Mastbit cryptocurrency market is the relatively new place for cryptocurrency trading. It got launched in June 2019. It was registered in Estonia, but established by Polish who have been connected with cryptocurrency markets for a long time. In general, it would not be anything interesting (just one of many cryptocurrency markets), if it wasn’t for two things:
Firstly: It probably has the most profitable affiliate program out of all currently operating markets, which enables you to earn up to 35% commission for recommending the market, with 3 referral levels. Of course, it is a big advantage for marketers, but… at the same time, it may be a disadvantage for the market itself, because, who can afford to pay out such high commissions when the business has only just started? It is worth to look at these commissions from both angles. Are they going to result in difficulties for the company in the future? Would they get lower as the company develops and gains enough customers to not to have to attract them as much as they do now?
Secondly: According to Mastbit’s announcement, in the future, their users will be able to receive credit cards, to allow them to pay in stores with their cryptocurrencies. This solution is supposed to be in some way connected with traditional currencies (FIAT), but we don’t know the details yet. They also say that people, who use a Mastbit card in stores, will receive CashBack for their shopping, so some of the money they spend will come back to them.
It looks very interesting, but we are going to have to see whether they are going to achieve it or not.
The Mastbit official communication channels (that’s where you’ll find all the news):
Youtube: https://www.youtube.com/channel/UC38OxPp5unrrnTDyCIJafLA (no movies!)
Medium: https://medium.com/@MastBit (no posts!)
Reddit: https://www.reddit.com/user/MastBit (no posts!)
Take notice that as a new market, they should have made more effort: at the moment, although they display links to various social media on their website, most of them are either empty or not updated.
MastBit OÜ is registered in Estonia at Lõõõtsa tn 5, 11415 Tallinn.
How to create an account on Mastbit ?
Visit the www.mastbit.com website.
You will then be directed to begin setting up your account. Fill in all required fields and accept Terms of Service.
After continuing, access your email and follow the verification link.
All other things you can set up after login.
Their affiliate program encourages joint trading. They offer a three-level affiliate program for recommending the exchange. Each user can receive a total 35% of the transaction commission.
Deposit options: only cryptocurrencies
Withdrawal options: actually only cryptocurrencies
Fees: 0,5 % from transactions
Don’t forget about basic safety measures: cryptocurrency market, even the best one, is not a good place for storing large number of coins for a long time. Withdraw them regularly to your safe, cold wallets (like e.g. Ledger). In the past, it happened multiple times that a market collapsed and declared bankruptcy. In this case, people who stored large amount of coins in there, lost a lot. Do not take that risk – only store as much as you need on the market and withdraw the rest.
Take care about safety of your funds.
Conclusion: Mastbit review. Is it safe trading platform?
Yes, but you should never believe that it will stay this way forever and that possible losses (hacker’s don’t sleep!) will always be covered by the owners. Look after your own safety and do not hold large sums on any markets!
Mastbit is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).
I think that the company’s plans are interesting: their own payment card with Cashback options. Withdrawals from Bitcoin ATMs. Launching the SmartWatch, which apart from glamorous look and the most modern functions will also play a role of the cryptocurrency wallet too, with possibility of transferring cryptocurrencies to other MastBit’s SmartWatches, withdrawing funds from Bitcoin ATMs and many other useful options. FIAT withdrawals. Their own, internal ‘MSB’ cryptocurrency, based on a stable business. And so on.
BUT… up until now, they are just plans. We can see beautiful vision in great packaging, as well as completely inactive social media profiles, not a single video on YouTube (as of July 2019), disappointing Twitter, and Medium without any articles. The market’s platform looks neat and well-prepared, but… as they are in their starting phase, I think they could have tried harder, because their social media background does not look good.
At the moment, I am not planning any trading on this market. I opened the account there and I will come back to it in few month, to check whether anything has changed.