Xbit Asia is the property of Xbit Asia Sdn Bhd company and is registered with Bank Negara Malaysia. Xbit Asia runs Bitcoin exchange trading (BTC) and uses only Malaysian Ringgit fiat (RM) currency. Founded in 2016 by two Malaysian citizens namely Yuwarajan K and Mac Sivanesan.
Xbit Asia has the vision to provide a healthy and competitive trading platform in the digital currency market especially Bitcoin in Asia.
Xbit Asia is a platform that offers merchants to place buy and sell orders with several options like Pause and Cancel Order, limit order and unlimited order.
Xbit Asia is ideal for traders who want to venture into the cryptocurrency trading world as Xbit Asia provides easy methods for deposits, withdrawals and ways to trade. For starters, you must register with Xbit Asia on their website, then your account will be verified when you provide the following information:
- Malaysian bank account information in its own name
- Proof of residences such as bills and bank statements
- This is because, Xbit Asia is subject to the regulations stipulated by Bank Negara Malaysia, the basis of your Recognize Your Customer base under the Anti-Money Laundering Act (AMLA).
However, this platform should not be used in the following countries:
- New York, USA
- North Korea
The payment method provided by Xbit Asia is only through bank transfer, Interbank-GIRO only. For Bitcoin, you can use the online wallets available on the market.
There are two ways that traders can use BTC to deposit by bitcoin or QR code. Using bank transfer, you can deposit to CIMB account Xbit Asia first then give proof of transaction by email to be added in your virtual account. If you use this method, you will be bound by a bank deposit processing schedule Monday to Friday from 11 am to 9 pm.
Minimum cash deposit is RM 200.
- Bitcoin deposits will often be visible within a few seconds.
For withdrawal, at least BTC 0.0003 and you will be charged a processing charge to another wallet within approximately 24 hours. And the same process and rule as a deposit if you are using a bank transfer method for the issuance of fiat currency that is processed over time.
Service Fees and Charges
There are three types of service charges such as the production charge, the trade charge, and the transaction charge, while the deposit charge is not charged for the crypto and fiat currency. The charge is usually charged by the bank at RM1.11. For cryptocurrency, the charge is between 0.0001 and 0.0004, while the trade charge is the percentage of trade turnover to sellers and buyers of 0.8 percent. Undoubtedly, this percentage is rather large and expensive for traders. And the transaction charge is only 1 percent.
The security feature of this platform can be said to be among the best as Xbit Asia strives to ensure that it complies with the prescribed laws, safeguarding the security of your money and your account as well as your personal information and data. The Xbit Asia website comes with SSL security and a digital wallet set by Xbit Asia using PGP encryption.
For your account security, Xbit Asia uses 2-Factor Authentication and a number of trusted password management apps such as Authy and Google Authenticator. From a legal point of view, Xbit Asia is one of the platforms recognized by Bank Negara Malaysia and complies with at least AMLA and Personal Data Protection and Privacy Act.
For Bitcoin customers, they use deep freeze storage technology, multi-signature wallets and private keys stored in different banks. In addition, back prints for wallets are made in encrypted form. Adopting your Know Your Customer's policy, Xbit Asia imposes strict rules on other financial institutions to use this platform where Xbit Asia will request the following information to ensure that their business is legally valid:
- Business registration number
- Documents containing basic procedures Identify Your Customers
- The type of business to run
- Business status
Xbit Asia also provides the API to its customers and you can email them to get the API. Xbit Asia also provides the API to its customers, and you can email them to get the API. And compared with other platforms, Xbit Asia provides information and suggestions to their website visitors. They are providing reminder articles to be careful in trading, tips to avoid Bitcoin scams, and so on. This shows they are extremely committed to educating and providing fundamental knowledge on digital money and investment trading involving crypto tokens.
For trade features of Xbit Asia, customers have some basic options in trading such as Pause and Cancel (PnC) orders. To pause, your order will be partially filled from the purchase or sale value. For cancellation, Xbit Asia will cancel the remaining uninsured orders after the transaction.
Support and Assistance
Xbit Asia provides support and assistance to their customers through a comprehensive FAQ page and uses a ticket system to answer inquiries that customers face regarding 2FA, account verification, and so on. Only that their aid groups did not operate 24/7. This means that Xbit Asia may face some time pressures to solve the problems you face at a fast pace. But if you read and understand any content on the FAQ page, you will most likely not encounter any problems using this platform. You can get their hours more on their website.
The Xbit Asia website is available in English only, and after review, no office address is included. Their platforms are also not available for smartphones. You can be updated though about the maintenance of platforms and latest announcements through Blogs, Facebook and Twitter. If you are a beginner in the crypto world, you will be shown the basis of basic trading. Although charges are expensive, Xbit Asia is a safer and more secure platform.