UPDATE: Founder and Majority Owner of Bitzlato, a Cryptocurrency Exchange, Charged with Unlicensed Money Transmitting. It is alleged that Bitzlato Ltd. Processed More than $700 Million Dollars’ Worth of Illicit Funds, Including Millions in Ransomware Proceeds. Find out more details here.
With the ongoing crackdown on regular cryptocurrency exchanges, peer-to-peer marketplaces like Bitzlato, Paxful, Remitano, LocalBitcoins, Vertex, CoinCola, and Local.Bitcoin.com are seeing an uptick in user base growth, particularly in regions with limited exchange platforms that offer a wide range of payment methods that are typically not available on conventional exchanges.
Previously known as ChangeBot, Bitzlato was launched in 2016 and is a peer-to-peer custodial exchange. Users of Bitzlato can trade up to 10 cryptocurrencies including Bitcoin (BTC), Tether (USDT), USDC, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Tether (USDT), and even Dogecoin (DOGE).
Bitzlato offers a p2p trading platform for both mobile and desktop. More popular is their WEB version but users can also utilise their Android mobile application for p2p exchanges. Bitzlato also offers Telegram trading bots which enable users to trade conveniently. For example they have @BTC_CHANGE_BOT which is their Bitcoin exchange bot. They also have @ETH_CHANGE_BOT, @TETHER_CHANGE_BOT, @LTC_CHANGE_BOT, @DOGE_CHANGE_BOT, @DASH_CHANGE_BOT, @BCC_CHANGE_BOT, and even @BZ_CHANGE_BOT which is their universal multibot for trading all available digital assets.
To create an AD on Bitzlato, you need a positive cryptocurrency balance on Bitzlato wallet so that your ads can be shown. The fee will depend on the type of cryptocurrency (more on fees later). A seller cannot put a maximum limit that exceeds what’s in their crypto wallet balance when creating an AD. What’s convenient about using Bitzlato is that a user can change the price after starting a deal. Bitzlato likes to emphasise security so they do not allow users to buy and sell digital assets on behalf of other users or as brokers. Users are only able to utilise accounts that are registered in their name. Users are required to specify their payment details in the Ad or in the Chat if purchasing via the Telegram bots. Users are advised to conduct transactions via the platform to avoid getting scammed by taking unnecessary risks.
Source: Bitzlato
Fees
Bitzlato has some of the lowest fees on the market. Users do not pay the service fees if they are making a deal by choosing the terms of the existing ads. For the Ad creator the fee is 0.5%.
Source: Bitzlato
What makes Bitzlato unique for users in Africa in particular is that they can buy or sell Bitcoin with fiat currencies such as South African Rand, Nigerian Naira or Kenyan Shilling and pay zero transaction fees.
Source: Bitzlato
If you’re an active, high-volume trader in Africa, Bitzlato is currently inviting retail and institutional peer-to-peer traders to earn special rewards and incentives. If you can list your offers to either buy or sell crypto through local African payment methods and currencies you will receive Zero escrow fee trading. You can also get free withdrawal vouchers which means you can also make free withdrawals. In addition, if a trader has a minimum monthly turnover of $4000 they also qualify for special incentives.
The Bitzlato wallet displays the amount in cryptocurrency and also the approximate equivalent in fiat currency. The fiat currency equivalent is calculated at the exchange rate. Users can also see the fees associated with withdrawals of various digital currencies directly from their wallet.
Source: Bitzlato
It’s important for users to note the difference between the deal rate, the equivalent in the wallet and the transaction rate when using Bitzlato. Essentially, the exchange rate is the current rate of one of the digital asset exchanges, which displays the equivalent in the wallet. Users are able to change the crypto exchange platform from which the rate will be displayed.
In addition, the equivalent reflected in the wallet is typically the approximate amount of fiat currency that corresponds to the amount of digital currency and it is calculated at the exchange rate. Furthermore, the deal rate is described as the rate that is set by the trader when they create an AD. This rate may differ significantly from the exchange rate. It is also important to highlight that the difference in rates is not a service fee, but rather it reflects the rate including the trader’s markup.
Bitzlato has a good mechanism for settling trade disputes. Since buying and selling crypto assets on a p2p platform such as Bitzlato means that two parties transact directly to the exclusion of a third party, it is very important to have a benevolent technology provider that is able to assist if there’s a problem. Bitzlato’s trade protection system is meant to ensure that the buyer receives their crypto and the seller receives payment for providing the digital currency.
Bitzlato ensures the availability of coins by holding them in escrow until the seller receives payment from a buyer. Parties can confirm that their trade is active and when this happens, the system holds the funds in escrow until the trade is completed. This is how the platform is able to process refunds if a buyer fails to pay the seller. The system allows either party to open a dispute for arbitration at least 40 minutes after confirming payment and provide evidence when making your case so that a speedy resolution can be arrived at. If a user suspects another user is a scammer they can simply reach out to support using the desktop version or contact Bitzlato via the telegram bot @HELP_BITZLATO_BOT.
Bitzato also offers detailed resources on their website to help users easily navigate their platform. For example you can learn step-by-step:
- How to create an Advert to buy and sell crypto on the platform.
- How to choose the exchange rate in the wallet.
- How the trade protection system works.
- How to verify your account.
- How to set up two-factor authentication (2FA).
- How to transfer data from a Telegram bot when changing your number.
- What to do if your account gets hacked.
Learn how to buy and sell cryptocurrencies using Bitzlato peer-to-peer exchange platform.
