BitMyMoney review & 2 testimonials for bitmymoney.com (03.2020)
What is BitMyMoney in a nutshell?
It's
maybe not the most popular, yet
respectable,
rather an aged
exchange service
(e-wallet) working with
1
cryptocurrency:
you can
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 integrated 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%
(in line with our statistics,
100%
exchanges take higher average fee).
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.
On the report of the actual users, customer service is
exceptional, 5 stars quality;
we don't yet have enough data about the order processing speed,
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.com
has got
great testimonials
from the customers:
just our platform
already has
2
user reviews,
100%
of those are positive.
The majority of the users value the
quality of the customer care
most of all.
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 pronto!
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.
The founder, Robert-Reinder Nederhoed, is a well-known person in the local crypto community. He regularly appears as a guest at some shows like De Grote Cryptoshow on RTL Z and other crypto-related talk shows and podcasts.
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.com,
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.
- Perfect customer care quality; customers admire it!
- If you don't yet decide where to store your coins, you can leave it here.
- Only 1 digital currencies. It's a pity, but there are no fiat payment systems available for exchange with cryptos. 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:
- 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,
68%
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.
1 digital currencies
one into another.
The following cryptocurrencies are available to
Bitcoin (BTC).
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 100 cryptocurrencies 2023 to invest.
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):
-
Cryptocurrency withdrawal fee.
Please note that this fee applies only when you
transfer the crypto out of this wallet: to the third party, etc.
- the usual transaction fee in the according crypto, when you are buying:
BTC.
-
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 charges 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.
-
Great news! at the moment there is no buying limits
@ BitMyMoney!
-
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.
-
Nice! No limits for selling crypto at
BitMyMoney!
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.com
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 look at these:
Customer service
According to the community and the exchange users' testimonials,
BitMyMoney provides an excellent, exceptional quality customers support!
The analysis of reviews is the following:
Verification at BitMyMoney
The bitmymoney.com 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 e-wallet
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 bitmymoney.com,
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
Our users left 2
testimonials about their experience dealing with BitMyMoney,
100% of the testimonials are positive,
0% are neutral
and there are
0
negative ones.
Feel free to read as many of these as you like!
Fast service. I like everything! But I have mixed feelings about the verification. It can take a rather long time. everything else is perfect 5/5! Support is especially awesome AAA++++
Very good exchange for Netherlands and Belgium. Most popular local payments are supported. If you are Dutch and want support in your native language - these guys are your choice!
No more testimonials to show.
The rest are either outdated or written in other languages.
If you have any experience dealing with BitMyMoney, can you please
leave your testimonial?
Thanks!
Overall result if great!
100% positive testimonials is something the business owners are very proud of,
such a rating is hard to get and even harder to maintain!
It means the community really trusts and likes the BitMyMoney
services, so most likely, you'd enjoy it too!
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.com to other similar exchange services with more or less the same 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
50 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:
-
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.com is working for
11 months longer time).
-
coinbase.com 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.com provides the following extra services:
ATM Cards,
Merchant Services and the
Staking, MasterNodes, etc. (passive income opportunity)
BitMyMoney provides us with less services, related to the crypto exchange:
it just exchanges cryptos.
-
Coinbase supports 3
cryptocurrencies and tokens
BitMyMoney allows to swap
just
1
crypto
(BitMyMoney
works with
2
cryptocurrencies & tokens fewer).
-
5
fiat currencies are available on
coinbase.com website
BitMyMoney doesn't allow to use any fiat currencies
(BitMyMoney
supports
5
fiat currencies less).
-
Coinbase accepts deposits from and allows withdrawals to
7 fiat payment systems / banks
BitMyMoney doesn't support fiat payments in any form
(BitMyMoney
supports 7 banks and fiat payment systems less).
-
Coinbase charges
1.0% — 3.99%
fee
BitMyMoney charges the client
0.0%
fee, depending on the currency, payment system, etc.
(BitMyMoney
has lower fees in general).
-
Coinbase gives the gifts to the customers
BitMyMoney has neither gifts or cashback available
(BitMyMoney & Coinbase
both provide the same bonuses for customers).
-
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
policies related to KYC, fraud prevention, etc. are rather user-friendly,
many will find it appealing that there are exceptions and orders without verification in certain situations).
-
Our users left 25
testimonials about Coinbase,
96%
of which are positive
We've collected 2
users testimonials about BitMyMoney,
100%
are positive
(BitMyMoney
has better testimonials from the clients).
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 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.io 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.io provides the following extra services:
Lending,
Margin Trading,
Faucets (small amounts of cryptos for free) and the
Staking, MasterNodes, etc. (passive income opportunity)
BitMyMoney provides us with less services, related to the crypto exchange:
it just exchanges cryptos.
-
CEX supports 30
cryptocurrencies and tokens
BitMyMoney allows to swap
just
1
crypto
(BitMyMoney
works with
29
cryptocurrencies & tokens fewer).
-
3
fiat currencies are available on
cex.io website
BitMyMoney doesn't allow to use any fiat currencies
(BitMyMoney
supports
3
fiat currencies less).
-
CEX accepts deposits from and allows withdrawals to
8 fiat payment systems / banks
BitMyMoney doesn't support fiat payments in any form
(BitMyMoney
supports 8 banks and fiat payment systems less).
-
CEX charges
0.3% — 3.99%
fee
BitMyMoney charges the client
0.0%
fee, depending on the currency, payment system, etc.
(BitMyMoney
has lower fees in general).
-
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).
-
Our visitors rated customer care at the CEX
4.55 / 5.0
Customers' service at BitMyMoney exchange was rated
5.0 / 5.0 by our visitors
(BitMyMoney
support team got better rating from our customers
-
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
policies related to KYC, fraud prevention, etc. are rather user-friendly,
many will find it appealing that there are exceptions and orders without verification in certain situations).
-
Our users left 27
testimonials about CEX,
100%
of which are positive
We've collected 2
users testimonials about BitMyMoney,
100%
are positive
(BitMyMoney & CEX
share the same percentage of positive user reviews).
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 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.com 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 should be 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
10 years
ago
- Exchange supports
1 cryptocurrencies
- It charges low fees:
actually there are no fees at all!
- BitMyMoney
accepts the clients from 46 countries;
unfortunately, users from United States
are not permitted to use the service
- Clients' testimonials are perfect,
100% (2 out of
2) note their positive experience dealing with BitMyMoney.
According to the customers feedback:
- Customer support is great
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.