Bank-bit has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". Bank-bit found at http://bank-bit.com/ is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
The hidden fees at Bank-bit are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Educational resources|Quick verification
Cons: Limited cryptocurrency options|Search feature is basic
Their two-factor authentication was optional when I joined. I enabled it. Later I lost my phone and could not log in. Bank-bit recovery process took 3 weeks and required notarized documents. By then I had missed important trades. Their security is your inconvenience.
Pros: Instant funding|Educational resources|Full transparency
Cons: Currency conversion fee exists|Wish they had more educational resources