Bitcoin Capital offers relatively low fees compared to other providers. Most trades only cost 0.20% or less.
Bitcoin Capital Hack – How secure is Bitcoin Capital?
In the past, Bitcoin Capital has been hacked. Of course, there are always such risks. That’s why I recommend never using just one crypto exchange. Rather, diversify your crypto holdings on several different platforms.
It’s also best to use a cold wallet like BitBox02. With this, you withdraw the coins from the exchange and store them locally on your device at home. Of course, you should take care of the BitBox02 (or any other cold wallet) – the responsibility is yours.
But now to the question: how secure is Bitcoin Capital?
It is an exchange that has been on the market for a long time. I believe that the hack of that time scared the developers and they gave everything to protect Bitcoin Capital from another hack. There is never a 100% security in IT.
Bitcoin Capital uses different common methods to secure user accounts and funds. These include two-factor authentication, advanced APIs for connecting external services, protection features for withdrawals, and cold storage of customers’ funds.
However, Bitcoin Capital has not always done well in terms of security. As a result of the Bitcoin Capital hacks, trust was lost.
Personally, I have no concerns about another Bitcoin Capital hack. However, you should decide for yourself if the past hack will prevent you from buying cryptocurrencies through this exchange.
Overall, Bitcoin Capital receives a split verdict from users. Its past history of regulatory issues is rather concerning. You should make your own decision on how to reconcile the solid platform and low fees with a flawed past. Which just includes the breach of trust with customers.
How to deposit money at Bitcoin Capital?
Depositing money on Bitcoin Capital is easy, but with a bank transfer it takes time. This is because bank transfer deposits are only available for verified accounts.
To bypass this verification, I transferred bitcoin from another wallet to the Bitcoin Capital account. You can then use these Bitcoin holdings to buy other cryptocurrencies on Bitcoin Capital.
How to withdraw money from Bitcoin Capital?
Withdrawing money from Bitcoin Capital to my bank account is something I haven’t done yet. This is because I want to avoid the KYC process.
What I have done completely without any problems is to transfer bitcoins to another wallet. Here, for example, you could use a Coinbase account to exchange Bitcoins into fiat through it.
If you don’t want to have any reference to you as a person at all and want to withdraw money from Bitcoin Capital completely anonymously, you could use a Bitcoin ATM, for example. Or you could convert the Bitcoin to Monero and transfer the money somewhere else. But I can’t guarantee that it is really 100% anonymous.