Introduction: The Role of Crypto Exchanges in Iran and Overview of Bit24

The cryptocurrency market in Iran and globally is characterized by high volatility and numerous investment opportunities. However, international sanctions, lack of comprehensive regulations, and security risks pose significant challenges for Iranian users. In this context, selecting a reliable local exchange that is secure, user-friendly, and tailored to local needs is critical. This choice directly impacts asset security, transaction speed, and user experience. User concerns about scams and data breaches underscore the importance of transparency and robust support.

Bit24 Exchange, launched in 2019, was established to address these challenges. With a focus on security, simplicity, and user education, Bit24 has quickly become a key player in Iran’s crypto ecosystem. Offering services like OTC trading, professional P2P markets, and comprehensive educational resources, it caters to both beginners and professionals. This article explores Bit24’s features, services, and market position in Iran.

Section 1: Introduction to Bit24 Exchange – History, Mission, and Current Position

History and Founders

Bit24 Exchange was founded in 2019 by a team of experts in finance, investment, and blockchain technology. Their goal was to create a secure and efficient platform for buying and selling cryptocurrencies in Iran, tailored to navigate sanctions and global market access restrictions. Puria Hamidpour, the current CEO, has played a pivotal role in its growth. By addressing local needs, such as rial deposits and withdrawals, Bit24 has become a go-to solution for Iranian users.

Mission and Vision

Bit24’s mission is to provide a fast, secure, and user-friendly platform for crypto trading. Recognizing user unawareness and risks of scams, Bit24 prioritized education by establishing its Academy and educational blog, offering free, comprehensive content for beginners and experts.

The vision of Bit24 extends to developing a peer-to-peer (P2P) market for advanced traders while maintaining simplicity for newcomers. This dual approach positions Bit24 to serve a wide range of users.

Market Position in Iran

With over 800,000 active users, Bit24 is among Iran’s largest crypto exchanges, reflecting significant community trust in its services and security. By offering OTC trading for quick transactions and spot trading for advanced users, Bit24 competes effectively with major players like Nobitex and Wallex.

Table: Bit24’s Position Compared to Competitors

Contact Information and Transparency

Transparency builds user trust. Bit24’s head office is located at Tehran, Gisha, 16th St., No. 145, though in-person visits are not available. Support channels include:

• Live Chat: Response time under one minute.

• Phone: 02191070394 (Saturday–Thursday, 8 AM–12 AM).

• Email: [email protected].

24/7 support and rapid response times enhance user satisfaction, making Bit24 a reliable choice.

Section 2: Registration and KYC Process at Bit24 Exchange

Importance of KYC

Know Your Customer (KYC) is critical for crypto exchanges to comply with Anti-Money Laundering (AML) regulations, prevent fraud, and enhance user security. Bit24 Exchange has designed a fast and user-friendly KYC process to facilitate market entry while ensuring transparency and security.

Initial Registration Process

Registration at Bit24 is streamlined for quick market access:

1. Enter Basic Information:

   • Provide mobile number (registered to the user) and receive a 5-digit verification code via SMS.

   • Submit an email for communication and account recovery.

2. Choose a Strong Password:

   • Minimum 8 characters, including uppercase, lowercase, numbers, and special characters.

   • Recommendation: Use a unique password for enhanced security.

3. Level Zero Access:

   • Limited platform access upon initial verification.

Benefits: The process takes under one minute, appealing to beginners.

Smart KYC Process

Bit24’s KYC includes Basic and Image-Based levels to unlock full services.

Basic KYC

• Required Information:

  • Name, surname, national ID, birth date, father’s name, and address.

  • 16-digit bank card (linked to Shetab network, registered to the user).

• Activated Features:

  • Rial and crypto deposits.

  • Limited buying/selling in the OTC market.

• Verification Time: Typically seconds.

Image-Based (Smart) KYC

• Steps:

  1. Scan QR Code: Via Bit24 app.

  2. Upload Documents: New ID, national card, military card, or driver’s license.

  3. Record Video and Selfie: Short video with a handwritten commitment letter (text provided by the exchange).

• Key Notes:

  • High-quality photos with fully legible documents.

  • No covering of documents by hands or fingers.

• Activated Features:

  • Rial and crypto withdrawals.

  • Access to all services, including P2P and margin trading.

• Verification Time: Usually hours to a day.

Table: KYC Stages Comparison

Security Measures in KYC

• Offline Storage: KYC data is encrypted and stored in cold wallets.

• Two-Factor Authentication (2FA): Mandatory for login, deposits, and withdrawals.

• Cybernews Incident (2023): A claim of KYC data leak for 230,000 users was refuted by Bit24, stating no data breach occurred and system security was intact.

Recommendation: Use strong passwords and enable 2FA (preferably Google Authenticator).

Impact of KYC Process

Bit24’s fast and secure KYC process builds user trust and simplifies entry into the crypto market. Transparency in addressing security claims enhances exchange credibility.

Section 3: Advanced Trading Services and Tools at Bit24 Exchange

Cryptocurrency Diversity

Crypto diversity is a key strength of Bit24, supporting over 655 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Shiba Inu (SHIB), Dogecoin (DOGE), and emerging tokens. Compared to Nobitex (100+), Wallex (100+), and Tabdeal (up to 750), Bit24 holds a competitive position.

• Benefits:

  • Access to altcoins and new tokens for portfolio diversification.

  • Rapid addition of reputable cryptocurrencies to seize investment opportunities.

Types of Trading Markets

Bit24 offers diverse markets to cater to beginners and professionals:

Instant Buy/Sell (OTC)

• Ideal for new users with fast trades at market prices.

• Instant deposits to Bit24’s secure wallet.

• Competitive or zero fees to attract users.

Professional Market (Spot Trading / P2P)

• Features:

  • Real-time charts: For technical analysis.

  • Advanced search: Comprehensive crypto categorization.

  • Advanced order types: Limit, stop-loss, take-profit, and OCO orders.

  • Transparent order book: Enhances liquidity and minimizes price slippage.

• Benefits: Suits professional traders with complex strategies.

Margin Trading

• Enables trading with leverage to amplify profits (or losses).

• Risk management tools: Take-profit, stop-loss, and alerts.

• Limitation: No support for futures trading, unlike Tabdeal or Nobitex.

Trading Bots

• AI-powered bots for 24/7 trading.

• Strategies:

  • Staggered buying/selling: Optimizes pricing.

  • Portfolio rebalancing: Automatically adjusts assets.

• Benefits: Minimizes emotional trading and boosts efficiency.

Dual Investment

• Bit24 innovation: First Iranian exchange offering this feature.

• Feature: Lock funds in buy or sell contracts with guaranteed returns, even if predictions fail.

• Use Case: Ideal for long-term investors with controlled risk.

Pre-Market Trading

• Buy/sell new cryptocurrencies before official listing.

• Benefits: Opportunities for risk-tolerant investors with high profit potential.

Bit Card

• Digital gift card for sending crypto or rial without fees.

• Features: Add personal messages and themed designs.

• Impact: Enhances crypto usability and attracts new users.

Table: Comparison of Bit24 Trading Services

Impact of Trading Services

Bit24’s crypto diversity, advanced tools, and innovations like dual investment and Bit Card provide a competitive experience tailored to Iranian users’ needs.

Section 4: Security and Asset Protection at Bit24 Exchange

Advanced Security Protocols

Security is paramount for crypto exchanges. Bit24 prioritizes asset and data protection with advanced measures:

• Cold Wallets: Offline storage for most assets to reduce hack risks.

• Multi-Signature Wallets: Require multiple private keys for transactions.

• Data Encryption: KYC and financial data are encrypted.

• 24/7 Monitoring: Advanced algorithms detect suspicious activities.

Account Security Measures

• Two-Factor Authentication (2FA): Mandatory for login, deposits, and withdrawals via Google Authenticator, SMS, or email.

• Security Tips: Use strong passwords and verify email sender ([email protected]).

Response to Cybernews Incident (2023)

In 2023, Cybernews claimed a KYC data leak for 230,000 users due to misconfiguration. Bit24 refuted this, stating no data breach occurred and system security was intact, enhancing user trust through transparency.

Table: Bit24 Security Measures

Recommendation: Enable 2FA and use personal wallets for large holdings.

Section 5: Fee Structure and Financial Policies at Bit24

Trading Fees

Trading fees at Bit24 are based on 30-day trading volume and user level:

• Maker vs. Taker:

  • Maker: Orders adding liquidity (lower fees).

  • Taker: Orders reducing liquidity (higher fees).

• Tiered Structure: From 0.07% to 0.2% in professional and P2P markets.

Table: Bit24 Trading Fees

Instant Buy/Sell (OTC): Zero or competitive fees to attract beginners.

Deposit and Withdrawal Fees

• Rial Deposits: No direct exchange fees; bank fees apply (e.g., 4,000 IRR for > 20M IRR).

• Rial Withdrawals: Based on banking network (Paya/Satna).

• Crypto Deposits: Zero (only network fees).

• Crypto Withdrawals: Vary by coin and network (e.g., 4 USDT on TRC-20).

Minimum Trade: 100,000 IRR, ideal for small investors.

Section 6: User Experience, Support, and Educational Resources at Bit24

Interface and Mobile App

Bit24’s user interface is simple and efficient for beginners and professionals. Its mobile app (Android and iOS) offers:

• Trading 655+ cryptocurrencies.

• Real-time charts and analysis tools.

• Wallet management and advanced orders.

• Available on Google Play, Cafe Bazaar, and Myket.

Customer Support

24/7 support includes:

• Live Chat: Response in under one minute.

• Phone: 02191070394 (8 AM–12 AM, Saturday–Thursday).

• Email: [email protected].

User feedback highlights speed and support quality.

Educational Resources

• Bit24 Blog: Over 3,000 articles on blockchain, technical analysis, and cryptos.

• Specialized Academy: Free videos for beginners, analysts, and traders.

Impact: Free education boosts user trust and reduces support workload.

Section 7: Unique Features and Innovations at Bit24

Dual Investment

Bit24, the first Iranian exchange to offer dual investment, provides guaranteed returns with low risk.

Trading Bots

Smart bots with staggered strategies and portfolio rebalancing automate trading.

Bit Club

Bit Club, a loyalty program, offers cash and non-cash rewards to enhance user engagement.

Bit Card

Bit Card enables fee-free gifting of crypto or rial with personalized designs.

Pre-Market Trading

Pre-market allows trading new tokens for high-profit opportunities.

Crypto Analysis

Free technical and fundamental analyses aid informed decision-making.

Section 8: Comparing Bit24 with Other Iranian Exchanges

Table: Exchange Comparison

Bit24 Strengths: Crypto diversity, innovations (dual investment, Bit Card), education.
Challenges: No futures or direct staking.

Conclusion: Bit24’s Future in Iran’s Crypto Ecosystem

Bit24 Exchange, with 800,000 users, high security, and innovative services, holds a strong position in Iran’s crypto market. Its free education, advanced tools, and responsive support make it appealing. Adding futures and staking could enhance competitiveness.

Recommendations

• Research: Check user reviews on Cafe Bazaar.

• Security: Enable 2FA and use personal wallets.

• Risk: Start with small amounts and use stop-loss.

Bit24’s focus on innovation and transparency ensures a bright future in Iran’s crypto ecosystem.