The Cryptocurrency Revolution
24-hour trade volume
No – The design of the bitconnect platform leaves a lot to be desired. The design of the Bitconnect Lending platform looks like an outsourced technology project gone bad from the early 2000s. The interface is looks dated, the navigation is confusing, and several of the UI elements feel downright out of place.
No – I’ve reviewed several other exchanges and have a fairly high IQ when it comes to navigating technology platforms. It still took me several minutes to exchange my BTC to BCC and fund my first “loan.”
No – There’s not really help or support documentation so much as an extended FAQ page. Some common questions can be answered here, but the really important ones like, “Does Bitconnect actually have any offices?” seem to have been left out.
TBD – Still awaiting response.
Verification on Bitconnect requires users to upload a scan or photo of two types of documents:
- Proof of name and D.O.B.
- Driver’s license or government issued ID
- Proof of address issues in the last three months
- Utility bill
- Bank statement
Yes – via Google Authenticator
No – There’s not any mention on the website of any type of insurance. In fact the terms of service makes it very clear that lending bitcoin is a risky investment
No – Storage of funds and security are not mentioned in any sort of detail on the Bitconnect website.
Payment & Fees
Bitconnect offers an exchange service which charges .25% on all trades made.
Bitconnect does not charge any fees on deposits into their Bitcoin or Bitconnect Coin wallets
Bitconnect claims that they do not make any money on withdrawals, however, there is a mining network transfer fee of .00004 BTC “in order to maintain fast and reliable confirmation times.” I have personally withdrawn earnings from Bitconnect to my Coinbase Wallet and didn’t experience any issues.
Accepted Payment Methods
In order to start Bitcoin lending, you must first convert your Bitcoin into BitConnect Coin which is quite the hassle, but I’m guessing it helps inflate the price of BCC with everyone converting their tokens.
Supported Cryptocurrencies / Trading Pairs
Mediocre – I’ve heard several complaints about accounts being locked when there’s large deposits or withdrawals on the Bitconnect network. In recent months, they’ve gotten better about posting to their blog when these things happen.
Yes – iOS and possibly Android. The homepage of their website shows app store icons for both versions of their mobile app, but the link to the Google Play Store is broken. The iOS app does exist but with the exception of “DragonNinja” all the reviews are two stars or less.
The one thing that Bitconnect has going for it is that users do appear to be making real money from the Bitcoin lending service. Personally, I funded a loan about 10 days ago in order to test the service for myself. Since my initial investment, I've already made back 10% of my loan. Now whether or not that money is coming from new deposits or there is, in fact, a crypto trading bot behind the curtain is still up for debate.
At best Bitconnect is an ugly Bitcoin lending and staking service. At worst, it's one of the largest Ponzi schemes of the 21st century. I recommend not risking anything you aren't ready to lose. If Bitconnect suddenly disappeared, it wouldn't be the first time a service of its kind suddenly vanished.