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BitSkins Review: Trade Your Skins Instantly!

BitSkins is a platform designed and meant to buy and sell CSGO skins. The company protects both buyers and sellers from scams by implementing verification measures. One of the star features of the platform is the wide array of skins available for sale. Plus, the number of buyers looking for skins has also tremendously increased over the years.

BitSkins review

BitSkins is a platform for skin trading created by a group of “veterans from the gaming and payments industries.” Its office is registered in San Francisco, CA. Their CEO’s name is Atif Nazir. (the information is taken from their website).

Buying a skin is pretty simple. All that’s required is to click on the ‘add to cart’ button and then checkout. Though you’ll need to sign in with a verified STEAM account. Plus any skins you will be deposited to that account. The company charges a 5% fee off every sale. Though higher tier accounts are subject to lower fee since the company encourages bulk sellers.

bitskins review

In my previous article on trading and gambling in Esports, you could read that there are opportunities to gamble on special e-sports trading platforms. This is not about betting (gambling) on ​​teams that practice esports and play during the big tournaments as you can do on 888sport for example.

These are the so-called platforms that offer Skins Gambling, such as CS: GO Bitskins. It is a fact that there is a lot going on in this very dynamic world that has not yet matured and that e-sports are also conquering the world.
There are already several large “skin gambling websites down” and this undoubtedly all has to do with the fact that there is no control and too young people are exposed to it!

A ROUND OF GAMBLING AND ACTIONS EXPLAINED

As mentioned, we walked for a day with an experienced smart young man (16) who regularly looks for the benefits of trading Skins for the Counterstrike GO game.

There are several websites where you can buy and sell special skins and the prices are determined by the market (the community that plays Counterstrike GO). A skin is nothing but a virtual product that you and other players can see in this game.

We have an amount to spend of 25 € and we transfer this via a paypal account to the trading website Bitskins. Our young man buys a beautiful rifle for $ 26 and transfers this rifle with skin to the Bitskins website.

Here we sell the rifle to an automatic sales bot and we get 29.760 Credits for it (value 29.76 $) As you can see we already have our first profit of almost 4 $ because the quotes (values) differ per trading website for the thousands of different skins. Arbitrage is therefore quite possible here, in contrast to the real stock exchange where this is much more difficult.

Credits at CSGO Bitskins

To activate an account with Bitskins, a waiting period of seven days is required. After this period you can continue to trade and gamble with the credits on your account.

A credit has the value of 1 $ and with this you can go to the various gambling games. You can bet from 0.01CR up to a whooping 1500CR per game. While writing I look back at the various gambling games and see that the Jackpot game continues to run and that 206 people are active.

The Jackpot game, not to be confused with the roulette strategy of our best CSGO Jackpot, has 3 variants in terms of betting options, but are otherwise just the same. Players throw their credits into a pool and the betting procedure takes about a minute and the fully automatic game takes a few seconds.

The wheel of fortune determines the winner and then it continues from the beginning. The gambling provider pays 5% fee and we read in the general terms and conditions that a player must be at least 18 years of age to participate.

We also play the other gambling games against other players and the random computer and end with a win of 41,979 CR. Now we want to get these credits back to dollars on our Paypal and a virtual skin is bought there again. This amount is on the Steam website and we will transfer it to another trading platform that wants to buy this skin from us.

It is striking here that the sales value is lower than at which we bought this and that also explains why we initially made a transfer profit.

The control of purchases and sales via Bitskins.com is done via a text message via your phone. There is no further ID check and transferring to and from your paypal account requires no further checking. As a result, no one knows whether they are dealing with a minor trader and (in) direct a gambler.

The Release Date

The domain was registered in July 2015, but the more noticeable activity began in October 2015.

Audience

Traditionally, the biggest audience comes from the USA. Germany and Russia with their 2nd and 3rd places are far behind.

Top 5 countries:

  • United States 21%
  • Germany 7%
  • Russia 6%
  • Poland 4%
  • Brazil 4%

Pricing

The prices are set by a seller. The platform provides information on item’s market value to make it easier for a user to set the price.

Withdrawal methods

  • PayPal – withdrawals are performed on a rolling basis every 5 minutes
  • Bitcoin – withdrawals are performed on a rolling basis every 5 minutes
  • Bank Wires – withdrawals are performed on a rolling basis up to 7 days

Payment methods:

  • Paypal
  • Bitcoin
  • Wire transfer
  • Visa Card
  • Master Card
  • Skrill

Commission

BitSkins charges a maximum sale fee of 5% per sale. However, this fee decreases as a sale volume changes:

  • 00% – $1,000.00 or lower
  • 95% – $2,500.00 or lower
  • 90% – $10,000.00 or lower
  • 85% – $50,000.00 or lower
  • 80% – $50,001.00 +

Tech support

The website has a FAQ section and an option to send a question about your issue. We received an answer on our question 9 hours later, and the answer, actually, wasn’t helpful. The support service leaves something to be desired.

Should you trust BitSkins?

The company states that they are legally registered in the state of California and provides its address. They also offer founder’s contact info in case you have concerns about their legitimacy.

Bonuses and Promotions

The platform has a bonus for users who found bugs on the website. As the website states “Bug bounty eligibility is decided by us alone.”. Accordingly, the service decides by itself how a user should be awarded.

How to trade

The trading process is simple. Just pick one of two types of trade (regular and bulk) and put the price on your items. The website also suggests a list of items which are predicted to sell under 30 seconds in their “Sell Instantly” tab. There is one more option for making a sale right on Steam – you can find instructions to this method in “Sell Items (Quick List)” tab.

 

The process

  1. Go to the “Sales” tab on the top of the screen;
  2. Chose the type of sale you wish to create (single or multiple);
  3. Pick a price and push “Add to List” button;
  4. Wait until the bot will list your item.

Pros of BitSkins:

  • Easy to use platform
  • Rates are accurate
  • Buyer and seller protection
  • Accepts a number of payment methods
  • Looks safe
  • Has a chat with latest listings
  • A simple fee

Cons of BitSkins:

  • Sellers are charged a 5% commission
  • It can take time to sell a skin
  • No instant payments
  • No 24/7 live online chat support
  • No bonuses or promotions
  • Complex UI

Conclusion

BitSkins is a rather simple website with a complex UI. There’s nothing special about it like exciting promotions, giveaways or membership bonus. But it looks like a reliable and honest platform.

Available bonuses: None

Available referral programs: None

Overall rating: 6/10

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