house of bits

House of Bits Review 2020

About

Have you ever heard about House of Bits, an Australian crypto exchange? If your answer is positive, then you are already familiar with the numerous reviews from satisfied clients. If not, in this House of Bits review we will go through every segment and familiarise you with this crypto exchange.

First thing I noticed is the highest level of protection. On the website, there are different layers of security such as cold storage, DDOS protection and SSL. Once you combine all of this, you get a safe environment for each client.

I am surprised to see all these things, but that still doesn’t show me how well House of Bits Australia does business. That said, we will research the account first, to see whether this exchange is worth our time or not.

Accounts

 

House of Bits crypto exchange provides just one account. This can save you a lot of time since there is no need to read and compare what are the benefits of each account. Instead, the only thing you need to think about is the amount of money you wish to deposit.

If you decide to open an account at House of Bits Australia, the process will be easy and fast. Fill in the required fields (name, email, password and phone number) and wait for verification email. Identity verification is a necessary step and if you don’t complete it, the account won’t be activated.

The process itself lasts a little bit, but it mostly depends on you. If you send all documents the same day, people from that department will verify your account instantly. That said, be sure to check their KYC (Know Your Customer) Policy to see what documents you need to prepare.

There is one other thing about account security that I like a lot and need to mention in this House of Bids review. If there is something suspicious, people from this crypto exchange are authorised to freeze any transactions and ask for more information. If you do not provide those documents, the account you have will be deactivated.

Now, when everything is checked and secured it is time to select the desired amount and cryptocurrency. There is an option to choose either Bitcoin (BTC) or Ethereum (ETC). After that, you are ready for the last step — purchase.

What amazes me the most is the simplicity of the whole process. They managed to make it in just a few steps and yet it is completely safe. I can tell you, it’s not an easy task to find the perfect balance and I need to give them credits for that.

house of bits

Education

Cryptocurrency trading can be confusing sometimes. You need to stay updated with the latest events in the market, there are so many details to remember and no matter how easy it sounds, in reality it is not. That’s why you need to improve your skills constantly.

The only way to do that is to find a crypto exchange that offers different educational material and informative articles. So, let’s see if House of Bits showed good performance in this section, too.

When you go to the website and search for some informative articles, you will find a lot of things. For example, there are in-depth explanations that tell you why to buy Ethereum (ETC) or what is Bitcoin (BTC). Apparently, they have a team of professionals who are ready to pass their knowledge to other traders. Aside from that, there are some articles on how to open an account, deposit money, etc.

Of course, this is not the only educational material you will find. House of Bits provided Frequently Asked Questions, too. I know this part does not seem educational at first glance, but it is one of the most important things. Inside this page, crypto exchange should provide answers about cryptocurrencies, where can you get a digital wallet, etc.

I will finish the part about education with the How It Works page. This is the section with the shortest explanations. Each question should contain one sentence and if you are in a rush, you can just take a quick look before you make any move.

house of bits

Technology

The first thing that interests me about technology is optimisation. Apparently, House of Bits provides an optimised website and you can use it on every device. It doesn’t matter whether you are used to trading on your computer or mobile phone, you will be able to buy and sell cryptocurrencies either way. So, they passed the first test, but let’s see other things, too.

Design is simple and it has everything we need. In the main section you will find things like contact, how it works and FAQ. Everything else is in the bottom of the website.

The platform also contains only the most necessary buttons. If you are a beginner there is no need to worry, you will manage to use it without any help. The loading speed is excellent, there are no interruptions and purchases work smoothly.

An e-wallet is the only thing House of Bits doesn’t have. You will have to choose the one from another website, hardware vendor or exchange and the money will be transferred there in the shortest period. I don’t mind this at all, you can choose from the website you want and that is a great thing.

house of bits

Support

House of Bits Australia offers three methods for contact. You can see them if you visit the Contact Us tab. The first one is an online form. This is an easy way since you can send them a message without leaving the website. Add your personal information, contact phone and email and type a message. Someone from the customer service will contact you as soon as they get your question.

If you are used to emails, there is an option to send them one. They have separate email for support and you can find it on the website.

The third method is a Live Chat. This is always the fastest way to receive a reply, since they usually reach out to you within a couple of minutes. In the case of House of Bits it’s not a generic Live Chat that uses chatbots, so you will receive a proper reply.

house of bits

Funding

As a deposit method you can use credit/debit card and bank transfers. They accept Fiat currencies USD, EUR and GBP and with each transaction you make, there is a small fee. If you opened an account to buy Bitcoin or Ethereum from House of Bits crypto exchange, the fee is 5%. If you want to sell them the digital currency, the fee will be 9%. Aside from that, there is a processing fee, too. For a Wire transfer that fee is 4.1% and for Credit Card or any Alternative Payment Method it is 6.1%.

Those fees are reasonable, so I don’t mind them. Especially when I see there is the Refund Policy. You can always cancel your order and after that, you have seven business days to apply for the refund process.

house of bits

Verdict

From everything we saw in this House of Bits review, I can tell you that this is a legitimate crypto exchange. You will be able to buy, sell and trade digital coins with a total peace of mind, security and protection.

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