BITsv Review: What Is This Crypto Platform Used For?

BITsv is a self-custody platform founded in Australia, offering a secure and seamless experience for buying and selling Bitcoin. Upholding the principles of non-custodial control, BITsv promises users absolute ownership of their digital assets.

That’s a brief overview of what this platform is supposed to be but is the business legally approved? We found some issues that may point to an underlying crypto scheme like Bitinka, which is why you should read our BITsv Review and learn the details.

Exchange status:	Unlicensed Crypto Exchange
Regulated by:	Unregulated
Operating Status:	Alleged Crypto Exchange Scam
Known Websites:	bitsv.com
Blacklisted as a Scam by:	N/A
Owner:	BITsv Pty. Ltd.
Headquarters Country:	Australia
Foundation Year:	2023-09-01
Online Trading Platforms:	N/A
Mobile Trading:	N/A
Minimum Deposit:	N/A
Deposit Bonus:	N/A
CFD Trading Option:	No, you cannot trade CFDs
Crypto Asset Trading:	Yes
Available Trading Instruments:	Bitcoin
Maximum Leverage:	N/A
Islamic Account:	Unavailable
Free Demo Account:	Unavailable
Accepts US clients:	Yes
Global Fraud Protection Experts’ Verdict:	Avoid Working with this Company

Is BITsv Regulated?

The BITsv non-custodial exchange is registered with the Australian Securities and Investments Commission (ASIC). However, the relatively newly founded firm does not possess an Australian Financial Services (ASF) license.

The website domain is much older than the company, which raises concerns. We recommend you think twice before trusting the BITsv exchange. ASIC is known for enforcing heavy regulations while also carefully analyzing each complaint they receive from users.

Should you experience any issues with this platform, be sure to contact the Australian watchdog. In case you’re unable to withdraw funds from the platform, we can help you recover your money.

Trader Reviews – Sharing Experiences

What do traders think about this platform? It is unknown since there are no BITsv reviews online. Despite the exchange’s website presenting some suspicious testimonials, we failed to find a single trader comment on the forums.

Those on the website have no sources and look pretty generic, leading us to believe that they are fake! BITsv’s Facebook and Twitter accounts have virtually no followers, feedback, etc. Always search for honest reviews before investing in a certain platform because complaints might just save you from getting defrauded.

Who Are BITsv’s Targets?

According to godaddy.com/whois, the bitsv.com website domain was created on August 1, 2016, and updated on October 17, 2023. Why would a firm established in September this year be using a seven-year-old domain? The dubious crypto exchange has been mainly targeting traders who reside in the following countries:

• United States;
• Australia;
• India;
• Cameroon.

To reiterate, BITsv is registered in Australia but has no ASF license. As for the US, the biggest and most heavily regulated jurisdiction in the world, the laws regarding digital assets are different.

American regulators require financial market participants to obtain the necessary permits to provide services. This exchange, like Skobrex, has no such authorization to operate so be careful if you’re an American crypto investor.

If you lose money on this unscrupulous platform, you cannot count on the money from compensation schemes so please consider other options.

Which Trading Platform Is Available?

BITsv offers a relatively simple web platform that supports just the purchasing and selling of Bitcoin for Australian dollars. There is no mobile trading app.

Although it has all the basic tools, the platform lacks some advanced features that more experienced traders may desire, such as margin (leveraged) trading or advanced charting tools. And given the exchange’s questionable background and the lack of regulatory oversight, the platform may be susceptible to manipulation.

If you want a better trading experience, you should stick to licensed providers that support recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader.

MT platforms are arguably the best in the industry, enabling traders to utilize innovative tools such as automated & algorithmic trading, advanced charting, live market reports, branch optimization, 20+ timeframes, EAs, a user-friendly interface, etc.

Payment Process and Fees

The platform sets transaction limits, with BPAY transactions capped at 1,000 USD and bank transfers at 250,000 USD, while users can seek increased limits by contacting support.

Payment processing times vary, with instant bank payments clearing within minutes and regular bank payments taking a day. BITsv emphasizes a fee-free model, generating revenue from currency spreads (undisclosed, by the way), with potential changes communicated through their website, email, and social media.

Refunds are issued in Australian dollars to bank accounts and can be directed to the email address in bill payments or the sender’s cryptocurrency address with proof of ownership.

Funding Options

BITsv lists three electronic wallets traders can use to buy Bitcoin:

• MoonPay;
• Onramper;
• Guardarian.

From a refund point of view, third-party payment operators are just another layer in the funding process, adding to the complexity. It’s hard to get a chargeback, which is available for credit/debit cards.

What happens if you buy crypto on this platform and suddenly lose your coins? In that case, you need to find out where the digital money went. Luckily for you, our experts can help you throughout the tracing process and guide you every step of the way.

Scammers prefer crypto payments because such transactions allow them to retain their anonymity and continue running their schemes. Reversing crypto transactions can be a nightmare but it is possible. If you experience any withdrawal-related issues, please contact us.

What Should I Do If I Have Issues with BITsv?

To sum up, BITsv is an Australian non-custodial crypto exchange with no ASF license and dubious website content and specifications.

Although the firm is registered, no real trader has rated it yet. There are numerous more reliable and better-rated exchanges out there so be sure to check out all your options. If cannot withdraw your money from the BITsv scam platform, we offer our professional assistance!

Book a free consultation with Fusion Forensics Limited and tell us more about your case. We will analyze it together and come up with a solution for recovering your hard-earned funds!

Book your free consultation here and get your money back!