

BitKan Features

BitKan sure works on diversifying their offer of features, accounts and products. As of now, the platform offers access to 1200+ tokens. The key features refer to the free trading bots, futures trading, and spot trading. There’s also the famous BitKan P2P so you can directly buy or sell USDT, BTC, and ETH.�

Trading Software

Many traders today find it relieving to have the possibility of using automated software for placing trades. It gives them a dose of confidence. Free crypto trading bots at BitKan do exactly that. Activating the AI trading bot can be done inside the platform itself so it spares you the time of adjusting it, as it’s already backtested. Aside from this one, you can choose other types of bots, like two-way one or the infinite grid bot.

Mobile Trading App

The BitKan Pro software is only available as a mobile app, which is a downside to the entire offer. It is well known how much advanced and richer in functions, tools and options desktop platforms are. Also more reliable and far better equipped, they are mostly preferred by traders in general.�

Unless you possess a certain amount of experience, the BitKan Pro trading app could be a bit much in the beginning. Although understandable and user-friendly, it could take a while for a novice trader to get around things.�

Available for both Android and iOS devices, the software is adjusted for every mobile user. The comprehensive app offers a detailed insight into your wallet, information about price movement in real time, and a wide range of instruments and trading tools. The biggest advantage is the ability to trade on the go, without being tied to a desktop machine.

Available Trading Assets

BitKan features a whopping 1200+ different Cryptocurrencies available for the exchange. As this market develops constantly, BitKan keeps updating their offer with more and more Cryptos daily. The assets are split in 2 major groups: Spots and Binance Futures. The Spot asset types are by far more numerous, and include the most popular Cryptocurrencies today.

Here is a basic outline of the BitKan offer:

• Spots – BTC, ETH, UDSC, BUSD
• Binance Futures – BTC/USDT, ETH/USDT, XRP/USDT, EUS/USDT

Education

There is a huge and comprehensive knowledge base available for not only BitKan users, but anybody who wishes to learn about many topics about Cryptocurrencies. The Learning section of their website includes topics on Crypto Basics, Currencies in general, as well as tips on Investing.�

There are excellent tutorials for anyone willing to invest their time to understand any of the topics. BitKan passes their Education aspect with flying colors, as the articles are updated daily.

How to Withdraw Funds?

Without exception, withdrawals are always a possible source of hustle when they’re processed by unregulated service providers. Since BitKan is one of them, we advise high caution when attempting to withdraw profits or initially deposited funds.�

Although, so far, it appears that BitKan has a reputation of an exchange that is true to its word. We can’t be so optimistic as they do not have a supervisory authority watching their actions, monetary transfers and processing of payments.�

The single payout method is, as expected, crypto. We always take the time to warn our customers of the dangers that come with anonymous crypto transfers. All fraudulent entities prefer them for the chance to make thievery instant, while keeping their precious virtual anonymity to protect them from legal prosecution.�

Customer Support

Unfortunately, the Customer Support at BitKan is slightly below average, when compared to other exchanges and companies that provide a similar service. The Help section is quite comprehensive, but you may receive support form an actual human through WhatsApp Live Chat and email.�

The Customer Support response time is quite short, and their agents are well versed in the topic. Some users may find the lack of a Phone Number, or a voice call somewhat limited.

Key Information To Consider About BitKan�

We’d like to again remind you that crypto scam is a daily occurrence. Billions of dollars are stolen on a yearly basis from completely ordinary investors, just like the professional traders. So please understand that there’s no shame in being a scam victim.�

What is important is not to give up and allow the cyber criminals to get away with your hard-earned money. You work hard to have all your capital swiftly stolen from as if it was nothing important.

So if you’re experiencing problems with BitKan withdrawals, do let us know. The legal experts we employ can help you understand your position, as well as your options and alternatives. It would also mean to us tremendously if you shared your experiences and helped us understand how these schemes work, in order to get to the bottom of the issue.�