BitMyMoney review & testimonials for www.bitmymoney.com (01.2021)
What is BitMyMoney in a nutshell?
It's
maybe not the most popular, but
respectable,
well established,
exchange service (e-wallet) supporting
3
cryptocurrencies:
you can
buy and sell coins using 1
fiat currency
(3
banks & payment systems are supported).
Exchange service started the business May 2013,
it's a
fully compliant, licensed financial company.
Besides the cryptocurrencies exchange, BitMyMoney
also provides other services, for example,
Mobile wallet.
This service works with a number of currencies, banks, and payment systems.
Hence to estimate the fees level we calculated an average fee you'll spend for an exchange here.
Based on this number
(0%)
we may say that BitMyMoney
charges
low fees:
0.0%
(according to our statistics,
100%
exchanges take higher average fee)
and has
the high purchase limits available:
$12 — $6,039
(although, in accordance with the statistics we've collected,
100%
exchanges have higher order limits).
This e-wallet welcomes customers from
46
countries
(unfortunately, your country: United States is not supported at the moment;
but there are good alternatives).
Due to regulatory restrictions, US citizens and residents are not served by the exchange.
Unfortunately we couldn't yet collect enough data about the order processing speed from the customers of BitMyMoney,
although according to the information from the exchange itself, order processing is automated and should be instant.
Depending on the order details, you may need to verify your account
(ID Verification,
Phone Number Confirmation,
Bank Account Verification should be normally required)
to exchange money on this e-wallet.
Since
2013,
BitMyMoney
is working hard to get great testimonials from the users.
Although, since this e-wallet
was recently added to our price comparison platform, we have no user reviews yet.
Maybe you can help? If you have any experience dealing with
BitMyMoney, can you please
leave your testimonial?
It will surely be a great help for us and all the community,
thanks!
Based on all these facts,
our verdict is the following:
BitMyMoney is a
legit, but
promising, although not yet reviewed much by our visitors
place to
buy and sell
cryptocurrencies,
an interesting exchange that we believe will get some nice feedback soon!
Overview: is BitMyMoney safe?
BitMyMoney is the
e-wallet;
Bitmymoney BV
(dba BitMyMoney)
started the business in May 2013.
The company is based in the Netherlands
with the headquarters located in the Hague.
Official BitMyMoney address is The Hague Security Delta (HSD), Wilhelmina van Pruisenweg 104, 2595AN Den Haag.
BitMyMoney was founded by Robert-Reinder Nederhoed, Mieke de Haas.
Ronald Prins, Menno van der Marel, Marko Dobroschelski, Koen Olthui, Pim Volkers
are among the lead investors.
BitMyMoney CEO is
Robert-Reinder Nederhoed.
Bitmymoney provides services since 2013, it's one of the longest-operating European exchanges with a flawless reputation. The team is always available for any questions and comments, every two weeks they open live broadcasts and host AMA (Ask Me Anything) sessions.
Answering the question how safe is BitMyMoney:
We are sorry, our platform has't yet collected enough data, but you can help!
We know fairly much about this e-wallet (please continue reading),
but our policies require to collect more testimonials from the users of BitMyMoney
to draw a conclusion. Do you have any experience dealing with this service?
Please
add your feedback,
this will be a great help!
Or maybe you know someone who does?
Kindly ask him/her to tell us about it here!
We really appreciate your participation.
Overall rating for BitMyMoney:
N/A
Although we have not collected enough testimonials to assign a rating to
BitMyMoney,
we can pre-estimate the rating (considering there will be no user complaints) as
100/100.
Pros & Cons of BitMyMoney
Although BitMyMoney is not yet rated
by our visitors,
common sense tells us it should have both strong sides and some downsides.
Let's check it out:
- It's very stable and reliable exchange service operating from 2013.05. Fully compliant and regulated business, service provided by licensed financial company.
- High purchase and withdrawal limits.
- If you don't yet decide where to store your coins, you can leave it here.
- Only 3 digital currencies and 1 fiat ones are supported. Just a 3 payment systems and banks are supported. Another downside is that this exchange does't allow crypto-to-crypto swaps.
- Many countries are not supported, please check if yours is in this list before registering!
Seems that there are not so many cons, but a lot of pros.
We hope you will enjoy your experience exchanging at BitMyMoney!
Try BitMyMoney today
and let us know how you like it!
Services, BitMyMoney Provides
The platform provides the following cryptocurrency exchange-related services:
- Allows the customers to buy cryptocurrencies with fiat currencies
- Provides the clients with ways to "cash out" the crypto to fiat currency
- Provides mobile wallet software for iPhone, Android and other phones
So BitMyMoney is something bigger than just a place to exchange digital currency.
According to our statistics,
86%
of the competition provide less services,
many just allow the buying and selling, so this
e-wallet
is among the champions in this field!
Currencies & Payment Systems
BitMyMoney provides the service of
buying and selling
3 digital currencies
using fiat currencies.
The following cryptocurrencies are available to
buy/sell:
Bitcoin (BTC),
Ether (ETH),
Litecoin (LTC).
If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides.
For example, these:
Cryptocurrencies initial coin offerings to buy in 2021.
1 fiat currencies
are supported to provide crypto purchase and selling:
Euro (EUR).
The e-wallet will let you buy and sell Bitcoins
and 2 other cryptos
using the following payment systems:
-
SEPA Transfer.
An international payment system
(it's available in 46 countries)
allowing international bank transfers payments
in Euro currency.
Just the EUR
payments are available for
both buying and selling cryptocurrencies at this exchange.
SEPA Transfer is a popular way to buy BTC and other cryptocurrencies available at
37 exchanges of various types.
You are welcome to find the best rate for
buying bitcoin with sepa transfer
at our home page!
-
iDEAL.
A local bank
(serving Netherlands)
in Euro currency.
Just the EUR
payments are available for
purchasing cryptos at the exchange.
-
Bancontact.
A local bank
(serving Belgium)
in Euro currency.
Just the EUR
payments are available for
purchasing cryptos at the exchange.
BitMyMoney fees
The fees you need to pay at this e-wallet during the process of
buying and selling cryptocurrencies
are easier to understand if you break it down like that
(note that you can skip the details,
jumping to the conclusion):
-
Deposit/withdrawal fee.
Depending on the fiat payment system and currency, it's as follows:
-
0.39
flat fee
to deposit funds by
Bancontact
in
Euro.
-
0.39
flat fee
to deposit funds by
iDEAL
in
Euro.
-
Commission for the money withdrawal to
SEPA Transfer
in
Euro:
0.1
flat fee
-
0%
to deposit funds by
SEPA Transfer
in
Euro.
-
Cryptocurrency withdrawal fee.
Please note that this fee applies only when you
transfer the crypto out of this wallet: to the third party, etc.
-
0 BTC:
great news! at the moment there is no such a fee!
Are BitMyMoney fees high or low?
Now it's time to draw a conclusion:
considering the average fee the exchange changes for an operation we can state that
BitMyMoney
takes very low fees!
According to our statistics,
the majority of the competition charge way more than
BitMyMoney does!
Buying and selling limits
This e-wallet has the following limits,
applicable when you buy or sell cryptocurrencies:
-
Purchase limits (when you buy crypto).
-
EUR 10
minimal buy and
EUR 5,000
max purchase
when using Bancontact in
Euro.
-
EUR 10
minimal buy and
EUR 5,000
max purchase
when using iDEAL in
Euro.
-
EUR 10
minimal buy and
EUR 5,000
max purchase
when using SEPA Transfer in
Euro.
-
Withdrawal limits (when you out-exchange crypto to the fiat money).
-
EUR 10
min and
EUR 5,000
maximal withdrawal
when receiving money to SEPA Transfer in
Euro.
And the good news: there are no limits on other payment systems
(the limitations the payment system has aside)
BitMyMoney supports!
Comparing to other exchanges,
BitMyMoney has one of highest buying and selling limits
on the whole exchange market!
Supported countries
Platform allows the users from 46
countries to use the exchange.
The following countries are supported by the e-wallet:
-
Aland Islands
(AX)
-
Andorra
(AD)
-
Austria
(AT)
-
Belgium
(BE)
-
Bulgaria
(BG)
-
Croatia
(HR)
-
Cyprus
(CY)
-
Czech Republic
(CZ)
-
Denmark
(DK)
-
Estonia
(EE)
-
Finland
(FI)
-
France
(FR)
-
French Guiana
(GF)
-
Germany
(DE)
-
Gibraltar
(GI)
-
Greece
(GR)
-
Guadeloupe
(GP)
-
Hungary
(HU)
-
Iceland
(IS)
-
Ireland
(IE)
-
Italy
(IT)
-
Latvia
(LV)
-
Liechtenstein
(LI)
-
Lithuania
(LT)
-
Luxembourg
(LU)
-
Malta
(MT)
-
Martinique
(MQ)
-
Mayotte
(YT)
-
Monaco
(MC)
-
Netherlands
(NL)
-
Norway
(NO)
-
Poland
(PL)
-
Portugal
(PT)
-
Réunion
(RE)
-
Romania
(RO)
-
San Marino
(SM)
-
Slovakia
(SK)
-
Slovenia
(SI)
-
Spain
(ES)
-
St. Barthélemy
(BL)
-
St. Martin
(MF)
-
St. Pierre & Miquelon
(PM)
-
Sweden
(SE)
-
Switzerland
(CH)
-
United Kingdom
(GB)
-
Vatican City
(VA)
Does BitMyMoney allow the users from United States (US)?
Sorry, but the BitMyMoney
can't provide the services to the citizens and residents of the United States of America at this time,
due to the local regulations and licensing matters, etc.
But there are no reasons to get disappointed because of that,
there are plenty of great exchanges as well as the ones of e-wallet
type, who warmly welcomes the American people!
We can recommend you to look at these:
Customer service
Sorry, but we haven't collected enough data about this yet.
Do you have any experience exchanging with the BitMyMoney?
Can you please
add your testimonial?
This will help everyone a lot, thanks!
Verification at BitMyMoney
The e-wallet may require the customers to pass through the user identification
(account verification) process.
The following procedures
should be completed if the customer needs to exchange an amount over
$55 USD in equivalent:
-
ID verification
-
Phone confirmation
-
A bank account verification
(if you wish to use this payment method)
Note that the verification is only required
for amounts over $55!
You may purchase up to €50 without any KYC. After first purchase your bank account is verified and your limits increase. If you wish to have maximal limit, ID verification is required and the SEPA transfer becomes available once you have a phone verified.
According to the customers surveys results, the average time to verify an account at
BitMyMoney is the following:
Sorry, we haven't yet collected enough data.
Do you know, how fast BitMyMoney
does account verification?
Kindly let us know, too.
Thank you very much!
Deposit/withdrawal speed
BitMyMoney processes the orders automatically, that's definitely a good thing and the process should take no time.
Although we know that some exchanges require various forms of staff approval, etc. for the specific orders; such ones generally take longer.
Even fully automated platforms sometimes delay the funds delivery, so if you know that it's the case here at this e-wallet,
let us and the community know about it, please!
Is BitMyMoney instant?
So, what can we see?
In accordance with the data we know about the e-wallet,
orders at BitMyMoney should be instant.
Although we don't have enough information about the order delivery speed from actual customers yet, sorry.
Customers' testimonials
There are currently no users testimonials about the BitMyMoney.
Do you have any experience using this e-wallet?
If you do, please say a couple of words about it!
FAQ about BitMyMoney
Does BitMyMoney holds my funds?
Yes, it does. Although you can always withdraw the funds to your e-currency wallet "by default" BitMyMoney holds your balance at it's own hot storage wallet. That's something all e-wallet providers do; it's their main purpose, after all!
Is BitMyMoney a good e-wallet?
Although we have not enough users' reviews yet, we analyzed the information we have. Feel free to get acquainted with the details reading this review or just jump to the conclusion!
Is BitMyMoney licensed? Does it hold e-money license?
Although Bitmymoney BV (registered name of company operating BitMyMoney exchange)holds no special licenses, it fully complies with the regulation in Netherlands; no license is required there to run such a business.
Does BitMyMoney provide the mobile wallet apps?
It does! There are a mobile apps for popular mobile platforms available.
Is BitMyMoney a ripoff?
It is not a ripoff, although we have not rated BitMyMoney yet due to lack of user testimonials, it complies with our standards. Feel free to read the whole this review to understand why or check our conclusion: is BitMyMoney legit or scam.
BitMyMoney vs other exchanges
Let's compare BitMyMoney to other similar exchange services with similar features: others of e-wallet type mostly.
Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc.
Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and
33 other cryptos, check
the best rates to buy bitcoin and crypto in United States!
BitMyMoney vs Bitpanda
Let's compare the key features of these two platforms to see which one suits you best:
-
Bitpanda is a trading platform
BitMyMoney is an e-wallet,
it has a different business model
(feel free to read about the
differences between
trading platform and e-wallet)
-
Bitpanda had started the business June 2014
BitMyMoney started the business May 2013
(BitMyMoney operates
1 years and 1 months longer).
-
Bitpanda has all the required business licenses and permissions
BitMyMoney has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides buying and selling cryptocurrencies,
Bitpanda provides the following extra services:
Payments for Utility Bills and the
Precious Metals Trading / Investments
BitMyMoney provides us with less services, related to the crypto exchange:
it allows us to purchase and sell digital currencies,
and besides that:
Mobile wallet.
-
Bitpanda supports 4 cryptocurrencies
BitMyMoney allows to exchange 3 cryptos
(BitMyMoney
supports 1 cryptocurrencies less).
-
4 fiat currencies are available at Bitpanda
You'll be able to use 1
fiat currencies to swap with digital ones at BitMyMoney
(BitMyMoney
supports 3 fiat currencies less).
-
Bitpanda accepts deposits from and allows withdrawals to
11 fiat payment systems / banks
BitMyMoney allows the user to utilize 3
various fiat payment systems and/or banks
(BitMyMoney
supports 8 banks and fiat payment systems less).
-
Bitpanda charges
1.29% — 5.09%
fee
BitMyMoney charges the client
0.0%
fee, depending on the currency, payment system, etc.
(BitMyMoney
has lower fees in general).
-
Bitpanda allows registrations from 46 countries;
we are sorry, but United States is not supported this time
You may register at BitMyMoney if you reside in one of 46 countries;
unfortunately, United States is not among the supported ones
(BitMyMoney & Bitpanda
support the same number of countries and territories).
-
During the account verification Bitpanda
usually asks for 3
documents and/or procedures:
(id verification,
a bank account verification,
additional information upon compliance staff decision)
User identification at BitMyMoney
usually consists of 3
different procedures:
id verification,
phone confirmation,
a bank account verification
(BitMyMoney 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
Bitpanda or BitMyMoney — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitMyMoney vs Wirex
Let's compare the key features of these two platforms to see which one suits you best:
-
Wirex is a e-wallet
BitMyMoney is an e-wallet,
both are using the same business model.
-
Wirex had started the business November 2014
BitMyMoney started the business May 2013
(BitMyMoney operates
1 years and 6 months longer).
-
Wirex has all the required business licenses and permissions
BitMyMoney has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides the digital currencies exchange,
Wirex provides no extra services
BitMyMoney provides more exchange-related services:
it allows us to purchase and sell digital currencies,
and besides that:
Mobile wallet.
-
Wirex doesn't have any fiat currencies supported
You'll be able to use 1
fiat currencies to swap with digital ones at BitMyMoney
(BitMyMoney
supports 1 fiat currencies more).
-
Wirex doesn't allow any fiat payments
BitMyMoney allows the user to utilize 3
various fiat payment systems and/or banks
(BitMyMoney
supports 3 fiat payment systems and banks more).
-
Wirex charges
1.0%
fee
BitMyMoney charges the client
0.0%
fee, depending on the currency, payment system, etc.
(BitMyMoney
has lower fees in general).
-
Buying limits at Wirex start from
$5 and are up to $5,000
Deposit/withdraw limits at BitMyMoney are
$12 — $6,039
depending on the payment method
(BitMyMoney
has lower buying/selling limits).
-
Wirex allows registrations from 255 countries;
United States is among the supported ones
You may register at BitMyMoney if you reside in one of 46 countries;
unfortunately, United States is not among the supported ones
(BitMyMoney
supports less countries).
-
During the account verification Wirex
usually asks for 2
documents and/or procedures:
(id verification,
phone confirmation)
User identification at BitMyMoney
usually consists of 3
different procedures:
id verification,
phone confirmation,
a bank account verification
(BitMyMoney 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
Wirex or BitMyMoney — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitMyMoney vs CEX
Let's compare the key features of these two platforms to see which one suits you best:
-
CEX is a trading platform
BitMyMoney is an e-wallet,
it has a different business model
(feel free to read about the
differences between
trading platform and e-wallet)
-
CEX had started the business July 2014
BitMyMoney started the business May 2013
(BitMyMoney operates
1 years and 2 months longer).
-
CEX has all the required business licenses and permissions
BitMyMoney has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides buying, selling and exchanging cryptocurrencies,
CEX provides the following extra services:
Margin Trading
BitMyMoney provides us with less services, related to the crypto exchange:
it allows us to purchase and sell digital currencies,
and besides that:
Mobile wallet.
-
CEX supports 16 cryptocurrencies
BitMyMoney allows to exchange 3 cryptos
(BitMyMoney
supports 13 cryptocurrencies less).
-
4 fiat currencies are available at CEX
You'll be able to use 1
fiat currencies to swap with digital ones at BitMyMoney
(BitMyMoney
supports 3 fiat currencies less).
-
CEX accepts deposits from and allows withdrawals to
4 fiat payment systems / banks
BitMyMoney allows the user to utilize 3
various fiat payment systems and/or banks
(BitMyMoney
supports 1 banks and fiat payment systems less).
-
CEX charges
1.0% — 5.0%
fee
BitMyMoney charges the client
0.0%
fee, depending on the currency, payment system, etc.
(BitMyMoney
has lower fees in general).
-
Buying limits at CEX start from
$1,000 and are up to $5,000
Deposit/withdraw limits at BitMyMoney are
$12 — $6,039
depending on the payment method
(BitMyMoney
has lower buying/selling limits).
-
CEX allows registrations from 224 countries;
United States is among the supported ones
You may register at BitMyMoney if you reside in one of 46 countries;
unfortunately, United States is not among the supported ones
(BitMyMoney
supports less countries).
-
During the account verification CEX
usually asks for 3
documents and/or procedures:
(id verification,
phone confirmation,
selfie)
and it takes
a day or two
in most of the cases
User identification at BitMyMoney
usually consists of 3
different procedures:
id verification,
phone confirmation,
a bank account verification
(BitMyMoney 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
CEX or BitMyMoney — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitMyMoney vs Coinbase
Let's compare the key features of these two platforms to see which one suits you best:
-
Coinbase is a e-wallet
BitMyMoney is an e-wallet,
both are using the same business model.
-
Coinbase had started the business June 2012
BitMyMoney started the business May 2013
(Coinbase is working for
11 months longer time).
-
Coinbase has all the required business licenses and permissions
BitMyMoney has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides buying and selling cryptocurrencies,
Coinbase provides the following extra services:
ATM Cards and the
Merchant Services
BitMyMoney provides us with less services, related to the crypto exchange:
it allows us to purchase and sell digital currencies,
and besides that:
Mobile wallet.
-
Coinbase supports 11 cryptocurrencies
BitMyMoney allows to exchange 3 cryptos
(BitMyMoney
supports 8 cryptocurrencies less).
-
6 fiat currencies are available at Coinbase
You'll be able to use 1
fiat currencies to swap with digital ones at BitMyMoney
(BitMyMoney
supports 5 fiat currencies less).
-
Coinbase accepts deposits from and allows withdrawals to
4 fiat payment systems / banks
BitMyMoney allows the user to utilize 3
various fiat payment systems and/or banks
(BitMyMoney
supports 1 banks and fiat payment systems less).
-
Coinbase charges
1.49% — 3.99%
fee
BitMyMoney charges the client
0.0%
fee, depending on the currency, payment system, etc.
(BitMyMoney
has lower fees in general).
-
Buying limits at Coinbase start from
$2 and are up to $5,000
Deposit/withdraw limits at BitMyMoney are
$12 — $6,039
depending on the payment method
(BitMyMoney
has lower buying/selling limits).
-
Coinbase allows registrations from 39 countries;
United States is among the supported ones
You may register at BitMyMoney if you reside in one of 46 countries;
unfortunately, United States is not among the supported ones
(BitMyMoney
supports more countries worldwide).
-
During the account verification Coinbase
usually asks for 2
documents and/or procedures:
(id verification,
phone confirmation)
and it takes
a day or two
in most of the cases
User identification at BitMyMoney
usually consists of 3
different procedures:
id verification,
phone confirmation,
a bank account verification
(BitMyMoney 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
Coinbase or BitMyMoney — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Conclusion: is BitMyMoney legit or scam?
Now it's time to draw a conclusion, is BitMyMoney a scam or is it a legit exchange?
We hadn't yet collected enough testimonials to assign
BitMyMoney a rating, but according to our research it's a good exchange.
We have found no evidence that this e-wallet is a scam so it should
be save to deal with.
Let's summarize what we like most (and what we don't) about the BitMyMoney:
- It is licensed, regulatory compliant financial company
- The e-wallet holds users' funds
- This company has being in the business for a long time;
exchange was started
7 years
and
8 months
ago
- Exchange supports
3 cryptocurrencies
and 1
fiat ones
(totally 3
payment systems / banks are available).
Besides buying, selling and exchanging digital currencies, the following services are available:
Mobile wallet
- It charges low fees:
0.0%;
although the exchange of smaller amounts is rather inexpensive
- The purchase and withdrawal limits are among the highest:
from $12
to $6,039 USD,
it depends on a payment system choice
- BitMyMoney
accepts the clients from 46 countries;
unfortunately, users from United States
are not permitted to use the service
Bitmymoney is well-established, reputable company that really cares about customers' funds security. Besides, you may try the service without account verification! An excellent choice, especially in you are located in the Netherlands!
Overall rating for BitMyMoney:
N/A
Although we have not collected enough testimonials to assign a rating to
BitMyMoney,
we can pre-estimate the rating (considering there will be no user complaints) as
100/100.