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BuyBit review & testimonials (updated 04.2020)

BuyBit user interface: the home page in English

What is BuyBit in a nutshell? It's maybe not the most popular, but well established, exchange service (broker) supporting 1 cryptocurrency: you can buy and sell coins using 1 fiat currency (8 banks & payment systems are supported). Exchange service started the business May 2015, it serves the clients for a few years.

This service works with a number of currencies, banks, and payment systems. Hence to estimate the fees level we calculated an average fee you'll spend for an exchange here. Based on this number (19.0%) we may say that BuyBit charges very high fees: 19% (according to our statistics, 92% exchanges offer lower average fee) and has medium buying limits: $6 — $1,325 (in accordance with the statistics we've collected, 81% exchanges have higher order limits). This Broker welcomes customers from 1 country (unfortunately, your country: United States is not supported at the moment; 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 customers of BuyBit, although according to the information from the exchange itself, order processing is automated and should be instant. You won't need to verify your account to use the services of the Broker, BuyBit accepts and welcomes anonymous customers!

Since 2015, BuyBit is working hard to get great testimonials from the users. Although, since this Broker was recently added to our price comparison platform, we have no user reviews yet. Maybe you can help? If you have any experience dealing with BuyBit, can you please leave your testimonial? It will surely be a great help for us and all the community, thanks!

Based on all these facts, our verdict is the following: BuyBit is a promising, although not yet reviewed much by our visitors place to buy and sell Bitcoins, an interesting exchange that we believe will get some nice feedback soon!

Overview: is BuyBit safe?

BuyBit is the Broker; exchange started the business May 2015. Unfortunately, there is not much information available about the company doing business as BuyBit, etc.

Answering the question how safe is BuyBit:

We are sorry, our platform has't yet collected enough data, but you can help! We know fairly much about this Broker (please continue reading), but our policies require to collect more testimonials from the users of BuyBit to draw a conclusion. Do you have any experience dealing with this service? Please add your feedback, this will be a great help! Or maybe you know someone who does? Kindly ask him/her to tell us about it here! We really appreciate your participation.
Time in the business: 4 years 11 months
Business model: no information available

Overall rating for BuyBit: N/A
Although we have not collected enough testimonials to assign a rating to BuyBit, we can pre-estimate the rating (considering there will be no user complaints) as 90/100.

Pros & Cons of BuyBit

Although BuyBit is not yet rated by our visitors, common sense tells us it should have both strong sides and some downsides. Let's check it out:

  • BuyBit allows anonymous customers, there is no verification required for all the exchange directions.
  • Seems that the exchange operates without any business licenses, etc. Although since it's in the business for over 4 years, it definitely gained trust in the community.
  • Relatively low limits for buying orders.
  • The fees are rather high.

Unfortunately there are more cons that pros. But this doesn't mean the BuyBit is a bad Broker! You should check the list and decide, which of these pros are cons are most important for you. Try BuyBit today and let us know how you like it!

Services, BuyBit Provides

The platform provides the following cryptocurrency exchange-related services:

  • Allows the customers to buy cryptocurrencies with fiat currencies
  • Provides the clients with ways to "cash out" the crypto to fiat currency

As we can see, BuyBit doesn't provide any services besides the cryptocurrency exchange, althought it's definitely not a bad thing; after all, we came here for the crypto exchange, right?

Currencies & Payment Systems

BuyBit provides the service of buying and selling 1 digital currencies using fiat currencies. The following cryptocurrencies are available to buy/sell: Bitcoin (BTC).

If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides. For example, these: Cryptocurrencies under $1 to invest in 2020.

1 fiat currencies are supported to provide crypto purchase and selling: Russian Ruble (RUB). The Broker will let you buy and sell Bitcoins using the following payment systems:

  • Sberbank. A local bank (you may use from Russia) in various currencies. Just the RUB payments are available for purchasing cryptos at the exchange. Sberbank is a popular way to buy BTC and other cryptocurrencies available at 184 exchanges of various types. You are welcome to find the best rate for buying bitcoin with sberbank at our home page!
  • Any Local Bank. An universal payment method, allowing payments from/to all the banks in various currencies. BuyBit has options to use local bank transfers in the Russia. Just the RUB payments are available for purchasing cryptos at the exchange.
  • Tinkoff Bank. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for purchasing cryptos at the exchange.
  • AlfaBank. A local bank (you may use from Russia) in various currencies. Just the RUB payments are available for purchasing cryptos at the exchange.
  • Qiwi. An international payment system (it's available in 9 countries) allowing e-wallet payments in various currencies. Just the RUB payments are available for purchasing cryptos at the exchange.
  • Yandex Money. A local payment system (serving Russia) allowing e-wallet payments in Russian Ruble currency. Just the RUB payments are available for purchasing cryptos at the exchange.
  • VTB24. A local bank (serving Russia) in Russian Ruble currency. Just the RUB payments are available for purchasing cryptos at the exchange.
  • Mobile Balance (all operators). An international payment system (available worldwide) allowing mobile recharge payments in various currencies. Just the RUB payments are available for purchasing cryptos at the exchange.

BuyBit fees

The fees you need to pay at this broker during the process of buying and selling cryptocurrencies are easier to understand if you break it down like that (note that you can skip the details, jumping to the conclusion):

  1. Service/processing fee. Depending on the fiat payment system and currency, it's as follows:
    • 19% when you pay money using AlfaBank in Russian Ruble.
    • 19% when you pay money using Any Local Bank in Russian Ruble.
    • 19% when you pay money using Mobile Balance (all operators) in Russian Ruble.
    • 19% when you pay money using Qiwi in Russian Ruble.
    • 19% when you pay money using Sberbank in Russian Ruble.
    • 19% when you pay money using Tinkoff Bank in Russian Ruble.
    • 19% when you pay money using VTB24 in Russian Ruble.
    • 19% when you pay money using Yandex Money in Russian Ruble.
  2. Miners fee. Please note that this fee applies only when you buy bitcoin or other cryptocurrency!
    • 0 BTC: great news! at the moment there is no such a fee!

Are BuyBit fees high or low?

Now it's time to draw a conclusion: considering the average fee the exchange changes for an operation we can state that BuyBit charges a very high fees. According to our statistics, fairly big percent of the exchanges charge some less (although please be aware that it mostly depends on the exchange direction!) than BuyBit does. For example, an average fee you pay to buy Bitcoin with Sberbank in RUB across various exchange brokers, trading platforms, p2p marketplaces and e-wallets is 7%, BuyBit charges 19% for this. Seems fair, especially considering the anonymity!

Buying and selling limits

This Broker has the following limits, applicable when you buy or sell cryptocurrencies:

  1. Purchase limits (when you buy crypto).
    • ₽477 minimal buy and ₽100,000 max purchase when using AlfaBank in Russian Ruble.
    • ₽477 minimal buy and ₽100,000 max purchase when using Any Local Bank in Russian Ruble.
    • ₽477 minimal buy and ₽100,000 max purchase when using Mobile Balance (all operators) in Russian Ruble.
    • ₽444 minimal buy and ₽99,000 max purchase when using Qiwi in Russian Ruble.
    • ₽477 minimal buy and ₽100,000 max purchase when using Sberbank in Russian Ruble.
    • ₽477 minimal buy and ₽100,000 max purchase when using Tinkoff Bank in Russian Ruble.
    • ₽477 minimal buy and ₽100,000 max purchase when using VTB24 in Russian Ruble.
    • ₽477 minimal buy and ₽100,000 max purchase when using Yandex Money in Russian Ruble.

And the good news: there are no limits on other payment systems (the limitations the payment system has aside) BuyBit supports! Comparing to other exchanges, BuyBit has medium buying and selling limits; it's rather convenient, although there are some other ones with higher max.

Supported countries

Platform allows the users from 1 countries to use the exchange. The following countries are supported by the broker:

  • Russia (RU)

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

USA flag

Sorry, but the BuyBit can't provide the services to the citizens and residents of the United States of America at this time, due to the local regulations and licensing matters, etc. But there are no reasons to get disappointed because of that, there are plenty of great exchanges as well as the ones of Broker type, who warmly welcomes the American people! We can recommend you to look at these:

Customer service

Sorry, but we haven't collected enough data about this yet. Do you have any experience exchanging with the BuyBit? Can you please add your testimonial? This will help everyone a lot, thanks!

Verification at BuyBit

The broker respects the user privacy and doesn't require verification. You may stay anonymous while using BuyBit, whatever exchange direction you need.

This is a rare find these days! You know, most of the exchanges require at least some verification. The absence of KYC policy saves the user time and prevents possible data leaks, we think that many people will appreciate such a possibility while dealing with BuyBit!

Deposit/withdrawal speed

BuyBit processes the orders automatically, that's definitely a good thing and the process should take no time. Although we know that some exchanges require various forms of staff approval, etc. for the specific orders; such ones generally take longer. Even fully automated platforms sometimes delay the funds delivery, so if you know that it's the case here at this broker, let us and the community know about it, please!

Is BuyBit instant?

So, what can we see? In accordance with the data we know about the broker, orders at BuyBit should be instant. Although we don't have enough information about the order delivery speed from actual customers yet, sorry.

Customers' testimonials

There are currently no users testimonials about the BuyBit. Do you have any experience using this broker? If you do, please say a couple of words about it!

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?

Although we have not enough users' reviews yet, we analyzed the information we have. Feel free to get acquainted with the details reading this review or just jump to the conclusion!

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

It is not, and it's hard to even find information about any business registration, etc. Although the cryptocurrency regulation in Russia, CIS and most of the ex-USSR countries has not yet being set, so so almost all such exchanges there are operating like this.

Is BuyBit a ripoff?

It is not a ripoff, although we have not rated BuyBit yet due to lack of user testimonials, it complies with our standards. Feel free to read the whole this review to understand why or check our conclusion: is BuyBit legit or scam.

BuyBit vs other exchanges

Let's compare BuyBit to other similar exchange services with similar features: others of broker type mostly. Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc. Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and 33 other cryptos, check the best rates to buy bitcoin and crypto in United States!

BuyBit vs 100BTC.kiev

Let's compare the key features of these two platforms to see which one suits you best:

  • 100BTC.kiev is a broker BuyBit is a broker, both are using the same business model.
  • 100BTC.kiev had started the business April 2016 BuyBit started the business May 2015 (BuyBit operates 11 months longer).
  • 100BTC.kiev operates without a business registration or there is no information available about it BuyBit operates without a business registration or there is no information available about it (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, 100BTC.kiev provides no extra services BuyBit provides the same number of services as 100BTC.kiev: it allows us to purchase and sell digital currencies.
  • 100BTC.kiev supports 2 cryptocurrencies BuyBit allows to exchange 1 cryptos (BuyBit supports 1 cryptocurrencies less).
  • 1 fiat currencies are available at 100BTC.kiev You'll be able to use 1 fiat currencies to swap with digital ones at BuyBit (BuyBit & 100BTC.kiev support the same number of fiat currencys).
  • 100BTC.kiev accepts deposits from and allows withdrawals to 7 fiat payment systems / banks BuyBit allows the user to utilize 8 various fiat payment systems and/or banks (BuyBit supports 1 fiat payment systems and banks more).
  • 100BTC.kiev charges -2% — 6% fee BuyBit charges the client 19% fee, depending on the currency, payment system, etc. (BuyBit & 100BTC.kiev charge the customer with the equal fee level, more or less).
  • Buying limits at 100BTC.kiev start from $62 and are up to $8,713 Deposit/withdraw limits at BuyBit are $6 — $1,325 depending on the payment method (BuyBit has lower buying/selling limits).
  • 100BTC.kiev allows registrations from 255 countries; United States is among the supported ones You may register at BuyBit if you reside in one of 1 countries; unfortunately, United States is not among the supported ones (BuyBit supports less countries).
  • 100BTC.kiev allows the user to be anonymous, there is no account verification, etc. BuyBit has no KYC procedures, you can be completely anonymous while exchanging here (BuyBit & 100BTC.kiev require the client to pass through the — more or less — the same process during the verification).

Although the final decision, which exchange — 100BTC.kiev or BuyBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

BuyBit vs 1Obmen

Let's compare the key features of these two platforms to see which one suits you best:

  • 1Obmen is a broker BuyBit is a broker, both are using the same business model.
  • 1Obmen had started the business February 2017 BuyBit started the business May 2015 (BuyBit operates 1 years and 9 months longer).
  • 1Obmen operates without a business registration or there is no information available about it BuyBit operates without a business registration or there is no information available about it (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, 1Obmen provides no extra services BuyBit provides the same number of services as 1Obmen: it allows us to purchase and sell digital currencies.
  • 1Obmen supports 5 cryptocurrencies BuyBit allows to exchange 1 cryptos (BuyBit supports 4 cryptocurrencies less).
  • 3 fiat currencies are available at 1Obmen You'll be able to use 1 fiat currencies to swap with digital ones at BuyBit (BuyBit supports 2 fiat currencies less).
  • 1Obmen accepts deposits from and allows withdrawals to 6 fiat payment systems / banks BuyBit allows the user to utilize 8 various fiat payment systems and/or banks (BuyBit supports 2 fiat payment systems and banks more).
  • 1Obmen charges 1% — 17% fee BuyBit charges the client 19% fee, depending on the currency, payment system, etc. (BuyBit & 1Obmen charge the customer with the equal fee level, more or less).
  • Buying limits at 1Obmen start from $3,473 and are up to $500,000 Deposit/withdraw limits at BuyBit are $6 — $1,325 depending on the payment method (BuyBit has lower buying/selling limits).
  • 1Obmen allows registrations from 255 countries; United States is among the supported ones You may register at BuyBit if you reside in one of 1 countries; unfortunately, United States is not among the supported ones (BuyBit supports less countries).
  • 1Obmen allows the user to be anonymous, there is no account verification, etc. BuyBit has no KYC procedures, you can be completely anonymous while exchanging here (BuyBit & 1Obmen require the client to pass through the — more or less — the same process during the verification).
  • Our users left 2 testimonials about 1Obmen, 100% of which are positive We've collected 2 users testimonials about BuyBit, 100% are positive (BuyBit & 1Obmen share the same percentage of positive user reviews).

Although the final decision, which exchange — 1Obmen or BuyBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

BuyBit vs 1wm

Let's compare the key features of these two platforms to see which one suits you best:

  • 1wm is a broker BuyBit is a broker, both are using the same business model.
  • 1wm had started the business December 2014 BuyBit started the business May 2015 (1wm is working for 4 months longer time).
  • 1wm operates without a business registration or there is no information available about it BuyBit operates without a business registration or there is no information available about it (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, 1wm provides no extra services BuyBit provides the same number of services as 1wm: it allows us to purchase and sell digital currencies.
  • 1wm supports 2 cryptocurrencies BuyBit allows to exchange 1 cryptos (BuyBit supports 1 cryptocurrencies less).
  • 4 fiat currencies are available at 1wm You'll be able to use 1 fiat currencies to swap with digital ones at BuyBit (BuyBit supports 3 fiat currencies less).
  • 1wm accepts deposits from and allows withdrawals to 13 fiat payment systems / banks BuyBit allows the user to utilize 8 various fiat payment systems and/or banks (BuyBit supports 5 banks and fiat payment systems less).
  • 1wm charges 1% — 49% fee BuyBit charges the client 19% fee, depending on the currency, payment system, etc. (BuyBit & 1wm charge the customer with the equal fee level, more or less).
  • Buying limits at 1wm start from $1 and are up to $725 Deposit/withdraw limits at BuyBit are $6 — $1,325 depending on the payment method (BuyBit has higher buying/selling limits).
  • 1wm allows registrations from 255 countries; United States is among the supported ones You may register at BuyBit if you reside in one of 1 countries; unfortunately, United States is not among the supported ones (BuyBit supports less countries).
  • During the account verification 1wm usually asks for 1 document / procedure: (id verification) BuyBit has no KYC procedures, you can be completely anonymous while exchanging here (BuyBit 's KYC policy requires the customer to take less actions or to provide less data).
  • Our users left 1 testimonials about 1wm, 100% of which are positive We've collected 2 users testimonials about BuyBit, 100% are positive (BuyBit & 1wm share the same percentage of positive user reviews).

Although the final decision, which exchange — 1wm or BuyBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

BuyBit vs 24bestex

Let's compare the key features of these two platforms to see which one suits you best:

  • 24bestex is a broker BuyBit is a broker, both are using the same business model.
  • 24bestex had started the business January 2016 BuyBit started the business May 2015 (BuyBit operates 8 months longer).
  • 24bestex operates without a business registration or there is no information available about it BuyBit operates without a business registration or there is no information available about it (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides the digital currencies exchange, 24bestex provides no extra services BuyBit provides more exchange-related services: it allows us to purchase and sell digital currencies.
  • 24bestex doesn't have any fiat currencies supported You'll be able to use 1 fiat currencies to swap with digital ones at BuyBit (BuyBit supports 1 fiat currencies more).
  • 24bestex doesn't allow any fiat payments BuyBit allows the user to utilize 8 various fiat payment systems and/or banks (BuyBit supports 8 fiat payment systems and banks more).
  • 24bestex allows registrations from 255 countries; United States is among the supported ones You may register at BuyBit if you reside in one of 1 countries; unfortunately, United States is not among the supported ones (BuyBit supports less countries).
  • During the account verification 24bestex usually asks for some (it depends) documents and/or procedures BuyBit has no KYC procedures, you can be completely anonymous while exchanging here (BuyBit 's KYC policy requires the customer to take less actions or to provide less data).
  • Our users left 3 testimonials about 24bestex, 100% of which are positive We've collected 2 users testimonials about BuyBit, 100% are positive (BuyBit & 24bestex share the same percentage of positive user reviews).

Although the final decision, which exchange — 24bestex or BuyBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

BuyBit vs 24coinpro

Let's compare the key features of these two platforms to see which one suits you best:

  • 24coinpro is a broker BuyBit is a broker, both are using the same business model.
  • 24coinpro had started the business February 2019 BuyBit started the business May 2015 (BuyBit operates 3 years and 9 months longer).
  • 24coinpro operates without a business registration or there is no information available about it BuyBit operates without a business registration or there is no information available about it (both exchange services operate using the same approach to the business, utilizing a same legal model).
  • Besides buying and selling cryptocurrencies, 24coinpro provides no extra services BuyBit provides the same number of services as 24coinpro: it allows us to purchase and sell digital currencies.
  • 24coinpro supports 4 cryptocurrencies BuyBit allows to exchange 1 cryptos (BuyBit supports 3 cryptocurrencies less).
  • 2 fiat currencies are available at 24coinpro You'll be able to use 1 fiat currencies to swap with digital ones at BuyBit (BuyBit supports 1 fiat currencies less).
  • 24coinpro accepts deposits from and allows withdrawals to 5 fiat payment systems / banks BuyBit allows the user to utilize 8 various fiat payment systems and/or banks (BuyBit supports 3 fiat payment systems and banks more).
  • 24coinpro charges 13% — 19% fee BuyBit charges the client 19% fee, depending on the currency, payment system, etc. (BuyBit & 24coinpro charge the customer with the equal fee level, more or less).
  • Buying limits at 24coinpro start from $6 and are up to $1,664 Deposit/withdraw limits at BuyBit are $6 — $1,325 depending on the payment method (BuyBit has lower buying/selling limits).
  • 24coinpro allows registrations from 255 countries; United States is among the supported ones You may register at BuyBit if you reside in one of 1 countries; unfortunately, United States is not among the supported ones (BuyBit supports less countries).
  • 24coinpro allows the user to be anonymous, there is no account verification, etc. BuyBit has no KYC procedures, you can be completely anonymous while exchanging here (BuyBit & 24coinpro require the client to pass through the — more or less — the same process during the verification).
  • Our users left 1 testimonials about 24coinpro, 100% of which are positive We've collected 2 users testimonials about BuyBit, 100% are positive (BuyBit & 24coinpro share the same percentage of positive user reviews).

Although the final decision, which exchange — 24coinpro or BuyBit — is better is up to you, we'll try to help you with the decision. Both exchanges are great, since at least one of them is not yet rated at our platform, we recommend you to look at the list above and decide, what is most important for you!

If you feel like need more comparison versus other exchanges, feel free to check these:

Conclusion: is BuyBit legit or scam?

Now it's time to draw a conclusion, is BuyBit a scam or is it a legit exchange? We hadn't yet collected enough testimonials to assign BuyBit a rating, but according to our research it's a good exchange. We have found no evidence that this broker is a scam so it should be save to deal with. Let's summarize what we like most (and what we don't) about the BuyBit:

  • There is no information about the business entity, regulatory compliance, etc.
  • The broker doesn't hold customers' funds, instantly delivering monies to your wallet
  • This company has being in the business for a long time; exchange was started 4 years and 11 months ago
  • Exchange supports only 1 cryptocurrencies and just 1 fiat ones (totally 8 payment systems / banks are available). There are no extra services besides the digital currencies exchange
  • It charges very high fees: 19%
  • The purchase and withdrawal limits are medium: from $6 to $1,325 USD, it depends on a payment system choice
  • BuyBit accepts the clients from 1 countries; unfortunately, users from United States are not permitted to use the service
  • You may remain anonymous while using the exchange services. We should add that there are not so many exchanges with no KYC left these days!
  • Clients' testimonials are perfect, 100% (2 out of 2) note their positive experience dealing with BuyBit.

Overall rating for BuyBit: N/A
Although we have not collected enough testimonials to assign a rating to BuyBit, we can pre-estimate the rating (considering there will be no user complaints) as 90/100.