Foxbit Review

Looking for a reliable crypto exchange in Brazil? This Foxbit review will help you decide if it’s the right platform for you. Since launching in 2014, the Foxbit exchange has built a reputation for being secure and beginner-friendly, offering seamless crypto trading with BRL. Plus, with free deposits and zero withdrawal fees, it sounds like an attractive option for Brazilian traders.

But with so many exchanges available, is Foxbit really the right choice for you? To ensure you make the best choice, I'll walk you through everything you need to know about the platform - diving deep into its features, fees, security, and overall user experience. Later in this Foxbit review, I'll also compare this exchange to other well-known names like Binance, Kraken, and Bybit to help you determine which is actually the best option for your needs.

Foxbit Review: Quick Overview

Is Foxbit legit? It's a fully legitimate cryptocurrency exchange in Brazil, backed by multiple security measures and regulated under Brazilian financial laws. But if you're wondering, "Is Foxbit the right exchange for me?"– that’s a different story. To help you decide, check out this quick overview table highlighting Foxbit’s key features and see if it aligns with your trading needs.

Table: Overview of Foxbit features

Foxbit is a secure and well-established exchange for Brazilian traders, offering fiat support and solid security. While it’s great for local users, its Brazil-focused approach and lack of anonymity may not suit everyone. If you need a simple, regulated platform, Foxbit can be a strong choice, but for advanced features, consider other options.

📚 Read More: Best Cryptocurrency Exchanges

Who’s Foxbit For?

Foxbit is one of the leading crypto exchanges in Brazil, catering to a variety of users ranging from individual traders to large enterprises.

Based on my experience and observations on user Foxbit reviews, I think this platform is best for:

• Brazilian and Latin American traders. The Foxbit exchange has local-first approaches, making it ideal for Brazilian traders who prefer a platform that supports Brazilian Real (BRL) deposits and withdrawals.
• Spot traders and simple crypto buyers. The platform only supports spot trading and offers an easy-to-buy feature, making it ideal for users looking for straightforward crypto purchases.
• High-volume traders. With features like over-the-counter (OTC) trading and a dedicated support team, Foxbit is well-suited for institutional clients and traders dealing with large orders.
• Enterprises. Foxbit offers tailored business solutions for companies looking to integrate cryptocurrency into their operations. Those include crypto payments and blockchain-based financial services.

Foxbit’s focus on simplicity, local currency support, and tailored solutions makes it a great option for those looking for a regulated and user-friendly crypto platform. However, if you're seeking features like futures trading or staking, exploring alternatives may be worthwhile.

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Foxbit Alternatives

While the Foxbit crypto exchange is a popular choice in Brazil, there are other options that offer additional features like futures trading and P2P transactions. Here are some strong alternatives:

• Binance. The platform offers a wide range of cryptocurrencies, advanced trading options, and P2P trading with BRL support.
• Kraken. A globally trusted exchange known for its strong security, futures trading, and staking services, available to Brazilian users.
• Bybit. A crypto exchange that provides spot and derivatives trading, along with competitive fees.

	KRAKEN	BINANCE	BYBIT
Overall Score	9.8	8.1	8.0
Best For	Beginners	Advanced Users & Beginners	More Advanced Users
Operating Countries	United States, Germany, United Kingdom, France, Canada, + 190 more	Turkey, Argentina, Vietnam, Ukraine, + 180 more	South Korea, United Kingdom, Ukraine, Turkey, +160 more
Latest Coupons	Visit Site All Kraken Coupons	See All Coupons of Best Exchanges	See All Coupons of Best Exchanges
Verdict	One of the best crypto exchanges, especially in the US.	One of the leading crypto exchange platforms in the industry.	A popular crypto derivatives exchange with some super-low trading fees.
	Visit site Read review	See TOP10 Brands Read review	See TOP10 Brands Read review

Table: Comparison of Binance, Kraken, and Bybit

Each of these platforms has its strengths, depending on what you're looking for, whether it's advanced trading, security, or fiat on-ramps. If you're considering switching or diversifying, it's worth comparing fees, liquidity, and available assets before making a decision.

📚 Further Reading: Best Crypto Exchanges in Brazil

Advantages

Foxbit offers several compelling advantages for cryptocurrency users, from its diverse product offerings to its commitment to security and regulatory compliance. Let's explore the key benefits that make Foxbit an appealing option for Brazilian traders:

• Compliant with the local regulations;
• Foxbit Card;
• Zero fee on BRL deposits and withdrawals;
• Enterprise solutions.

Foxbit emphasizes its commitment to security and compliance in the cryptocurrency space by being part of the Secure Fintech program from The Brazilian Association of Fintechs (ABFintechs). The association ensures that fintech in the country is sustainable and compliant with the local regulatory agencies, such as the Securities and Exchange Commission (CVM) and the Brazilian Central Bank (BC).

That said, the ABFintechs badge on Foxbit’s website indicates the exchange follows the best practices in regulatory compliance and information security, complying with industry standards, even if not legally required.

Beyond compliant cryptocurrency transactions, it’s worth mentioning that Foxbit offers the Foxbit Card. Use it at over 100 million merchants globally and earn up to 1% cashback on purchases, plus enjoy discounts at partner locations. Once you've completed your transactions, and perhaps seen your assets grow, withdrawing your BRL is simple and comes with zero fees.

Interestingly, Foxbit goes beyond traditional B2C services, offering innovative B2B and B2B2C products. With Foxbit Pay, for example, businesses can seamlessly accept cryptocurrency, and Foxbit Tokens empower them to apply blockchain for loyalty programs, ticketing, and more.

📚 Suggested Reading: The Application of Blockchain

Limitations

Foxbit is a popular cryptocurrency exchange in Brazil, but like any platform, it has limitations. Before you jump into using it, it's crucial to understand these potential drawbacks:

• Primary focus on the Brazilian market;
• App compatibility issues;
• Complicated verification process;
• Lack of customization options.

Foxbit primarily caters to the Brazilian market, making it less ideal for international traders or even Brazilian users seeking broader fiat and crypto trading options. Upon visiting the website, all information is displayed in Portuguese by default, and the platform lacks a built-in translation feature, at least for English.

Beyond its regional focus, Foxbit also struggles with device adaptability, particularly on older models. Users have reported performance issues, glitches, and a lack of optimization for different screen sizes, making the mobile experience unreliable.

Another major concern is the account verification process, which has been widely criticized as inefficient and frustrating. Some users have reported that verifying their account through the app is impossible, and attempts via the website often result in rejection. To make matters worse, the platform contains broken links, further complicating access and leading some users to lose trust, halt deposits, and even request refunds.

The poor user experience extends to the platform’s lack of customization options. Traders can't personalize their interface, and even basic features like dark mode are missing, forcing users to stick with the default layout.

Fees and Limits

Fees are one of the main considerations when choosing a crypto exchange because they directly impact trading profitability. Luckily, Foxbit is quite transparent about its fee structure, providing clear and detailed information on its website. Here’s a breakdown of these key aspects.

Table: The Foxbit fee structure

Here are elaborated notes about Foxbit fees and limits:

• Varied trading fees. Foxbit’s trading rates vary. Crypto-to-BRL trades incur a 0.25% fee for passive/limit orders and 0.50% for active/market and stop market orders. Crypto-to-crypto trades are cheaper: 0.02% for passive/limit orders and 0.15% for active/market and stop market orders.
• Foxbit VIP. Foxbit rewards higher trading volumes with lower fees and increased benefits through its tiered VIP program. The more you trade, the more beneficial it becomes as traders progress through the VIP levels, unlocking reduced rates and personalized assistance via WhatsApp.
• Account levels and verification. New users can register with a R$5,000 monthly limit for BRL deposits and withdrawals (no crypto initially). Upgrading requires verification (submitting documents) to increase limits to R$75,000 for deposits and R$300,000 for withdrawals.
• Foxbit Card. The Foxbit card facilitates crypto and BRL transactions. Crypto transactions are market sales with potentially fluctuating prices due to liquidity; check your purchase history. BRL transactions are currently free. ATM withdrawals (Cirrus/Caixa 24hrs) cost R$6.90. A 6% IOF tax plus exchange rate applies to certain transactions (likely international or currency exchange).

The information provided here covers Foxbit’s B2C services, including trading fees, account verification, and the Foxbit card. If you're interested in B2B or B2B2C products, it's best to consult the Foxbit team directly for a detailed breakdown of those offerings.

Staking and Earning Rewards

If you want to earn daily profits by holding your cryptocurrencies in pools on staking and DeFi platforms, check out Foxbit Earn. It allows you to earn rewards by staking your crypto across various platforms.

Foxbit Earn offers access to 16 different assets, including popular cryptocurrencies like ETH, SOL, and ADA, with potential returns of up to 50% and flexible investment periods. While your assets are locked within the network for the contract duration, you retain the flexibility to redeem them whenever you choose.

However, remember that to receive the estimated returns, your investment must remain for the minimum period of D+1 (the day of investment plus one day). Redeeming before this period means forfeiting any accrued rewards. To start earning, simply access your Foxbit Exchange account and navigate to the Foxbit Earn section.

Security

Cryptocurrency exchanges have been the target of scams,^[1] resulting in massive financial losses, so it's no surprise if you're wondering, "Is Foxbit safe?". When it comes to security, Foxbit emphasizes several key features.

It fully encrypts and secures sensitive user data. The team also ensures that Cloudflare's WAF protects all web access (desktop, mobile, and API) against DDoS attacks and other hacking attempts. Another security effort is constantly monitoring platform activity by analyzing behavior for suspicious activity and immediately blocking threats.

For enhanced security, Foxbit offers two-factor authentication (2FA) to prevent unauthorized access. To protect withdrawals, the team requires email confirmation for cryptocurrency transactions and mandates matching individual taxpayer registry number (CPF) or a legal identification number (CNPJ) for BRL withdrawals, preventing fraud.

Additionally, Foxbit is partnering with BitGo and Fireblocks, trusted digital asset custodians in the industry. This means user funds on the exchange are stored using highly secure custody solutions, protected against hacks and unauthorized access. BitGo offers a $250 million insurance policy, adding an extra layer of financial security for users.

The mention of IN1888 and ABCRIPTO on the website also suggests that Foxbit adheres to regulations and works closely with authorities to shape public policies around crypto. So, if you prioritize regulatory adherence, this exchange can be a good option.

Customer Support

Foxbit provides a comprehensive help center to support users at every stage of their crypto journey. I personally like that the help center is well-organized into various categories, making it easy to find relevant information, from getting started with the platform to its guides for its B2B services.

Users experiencing issues can submit a support ticket by entering their email address, selecting a subject, describing their problem, and attaching relevant files (such as error screenshots). Since the website lacks a live chat option, users may need to wait for a response instead of receiving real-time support.

Still, VIP 2 users and above – those with a trading volume starting at R$ 100,000 – gain access to WhatsApp support, providing a more direct and faster way to resolve issues. The premium service ensures that high-volume traders receive more personalized assistance.

Trading Tools

Foxbit primarily caters to retail traders and doesn’t offer access to advanced markets such as futures, margin trading, or derivatives. However, users still have several options when executing trades on the platform.

• Express Buy;
• Market orders;
• Stop and limit orders;
• Foxbit Invest (OTC Trading).

Users can quickly buy and sell certain cryptocurrencies like Bitcoin and Litecoin using Express Buy. They only need to choose the crypto and enter the amount they wish to buy in Brazilian reals or select a percentage button (25%, 50%, 75%, 100%) to allocate a portion or all of their available balance for the purchase.

If you want more control and options over their transactions, navigate to the spot market dashboard. On this page, you can check over 100 cryptocurrencies provided by the platform and access the market, stop, and limit orders.

Market orders enable you to buy or sell cryptocurrencies instantly at the best available price. Meanwhile, a limit order lets users specify the exact price at which they want to buy or sell, ensuring they only execute trades at their preferred value. Lastly, a stop order becomes a market order once a specific price is reached, helping traders automate their strategies for risk management and profit-taking.

For those identifying as a high-volume trader who needs to execute large transactions without significantly impacting market prices, consider checking the OTC trading feature (Foxbit Invest). This over-the-counter service provides personalized assistance, competitive pricing and deeper liquidity, making it an attractive option for institutional investors and high-net-worth individuals.

📚 Read More: Best Crypto OTC Trading Platforms

User Experience

Foxbit offers a user-friendly interface with structured navigation that makes it easy to access key features like trading, withdrawals, and security settings. The interface is clean, and I personally can navigate through different sections without much hassle – even the sign-up process only takes under five minutes!

One feature I particularly like is the market information displayed upon signup. It provides a quick overview of major cryptocurrencies, their prices, and trading volume, ensuring that users are immediately informed about market conditions before making any trades. The purchasing page displays the purchase price, tax, and transaction fees, allowing users to see the full cost of their orders before confirming. This transparency helps traders avoid hidden fees and unexpected costs.

Although signing up and purchasing assets is easy, some Foxbit user reviews highlight difficulties with the verification process, sometimes on both the website and mobile app. Additionally, those using older devices, such as the iPhone SE, have reported that certain interface elements don't display properly or are difficult to navigate, affecting the overall experience.

Moreover, if you're considering using Foxbit, you may find it challenging to determine whether it suits your preferences. The platform provides limited visual previews, as there are few screenshots or guides available to showcase the app's navigation on the website. This lack of documentation may make it harder for potential users to understand how Foxbit works before signing up.

Localization and Regional Adaptability

The Foxbit crypto exchange is strategically designed for the Brazilian market, offering a seamless experience for local users. The platform provides full support in Portuguese, ensuring that local traders can easily navigate its features and access customer assistance without language barriers.

Additionally, Foxbit integrates directly with Brazil's financial system, enabling hassle-free BRL deposits and withdrawals. A major highlight is that some transactions, such as BRL withdrawals, come with zero fees, making it a cost-effective choice.

However, Foxbit's strong focus on the Brazilian market presents challenges for international users or non-Portuguese-speaking residents. The platform is only available in Portuguese, so non-Portuguese speakers may struggle to understand key features, navigate the interface, or seek support. The language barrier limits accessibility for foreign traders who might otherwise be interested in trading on Foxbit, making it less appealing to a global audience.

How to Use Foxbit

If you’ve weighed the pros and cons and feel that Foxbit is the right exchange for you, it’s time to get started. Follow these steps to set up your account, verify your identity, deposit funds, and start trading seamlessly on the platform.

How to Create a Foxbit Account

Creating an account on Foxbit is a straightforward process, designed to get you trading quickly. The team even claims that it only takes two minutes to sign up. Follow these instructions to get started:

Step 1: Visit the Foxbit official website and click the [Criar conta] button.

Step 2: Enter your email address, create a password, and tick the box to agree with the terms and conditions. Once done, hit the [Continuar] button. Enter a referral code if you have one.

Step 3: Choose whether you want to create a personal or company account. I clicked “Pessoas individuals”, as I created the account for myself and hit [Continuar].

Step 4: Verify the email address by going to your inbox and clicking the [Verificar e-mail] button in the message.

Step 5: You'll be redirected to the signup page to complete your profile by entering your full name, CPF, and date of birth. Click [Continuar] to proceed.

Congratulations! You've now successfully created your Foxbit account. With your profile complete, you're ready to explore the platform's features, deposit funds, and begin trading.

How to Buy Crypto on Foxbit

After creating an account, you can directly buy cryptocurrencies on Foxbit by following these steps:

Step 1: Log in to your Foxbit account.

Step 2: Access the menu by clicking the three-line icon on the upper right corner and selecting [Comprar | Vendor].

Step 3: Bitcoin is the crypto selected by default, but you can adjust it by clicking the crypto. Once you select your asset, click the [Comprar ou vender] button at the bottom of the platform.

Step 4: Determine the amount (in R$) you want to buy and press [Continuar] to confirm the purchase.

That's it! You've successfully purchased Bitcoin on Foxbit. The process for selling cryptocurrency is similar. Remember to always double-check the details of your order before confirming, and happy trading!

How to Deposit on Foxbit

Besides directly buying a cryptocurrency, it’s possible to make a deposit and then trade it for your desired cryptocurrency on the exchange or stake via Foxbit Earn. Here’s the step-by-step guide to deposit on Foxbit:

Step 1: Log into your Foxbit account.

Step 2: Click the three-line icon in the upper right corner and select [Depositar | Sacar].

Step 3: Choose a currency. You can fund your account by depositing either BRL or a supported cryptocurrency like BTC, XRP, or ETH. In this tutorial, I chose BRL.

Step 4: Select “Depositar” and type the amount you want to make a deposit. Then, choose the deposit method: Pix, bank transfer, or credit card.

Step 5: Carefully read the disclaimer first. Make sure your deposit is at least R$5.00 and comes from a bank account associated with your CPF/CNPJ.

Step 6: Copy the bank details to make the deposit. In this Foxbit review, the chosen method was Pix.

Step 7: Make the transaction in your preferred bank and wait for the deposit to be confirmed.

That completes the deposit process. Once confirmed, your funds should be available in your Foxbit account for trading.

Comparison to Other Popular Exchanges

When choosing a cryptocurrency exchange, it's essential to compare features, fees, security, and overall user experience. While Foxbit can be a strong option for Brazilian traders, other platforms like Binance, Kraken, and Bybit offer different advantages that may be more appealing. Check the comparisons below for further details!

Foxbit VS Binance

Beyond its 300+ cryptocurrencies, 85+ fiat currencies, and 1,500+ trading pairs, Binance offers convenient BRL support.

Users can easily buy crypto with credit/debit cards or Pix, Brazil’s most popular payment method. While Foxbit only supports spot trading, Binance provides spot, margin, and P2P trading, along with trading bots for automation.

What sets Binance apart is its comprehensive ecosystem, including the NFT marketplace, alongside earning and educational features. Despite its extensive offerings, the platform remains user-friendly, with an intuitive interface and full Brazilian Portuguese language support. More importantly, trading fees are competitive at 0.1% for both makers and takers.

📚 Read More: Binance Review

Foxbit VS Kraken

While Foxbit is a strong local exchange in Brazil, Kraken is a globally renowned exchange known for its high security, deep liquidity, and advanced trading tools. For users looking for a trusted and versatile platform, Kraken offers far more than just basic spot trading.

Kraken supports over 200 cryptocurrencies and offers margin trading – features that Foxbit lacks. Moreover, Kraken's security record is impeccable, with no hacks to date as I’m writing this Foxbit review. The team has built a comprehensive approach to cybersecurity, leading it to receive the ISO/IEC 27001:2013 certification and allowing us to complete a SOC 2, Type 1 examination.

For those who may not be familiar, SOC stands for System and Organization Controls. Achieving SOC 2, Type 1 certification indicates that an organization has implemented effective controls^[2] to protect customer data, ensuring security, availability, processing integrity, confidentiality, and privacy. The certification demonstrates Kraken’s commitment to maintaining high standards in safeguarding sensitive information.

📚 Learn More: Kraken Review

Foxbit VS Bybit

While Foxbit is a trusted name in Brazil, Bybit stands out as a global powerhouse with a broader range of features. First of all, Bybit fully supports Brazilian payment methods, including Pix, MercadoPago, and Itaú Brazil and allows traders to fund their accounts. Bybit also accepts Brazilian Real directly.

Bybit also provides access to derivatives trading (although futures trading isn't available due to geographical restrictions), liquidity mining, copy trading, staking, and a dedicated NFT marketplace, making it an all-in-one ecosystem for crypto enthusiasts. Similar to Foxbit, Bybit also offers Bybit Card that allows users to spend their crypto and fiat funds.

Talking about fees, spot trading fees are highly competitive, starting at 0.015% for makers and 0.04% for takers, while derivatives trading fees start at 0.01% for makers and 0.032% for takers. These low fees and deep liquidity provide a strong edge over Foxbit.

While Foxbit remains a strong choice for beginners and those who prefer a simple, Brazil-focused experience, Bybit’s extensive trading options, diverse asset selection, and additional financial products make it a superior choice for users looking for more advanced features and lower fees.

📚 Further Reading: Bybit Review

Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Pros

• Fiat currencies - accepted
• Simple to use
• Accepts only the most trustworthy cryptocurrencies

Main Features

• A leading cryptocurrency exchange platform
• Best for beginner investors
• Accepts fiat currencies

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Pros

• Fully reserved and transparent
• Multiple tradable asset classes
• Early new token support

Main Features

• 265 supports cryptocurrencies
• Secure & transparent
• Fully reserved

$20 in BTC

Conclusions: Is Foxbit Right for You?

So, is Foxbit legit for traders? If you’re looking for a secure, easy-to-use crypto exchange in Brazil, then Foxbit is definitely worth considering. With free deposits and withdrawals, robust security measures, and a beginner-friendly interface, it’s a go-to platform for those new to crypto. Additionally, it offers B2B services like crypto payment gateways or token creation, making it a solid choice for businesses seeking crypto solutions.

Of course, no platform is perfect. While Foxbit excels in serving the Brazilian market, its focus on local users can be a drawback for non-Portuguese speakers. Plus, it lacks margin trading, NFTs, and other advanced features found on global crypto giants like Binance, Kraken, and Bybit.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Xia P., Wang H., Zhang B., Ji R., Gao B., Wu L., Luo X., Xu G.: 'Characterizing Cryptocurrency Exchange Scams';

2. Agyepong E., Cherdantseva Y., Reinecke P., Burnap, P.: 'A Systematic Method for Measuring the Performance of a Cyber Security Operations Centre Analyst'.