Tapbit, a platform that boldly claims to be boundless. However, can it truly live up to this grandiose statement, or is it just another entry in the ever-growing list of potential scams? We will uncover the truth and present our findings in this concise review.
General Info
Overview of Tapbit
Sometimes, it seems like all crypto projects are cut from the same cloth. That’s why we get genuinely excited when we stumble upon something unique within this crypto conveyor belt. Let’s dive into the world of Tapbit and see where it fits in this ever-evolving landscape.
Exchange History
Users are informed that the company began its operations in 2021 and gradually launched various products. The company’s roadmap outlines its plans up to 2024. Today, the exchange’s average turnover is just over 16,000 bitcoins, and it boasts ownership of unique technological solutions that allow for the processing of user orders without delays or slippage.
Tapbit.com Website
The Tapbit website, in all honesty, leaves much to be desired. It presents itself as a significant drawback right from the start.
The website design, unfortunately, falls into the category of negative aspects. It appears to be a run-of-the-mill template that lacks any unique or captivating elements. It gives off an unattractive, limited, and, to put it bluntly, a cheap impression. It’s truly unfortunate that many cryptocurrency exchanges seem to overlook the importance of their website’s aesthetics. For us, as potential clients, visiting a website like Tapbit’s can be a dull and uninspiring experience.
In the broader context of the cryptocurrency industry, where leading exchanges boast sleek, user-friendly, and visually appealing platforms, Tapbit’s website feels like a stark contrast. It’s akin to comparing a state-of-the-art luxury sports car to a rusty, outdated tricycle.
Registration Process and Personal Account
The process of getting started on a cryptocurrency exchange is quite straightforward. First, you’ll need to sign up by providing your personal information. This includes your email address and a secure password. After you’ve filled out the registration form, you’ll receive a confirmation email containing a verification code.
Once you’ve entered the verification code, you’ll be directed to the client portal. Here, you can access your account settings, deposit funds, and start trading cryptocurrencies. It’s worth noting that Tapbit requires additional identity verification. This involves submitting identification documents, such as a driver’s license or passport, to comply with Know Your Customer (KYC) regulations.
Trading Platform
The exchange offers its traders a trading software platform that relies on the popular TradingView software. While this choice provides traders with fundamental trading tools, it falls short in delivering any exceptional or unique features. The platform primarily focuses on standard functionalities, lacking the innovative elements that can enhance the trading experience.
One notable drawback is the absence of a downloadable trading app. This could pose an inconvenience for traders who prefer flexibility and mobility. Instead, Tapbit’s trading platform operates primarily through a web-based interface.
Contacts
You can reach out to Tapbit’s support team at the following email addresses: support@tapbit.com or contact@tapbit.com. Additionally, the official website provides a live chat widget for real-time assistance. Furthermore, the company encourages users to connect via its social media channels, including Telegram, Facebook, Instagram, Reddit, and others.
Analysis of Services Offered by Tapbit
Despite the fact that cryptocurrency exchanges typically offer similar functionality, the attention of traders is usually captured by those that genuinely provide interesting or advantageous services. Let’s see if Tapbit has the potential to surprise us.
Funding and Withdrawal
When it comes to funding your account, the platform offers a relatively straightforward approach. You have the option to deposit funds using various cryptocurrencies. While this provides some flexibility, it’s important to note that the range of supported payment methods is rather limited. This limitation might be a drawback for traders who prefer a wider selection. Additionally, it’s worth considering the potential implications of using cryptocurrencies for transactions, such as network fees and price fluctuations.
Tapbit Trading Conditions
Tapbit operates both spot markets and derivative markets, touting margin availability with leverage of up to 150x. Additionally, it supports both crypto-to-crypto and forex trading, with the latter employing a pricing model in US dollars. This enables users to deposit their USDT tokens and participate in forex trading. Essentially, they can trade cryptocurrencies and CFDs on forex using a single account, with USDT as the base currency, eliminating the need for prior conversion into US dollars.
Tapbit presents a wide array of trading assets, offering over 200 different trading pairs.
When it comes to spot market fees and derivative fees, market makers and market takers have different rates. The fee for spot trading is 0.1% for both market makers and market takers. On the other hand, derivative trading fees vary, with makers being charged 0.02% and takers incurring a 0.06% fee.
Unique Features
Apart from providing a trading platform, Tapbit offers copy trading, enabling users to replicate the trades of experienced traders. Furthermore, there is an “Earn” feature, where various events are conducted to allow users to generate passive income, including flexible savings options.
The potential reward in Flexible Savings reaching up to 25% does raise suspicions due to its exceptionally high returns. Such returns are significantly above the average market rates for traditional savings or investment products. This could indicate that the investment carries a higher level of risk, and investors should exercise caution and conduct thorough research before considering participation.
Is Tapbit Trustworthy and Reliable?
Tapbit claims to be one of the safest exchanges globally and reassures users not to worry. Let’s put this claim to the test.
Assessing Legitimacy
Tapbit presents itself as a centralized exchange, proudly claiming registration within the United States. Indeed, it is listed in the registry of Money Services Businesses (MSB). However, it’s crucial to note that inclusion on such a list doesn’t necessarily equate to a clean bill of health, as the regulatory body itself issues a warning that being listed as an entity does not imply a project’s reliability.
The choice of such a contentious jurisdiction is perplexing, given the various options available globally for obtaining licenses with relative ease. Moreover, regulatory authorities in certain jurisdictions might not be as stringent as the U.S. Securities and Exchange Commission (SEC).
Established Track Record
There appears to be a significant discrepancy regarding Tapbit’s inception date. Many sources, including CoinMarketCap, claim that the exchange has been operational since 2019. However, suspicions arise that the information provided may have been inaccurately compiled by an individual with limited knowledge of the subject matter.
On the other hand, alternative sources suggest that the company was established in 2021. Nevertheless, even this assertion may not accurately reflect the true timeline. Both the Whois database and the Money Services Business (MSB) registry indicate that Tapbit came into existence in 2022, making it a relatively new project.
Implications for Traders
In light of the varying information, Tapbit remains, at its core, a cryptocurrency exchange. As with any exchange, the decision to engage with it ultimately lies with individual users. If you are comfortable with the available information and its services, align with your trading needs and preferences, you are free to explore what it has to offer. However, it is advisable to exercise caution, conduct thorough research, and consider the potential risks and uncertainties associated with any trading platform.
Strengths and Weaknesses of Tapbit
- Diverse asset selection. The platform provides access to a wide range of assets, including stocks, cryptocurrencies, commodities, and forex pairs, allowing traders to diversify their portfolios.
- Lack of regulation. The lack of oversight from a reputable regulatory authority can leave users exposed to potential risks and fraud.
- Limited customer support. The exchange suffers from subpar customer support, often leading to delayed responses or inadequate assistance for users encountering issues or inquiries.
- The platform imposes relatively high trading fees and commissions, which can eat into traders’ profits, particularly for frequent or high-volume traders.
- It falls short in providing comprehensive educational resources and tools to help users improve their trading skills and knowledge.
3 Reviews about Tapbit
I trust the exchange 100%, because there have never been any cases of scam or non-withdrawal. Neither I nor my acquaintance have ever met scammers on p2p here. Most likely there are no triangles there. For p2p traders, it’s another platform to use. It’s very easy to get a merchant from them to start working normally and earning money. Withdrawals work exactly stably and without jambs. I haven’t even seen any real reviews with claims that withdrawal of funds doesn’t work.
So there’s not much liquidity here... Well, if you have a deposit of a couple of thousand dollars there, then yes... But for whales, definitely not... And I want to point out that not very many people know about this exchange.
Working with centralized exchanges in 2023? Seriously? And this, when the FTX crypto exchange was successfully scammed in November 2022? I don't think this is a good idea. In general, I only use Binance, and only in rare cases. Well, yes, also OKX, but there purely because of retrodrops. I don’t recommend using CEX, since DEX has long replaced them. GMX, DYDX, VELA are excellent alternatives to these garbage CEX.
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