BitMyMoney review & testimonials for www.bitmymoney.com (07.2020)

What is BitMyMoney in a nutshell? It's maybe not the most popular, but respectable, well established, exchange service (e-wallet) supporting some popular crypto: you can exchange these using the website. 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: $11 — $5,668 (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 exchange Bitcoins, 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.

Time in the business: 7 years 2 months

Business model: licensed, fully compliant

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.

exchange @ BitMyMoney!

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:

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:

• Helps the visitors to exchange the electronic currencies.
• 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, 91% 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 various cryptocurrencies exchange.

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: Top 10 cryptocurrencies to buy to invest in 2020.

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):

1. 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.
2. 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:

1. 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.
2. 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)
Show all supported countries

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:

• Coinbase

Customer service

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

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 Coinbase

Let's compare the key features of these two platforms to see which one suits you best:

our detailed review of Coinbase

• 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 just exchanges cryptos.
• 6 fiat currencies are available at Coinbase BitMyMoney doesn't allow to use any fiat currencies (BitMyMoney supports 6 fiat currencies less).
• Coinbase accepts deposits from and allows withdrawals to 4 fiat payment systems / banks BitMyMoney doesn't support fiat payments in any form (BitMyMoney supports 4 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 $11 — $5,668 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!

try Coinbase

or

exchange @ BitMyMoney!

If you feel like need more comparison versus other exchanges, feel free to check these:

• BitMyMoney vs Coinbase
• BitMyMoney vs Bitpanda
• BitMyMoney vs CEX

BitMyMoney vs Bitpanda

Let's compare the key features of these two platforms to see which one suits you best:

our detailed review of Bitpanda

• 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 just exchanges cryptos.
• 4 fiat currencies are available at Bitpanda BitMyMoney doesn't allow to use any fiat currencies (BitMyMoney supports 4 fiat currencies less).
• Bitpanda accepts deposits from and allows withdrawals to 11 fiat payment systems / banks BitMyMoney doesn't support fiat payments in any form (BitMyMoney supports 11 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!

try Bitpanda

or

exchange @ BitMyMoney!

If you feel like need more comparison versus other exchanges, feel free to check these:

• BitMyMoney vs Coinbase
• BitMyMoney vs Bitpanda
• BitMyMoney vs CEX

BitMyMoney vs CEX

Let's compare the key features of these two platforms to see which one suits you best:

our detailed review of CEX

• 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 just exchanges cryptos.
• 4 fiat currencies are available at CEX BitMyMoney doesn't allow to use any fiat currencies (BitMyMoney supports 4 fiat currencies less).
• CEX accepts deposits from and allows withdrawals to 4 fiat payment systems / banks BitMyMoney doesn't support fiat payments in any form (BitMyMoney supports 4 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 $11 — $5,668 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!

try CEX

or

exchange @ BitMyMoney!

If you feel like need more comparison versus other exchanges, feel free to check these:

• BitMyMoney vs Coinbase
• BitMyMoney vs Bitpanda
• BitMyMoney vs CEX

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 2 months ago
• 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 $11 to $5,668 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!