House of Bits Review 2020

About

House of Bits is a crypto exchange from Australia. It belongs to the company named Marketscore Pty Ltd, and the idea behind everything is to provide a safe environment for each registered client.

They manage to reach the highest levels of safety with different layers of security. They provided cold storage, DDOS protection and SSL and all of this combined does make a safe environment for trading.

Although protection is one of the most important factors, many other things need to be taken care of. That said, in this House of Bits review we will go through everything and see if all those positive comments from clients are justified or not.

Accounts

At House of Bits crypto exchange, you won’t find different types of accounts. Once you register there, that’s it. This has some benefits since it will save you time. There is no need to choose between the accounts, the only thing you have to decide is the amount of money you wish to deposit. There are only three steps between opening an account and purchasing cryptocurrencies, so the process is fast.

The first step is to open an account, of course. Just fill in your details like name, email and password and that’s it. Now, it’s time to verify that account. Since House of Bits Australia puts security in the first place, you will have to provide them with information about yourself. According to their KYC (Know Your Customer) Policy, you need to scan and send them some documents.

Without this verification, you won’t be able to have an account. That said, take a good look at their KYC Policy and prepare those documents in advance. This way the process will be shorter. While we are at the verification part, keep in mind that House of Bits is a legitimate crypto exchange. 

This means you are obliged to send them any additional document, if necessary. This will happen only if something suspicious is happening to your account. House of Bits Australia is authorised to stop any transaction until you send everything for a review. Also, they have the right to deactivate your account.

Now, once everything is verified you have to select the desired amount. There is a possibility to choose Bitcoin (BTC) or Ethereum (ETC). Lastly, the only thing you need to do now is press the ‘’Buy’’ button and complete the purchase.

I have to say, House of Bits left a great impression on me regarding the accounts. Everything is fast, clients don’t waste their time and the accounts are safe.

Education

If you are new in this crypto trading world, there is one thing you should know. Without proper education, you cannot reach your goals. And by this, I mean constant learning and improvements. Each crypto exchange has to offer some educational material. The main question is how much effort is someone willing to put in this segment of their business. Well, that’s exactly what we are going to see in this House of Bits review.

First of all, there is the most simple and clear part of House of Bits crypto exchange. How It Works page. This segment has a selection of the most important questions with short explanations. You won’t be able to find many details here, but it’s perfect if you are in a rush.

Similar to this there are Frequently Asked Questions. The main difference is that in this section we have more in-depth explanations. For example, you will find answers to questions like which cryptocurrencies are available for purchase, where can you get a digital wallet, etc.

Lastly, an actual educational part of House of Bits crypto exchange. Different articles that cover topics like why to buy Ethereum (ETC) or what is Bitcoin (BTC). All of them are written by professionals and if you can learn a lot from them. Also, there are some in-depth articles on how to open an account, deposit money, etc.

As you can see, we have different learning material at this crypto exchange and if you are willing to learn, you’ll be satisfied.

Technology

House of Bits provides an optimised website. You can use it on any device. If you like to sit and relax while making purchases on your computer, you can do that. But, if you are in a constant rush, you can use Android or Apple phone (or tablet). Whatever you prefer, since this crypto exchange gave us the possibilities.

When it comes to design it is simple and contains everything we need. The main tab is located on the top of the website and it has important things like contact, how it works and FAQ. Everything else is in the bottom.

They also made a simple platform for buying and selling currencies. You will see only necessary buttons, so if you are a beginner no need to worry, it’s easy to manage. The loading speed is also great, there are no interruptions and everything works smoothly.

There is only one thing this crypto exchange doesn’t provide, an e-wallet. There isn’t an option to get a digital wallet on their website, but that can be a good thing, actually. You have complete freedom to choose where you want to open one for yourself. Find the perfect website, hardware vendor or exchange and the money will be transferred there in the shortest period.

Support

Everything you need about customer support is placed in the Contact Us tab. The first thing you see is an online form and you can use this method to send them a message. This is an easy way since you do not have to leave the website and it works similar to email. Add your personal information, contact phone and email and a message. Once you send the message, someone from customer support will contact you with an answer.

As I said, this online form works just like an email but it has limitations when it comes to characters. So, if you have a longer question or request, email would be a more suitable option for contact.

Lastly, there is a Live Chat. I tried out this method and one of the agents replied within a couple of minutes. The customer representative was very responsive and polite and I have to say my experience with the support was completely positive.

Funding

If you already opened an account, it’s time to make a deposit. You can do that using Fiat money (USD, EUR or GBP) or with credit/debit card and bank transfers.

With each transaction, you have to pay a fee. It’s a small one, like 5% for buying and 9% if you are going to sell your digital currency to them. Aside from the exchange fee, there is also one for processing the transaction. For a Wire transfer that fee is 4.1% and for Credit Card or any Alternative Payment Method it is 6.1%.

And the thing I like the most, the Refund Policy. I like to see this part at the crypto exchange because it shows me how legitimate they are. You can always cancel your order and after that, you have seven business days to apply for the refund process.

Verdict

House of Bits crypto exchange is the perfect choice for each trader. It doesn’t matter if you are a beginner or a pro, they have different features to satisfy even the pickiest clients. So, if you are looking for solid and reliable crypto exchange, I can certainly recommend the House of Bits.