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BuyBit review: is a safe exchange or a scam? (06.2021)

BuyBit user interface: the home page in English

What do we know about BuyBit? According to the data we possess, it appears to be a quite reputable, well established, promising dealer aka exchanger. It's a broker successfully operating for about 6 years and 1 months. BuyBit supports some of the popular crypto. BuyBit operator is an unknown entity or a group of individuals, but we must add that it appears as the usual way to do crypto-related business in their jurisdiction.

Clients from 1 country are welcome here, regrettably, registrations from United States where you are located are currently not allowed, but there are good alternatives! Due to regulatory restrictions, US citizens and residents are not served by the exchange. Unfortunately we couldn't yet collect enough data about the order processing speed from the actual customers, maybe you know how fast BuyBit processes the orders? If you do, please share the knowledge! Thanks a lot! Specific types of orders may require identity verification to exchange crypto on this broker.

Starting from 2015, buybit.net is trying its best to earn the trust from the community. Despite that, our users hasn't yet rated or reviewed broker. Have you ever used the BuyBit? If you did, please spend a minute to leave your valuable feedback, we really appreciate it and put our trust on you. Thanks! Despite the fact hadn't yet collected enough data to list these guys among the rest of the approved exchange services (more information below) and therefore can't yet assign the rating to this broker, we can propose a preliminary evaluation: 71/100. Not bad!

So, what's our opinion so far? Based on the information we currently hold, BuyBit should be a pretty safe site to swap Bitcoins; a satisfying exchange, particularly popular among the clients! Let's appraise everything in details...

Overview: is BuyBit safe?

BuyBit operates as the Broker. A project had started up in May 2015. Despite the fact that we couldn't find any information about the company that manages buybit.net site (and are not even sure if there's a legal entity at all), we must say that it's rather a usual practice for the "exchangers" from Russia and the neighboring countries. The main reason for this is the uncertain local regulation; such exchange providers have no way to open a corporate bank account, etc.

So what we'll decide, how safe is BuyBit?

BuyBit wasn't rated yet. What does it mean, is it secure to use this broker? Despite buybit isn't yet fully listed and has no rating @ ExchangeRates.Pro, it doesn't mean it's a scam website , is a bad broker, whatever. We are very careful with new additions to our listing, especially for less regulated Brokers and (among all other procedures) postpone the decision until we receive at least a few reports from real users that we can verify.

This ordinary takes rather a long time; we already have 39 well-examined websites in our listing, nevertheless, we never rush to add more. With 15,140 ways to buy and sell BTC worldwide, including 1,965 local ones for United States, why urge? For now, we can already state that although it's a bit early to make conclusions, BuyBit most likely will be included in our approved services list (if we don't receive any negative reviews of course). Let's keep an eye on it! 71/100, the proposed rating for the buybit.net so far says that we assume it's relatively safe to exchange with BuyBit as the score counsels. Now let's break down our assumed rating for BUYBIT, how it was calculated:

Time in the business: 6 years 1 months
Feedback count: 0
Business model: no information available

Altogether, the preliminary rating for BuyBit is 71 / 100

Research: best alternative to BuyBit

By reason of we can't (yet?) endorse the buybit.net, you may feel safer choosing the website we've already appraised and checked in full. Therefore we took the liberty to research the market and suggest a viable, well-known, 100% trusted alternative exchange platform. How we did it? Let's explain! Makes sense to start from figuring out what exactly we are looking for:

A glance at the service specifics confirms that BuyBit employs the business model of a Broker; exchange started the business May 2015 and up-to-date operates for 6 years and 1 months. It received some reviews and seems to be known on the local market. There is no information available about the company doing business as BuyBit, etc. Please note that it's just a super-small snapshot of what we've discovered, details about the business model are available in the "what we already know about buybit" section. Considering all the abovementioned, we were looking for another broker allowing registrations from United States with a flawless reputation and the best rating and found a perfect match: TransCoin! Let's figure out what makes it the safest choice:

TransCoin user interface: the home page in English

TRANSCOIN is also a Broker; exchange started to provide the services in May 2018. It is a really trusted, surely a respectable, well established, interesting exchange platform (broker) that supports 3 cryptocurrencies and tokens: you can buy and sell crypto using 2 national currencies (6 payment systems and banks are supported). This is what we value the most about this great exchange service:

  • It is a respectable financial company; the firm holds required license(s) and is fully compliant with the regulation
  • The business model of an exchange broker doesn't require to store the customers' money, there are no accounts, etc. The crypto (or fiat) payment will be instantly delivered to a wallet (bank or fiat payment system) of your choice
  • The exchange runs the business for a long time; project was started 3 years and 1 months ago
  • The platform supports 3 cryptocurrencies and 2 fiat ones (totally 6 payment systems / banks are available). Besides the digital currencies exchange, there are no extra services provided
  • The limits for purchases and withdrawals are among the highest on the market: from $48.05 to $50,000 USD, the exact limit depends on what payment system you choose to pay or get paid to
  • Customers' testimonials are top notch, 100% (5 out of 5) wrote about the positive experience doing business with TransCoin.

So, let's conclude: the best alternative to BuyBit is

TransCoin, a perfectly safe and trusted broker, rated 100/100. Such score is really, really hard to get, only very exchange services managed to get such a high rating! Let's break down how the transcoin.me exchange could get such a scoring.
Time in the business: 3 years 1 months
Feedback count: 5
Reviews: 5 positive, 0 negative, 0 neutral
Business model: licensed, fully compliant

Overall scoring for TransCoin: 100 / 100

BuyBit fees, limits, verification, etc.

Even though we still consider if we should add BUYBIT to the list of approved exchange platforms and the individual dealers-exchangers and are in process of gathering and evaluating the information, we've already collected some data worth sharing. The business appears like a reputable broker running without serious issues from May 2015. We could not find any information about the company administering the website; no signs if there's any legal entity at all. That's not a good indication, but sadly it's rather a usual practice for "exchangers" operating on/from the Russian and ex-USSR market.

buybit.net is a broker, sort of "crypto exchange bureau" online. Buying and selling aside, there's usually not much to do on such a website; but isn't it exactly what we are looking for? On a positive note, the brokers don't hold the clients' funds and typically require less trust, etc.

Dealing with a reputable service of the sort is virtually risk-free, especially if you don't send a lump sum at once. Just please remember that trading with an anonymous or almost anonymous dealer requires extra caution!

Fees & Limits at BuyBit

We normally analyze the fees and limits even for the exchanges that are not yet listed but are in the "watch list", while we are considering if we should add these sites or not. Unfortunately, due to some technical issues the integration with BuyBit is not yet set, and therefore we can't state anything about the fees and purchase limits at this broker. Please accept our apologies!

BuyBit account verification

The broker may ask the customers to complete the user identification process (account verification) when certain conditions are met. Exchangers like BuyBit operate in a gray area due to the fact that their target markets have no cryptocurrency regulation in place. Therefore such providers either have no KYC programs at all or maintain a very simple one. You'll get acquainted with the details during an order submission.

As for the estimation how long does it takes to verify an account at BuyBit on average: we must apologize, our platform still haven't collected enough feedback from the real users of a broker. By any chance, if you know how fast buybit.net is with an account verification, kindly let us know too. We really appreciate your commitment!

Supported countries

The website allows the user registrations from 1 countries. The following countries and territories are in the supported list:

  • Russia (RU)

Does BuyBit allow the users from United States (US)?

USA flag

It's a shame, but BuyBit still can't carry on any operations with the citizens or residents of the United States. The reasons behind are the complications with obtaining the required permissions and licenses and/or the complexity of the regulation, etc. Even so, please don't get stressed out, we could encounter several sites worth checking, including the services of Broker type particularly. All of those welcome the American people! Some examples:

Customers' testimonials

please let us know how do you like BuyBit?

We still hadn't received any reviews of buybit.net we could verify. We'd love to know what our valued visitors think of this website; based on that we'll decide should we approve the Broker or not. If you've already tried this service or know someone who did we are counting on you! What do you think about this exchange? Please share your experience, your thoughts... even just a few words testimonial is a great help!

FAQ about BuyBit

Does BuyBit holds my funds?

It does not! One of the best things dealing with the brokers is that unlike most of other exchanges, such businesses instantly deliver your funds to your own wallet after the payment clearance.

Is BuyBit a good broker?

We believe it is! We can say so based on the score the exchange got at our platform. The details are explained in this review and we break down a score in the overview section.

Is BuyBit licensed? Does it hold e-money license?

It is not. We even could not find any information about the business entity operating the exchange, etc.

Is BuyBit a ripoff?

BuyBit is certainly not a rip-off; our analysis confirms that it's rather a trustworthy exchange. Read more in our conclusion: is BuyBit a legit exchange or scam

is BuyBit a legit exchange?

Our research confirms that BuyBit is a legitimate exchange; we consider listing the broker among the recommended exchanges. Despite the fact that BUYBIT operates without any business licenses, etc. (unfortunately, it's rather common practice for Russian, CIS, and Eastern Europe based exchangers) so in case of any force-majeure, etc. the risk of losing money increases; please deal with caution! Our proposed rating score is 71 | 100, feel free to read more about what does it means and how the scoring is calculated.

Can I trust BuyBit with my money?

It appears that the crypto-users trust BuyBit for a number of reasons, read why we preliminary assess the 71/100 result for the exchange. As far as we know, the community trusts broker so you likely won't regret believing them. And remember, whatever service you use, it never hurts to test it with a smaller amount first! Especially when you are dealing with unregulated exchanges and the individual exchangers.

Is BuyBit instant?

Exchange with BuyBit is not instant, although as far as we know, the broker operators execute all the orders in minutes; it feels almost like a fully automated service.

BuyBit vs other exchanges

In case you prefer to deal with a broker that was already fully checked and rated by our reviewers, algorithms, and the actual clientele, we took the liberty to compile a list of alternative sites you may use instead of BuyBit. There are similar exchanges providing more or less the same services; let's see what else is available right away and compare it to the reviewed business! Besides, we found platforms having similar rating that are popular in United States particularly and North America in general. And by the way, if you are eager to pick an exchange basing on a rate and fees mostly, our price comparison platform always finds the most reasonable exchange rates in United States!

BuyBit vs 100monet

A comparison of the key features and the principal facts about 100MONET versus BuyBit; just take a glance to decide if 100monet will be the optimal choice for you or at least if it's worth checking our full study:

  • 100monet is a broker The way buybit.net website functions fits the broker format, both following the same approach to the business.
  • 100monet had launched the service December 2014 BuyBit started the project May 2015 (100monet is operating for 5 months longer).
  • 100monet operates without any registration or no information is available about the legal entity BuyBit carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
  • 100monet allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the BuyBit being a resident of any of 1 countries; but users from United States are not allowed, sorry (BuyBit green-lights some less countries).
  • When the client needs to pass through the KYC process at 100monet, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at BuyBit typically involves a few (varies case-by-case) individual procedures. (BuyBit & 100monet alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is 100monet a better alternative to BuyBit? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since the 100MONET exchange service got a lower rating at our platform: 67 versus 71 that BuyBit accomplished, our advice is either to go for BuyBit, or, even better to look into few others first; particularly the ranked "best-of-the-best" TransCoin!

Like reading? In fact, there are more exchanges worth comparing to BuyBit, such as:

BuyBit vs 1-online

A comparison of the key features and the principal facts about 1-ONLINE versus BuyBit; just take a glance to decide if 1-online will be the optimal choice for you or at least if it's worth checking our full study:

  • 1-online is a broker The way buybit.net website functions fits the broker format, both following the same approach to the business.
  • 1-online had launched the service February 2017 BuyBit started the project May 2015 (BuyBit operated 1 years and 9 months longer).
  • 1-online operates without any registration or no information is available about the legal entity BuyBit carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
  • 1-online allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the BuyBit being a resident of any of 1 countries; but users from United States are not allowed, sorry (BuyBit green-lights some less countries).
  • When the client needs to pass through the KYC process at 1-online, they usually ask to provide some (it depends on various factors) documents and / or specific procedures In most of the cases, it takes about a day or two, as per the actual clientele survey results The process of Customer Identification at BuyBit typically involves a few (varies case-by-case) individual procedures. (BuyBit & 1-online alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is 1-online a better alternative to BuyBit? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since the 1-ONLINE exchange service got a lower rating at our platform: 65 versus 71 that BuyBit accomplished, our advice is either to go for BuyBit, or, even better to look into few others first; particularly the ranked "best-of-the-best" TransCoin!

Like reading? In fact, there are more exchanges worth comparing to BuyBit, such as:

BuyBit vs bitcoin24exchange

A comparison of the key features and the principal facts about BITCOIN24EXCHANGE versus BuyBit; just take a glance to decide if bitcoin24exchange will be the optimal choice for you or at least if it's worth checking our full study:

  • bitcoin24exchange is a broker The way buybit.net website functions fits the broker format, both following the same approach to the business.
  • bitcoin24exchange had launched the service September 2017 BuyBit started the project May 2015 (BuyBit operated 2 years and 4 months longer).
  • bitcoin24exchange operates without any registration or no information is available about the legal entity BuyBit carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
  • bitcoin24exchange allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the BuyBit being a resident of any of 1 countries; but users from United States are not allowed, sorry (BuyBit green-lights some less countries).
  • When the client needs to pass through the KYC process at bitcoin24exchange, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at BuyBit typically involves a few (varies case-by-case) individual procedures. (BuyBit & bitcoin24exchange alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is bitcoin24exchange a better alternative to BuyBit? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since we haven't collected enough customers testimonials to rate BITCOIN24EXCHANGE yet, we propose examining other options, especially the top ranked TransCoin!

Like reading? In fact, there are more exchanges worth comparing to BuyBit, such as:

BuyBit vs bixter

A comparison of the key features and the principal facts about BIXTER versus BuyBit; just take a glance to decide if bixter will be the optimal choice for you or at least if it's worth checking our full study:

  • bixter is a broker The way buybit.net website functions fits the broker format, both following the same approach to the business.
  • bixter had launched the service March 2019 BuyBit started the project May 2015 (BuyBit operated 3 years and 10 months longer).
  • bixter operates without any registration or no information is available about the legal entity BuyBit carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
  • bixter allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the BuyBit being a resident of any of 1 countries; but users from United States are not allowed, sorry (BuyBit green-lights some less countries).
  • When the client needs to pass through the KYC process at bixter, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at BuyBit typically involves a few (varies case-by-case) individual procedures. (BuyBit & bixter alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is bixter a better alternative to BuyBit? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since we haven't collected enough customers testimonials to rate BIXTER yet, we propose examining other options, especially the top ranked TransCoin!

Like reading? In fact, there are more exchanges worth comparing to BuyBit, such as:

BuyBit vs change-x

A comparison of the key features and the principal facts about CHANGE-X versus BuyBit; just take a glance to decide if change-x will be the optimal choice for you or at least if it's worth checking our full study:

  • change-x is a broker The way buybit.net website functions fits the broker format, both following the same approach to the business.
  • change-x had launched the service March 2018 BuyBit started the project May 2015 (BuyBit operated 2 years and 10 months longer).
  • change-x operates without any registration or no information is available about the legal entity BuyBit carries on the operations without registering a legal entity or there's no information publicly available about the firm (both websites follow the same corporate model i.e. the absence of such one, almost an identical approach to the operational and legal matters, etc.).
  • change-x allows users' registrations from 255 countries; and we are glad to say that the people from United States are welcome You are permitted to register at the BuyBit being a resident of any of 1 countries; but users from United States are not allowed, sorry (BuyBit green-lights some less countries).
  • When the client needs to pass through the KYC process at change-x, they usually ask to provide some (it depends on various factors) documents and / or specific procedures The process of Customer Identification at BuyBit typically involves a few (varies case-by-case) individual procedures. (BuyBit & change-x alike abide by the roughly analogous KYC policies requiring a user to complete almost identical stages during the verification).

So, is change-x a better alternative to BuyBit? Such a conclusion by any means can't be drawn by us instead of you, but we'll try to assist with the matter. Since we haven't collected enough customers testimonials to rate CHANGE-X yet, we propose examining other options, especially the top ranked TransCoin!

Like reading? In fact, there are more exchanges worth comparing to BuyBit, such as:

Conclusion: is BuyBit legit or scam?

Seems it's time to finalize the report, to make a judgment call. Is BuyBit a scam or is it a legitimate exchange? How secure the buybit.net website is? Can you trust BuyBit with your money? And (in our case) the most frequently asked question: Why the broker is not yet ranked at ExchangeRates.Pro? Let's start by answering the last question and, you'll see, the replies to the rest will follow. Can't wait? Help yourself jumping to the final verdict!

Why we hadn't yet ranked and fully listed BUYBIT and what does it mean?

The routine for adding a new exchange, especially if it's a Broker, to ExchangeRates.Pro listing is rather a long process and it depends on few factors we don't control directly. Our approach to the process is «better be safe than sorry»; we already have 39 well-tested platforms providing similar to BuyBit functionality. 21 different exchange websites of broker type are among those and additionally, there are 5 peer-to-peer marketplaces. 15,140 exchange offers are available right away; these cover almost all the payment systems and local banks available in United States and North America for buying and selling BTC, cryptos, and tokens with , US Dollars, EURos, whatever. Hence, we never hurry to add more websites until we are 100% sure we did everything we could to verify the data and test every service well ourselves. It takes time. Moreover, there are two circumstances that are out of our direct control:

  1. All the exchange services, most notably the broker type ones are staying in the "pending approval" state until we collect at least a few reviews from the genuine customers, the ones we can actually verify. In addition, we monitor the clients' testimonials at the trusted review platforms, social networks, etc., and postpone the approval until we find enough evidence that the broker has no unresolved complaints and there are enough convincing users recommendations.
  2. We receive the new applications daily and like over 90% are from the other Brokers. It consumes a lot of time to check each and every one; there's a large queue and we have to be selective when choosing which applications to process first. Considering there's 269 pending applications from other "exchangers", websites that are very similar to BuyBit, we can't promise that we'll process this one very fast, our apologies.

Exceptions from these two rules may happen only in very rare extraordinary cases. As you can see, we move forward with listing new exchanges slowly and the queue for Brokers is the largest one, but as a consequence, only the best brokers are getting approved. Although we can't endorse BuyBit and hadn't rated it (in full) yet, we believe that it should get approval if we won't receive any complaints.

So is BuyBit a legit exchange or a fraud?

Looking at the data we possess, it's clear that BuyBit is not a scam, not a fraudulent website, etc., you name it. Even though we are not endorsing this broker, it appears to be trustworthy and worth trying. Furthermore, it could become a nice addition to our listing, considering there won't be any complaints or accusations from the users. Try exchanging at BuyBit yourself and don't forget to share your experience!

Suggested rating for BuyBit: 71 / 100

Alternative solution: how to find the best rate to exchange BTC & crypto in United States and North America

There is another way of finding the most worthy alternative to BuyBit that will work best for you. What if instead of opposing the features of various exchanges we'll compare the terms of the specific offerings that all the marketplaces, brokers, dealers, and even individual exchangers provide? That's exactly what our platform does! We assist you in choosing the most appropriate deal considering:

  • The fees and rates provided at the moment by 20 exchange websites of a "Broker" type and 15,140 other offers.
  • BTC/ exchange rate at those or BTC/USD, etc; the availability of service for the residents of United States (and the support).
  • Which local banks & payment systems out of 152 serving US are the fastest, most convenient and cost-efficient personally for you.
  • Amount you need to swap: say, the conditions for exchanging 1.01 will be significantly different from the terms of $35,802.0 conversion.
  • And of course, you see the rating, users reviews (up-to-date 465 real clients testimonials), etc. for all the offers available!
Buying and Selling BTC in United States

Our platform could find 1,965 offers to buy, sell, exchange BTC available to users from United States, and 1,671 of these are for the US Dollar currency. There are totally 28 exchange services supporting US. Some of those are providing the access to USD|BTC market, including such types as Broker, e-wallet, P2P Marketplace, Trading Platform, etc. 10 exchanges has active offers for these currencies right now; you can buy/sell using 112 local and international payment systems & banks! The local dealers and exchanges are mentioning the support of 82 local banking institutions and the payment systems. Besides, there are ways to buy and sell BTC paying with the cash! 2 dealers are providing this service. According to the latest data we have, the lowest fee to purchase BTC with USD locally is available for Remitly, payment system of the Money Orders type. The most popular domestic options for purchasing BTC @ US:

Our software couldn't get an access to the data what's available at buybit.net for the clients from United States, however we are sure that you'll find a worthy alternative on one of 38 exchange websites we compare the rates at! Check out what the local dealers and platforms are offering: currently there are 82 domestic banks supported. Besides, you may find something interesting browsing 15,139 offers available with 112 ways to pay internationally, either to neighboring countries in North America or to any other part of the world. Cash exchange (i.e. the meeting with a dealer) in various areas of United States is possible as well, if you are interested.

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