- Easy to use trading platform
- Fiat currency supported (HKD)
- Decent customer support
- Not regulated
- Very high fees
- Limited cryptocurrency assets
- New and unproven exchange
TideBit is yet another new cryptocurrency exchange based out of Hong Kong. The exchange was launched at the end of 2017 during the peak of the cryptocurrency markets by a sophisticated team of blockchain and financial experts. TideBit’s headquarters are located at 7/F Sino Favour Centre, No. 1 On Yip Street, Chai Wan and they also have another head office in Taipei at 21F No.77 Sec.2, Dun hua S. Rd. Da’anDist, Taipei City 10682. The exchange is not yet regulated, much like most other cryptocurrency exchanges and they accept traders from all around the world. However, TideBit primarily services traders from the Asian markets from countries such as Hong Kong, China, Malaysia, Vietnam, and Taiwan. The languages TideBit supports are English, Chinese, and Thai as they cover the vast majority of TideBit’s customer base. The exchange was established with a strong emphasis on security, transparency, and performance as the team behind TideBit comes from top financial institutions and prominent high tech firms. Since TideBit is such a new and relatively unknown cryptocurrency exchange, can they be trusted, and do they offer quality services? Let’s find out in the following review, where we’ll analyze every aspect of this exchange and see how they stack up to the competition.
TideBit features their very own proprietary web-based trading platform, just like the majority of crypto exchanges. The platform is compatible with all web browsers and desktops as well as smart mobile devices through the web browser. All in all, TideBit’s trading platform is nothing special and has a very basic user interface that is easy to use. It’s equipped with all the basic tools and features crypto traders need, but nothing really stands out as extraordinary or new from other exchanges. The platform is even perhaps less sophisticated, with not as many charting and analysis tools, order types, and so on. However, it is very simple and easy to understand and use, making it an excellent option for beginner to intermediate crypto traders. As well, the platform is very responsive and fast allowing for instant order execution and a pleasant user experience.
Again, TideBit is a very simple cryptocurrency exchange and has very limited crypto markets to participate in. The only cryptocurrencies currently supported on their platform are Bitcoin (BTC), Ethereum (ETH), Eos (EOS) and Neo (NEO). These cryptocurrencies can not be exchanged for one another, but rather only with Hong Kong Dollars (HKD). TideBit plans to expand their services to the United States and other countries soon in which they will support a wider variety of fiat currencies in the future. All in all, the markets supported by TideBit are very limited as most cryptocurrency exchanges feature 100+ cryptocurrencies which can be traded in crypto to crypto as well as fiat to crypto markets. Also, the liquidity of the TideBit exchange is very low, making it an unattractive crypto exchange due to few markets and low liquidity.
Fees and Commission
The fees imposed on TideBit traders are very high compared with the industry standards. Traders must pay 0.3% on all maker/taker trades, which is considerably higher than the industry average of plus or minus 0.2%. Also, traders must pay deposit and withdrawal fees. Fiat currency deposits come with a 2% fee for bank deposits (ATM, Cash, Bank Transfer), but are free for Chai Wan office cash deposits. As for cryptocurrency deposits, they are free.
Withdrawals on the other hand are not free, fiat currency withdrawals incur fees of 0.1% plus $50 HK. As for crypto withdrawals, they vary between cryptos and are standard industry fees. See the withdrawal fees for cryptos below.
- Bitcoin: 0.003 BTC
- Ethereum: 0.01 ETH
- Neo: 0.01 NEO
- Eos: 0.01 EOS
Security and Fairness
The TideBit exchange claims they utilize state of the art security measures, but there is no information on what these security measures might be. They do mention that all sensitive and personal information is encrypted and securely stored, but the security technology is unknown. Also, TideBit is a very new cryptocurrency exchange with very little experience and reputation. Therefore, we do not know if they can be trusted yet. As well, TideBit is not regulated and traders have no protection from government authorities if something goes wrong. However, TideBit has thus far proven to be a safe and secure crypto exchange that has yet to be hacked or conduct fraudulent practices.
The support provided by TideBit is mediocre and typical among cryptocurrency exchanges. Support representatives can be reached via email or telephone and are available from Monday to Saturday, 10 am to 5 pm. The support representatives are quick to respond and offer decent support. However, support in English is somewhat broken, which is understandable as the exchange primarily services Asian countries. Additional methods of support include contact via Facebook or LinkedIn, or by browsing the limited FAQ page. All in all, TideBit’s support is nothing special and somewhat limited.
The TideBit cryptocurrency exchange is a new exchange who has yet to prove themselves as a competent and reputable crypto exchange service. Their trading platform is quite good and offers a simple and easy to use trading interface, but the number of cryptocurrencies available is very limited and has low liquidity. The trading fees are rather high compared with industry standards and the customer support is only mediocre. All in all, there is nothing special about the TideBit exchange and there are better crypto exchange services out there.
The following are the common questions that customers inquired about TideBit.
Is TideBit regulated?
No, it is not regulated.
Is TideBit a scam?
No,TideBit is a legit exchange. However, they are very new and have yet to fully prove themselves.
Where is TideBit based?
TideBit is based out of Hong Kong with their headquarters located at 7/F Sino Favour Centre, No. 1 On Yip Street, Chai Wan.