TideBit is a centralized cryptocurrency exchange, headquartered in Hong Kong. Although its website doesn’t state when was the launch of the platform, according to information from its Twitter profile, TideBit was founded in April 2017. The exchange’s website reveals that it is headquartered in Hong Kong (address: 7/F Sino Favour Centre, No. 1 On Yip Street, Chai Wan with business hours: Monday to Friday 10:00 AM - 7:00 PM, Saturday 10:00 AM - 5:00 PM, except for holidays). There is also another address in Taiwan - 21st Floor, No. 77, Section 2, Dunhua South Road, Daan District, Taipei City with business hours: Monday to Friday 9:30 AM - 12:00 PM, 1:30 PM - 3:00 PM (except for holidays).
On its homepage, TideBit states that it is “Hong Kong's No.1 digital asset trading platform”, and claims that its parent company has a history of “more than 30 years and has operations in all over the world and in numerous industries.” However, there is no official information, coming directly from the exchange, revealing the name of the owning company or introducing the team behind the platform. The only reference to the team members states that TideBit is run by “dynamic and brilliant engineers from top financial institutions and prominent high tech firms around the globe.” Unfortunately, at the time of this writing, there is no additional information to confirm that. Further research on LinkedIn also doesn’t help in tracking the founders and the senior management of the TideBit team, although it helps make the link with a company called TIDEISun Group. Several of TideBit’s team members are also associated with TIDEISun Group, which is described as a “global FinTech and media group” and also the owner of businesses like TideBit and SUN TV. TIDEISun Group’s chairman and founder is Chen Ping, while Bin “Robin” Xie is the CEO at the time of this writing. TIDEISun Group is ranked among the world’s top ten most influential FinTech enterprises by APAC CIO Outlook, a FinTech media platform based in Silicon Valley. It is described as “one of the last few independent media in China."
It is worth noting also that the platform focuses predominantly on the Asian market. The only users allowed to sign up for the platform’s services, at the time of this writing, are from countries like Hong Kong, China, Taiwan, Vietnam, and Malaysia. To set up an account, one should provide a proof of address (utility bill, bank statement or rental contract), a photo of an ID (passport, identity card), a selfie with the ID, and signature.
The English version of the exchange’s website isn’t well-developed, which is understandable considering the platform’s target markets. However, what may appear worrying to the platform’s users is TideBit’s limited “Terms and Service” page and features description. The FAQ section isn’t very informative, as well. The positive is that TideBit tries to maintain a regular and informative Medium page where it includes analysis of the cryptocurrency landscape, major events, and platform-related topics.
Regarding security, the TideBit team claims to be employing “state-of-the-art security measures” when handling customers’ information and transactions. It also adds that the platform uses a multi-signature cold wallet to store digital assets. However, there is no further information about the employed measures.
TideBit’s team puts great emphasis on the exchange’s infrastructure and goes in detail to describe the way the platform works. According to the information on its website, TideBit “provides a next generation high performance trading platform that can protect the entire value chain, end to end.” It proceeds to describe the provided service as “transparent, technology-driven, low commissions and best price executions” which allows users “to minimize costs and maximize returns.” However, aside from the buzzwords used to describe the exchange, there is no practical information to help users get a better understanding of the platform and the provided service.
When it comes to customer support, the TideBit’s team states that it is available through several channels, including a WhatsApp hotline, e-mail, phone, and social media. However, at the time of this writing, it is hard to say how effective the customer support channels are as TideBit’s online reputation is almost non-existent. There are no user reviews on Reddit, Bitcointalk, or Trustpilot, which doesn’t help to gain a better understanding of the provided service and its credibility.
At the time of this writing, TideBit hasn’t been subject to hacker attacks or governmental investigations.Read More