The cryptocurrency trading platform known as Bitcastle underwent a redesign in May of 2022. Since it has been operating, the business has been on the receiving end of a flood of complaints from irate customers. They have a website that appears to be quite basic and doesn’t stick out very much.
However, the most significant problem with this cryptocurrency exchange is that it has questionable terms and conditions, which let the company to even take possession of all of your assets. In addition to that, the business engages in unethical marketing practices as well.
This study will provide additional insight into the cryptocurrency exchange in question and assist you in determining whether or not it is a good financial investment:
About Bitcastle: Platform, Fees, Deposit, Withdrawal, and More
Bitcastle.io is a cryptocurrency exchange that operates out of Saint Vincent and the Grenadines, a country that is known for being an offshore financial center. They reopened in May 2022, and they say that they can offer their consumers a solution to trade cryptocurrencies that is both straightforward and secure.
The cryptocurrency exchange makes the false claim that it does not charge any costs associated with deposits, however, this is not true. This assertion is made in large, bold letters on the page that describes their fees:
However, when you check out the FAQs they have provided in their “Help & Support” section, you’d see that they charge 8% fees for depositing with cards:
However, when you check out the FAQs they have provided in their “Help & Support” section, you’d see that they charge 8% fees for depositing with cards:
However, when you check out the FAQs they have provided in their “Help & Support” section, you’d see that they charge 8% fees for depositing with cards:
In addition to this, they have noted that you will be notified of any changes to the fees associated with deposits only if they feel it is necessary.
When it comes to the fees associated with withdrawals, the platform applies various rates to each coin. For instance, without ETH, you will be required to spend 0.01675 ETH, which is equivalent to thirty dollars. Once more, this is at an exceedingly lofty level.
At this time, they demand 0.001055 BTC (about equivalent to $30) in exchange for Bitcoin transactions.
To put it another way, the charge to withdraw money from Bitcastle is $30. According to the benchmark in this sector, this is considered to be quite high.
In addition, the organization does not divulge any information regarding the various modes of payment that it is willing to acknowledge. In order to process withdrawals, they will request your “Withdrawal address” and then need that you confirm it by sending them a confirmation email. After that, they will tell you that the transaction will be finalized in three to four days’ time.
During the course of my investigation for this Bitcastle review, I discovered that the company does not handle withdrawals in any form of currency that is considered to be legal money. This location is the only one where you may purchase cryptocurrencies. This may cause some users a significant amount of frustration.
They Don’t Have Much Customer Support
It is absolutely essential for a cryptocurrency exchange to give its consumers high-quality and easy-to-reach customer service. The Bitcastle client also has issues in this area.
Their Help and Support page includes a variety of Frequently Asked Questions in addition to a contact form. That sums it up nicely.
The company does not offer a live chat feature and does not disclose any phone numbers for customers to call. You will only be able to communicate with them through their online contact form. Even an email address is not something you will receive from Bitcastle.
This is not only time-consuming, but it also prevents you from expressing your issues in an effective manner. It is quite clear that the organization has a significant amount of work to do in order to improve its customer service department.
As you read the numerous reviews, you will come to the conclusion that this firm has a significant amount of room for improvement in terms of its customer support:
Bitcastle Reviews: What Their Customers Say
When you search for “Bitcastle review” on the internet, you will find a large number of negative comments. Now, this is a significant warning sign for a company that has recently rebranded itself, so keep that in mind.
It gives the impression that the corporation does not care very much about its clients.
The majority of the criticisms leveled against this cryptocurrency exchange allege that Bitcastle is a fraudulent operation, while some criticize the lengthy processing delays for withdrawals. The following is a selection of the many complaints that have been submitted regarding this website:
The above reviewer calls it a bunch of scammers. They complain that the withdrawal fees of this cryptocurrency exchange are extremely high and I don’t disagree.
It is important to keep in mind that Bitcastle received all of these reviews during the first two weeks after it had been relaunched. It indicates that a significant proportion of the people who signed up there did not receive the experience that they had anticipated.
Another Common Review Topic: Excessively Long Withdrawal Process
Apart from the people calling Bitcastle.io a scam, there were plenty of others who complained about the excessively long withdrawal process.
The above reviewer highlighted said they will process his withdrawal within 2 days. Then, they extended the period to 4 days. Afterward, they said it would take 2 more weeks.
He says the company is nothing but a scam that never processes your withdrawals.
Like most others, he also complains about the $30 withdrawal fees of this crypto exchange.
The “Bitcastle Review Campaign” – Trying to Bury Customer Complaints
As you may have noticed, this crypto exchange has already racked up a ton of negative reviews because of its poor customer support and high withdrawal fees.
However, instead of fixing these issues, the people behind Bitcastle tried to use a very unethical marketing tactic
Shady Provisions in Their Terms and Conditions:
Bitcastle has a number of other issues, in addition to the exorbitant withdrawal fees, dishonest marketing strategy, and lack of customer service.
I looked over the ‘Terms of Use agreement that is associated with Bitcastle. There, I discovered a large number of problematic provisions that grant the platform a great deal of control over the funds of its customers.
The first red flag that I saw was a clause that gave Bitcastle the ability to change the price structure at any time without giving you prior notice. They have the ability to make overnight adjustments to their rates and to charge you more anytime they see fit.
Conclusion
After going through the above points, it’s obvious that Bitcastle is a sketchy platform. They have excessively high withdrawal fees, they lie about their deposit fee and they don’t have much customer support.
The company ran a “Bitcastle Review” campaign just to bury the numerous complaints it had received within a few weeks of its launch. Certainly, they are a shady organization you should avoid at all costs.
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