Foxbit.com.br Review 2020 – Scam or Not?
Countless numbers of websites specializing in Bitcoin exchange has sprung up within the last year due to the surge of BTC buyers and traders from around the world. Just like any commodity, the trade of BTC has become so serious that companies now are trying to control the market of their own region. Exchange websites that are region-based started to get really famous around 6 months ago when the BTC started to reach around $2,000 per coin. Imagine what it would be worth a year from now?
This is why websites are starting to capitalize the market of their own regions and started created region-locked websites such as the one we will be looking today. Foxbit.com.br was made to cater the need of Bitcoin in the Brazil area. Without further delay, let’s talk about that!
As mentioned earlier, the website is based in Brazil and sees about 300 BTC trades on a daily basis! The team behind Foxbit claims that they are investing in the BTC ecosystem and that are focused on creating one within the region of Brazil.
Creating an account with Foxbit.com.br
To create an account, users need to head on to their website Foxbit.com.br and click on the Register button found on the upper right-hand side of the website. Creating an account with them is probably region-locked since we were unable to create an account with them. When we clicked on the American flag on the upper right-hand corner of the registration page and provided everything that was required to create an account, nothing happened. But nothing to worry! We’re still going to provide you guys with what we’ve learned from their FAQ’s.
To create and have a verified account with Foxbit, their users are asked to provide proof of address. This means that people that are interested in trading with them are required providing a proof of at least 3 months on the current address you are residing at. Utility bills like water, internet or any bill that is named after your complete name can pass as a legal document and proof of address! If this cannot be provided since the utility bills are named after your spouse, the user needs to provide proof of marriage or birth certificate of the proof of identity is named under their parents.
For personal accounts, users need to provide a photo of themselves holding the provided ID for verification purposes. After providing the required documents, the account will be up for approval and this will be processed within the next 5 business days.
Most of the exchange websites today if not all have the Two-Factor Authentication feature available for their users to use. This is becoming a “must have” for these websites due to the number of transactions that happen within one working day. Not to mention, the nature of BTC trading is already anonymous, having an extra level of security is always nice to have.
Trading with Foxbit.com.br
Since we were unable to create an account on the website due to region issues, we did our best to get the numbers that matter. We have provided you guys with the deposit and withdrawal fees below and the limits that a verified and unverified user has. For their trading, we found out that they charge the maker 0.25% which they call “Passive Order” and the taker 0.50% or “Active Order” for Foxbit.
Deposits and Withdrawals
Here at Foxbit.com.br, they accept Fiat and BTC deposits. They, however, follow a strict guideline when it comes to depositing money into a verified user’s account. When someone wants to deposit BRL, they need to do make sure that the account comes from TED or DOC to avoid any issues. Failure to do so will result in the money being sent back plus charges. Bank withdrawals also need to be in line with the banks that Foxbit works with, they currently have accounts in Bradesco, Caixa, Banco does Brasil and Banco Inter. Withdrawals are still able to be carried to banks not listed above, but they charge R$ 9.50 per transaction.
When it comes to BTC deposits and transactions, these would depend on the verification level of an account. Unverified users need to wait for 3 confirmations before the BTC is added to their accounts. For users that have undergone the verification process, they have the ability to instantly deposit up to 10 BTC into their account without confirmations.
Deposit and Withdrawal Limits – Verified accounts without provided photos have a limit of R$ 5,000 for deposits/withdrawal per day. Accounts that have submitted photo verification requirements can deposit up to R$ 25,000 and withdraw a maximum of R$ 50,000 per day. The website also knows that there are customers that turn into whales that feed the market. If you think your daily limits are not enough, contact their Help Center here and ask for a higher limit.
Pros and Cons
- Accepts Fiat deposits
- Brazil-focused BTC exchange
- BLINKTRADE network member
- Problems with creating account (for people outside BR)
- High trading fees
- Account tiers
Foxbit Review Conclusion
Though we haven’t fully experienced the website due to registration issues, we found out that Foxbit.com.br provides a decent exchange operation that is focused in its home region (Brazil). It would have been better if it was a website that accepts people from all over the world as this would greatly enhance their market. But we also thought that it is a great idea to just stay within the region, and grow the exchange market from there. Without international whales, the liquidity is more intact compared to international websites wherein whales just dictate the trade of BTC. In general, this website is awesome especially if you’re from Brazil and looking for a decent BTC exchange website.