This review is dedicated to the first cryptocurrency exchange from Belgium – Bit4you. The company states its founding date as 2018, with its CEO Benoît Seys. Here, users can buy and sell digital currency, but the platform’s security is questionable due to the lack of licenses. Moreover, there are suspicions about the suspension of the crypto exchange’s operations in the spring of 2023. Nonetheless, is the firm worthy of attention and trust, or is it better not to risk it?
How to Trade
For trading, hundreds of cryptocurrency pairs are available, from the most capitalized to less popular tokens. Bit4you does not have a minimum deposit threshold, and replenishment is available only in cryptocurrency, while withdrawals can be made in fiat USD/EUR.
Beginners can try a free demo account with a virtual $100,000. Additionally, the project offers extra income through an affiliate program, under which partners receive up to $50 for each referral.
The platform supports major types of orders: market and pending, including stop-losses and take-profits. Users can invest cryptocurrency in staking and receive up to 15% annually. The size of commissions remains unknown, and margin trading is not available.
Bit4you Vital Info
The domain of the site was registered in 2017, and the platform’s launch date is August 29, 2018. By looking at snapshots of the site on webarchive, it can be seen that such a cryptocurrency exchange indeed existed in 2018. Although initially the project was decentralized, it later transitioned to a centralized platform.
The company assures us that it operates according to the laws of Belgium and Europe. In Belgium, the FSMA regulator is responsible for controlling crypto exchanges. Until May 2, 2023, Bit4you had a license from FSMA, but then chose not to renew it. At the same time, the status of the legal entity is indicated as “inactive”. A rather strange point, as currently, the platform is unregulated.
I dealt with Bit4you from 2021 to 2022. More precisely, from August 2021 to July 2022, so I traded on this platform for almost a year. Their web trader is normal; I never complained about its performance and functionality. Liquidity was good, but I had small volumes, so it didn't play any role or matter to me. The commissions are pleasant, no higher than the average among competitors. Moreover, during that period, I actively placed assets in staking, which brought excellent percentages. I earned serious money thanks to staking. It really paid a good income. But such generosity was almost everywhere, as 2021 was a bull run, and there were high interest rates everywhere. I was lucky that I got out of staking in the spring of 2022 and did not suffer significant losses from the price drop. Cooperation with the cryptocurrency exchange was a good time. I even miss it a bit, but now I can't trust it with my crypto, as everything has changed. Now I use only DEX.
Is anyone using Bit4you's services? I want to try trading here, and I'm also interested in the staking service with an annual yield of 15%. But I'm concerned about whether the platform is reliable and solvent. I checked the Belgian registries, and they currently have an inactive license. So I'm asking this question.
Top platform! In the best years for the cryptocurrency industry, I made over $200k here.
Is anyone else trading on CEX? It seems to me that after the FTX incident, everyone has long since moved to DEX, because trusting your cryptocurrency to unknown people is foolish. I do not recommend keeping money in Bit4you, but only a small part, so it's not a pity to lose.
Are you aware that Bit4you is currently on pause? They haven't been operating since May 2023, so you can't create an account, and that's why the license was not renewed in May 2023. So, for now, I don't see much point in discussing a platform that isn't operational. But I'm curious, what happened to the users' money that wasn't withdrawn before the closure? Can they withdraw it now? I would like to read information from active clients of the exchange to find out the real situation.
Some kind of fraudulent platform, which makes no sense to trade with. Bit4you is definitely involved in fraud, it's evident to the naked eye. On Coinmarketcap, there's nothing written about it, it's unknown what the turnovers are and what the real listing is. Moreover, the company has not provided proof of owning enough assets to cover all user withdrawals.
A normal and reliable platform. At least, that's how it was in 2021 when I traded Bitcoin on Bit4you. That year, I didn't encounter anything critically negative. I traded there because of the lowest commissions. But then I ran out of time for active trading, so I withdrew all my assets to cold wallets and didn't touch the exchange anymore. I don't know how the crypto exchange is functioning now, but everything was fine in 2021.
Customer support hasn't responded to me for more than half a year. My $150 is still on the balance, but I can't withdraw it. Has anyone managed to withdraw money from the fraud exchange?
Last year I traded here. I can't say anything positive about Bit4you. Terrible terminal with a bad interface and poor performance. Constant lags, slow operation, strange quotes. The commissions are also high, and the amount of cryptocurrency is super-scarce. I traded here for a week, then moved to another place.
And why is nothing more written on social media? And why doesn't customer support respond to me? Does anyone else have the same problem? Is everything okay with the platform or not?
What are the fees here? When trying to open the section with fees, it shows error 404. The same goes for user agreements. Is this normal? I don't think so. The official website is completely useless. Many aspects are missing and untold. And apart from the referral program and pseudo-staking, I don't see anything unique about Bit4you. Therefore, I do not recommend getting involved with the exchange, as it is not only unprofitable but also unsafe.
You can forget about BIT4YOU, as it's unlikely the platform will resume operations. In May 2023, they stopped all processes. I don't know if they let people withdraw their money. But judging by the reviews, many lost their deposits. How can you trust centralized exchanges after this?
DON'T DARE TO INVEST MONEY HERE!!! According to some information, the exchange didn't just pause its operations; it closed and scammed forever! Everyone who didn't manage to withdraw their assets from this site lost them forever. I don't know what can be done in such a situation. The exchange was small and unknown. It's not FTX, where even a restart is possible. The platform was really only known in Belgium. People have suffered and can't withdraw. My friend lost $7,500 in Bitcoin here. Now it's already $15,000, as Bitcoin has risen well in price. Spread as many reviews about Bit4you as possible, so everyone knows about the scam.
I have $500 stuck on the platform, in ETH. I can't withdraw the cryptocurrency from this fraudulent place, and I don't know what to do. I've written several emails, but haven't received any response. The problem is also that I'm in Asia, not Belgium, and probably because of this, the company will definitely not return my money. I know that Belgian users were refunded every last cent.
I regret getting involved with www.bit4you.io. I foolishly listened to an acquaintance who suggested I register using his referral link. Of course, I accepted the loss and realized my mistake, but it's frustrating to lose $500 so foolishly. What if it had been $5,000? I would be speaking differently, definitely.
So know the whole truth about BIT4YOU. They're some scammers refusing to return my cryptocurrency.
The platform is primarily aimed at traders from Europe, although I know that users from Hong Kong and the USA also trade here. Bit4you has been on the crypto market for a long time but does not hold a leading position. It is unlikely that the exchange is even in the top-20 or top-30. Yes, you can trade on it and not worry too much about the safety of funds, but I think it's better not to risk it. Residents of Belgium might not worry, as their interests are protected by the regulators of their country. But residents of other countries should think about whether they are ready to risk their digital assets or not.
Personally, I withdrew all my money from here in 2022. By the way, the withdrawal of funds was good then, but how the firm withdraws now, I do not know. So I do not worry because I decided not to risk it.