eBitpoint is a secure online peer-to-peer crypto exchange in Ghana that offers escrow services for selling, buying, and storing crypto assets. eBitpoint was founded in 2017 in Accra, Ghana, by Michael Nukpoafe, who is still the CEO.
eBitpoint focuses on the Ghanaian market, allowing customers to quickly deposit Ghanaian Cedi in return for digital assets.
Platforms
eBitpoint operates only on its website and has not yet released a mobile application. Here is a breakdown of the website’s essential security and accessibility features:
Ranking the website
The website has a low Alexa rank – indicating that this website has a relatively small amount of visitors. Usually, this is what you can anticipate from a small, new, or specialized website. eBitpoint has been around for several years since its launch in 2017. It is a good sign because the longer a website has been there, the more likely it is to be trustworthy. On the other hand, the website’s age is no guarantee since scammers purchase existing domain names and begin their nefarious activities there.
Technical analysis
The website has a legitimate SSL certificate. Businesses, including crypto exchanges, encrypt communication between your computer and their website with an SSL certificate.
Security
eBitpoint requires its customers to complete ID verification or the Know Your Customer (KYC) to prevent fraud and keep the platform fully compliant with the national regulations. Two-factor authentication is available for user accounts by sending a time-based OTP to the registered email address.
The exchange is highly secured to keep private user information and transactions safe and has regular functionality updates. Unlike its competitors, eBitpoint does not have a mobile app, which makes this crypto exchange less appealing.
Transactions are carefully reviewed and monitored manually. Theft and unlawful transactions are both avoided by strict security protocols.
Wallet and asset storage
Secure offline storage keeps a significant percentage of user digital assets while strict security protocols safeguard wallet account funds. eBitpoint also has a custodial wallet where users can keep their digital assets safe. It also includes a fiat money wallet where deposits in Ghanaian cedis are allowed.
Deposits and withdrawals
According to eBitpoint, for the Bitcoin exchange rate, you may buy or sell crypto-denominated in Ghanaian cedis for as little as $10.00. Currently, you can only use the following payment methods in Ghana:
Deposit:
– Mobile Transfer – MTN Mobile Money
– Wire transfer – Bank: Fidelity
Withdrawals:
– Mobile Transfer – Mobile Money via MTN
– Wire Transfer – Local Banks
Withdrawing Bitcoin to GHC in eBitpoint
1. Click the Receive button on the Wallets, BTC Wallet page to create a wallet you can use to receive Bitcoin to your eBitpoint Bitcoin Wallet.
2. Security measures will hold the requested Bitcoin/BTC until the Bitcoin network receives confirmation.
3. When Bitcoin reflects on your wallet, go to the Buy or Sell section in the platform and input the amount you wish to sell. You will receive fiat instantly into your wallet when the transaction is completed.
4. After completing the sale of your BTC, head back to the Wallets section and confirm your transaction details.
5. When withdrawing from the GHS Wallet, the Settings Billing tab is chosen and utilized automatically. It updates your mobile money details. They include the account number and name associated with your mobile money wallet.
6. Go to Wallets and click the Withdraw icon under GHS Wallet to withdraw funds.
7. Withdrawals take less than one hour to complete, with the majority taking only a few minutes.
Cryptocurrencies supported
eBitpoint supports very limited cryptocurrencies. The availability of supported cryptocurrencies for trading, deposits, and withdrawals varies with each crypto. Your location also determines fees and availability. eBitpoint supports the following cryptocurrencies currently:
1. Bitcoin Cash
2. Bitcoin
3. Litecoin
4. Ethereum
5. Dash 6. XRP (Ripple)
eBitpoint does not accept digital currencies or other tokens not listed above. eBitpoint rejects any transaction conducted with an unsupported digital currency.
Fees
Miners fee
eBitpoint does not cover the network mining fee for outbound crypto transactions for consumers. Taker transaction fees are calculated automatically upon transaction creation. It implies that the cost may be more or cheaper according to transaction volume in the market. The send confirmation screen presents the fees incurred. This miners’ fee does not go to eBitpoint.
Crypto fees
Generally, no fees are associated with using the eBitpoint’s Hosted Digital Currency Wallet service. Transaction costs like miners’ tariffs apply to crypto transfers to addresses outside the eBitpoint platform. Fees adjust at the time of transaction depending on the current market rates.
Exchange rates
Your transaction size and market volatility determine the eBitpoint platform’s exchange rates. Duration of eBitpoint usage calculates exchange rates for buying or selling cryptocurrencies through the eBitpoint Conversion Service (“Exchange Rate”). Before your transaction is complete, the exchange quotes a final price for you.
Trading Limits
To boost trading limits, users must complete a verification process and start a purchasing history by trading with eBitpoint. This requirement is mandatory.
The most efficient way to fund your GHS Wallet for Ghanaian clients is to use a bank wire transfer or mobile deposit. It is the most efficient method for placing a large order. Your eBitpoint account has a cumulative limit, irrespective of which payment option you use or the state of your account’s verification. Limits replenish every 24 hours. If you place a maximum-amount order, your limitations bar will be depleted and replenished the following day.
Customer support
eBitpoint has an in-app live chat section where you can talk to customer support for any questions and inquiry tickets where the customer support team replies via the official email. This method is best for more private inquiries like account-related issues. The exchange has a minimal review at TrustPilot, averaging 3.2 stars. The platform also has a comprehensive FAQ section where users find answers to common questions.
Summary
1. A limited number of cryptocurrency listings capped to only 6.
2. Free Bitcoin transaction fee
3. A mobile app is unavailable
4. Several safety protocols to keep assets secure
5. Low minimum purchases of $10
6. Efficient purchases with Ghanaian Cedi, including deposits and withdrawals