BITStorage Review – Offshore Exchange With Poor Service

Get ready for a deep dive into the world of unregulated crypto trading portals that promise premium services, yet provide an unsafe trading environment. 

This BITStorage review focuses on protecting digital assets when investing with such firms. Therefore, expand your existing knowledge of safe investing and find out more about how to recover your assets in the worst-case scenario.

Where’s the BitStorage License?

Prior to promoting and selling crypto services, every company should obtain regulatory approval. The license is usually acquired by a jurisdictional supervisory body. The BITStorage exchange claims to operate out of Seychelles, yet hasn’t been certified by the FSA.

With all due respect, however, this financial authority is not as diligent as premier regulators, such as FCA, BaFin, and CySEC. So, even if an offshore body licensed the platform, that wouldn’t mean much when it comes to proper fund protection. This exchange can’t be considered safe to invest in without an operational license. Therefore, we advise you to choose another crypto portal with which to do business.

Social Media – Main Advertising Method

BITStorage crypto platform mostly uses social networks to market their services and further their agenda. By analyzing their profiles on major social apps, however, we easily determined that their following isn’t great. 

For example, if you take a look at Facebook, X, and Instagram, you’ll see that very few people are fans of the portal, despite the company’s claims about serving thousands of people globally. The majority of their clients come from:

• United States
• Canada
• United Kingdom
• South Korea

The company also uses encrypted channels, such as Telegram, to reach its targeted audience more easily and convince them to invest. Whatever might be promised to you in private is probably something far from the truth and actual trading possibilities of this portal, so tread carefully.

Not Even Nearly Enough Reviews

Only reviews for this company can be found on the BITStorage Trustpilot page. Unfortunately, there are only 7 of them at present. Therefore, no reliable conclusion could be formed regarding the clients’ feelings about the product. 

What we did find interesting was the even percentage of positive and negative opinions—43% of 5-star ratings and 43% of 1-star ratings. Clients who express their dissatisfaction with the portal’s functionality mainly complain about slow transactions, unresponsive support, and manipulation of the coin prices.

Clear on Incurring Fees

Information regarding the BITStorage fees can be found on their website. The company displays a cost schedule related to every coin available on their exchange.

Trading fees are set to 0.2% for every trading pair supported. On the other hand, deposit and withdrawal fees differ from one coin to another. While refill commission is mostly 0%, there are some coins that feature this kind of fee, like SOL and CUFFY. 

Withdrawal commissions, however, are fixed at 0.1% with 0.00015 BTC tax on Bitcoin payouts. 

Free Coins and Rewards

There’s always some kind of a campaign or a promotion going on at this site. Interested users can participate in quizzes and bug bounties and get rewarded for their knowledge and speed. Referral system is also active and it includes a 3-level-structure (10%, 7% and a 3% commission).

This is quite a common strategy used by cons, like Swapsimple, which motivates clients to invest more and spend more time on the platform. At the same time, these campaigns attract fresh blood, as fraudulent sites always need new victims.

Not a Breathtaking Deal

Besides a limited number of supported currencies and only a plain web trader, this portal offers nothing else to discuss. Nothing particularly attractive is provided, and the available features are of questionable functionality. The remainder of this review will provide more details.

Spot Trading on a Simplistic Solution

The default online trading solution on this site is a basic web trader. There isn’t a dedicated BITStorage app for mobile devices, and the rudimentary web terminal doesn’t perform exceptionally well. 

The chart itself has been borrowed from TradingView and there aren’t any advanced tools for a more detailed analysis. Judging by the looks of the interface, this is just a most commonly used, easily manipulated web solution just like in the case of Achievers World FX.

Poor Choice of Assets

Crypto pairs promoted on this site don’t differ much from what can be found on major exchanges. It’s important to mention some of the more popular ones available for spot trading:

• BTC/USDT, SOL/BTC, ETH/BTC
• ETH/USDT, LINK/ETH, XRP/ETH
• MAGA/USDT, BNB/USDT, MATIC/USDT
• TRX/USDT, TRX/ETH

Profile Creation

The procedure of registering for a new BITStorage login is quite easy and only requires an email address and a unique password. Right after confirming your email, you are free to explore the platform’s features and access the full range of tools.

However, the site encourages users to perform a detailed KYC. Considering you’ll be sharing your private information with an unlawful firm, we advise you to skip this step and invest here in general.

Slow Payouts as Main Issue

It’s quite characteristic for illicit online trading firms and crypto portals to fail when it comes to cashing in profits. As the majority of BITStorage reviews suggest, transactions are not conducted in accordance with the AML measures and clients’ funds tend to vanish.

Besides delayed payments and slow monetary transfers, it may as well happen that your entire investment disappears. Therefore, contact a professional recovery service such as ours if you want to get your assets back.

Limited Support Options

Fraudsters are always chatty and available when you’re about to invest. They completely disappear when you show interest in withdrawing funds, though.

Besides the slow online chat, you can attempt to send an email, but we doubt you’ll get the timely response that you usually expect from a professional platform.

Hope for Recovery

Did the company refuse to process your payout or BITStorage staking rewards? Don’t wait a single day to ask for help. Our chargeback team and recovery professionals are at your disposal. 

Whether you’d like to simply share your experience with this company or if you need legal support in the recovery process – we have you covered. Contact our chat agents and book a free consultation!

FAQ Section

What is BITStorage?

BITStorage is an offshore exchange that operates without legal supervision.

Is BITStorage Legit?

Considering that the crypto provider we’ve reviewed offers unlicensed services, they can’t be considered legit.

Where is BITStorage Located?

The company is located in Seychelles. If you’re having issues with withdrawals or other aspects of investing, please contact us promptly.