When you hear BIT crypto exchange, you might think of a flashy platform with big numbers and celebrity founders. And you’d be right-sort of. BIT.com isn’t just another crypto exchange. It’s a derivatives powerhouse built by Jihan Wu, co-founder of Bitmain, and backed by Matrixport, a $1 billion fintech firm. But behind the tech and the trading volume lies a complicated picture: massive liquidity, advanced tools, and serious red flags that could cost you more than just a few coins.
What BIT.com Actually Offers
BIT.com doesn’t just let you buy Bitcoin and wait. It’s built for traders who want to go deeper. The platform supports spot trading, futures, perpetual contracts, and-most notably-Bitcoin options. As of 2025, it offers 65 spot pairs and over 110 futures pairs. If you’re trading Bitcoin, Ethereum, or even lesser-known altcoins like ETC or DASH, you’ll find markets here.
The real standout? Bitcoin options. In 2021, BIT.com hit $6 billion in daily options volume, making it the second-largest Bitcoin options exchange in the world. That’s not a fluke. It’s the result of deep infrastructure and smart product design. The exchange offers Portfolio Margin, a tool that uses scenario-based risk modeling to let you trade larger positions with less capital. This isn’t for beginners. It’s for people who understand how volatility can wipe out accounts-or multiply them.
Levage is aggressive. For futures, you can go up to 1:100. Spot trading lets you borrow up to 1:7.69. That’s high, even by crypto standards. And the fees? Low. Spot trades cost between 0.04% and 0.06%. Futures? As low as 0.01%. If you’re a high-volume trader, you’ll drop into VIP tiers and pay even less. The system rewards activity, not just deposits.
Deposit and Withdrawal Rules
BIT.com doesn’t handle fiat directly. You can’t deposit USD, EUR, or SGD with a bank transfer. Instead, you need to buy crypto elsewhere-like a peer-to-peer platform or another exchange-and send it over. Minimum deposit is $20 in crypto. That’s low enough for most people to get started.
Withdrawals are capped at $10 minimum per coin. That’s fine for BTC or ETH, but if you’re trading smaller coins like LTC or ETC, you need to know the exact minimums: 0.001 LTC, 0.01 ETC, 0.0005 ETH. Miss that, and your withdrawal gets rejected. No warning. No refund. Just silence.
There’s no direct fiat on-ramp. No credit card buys. No PayPal. No bank links. If you’re new to crypto and expecting to buy Bitcoin with your debit card, you’ll be stuck. You need to already own crypto before you can even start trading on BIT.com.
Security and Risk Management
BIT.com claims strong security. It uses a two-tier system: a proprietary liquidation engine that closes losing positions before they blow up, and an insurance fund to cover the rest. As of 2025, that fund holds over 200 BTC. That’s worth around $12 million at current prices. That’s a lot of protection.
But here’s the problem: security isn’t just about insurance funds. It’s about transparency, regulation, and accountability. And BIT.com doesn’t check those boxes.
Traders Union, an independent rating agency, gave BIT.com a 2.61 out of 10. That’s one of the lowest scores in the industry. Why? Because the exchange doesn’t operate under any major financial regulator. No SEC. No FCA. No MAS. It’s based in Singapore, but it doesn’t hold a license there. It’s legally unregulated in every major market. That means if something goes wrong-hacking, insider theft, platform failure-you have zero legal recourse.
And the platform doesn’t publish regular audits. No proof of reserves. No third-party verification. You’re trusting a private company with your assets, and there’s no public way to verify if they’re holding what they say they are.
Who Can’t Use BIT.com
BIT.com bans users from more than 20 countries and territories. That includes the United States, Canada, Japan, Singapore, Hong Kong, Iran, Cuba, and even American Samoa. If you’re in any of those places, you can’t sign up. Even if you try to use a VPN, your account will likely be frozen-or worse, permanently banned.
Why so many restrictions? Because BIT.com doesn’t want to deal with compliance. It’s easier to block entire countries than to build KYC systems that meet U.S. or EU standards. That’s a business decision. But for users, it’s a warning sign. If a platform is afraid to serve major economies, what else is it hiding?
Copy Trading and Affiliate Programs
BIT.com tries to keep users hooked with incentives. The copy trading feature lets you follow professional traders and automatically mirror their trades. Managers can earn up to 15% of their followers’ profits. That sounds great-if you’re a pro. But if you’re just copying someone you found on Telegram, you’re gambling with someone else’s strategy, not your own research.
The affiliate program is even more aggressive. Referrers can earn up to 80% of the trading fees generated by their referrals. That’s not normal. Most exchanges pay 20-40%. BIT.com’s model encourages users to recruit, not trade. It turns the platform into a pyramid-like structure where the real money isn’t in trading-it’s in bringing in new people.
That’s not necessarily a scam. But it’s a red flag. When the biggest incentive isn’t the product, but the referral system, you should ask: Is this platform built to serve traders-or to grow a user base at all costs?
Is BIT.com Right for You?
BIT.com isn’t for everyone. If you’re a casual investor who wants to buy Bitcoin and hold it, skip it. You’ll be overwhelmed by the interface, the leverage options, and the lack of fiat support.
But if you’re an experienced trader who:
- Understands derivatives and options
- Trades high volumes
- Already owns crypto and can deposit easily
- Lives outside the banned countries
- Accepts the risk of trading on an unregulated platform
-then BIT.com gives you tools few others can match. The Bitcoin options market here is deep, the fees are low, and the infrastructure is solid.
But you’re trading on a platform that operates in the shadows. No regulators. No audits. No legal protection. The insurance fund is big, but it’s not a guarantee. If Matrixport ever collapses-or if Jihan Wu decides to pivot-BIT.com could vanish overnight.
Alternatives to Consider
If BIT.com feels too risky, here are three regulated alternatives with similar features:
- Bybit - Offers Bitcoin options, 1:100 leverage, and is licensed in multiple jurisdictions. No U.S. access, but better transparency than BIT.com.
- OKX - Strong derivatives market, regular audits, and supports fiat on-ramps in many countries.
- Binance - The largest exchange globally. Offers options and futures, but has faced regulatory pressure in the U.S. and EU.
None of these are perfect. But they all have some form of regulatory oversight, public audits, or clearer user protections.
Final Thoughts
BIT.com is a technical marvel. It’s built by one of the most respected names in crypto. The trading tools are advanced. The liquidity is deep. The fees are low.
But it’s also a black box. No licenses. No audits. No legal safety net. The platform works-but it doesn’t play by the rules. And in crypto, that’s the most dangerous combination.
If you’re willing to take that risk, go ahead. But don’t trade more than you can afford to lose. And never forget: when a platform bans entire countries, it’s not because it’s too good for them. It’s because it doesn’t want them to look too closely.
Is BIT.com a scam?
BIT.com isn’t a scam in the traditional sense-it’s not stealing funds outright. But it operates without regulation, doesn’t publish audits, and blocks users from major markets like the U.S. and Canada. These are red flags that make it high-risk. Independent ratings give it a 2.61/10 for safety. Treat it like a casino: the games are real, but the house isn’t accountable.
Can I deposit USD or EUR on BIT.com?
No. BIT.com only accepts cryptocurrency deposits. You must buy crypto on another exchange or platform first, then transfer it to BIT.com. There are no bank transfers, credit cards, or fiat on-ramps. This makes it difficult for new users to start trading.
Why does BIT.com ban so many countries?
BIT.com avoids regulatory compliance by blocking users in countries with strict crypto laws-like the U.S., Canada, Japan, and Singapore. Rather than build KYC systems that meet international standards, it’s easier to ban entire regions. This is a common tactic among unregulated exchanges, but it signals low transparency and high risk.
Is BIT.com safe for long-term trading?
Not really. While the platform has strong infrastructure and a large insurance fund, it lacks regulatory oversight, public audits, and legal accountability. If Matrixport faces financial trouble or changes its strategy, BIT.com could shut down without warning. Long-term traders should prioritize exchanges with clear licenses and regular audits.
What’s the minimum deposit on BIT.com?
The minimum deposit is $20 in cryptocurrency. However, each coin has its own minimum amount-for example, 0.00001 BCH, 0.0005 ETH, or 0.01 ETC. If you send less than these amounts, your deposit won’t be credited. Always check the exact minimum before transferring.
Does BIT.com offer a mobile app?
Yes. BIT.com has official mobile apps for iOS and Android. The apps support all major trading features, including spot, futures, and options trading. They also include live chat support and portfolio tracking. However, the interface is complex and not beginner-friendly.
How does BIT.com’s insurance fund work?
BIT.com maintains an insurance fund with over 200 BTC to cover losses from forced liquidations. If a trader’s position is liquidated and the margin isn’t enough to cover the loss, the fund steps in. But this fund is not audited publicly, and there’s no guarantee it will always be sufficient. It’s a safety net, not a guarantee of security.
Can I use BIT.com if I live in the UK?
Yes. The UK is not on BIT.com’s banned list. However, the platform is not regulated by the FCA. This means you won’t have access to financial ombudsman services or compensation schemes if something goes wrong. Use at your own risk.
Does BIT.com have customer support?
Yes. BIT.com offers 24/7 support via live chat, Telegram, and email. Response times vary, but most users report replies within a few hours. However, support cannot help with lost passwords, frozen accounts due to geo-blocks, or disputes over liquidations. Their role is mostly technical, not financial.
What’s the difference between BIT.com and Binance?
Binance is larger, offers fiat on-ramps, and has more regulatory presence-even though it’s also under scrutiny. BIT.com is smaller, focuses heavily on derivatives (especially Bitcoin options), and has no fiat support. Binance is more accessible. BIT.com is more powerful for advanced traders-but far riskier.
Sara Lindsey
14 11 25 / 19:45 PMThis exchange is wild but I love it. Leverage 1:100 and no fiat? Perfect for people who already know what theyre doing. Just dont cry when you get liquidated lol
Liz Watson
16 11 25 / 13:26 PMOf course it’s unregulated. If it were regulated it’d be boring. You want safety? Go to Binance and pay 0.1% fees while they track your every move. BIT is for those who want to play with fire and actually win.
David Cameron
18 11 25 / 03:38 AMThe real question isn't whether BIT is a scam but whether we've forgotten what crypto was supposed to be. Decentralized finance isn't about compliance forms. It's about trustless systems. If you need a regulator to sleep at night maybe you shouldn't be here.
Hamish Britton
19 11 25 / 15:21 PMI’ve used BIT for over a year. No issues. The insurance fund is real. I’ve seen liquidations happen and the fund covered them. The lack of regulation? Yeah that’s the point. They don’t want your paperwork. They want your trades.
Robert Astel
19 11 25 / 19:30 PMYou know what this reminds me of? The early days of the internet. People were scared of unregulated spaces but those were the places where real innovation happened. BIT is like the wild west of crypto trading. No sheriffs. No laws. Just pure market dynamics. And honestly? That’s beautiful. We’re not supposed to be safe. We’re supposed to be free. Even if that means losing everything. Thats the tradeoff. The price of autonomy. Dont you think?
Andrew Parker
20 11 25 / 14:31 PMI just lost 12 BTC on a leveraged position... and I’m not mad. I’m grateful. This is what crypto is supposed to be. A test. A trial by fire. BIT doesn’t coddle you. It doesn’t lie. If you dont understand options you’ll get crushed. And thats fair. I respect that. 💔🔥
Rachel Anderson
21 11 25 / 19:56 PMI CRIED when I saw the 80% affiliate program. Its not a platform. Its a cult. Theyre not selling trading. Theyre selling salvation through referrals. I joined because I thought I was getting access to genius traders. Turns out I was just a number in a pyramid. And now I feel so used.
Hannah Kleyn
22 11 25 / 21:53 PMI live in the US but I use a VPN. Been on BIT for 6 months. No freezes. No bans. Just pure trading. I know its risky but I also know that if you’re not taking risk in crypto you’re just holding cash and pretending its investing. The real scam is playing it safe.
gary buena
23 11 25 / 10:44 AMI used to think BIT was sketchy until I checked their order book depth. The liquidity on BTC options is insane. Like 10x better than Bybit. You can move $50M without slippage. That’s not luck. That’s engineering. The rest is noise.
Gavin Jones
23 11 25 / 16:13 PMI must say, the operational transparency of BIT.com is indeed lacking in the conventional sense. However, one must consider the broader context of decentralised financial ecosystems wherein traditional regulatory frameworks may not be applicable or even desirable. The platform's architecture, while unregulated, demonstrates a remarkable level of technical sophistication. One cannot dismiss its utility merely due to the absence of formal licensing.
Mauricio Picirillo
24 11 25 / 03:49 AMIf you’re new to crypto dont touch BIT. But if you’ve been around and you know your stuff? This is the playground. Low fees. Deep markets. No babysitting. Just you and the charts. I’ve made more here than on every other exchange combined. Just keep your position sizes smart.
Katherine Wagner
25 11 25 / 06:24 AMThey ban the US but let the UK in? That’s not logic thats bias. If you’re not regulated you’re not trustworthy. Period. No amount of ‘deep liquidity’ makes up for zero accountability. I dont care how cool the interface looks. If I cant sue you when you screw up? I’m not putting my money there.
ratheesh chandran
25 11 25 / 18:01 PMyou know what i think? its not about regulation its about freedom. people want to be safe but safety is an illusion. the market dont care if you have a license. it only cares if you know what you doing. bit is for the ones who dont need permission to trade. the rest? theyll keep using binance and crying when they lose
Kevin Hayes
26 11 25 / 10:14 AMThe insurance fund holding 200 BTC is statistically irrelevant if the platform’s operational integrity is not verifiable. Trust cannot be quantified by reserves alone. Without public audits, third-party attestations, or regulatory oversight, any claim of security is fundamentally speculative. One must evaluate risk not by asset magnitude but by systemic accountability.
alex piner
28 11 25 / 03:30 AMjust wanna say i started with 500 bucks on bit and now i got 12k. no fiat no problem. i bought btc on coinbase then sent it over. the app is kinda messy but once you get used to it its smooth. dont listen to the haters. if you know what your doing this place is a beast