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BitGlobal Review 2023: Is It Legit Or a Scam?
Swen Keller
- URL: https://www.bitglobal.com/
- Headquarter: Seychelles
- Year Founded: 2019
- Platform App: Desktop, Mobile
- No. of Cryptos: 100+
- Fiats Available: TRY, RUB, AUD, USD, GBP, WON, JPY, and 13+
- Withdraw Method: Crypto
- Payment Method: VISA, MasterCard, bank transfer, Western union, ApplePay, Google Pay, PayPal, Skrill, and Bithumb block deal
BitGlobal Review: Our Opinion
BitGlobal, formally Bithumb Global is a cryptocurrency exchange riddled with a lot of customer dissatisfaction based on user reviews.
Customers, via reviews, have complained about joining the trading platform because it is the only platform listing and allowing them to buy Digau. However, upon signing up they discover that there are errors (wild upward swings) with the coin’s pricing data (Digau price) and the response they receive is that other platform data are wrong yet the exchange tracks the exact same data.
These among other reviews like asset loss and customers claiming BitGlobal “deliberately rip” them off makes the trading platform one to tread carefully with when investing your money.
An Overview of BitGlobal
Founded in South Korea in 2019 BitGlobal, formerly Bithumb, is a crypto exchange headquartered in the Seychelles that offers crypto trading services on its platform.
The crypto exchange allows users to buy crypto, sell assets, and access various trading products like margin trading, spot trading, BG staging, and BG staking.
At the moment, the cryptocurrency exchange offers over 17 fiat currencies (RUB and TRY included) and over 100 cryptocurrencies.
The 3 primary markets offered to users are ETH, BTC, and USDT.
The site is available in several languages including Chinese, Japanese, Russian, Spanish, English, Korean, Turkish, and French.
In November 2019, BitGlobal announced on its social media touchpoints that it intends to launch Bithumb Coin, its native token.
The Bithumb Coin will be the utility token of the Bithumb ecosystem chain, which is in the works according to the platform.
That said, BitGlobal is one of those crypto platforms with numerous “scam” claims against them. Users have complained of difficulty faced when trying to withdraw money and some have claimed that they’ve lost money on the platform illegally.
Pros
- Suitable for advanced traders
- It supports lots of payment methods
- It offers staking services
- It supports over 15 fiat currencies
Cons
- Poor customer service
- Lots of scam allegations against the exchange
- It does not offer crypto education
Key Features of BitGlobal
BG Staking
BG Staking is a digital asset based wealth management product that allows BitGlobal users to earn passive income on their staked digital assets.
With BG Staking, users are provided with selected premium projects that they can invest in, the user’s assets are then frozen and used to support the selected project. Each project has a corresponding investment cycle and yield. At the maturity of the project, the user is paid both their principal and interest.
Cryptocurrencies Available on BitGlobal
BitGlobal supports over 130 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, XRP, Stellar Lumens, Filecoin, Tether, SushiSwap, ApeCoin, Solana, etc.
BitGlobal Review: Fees
BitGlobal charges users 0.1% in both maker and taker fees for all trades in the platform. There are no deposit fees charged, however, crypto withdrawals attract a dynamic network fee based on the particular asset being withdrawn.
BitGlobal Review: Payment Methods
BitGlobal offers the following payment methods: VISA and MasterCard credit/debit card, bank transfer, Western union, ApplePay, Google Pay, PayPal, Skrill, and Bithumb block deal.
BitGlobal Review: Security
BitGlobal is a controversial crypto exchange with lots of questions surrounding its security and legality. The exchange has been hacked multiple times with users’ funds and information being stolen.
Users have also complained of their accounts being suddenly frozen without cause and with no explanation from the customer support team.
There are also lots of complaints of inability to withdraw funds from the platform. There are numerous cases where the user’s profile shows that a withdrawal is successful but the funds never got to the user’s bank or external wallet.
There have also been complaints of funds disappearing from users’ accounts without any explanation from the support team.
That said, the platform claims to have several security features in place to protect users’ accounts, this includes two-factor authentication and password protection.
BitGlobal Staking Rewards
BitGlobal offers up to 10% annual revenue on your initial investment via its BG staking platform. Supported crypto assets include USDT and ETH.
Supported Countries
BitGlobal is available to users in over 151 countries worldwide. Supported countries include Vietnam, France, Germany, Turkey, Japan, Russia, Indonesia, Spain, Italy, China, etc.
Opening a BitGlobal Account
To open a BitGlobal exchange account, go to the Google Play Store or Apple Store and download the BitGlobal app.
Next, launch the app and tap on the Assets tab at the bottom of the screen.
Enter your email address and hit the send button in the field below. Input the verification code sent to your email in the empty field below the email field.
Choose a password and agree to their terms. Finally, click register.
That’s it! You’ve created a BitGlobal exchange profile.
Trading Experience on BitGlobal
BitGlobal offers its trade platform via its mobile app and site.
That said, its user interface is difficult to navigate and beginners will have a hard time finding how to trade on the platform effectively.
BitGlobal also offers advanced trading products beyond spot trading like its margin trade product.
BitGlobal Customer Support
BitGlobal offers customer service via Live Chat and support tickets. The exchange also has various Telegram groups for users across different countries as well as a Help center.
Customer Satisfaction
The majority of BitGlobal users are dissatisfied with the overall service of the exchange, this is evident with the poor rating of the exchange on third-party review platforms like Trustpilot. There are several complaints of the disappearance of funds from users’ wallets, sudden freezing of accounts, and unsuccessful withdrawal of funds from the platform.
Another pain point for customers is the poor and lackadaisical response of the customer support team to their complaints. A lot of users have complained of getting rude responses from the support team or no response at all.
Does BitGlobal Offer Education?
No, BitGlobal does not offer cryptocurrency education. However, it offers a user guide that instructs traders on how to use the platform.
Is BitGlobal Right for You?
BitGlobal is right for advanced traders who aren’t bothered about the many scam allegations thrown at the company by several users.
Final Thoughts
BitGlobal has a very low trust score according to platforms like ScamAdvisor and is considered by many in the crypto space to be a scam platform.
That said, BitGlobal has been in the crypto space since 2019 and still caters to many registered users across various continents.
Our extensive analysis of the Crypto Exchanges doesn’t stop here. You can also read our Bitflyer review as a more trustworthy alternative to BitGlobal.
FAQ
Most frequent questions and answers
Yes, BitGlobal is the new name of the Bithumb Global exchange.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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