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Colibit

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Macaracuay, Caracas, Miranda 1080, VE
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Company Name

Corporación Colibit C.A

Date founded

May 31, 2017

Founder Name

Rafael Useche Guilliod

Name

Colibit

Location

Caracas, Venezuela

Address

Macaracuay, Caracas, Miranda 1080, VE

Languages

Spanish

Risk Management Tools

Yes

Copy-trading

No

Deposit methods

Bank wire

Maximum deposit

None

Maximum withdrawal

20000000 VEF

Minimum deposit

1000000 VEF

Minimum withdrawal

500000 VEF

Supported crypto currencies

Bitcoin

Supported fiat currencies

Venezuelan Bolívar

Two-Factor Authentication

No

Multi-factor Authentication

No

Secured By SSL

No

Google Play
Windows Phone

No

24/7 Online Support

Yes

Withdrawal methods

Bank wire

Max Leverage

No

Spreads

2.00

Demo version

No

Market
Price
Open 24H
Range 24H
Vol. 24H
% CH
Market
Type
Price
Quantity
Total
Id

Overview

Colibit.io is a Venezuelan cryptocurrency exchange platform launched a year ago to allow trading in bitcoin and bolivares the national Venezuelan currency. It prioritizes improved security, confidentiality of transactions and user data and the adoption of global financial trading standards.

It was principally created to cater to the increasing needs of a rapidly expanding market and to allow easy access to cryptocurrency for people looking to acquire digital assets. Although it is a relatively new platform, it incorporates a number of unique features into its operational framework.

It uses high tech security to ensure that transactions are carried out securely with little chance of security breaches or loss of assets. User data is stored in its servers and its meticulous registration and verification process ensures that it collects accurate data from users on its platform to assist it in keeping records and tracing rogue accounts.

Another important feature of colibit is that it allows both individuals and legal entities to trade and exchange money. This means that companies can purchase bitcoin and can earn returns on investment. In addition, services like Know Your Customer (KYC) and Anti-Money Laundering (AML) make it comparable with other top financial trading platforms around the world.

As a Venezuelan based company, colibit ensures strict compliance with the financial regulations of the country by generating automated value added tax returns on user accounts in bolivares. This means that you’re legally covered within the legal framework and don’t have to worry about filing your tax returns by yourself.

In addition, the spread and leverage offered by colibit are competitive and allow easy trading for beginners and new users. Colibit is also ideal for advanced traders who need to monitor market conditions and price limits to trade in Bitcoin.

 

Trading

Colibit requires new users to go through an online registration and verification exercise to begin trading on its platform. It also needs access to your camera to enable it to capture your face and a valid ID to corroborate the data you have supplied. Once this is done, the verified data is sent to colibit and you can start exchanging assets on the trading platform.

You will need to transfer funds into your account to be able to purchase Bitcoin. This can be done through bank transfers, credit cards, and money orders. There will be currency conversion fees for users that use other currencies because the platform trades only in Venezuelan bolivares.

Withdrawals can also be made on colibit through various channels at a small transaction fee.

 

Conclusion

    Colibit is a newly introduced exchange platform that allows trading of digital assets. It is a Venezuelan company that caters for the unique needs of the country’s market and growing cryptocurrency economy. However, its innovative features make it an attractive exchange platforms for new users and it integrates legal entities into its framework giving room for more financial gain.

    A recent policy by the Venezuelan government led to the suspension of operations earlier this year and the country’s crypto users will be hoping that this is resolved in the nearest future.

    Screenshots
    Pros & Cons
    • Access to risk management tools
    • Allows corporate and individual accounts on its platform
    • Generates automated value added tax returns saving users the trouble of worrying about complying with financial regulations
    • Not available on popular mobile platforms like iOS, Android, and windows
    • Not a regulated trading platform
    • No two-factor authentication
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