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Azbit crypto exchange review and features

Azbit crypto exchange review and features

  • 6 April 2022
  • 111 View

Azbit is a centralized cryptocurrency exchange based in Seychelles. It launched back in 2019 so is still a new player on the market. The interesting thing about the Azbit crypto exchange is that the platform has all the key features you need to be a successful crypto investor. I will break down each of them later in this article. A variety of different features on the exchange shows how seriously the team takes the project, at least in my opinion.

Creating an account with Azbit is super easy. All you have to do is enter your email address and password and then confirm an email using the link they will send you. Once you complete this process, all the features of the platform will be available to you.

UI and design in general looks pretty good with the combination of green and dark gray colors. Additionally, the site is easy to navigate and not sluggish, which is always a good first impression for all users. To be honest, when I see a laggy website with slow buttons and navigations, that’s a big red flag for me. With Azbit you shouldn’t have this problem.

Another big plus of Azbit is that it is backed by famous bitcoin and bitcoin-related startup investor Roger Ver. Azbit’s team is very proud of Roger’s support as they feature his name on the platform’s homepage.

Additionally, at the time of writing (November 2021), Azbit shows more than 330,000 users of their website and more than 100,000 transactions per day. This kind of information was more than enough for us to decide to delve into Azbit and see what the exchange offers.

Azbit crypto exchange Services & Features

As mentioned above, I will be breaking down every exciting feature of the Azbit crypto exchange. So bear with me and let’s go!

Exchange

The Exchange tab seems pretty well organized. You can compare the value of BTC, ETH, TRX, USDT, and BNB to all major coins and look at the charts to see the trends. Charts look pretty clear and you shouldn’t have any trouble examining them even if you’re a complete beginner.

Below the charts are the tabs “Open Orders” and “Open History” and on the right side you will see the “Cancel Orders” button. All of this is pretty self-explanatory, to be honest. Here you can see your pending orders, and any orders you have made in the past and you can cancel the pending orders if you wish.

Azbit crypto exchange Mobile Support

Most crypto traders find that desktop offers the best conditions for their trading. The computer has a larger screen, and larger screens can simultaneously display more important information on which most traders base their trading decisions. The trading chart will also be easier to view. However, not all crypto investors need desktops for their trading. Some prefer to do their crypto trading through their mobile phones. Lucky for them, the Azbit crypto exchange will soon be available as a mobile application for Android and iPhone users. But not yet.

Azbit crypto exchange trading view

Each trading platform has a trading view. Trading View is the part of the exchange’s website where you can see the price chart of a specific cryptocurrency and its current price. There are also usually buy and sell boxes where you can place orders related to the relevant cryptocurrency, and on most platforms, you can also view the order history (i.e. previous transactions with the relevant cryptocurrency). All in the same view on your desktop. Of course, there are also variations on what we have now described. This is the trading view at the Azbit crypto exchange (when not logged in):

Azbit Trading View

It is up to you – and only you – to decide if the trading view above is right for you. Finally, there are usually many different ways you can change the settings to customize the trading view to your very own preferences.

Earn

Another exciting feature on the Azbit crypto exchange is the Earn or Soft Staking tab. Soft staking is a relatively new term in the crypto world and we can define it as a new way to earn rewards by staking coins while maintaining control over them. It offers investors the best of both worlds, the advantage of earning passive income and the ability to react to a volatile market.

There is a Review Announcements button on the Earn tab, but once you click it, literally nothing happens. Confusing and a big minus to be honest. It is not clear what this button function is.

Currently, you can stake AZ (Azbit native token, more on that later in the article), USDT, and WSBT on Azbit. Azbit crypto exchange shows the annual returns for all these tokens on the Earn tab as seen below.

On the right side of the Earn section, you will see the Deposit button, so the exchange is trying to make it as easy as possible for you to deposit money.

Azbit crypto exchange supported coins

Azbit crypto exchange supports various crypto assets like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH), Dogecoin (DOGE), Tron (TRX), Hex (HEX), Sushiswap ( SUSHI), Shiba Inu (SHIB), Tether (USDT) and many others. There are more than 100 supported coins on Azbit, which is a huge plus for the exchange.

If you click on the “Assets” tab in the top right corner of the exchange, you will also see the “Buy Crypto” button. However, if you click on it, the platform will redirect you to the cryptocoin.pro website, which probably means that Azbit is collaborating with them in some way.

Azbit deposits and withdrawals

The only way to fund your Azbit crypto exchange account is if you own a cryptocurrency (supported by the platform, of course). In other words, if you don’t already own a cryptocurrency, you won’t be able to use Azbit’s features and services.

However, if you actually like the Azbit crypto exchange and want to use it but don’t have crypto yet, you can buy crypto through an exchange that supports regular deposits and then come to Azbit and deposit those crypto funds there.

To deposit funds into your Azbit account, click on the “Assets” button and then select the cryptocurrency you wish to deposit. After choosing, the platform will show you an address to which you need to send it from your wallet or exchange.

At the time of writing (November 2021), fiat deposits and withdrawals are not available in the Azbit wallet. However, the “Fiat” button is visible everywhere, you just can’t tap it. This most likely means that the exchange plans to implement fiat deposits and withdrawals sooner rather than later.

Withdraw fees

The Azbit crypto exchange withdrawal fee varies from coin to coin, for example for Bitcoin it is 0.0001 BTC, which is more than fair compared to the average (about 0.0006 BTC).

Azbit Trading Fees

Every time you place an order or try to trade, Azbit crypto exchange charges you a trading fee. Most often, exchanges split trading fees between takers and makers and call them trader and maker fees.

At Azbit, these two fees are the same for spot trading – 0.10%. Again, these fees are below the global average, so Azbit is competitive in that sense. Additionally, Azbiit appears to have lower fees than most of its direct competitors, such as Hotcoin Global.

Azbit has the same trading fees as most other popular cryptocurrency exchanges.

Does Azbit have a mandatory KYC?

No, the Azbit crypto exchange does not have a mandatory KYC (Know Your Customer) verification system. However, it does exist, just click on the profile icon in the top right corner of the website, and then a “KYC verification” button will appear.

While not mandatory, I highly recommend verifying your account if you intend to use the exchange long-term as it increases the withdrawal limit to 100 BTC and the deposit limit for fiat channels.

Countries supported by Azbit

Azbit crypto exchange is said to be available in more than 200 countries.

Are US investors allowed on Azbit?

A large chunk of crypto exchanges does not allow US citizens to use their platform due to the SEC (the Securities Exchange Commission). However, the Azbit crypto exchange is one of those exchanges that is available in the US as its citizens are free to open the site, register, and start trading.

Remember that the US market is the largest crypto market in the world as more than 60 million people in the US own some form of cryptocurrency. A big plus for Azbit.

Does Azbit have a fiat deposit?

No, the Azbit crypto exchange does not support direct fiat deposits. As mentioned above, the only way to fund your Azbit account is if you own cryptocurrency.

Does Azbit have a native token?

Yes, the Azbit crypto exchange has a native token. At the time of writing (November 2021), the price of Azbit (AZ) is $0.000019 with a 24-hour trading volume of $1,441.94 according to Coinmarketcap.

Additionally, Azbit (AZ) is one of the tokens that you can stake on the Azbit exchange and earn rewards.

Is Azbit legit and safe?

I think it’s safe to assume that the Azbit crypto exchange is safe and secure to use. There are a few reasons I believe this to be true:

  • Thousands of users on the platform every day
  • No strong negative reviews of Azbit by its former or active users
  • KYC verification system available, which always increases security and reduces the number of scammers
  • Azbit offers a two-factor authentication (2FA) system, useful for withdrawals and security changes
  • If the exchange is available in the US (the largest crypto market in the world), the platform will be even more legitimate, at least if you ask me.
Conclusion

Azbit crypto exchange is a cryptocurrency exchange with many existing services and features. I would say if you are an experienced crypto investor and trader it is worth trying the platform.

The platform’s security seems to be at a pretty decent level (due to KYC and 2FA systems), which is always a good sign. If you are deeply into the crypto staking business, I would not recommend Azbit as the number of cryptocurrencies available for staking is quite limited.

What I also like about Azbit is that they are still a new platform (the official launch was in 2019) and the results they are showing after only 2 years are pretty decent. Furthermore, the platform seems to be serious about what it offers its users. However, please do your research before actually using Azbit.

It is important to note that all opinions and suggestions contained in this article do not constitute financial advice.


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One response to “Azbit crypto exchange review and features”

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