Bitmymoney Review & Experience 2021
Nowadays it is getting easier and easier to invest in crypto currencies, in this Bitmymoney review you will find out if this broker is for you!
Bitmymoney Review - buy crypto roadmap
1 - Choose a broker: Find a reliable broker with low costs that suits your trading strategy, such as eToro!
2 - Sign up: Create your account on the broker's homepage.
3 - Verify your account: Go through the KYC process to be able to invest with real money.
4 - Start trading crypto: Deposit money into your account and start trading crypto currencies!
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At Bitmymoney you can invest Bitcoins, Ethereum and Litecoins, and you can store them in the wallets developed by the platform. In this Bitmymoney Review you can read how to use the platform, what the Bitmymoney costs are and whether Bitmymoney is reliable.
Before reading this Bitmymoney review, it is important to know that Bitmymoney.com is of course not the only provider of Bitcoin, Ethereum and Litecoin. If you are looking for an alternative broker to invest in these and many other crypto currencies, we recommend eToro.
Bitmymoney Review: about Bitmymoney
Bitmymoney.com is a Dutch online checking account that allows you to buy Bitcoins, Litecoins and Ethereum. It is a Dutch organisation that is one of the co-founders.
What is very special about Bitmymoney is its low threshold. You can create an account for free and start from as little as €10.
Of course, with a tenner you can't really make big investments, but with this low starting amount this bitmymoney.com distinguishes itself from its competitors. Bitmymoney wants to make investing in crypto currencies available and easy for everyone, not just experienced investors.
Therefore, bitmymoney.com offers its own wallets on the platform. According to the bitmymoney team, the reason for this is that they want to make crypto-currencies available to people who don't know how to use a wallet or don't want to download additional software.
What also makes Bitmymoney very suitable for beginners is that they only offer three different crypto currencies.
For many people, this will probably not be a plus point of the platform, but it does make it more manageable for the novice investor who does not want to get lost in the huge number of crypto currencies that are currently offered online on crypto exchanges.
Bitmymoney also has an app for your Android or Apple smartphone. With this app, you can view your portfolio, buy and sell crypto currencies, and view the prices of the crypto currencies.
Bitmymoney Review: is Bitmymoney Reliable or a Scam?
Perhaps the most important factor in choosing the most suitable broker or exchange: is the platform reliable and safe? You have to be able to trust the website completely, because you don't want to lose your wagered money.
That is why in this bitmymoney review we focus on the security of logging in and the reliability of the platform.
Is logging in with Bitmymoney.com safe?
An important part of this bitmymoney review is determining if logging in is safe.
When you have created an account at Bitmymoney.com, you can log in with your email address and a password. So there is no additional security when you log in.
You have to make sure that you choose a difficult password. You also need to make sure that your email address password is not easy to guess, otherwise hackers will be able to retrieve your Bitmymoney.com login details through your email account.
When you use the app, each time you open it you have to enter a PIN code of your own devising. This system is similar to logging in to most bank applications.
When devising a PIN code, please also ensure that it is not too predictable, to prevent hackers from finding it out.
Is Bitmymoney Reliable?
Before you start at this broker it is good to test the reliability in a bitmymoney review.
When an organization offers crypto currencies, it is mandatory for that company to have certain licenses. With this, that company can prove that they meet the security requirements of the region where they offer their services.
Bitmymoney has received approval from the Dutch Central Bank to offer its services.
Because they do not offer bitcoins themselves, but only provide an account with which you can buy from other providers, they do not need a license from the Financial Markets Authority (AFM).
Bitmymoney does advise its users to make sure that the provider has a licence from the AFM. If this is not the case, it may indicate illegal practices.
Bitmymoney advises its users to make sure that when they buy crypto coins from investment companies, they should first check whether the provider has a permit from the AFM. If this is not the case, this may indicate illegal practices.
How are customers protected at Bitmymoney.com?
Finally, in this bitmymoney review, we will briefly discuss customer protection.
At Bitmymoney, you can choose to set up Two Factor verification when sending your crypto. This means that if you want to send your crypto, you not only have to enter your login details, but also use an external app, such as Google Authenticator.
Because of the Two Factor system, your crypto can not only be sent with your login details, but there is a double security. This second factor can also be used to double lock your e-mail account, so that hackers cannot retrieve your data as easily.
Furthermore, Bitmymoney stores 95% of the crypto currency in the wallets on the platform offline in secure locations. This is an important measure to prevent theft, as it is very difficult to steal crypto that is stored offline.
Client funds are kept in the Bitmymoney Client Management Foundation, a fund that Bitmymoney itself cannot claim. Even if Bitmymoney goes bankrupt, the customers are still the only ones who can claim their assets.
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How do I create an account at Bitmymoney?
Bitmymoney is a suitable platform for inexperienced investors to start buying cryptocurrency. You can open an account easily via the computer on the website Bitmymoney.com.
How to open an account at Bitmymoney.com
Opening an account is very easy at Bitmymoney.com. You start by entering the login information.
The login data that Bitmymoney requires from you are your first and last name, your e-mail address and a password of your choice. Once you have entered these, you can activate your account with the verification email you will receive from Bitmymoney.
You can then deposit money into this account using iDeal. This is possible with amounts from € 10, -.
How to use the Bitmymoney trading platform?
When you have opened your account, you can access the trading platform through the site. There is no need to download additional software to start trading.
Can I use an app with Bitmymoney?
As mentioned earlier, there is also a Bitmymoney app which you can download for your tablet or smartphone. The app can be found in the Google Playstore and the Appstore under the name "Bitmymoney Bitcoin Account".
The app offers the same features as the platform. You only need to create an account on the Bitmymoney.com website. Then log in to the app and get started.
How do you log in to Bitmymoney?
You can login both on the website and in the app with your email address and password. If you have the Two Factor verification set up, you will also need to use an additional authentication tool to log in.
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Bitmymoney experiences in use
The next thing we cover in this Bitmymoney review is how the trading platform works. You have several options within the Bitmymoney platform.
You can view the prices of the crypto currencies offered, buy and sell crypto coins, manage your account and send your crypto to other locations. Furthermore, of course, you can also have your cryptowallets on the platform.
This way you don't have to worry about what wallets to use, but Bitmymoney itself stores your crypto coins offline and securelyAll these features are also available in the app.
Bitmymoney Extras
The platform has a number of additional features. For example, you will receive a compensation in Bitcoins if you invite other people to open an account.
You can also set up notifications when prices change and when you go over a certain limit. These notifications will be displayed in the app.
These notifications make it easier for you to respond to the price at any time, without having to monitor it yourself every hour of the day.
If you're a more experienced investor, you may have a greater need for additional options and a wider range, so that you can be in complete control. Read our article on Lynx to see if it suits you.
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What is the crypto offering of Bitmymoney.com?
The offer at this platform, as mentioned earlier in this Bitmymoney review, is not very big. You can choose from only three crypto currencies in the platform:
Bitcoin | Ethereum | Litecoin |
|---|
Of these three currencies, Bitcoin is, of course, the best known and the biggest. There are many people who have made a lot of money from Bitcoin by buying at the right time and selling at the right time.
Ethereum and Litecoin are two crypto currencies that are also doing very well in the trading market. These coins are much cheaper per coin, but there is also a lot of money to be made here.
It is not that Bitcoin is better than Ethereum or Litecoin. Which coin you choose depends very much on your personal preferences and the expectations you have of each.
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Bitmymoney Costs
There are no Bitmymoney fees to open an account. Saving the cryptocurrencies on the platform in the wallets is also free of charge.
However, there are costs associated with the sending of bitcoins. Here you will have to pay a fee of approximately 0.0002 to 0.0006 bitcoins to the bitcoin network.
This is approximately 6 to 18 euros. These are not Bitmymoney costs, but are costs of the bitcoin network itself.
Bitmymoney also deducts a commission of 1% of your purchase. This is how you pay for the Bitmymoney service and platform.
Furthermore, the costs of using iDeal are currently € 0.39, and the Bitmymoney costs that you have to pay by default with transactions are € 0.10 per transaction.
Bitmymoney costs example
Say you want to buy Ethereum for €100 on Bitmymoney.com. This means you will have to pay a commission of 1%, so €1,-. Furthermore you have to pay the transaction fee and the iDeal fee.
So in total you will have to pay €1+€0.39+€0.10=€1.49 in Bitmymoney fees.
Tip: Larger brokers often have much lower total costs. An example of such a broker is eToro. Here, the range of trading products is also very broad.
How are the Bitmymoney Reviews from users?
The Bitmymoney experience and Bitmymoney review users had with Bitmymoney can vary greatly. On the review website Trustpilot, they have 78% positive reviews, but also 21% negative reviews.
User-friendly platform and good support
According to most bitmymoney review left by the users, the platform of Bitmymoney is very user-friendly. Both the app and the website are very easy and convenient to use, especially for beginners.
Furthermore, it was mentioned that the support responds very quickly, and that you generally get answers to the questions you sent via email within a day.
High and non-transparent Bitmymoney Costs
Almost all negative Bitmymoney reviews from users on Trustpilot are about the Bitmymoney costs. According to the users, it is difficult to find out how high these costs are, and when making the transactions they are often unpleasantly surprised.
The reason for the lack of clarity about the commission fee is that it is based on the current exchange rate. The commission fee increases when the exchange rate rises more.
Bitmymoney Experiences: More positive than negative
There are, as just mentioned, more positive than negative Bitmymoney reviews. Many users find bitmymoney reliable, and very user-friendly.
Finally, you can see that the owners of Bitmymoney respond to both the positive and negative comments. They try to solve as many problems as possible by getting in touch with the customer.
So we can draw the conclusion from this bitmymoney review that overall it scores very well on both bitmymoney experiences and bitmymoney reliability.
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The Bitmymoney customer service can be reached via their e-mail address, which is listed under the contact details on the Bitmymoney.com website. This is the address for all questions regarding the platform.
Bitmymoney Customer Service Review
The website also has a page with frequently asked questions. Here you will often find the answer to the question you have about the platform.
Bitmymoney Review: Frequently Asked Questions
Bitmymoney is a broker that trades in crypto currencies. The platform is very suitable for beginners, as it is very user-friendly and the minimum transaction amount is only €10.
In addition to the transaction fees and the cost of using iDeal, Bitmymoney also charges a commission fee. These are based on the current exchange rate.
The more the exchange rate rises, the more you have to pay in commission fees. In the article Bitmymoney review you will find an example of the costs.
Bitmymoney has taken some measures to ensure the safety of its users. Examples are the 2FA at login, and the offline storage of funds. Because of this they have also received approval from DNB.
Nevertheless, not all bitmymoney reviews are positive about the trading platform. It is always safer to store crypto in another wallet, but the biggest complaint seems to be the lack of transparency about the costs.
Bitmymoney offers three different crypto coins, namely Bitcoin, Ethereum and Litecoin. They only offer these three coins because many other coins are very speculative according to the owner.
Bitmymoney is intended for the novice investor. The platform is very user-friendly and offers few extra options. Also, the supply is low, which keeps it clear for beginners.
Yes, you can leave them on the platform because Bitmymoney stores your purchased coins offline and secure. This way you do not have to worry about what wallet to use.
Bitmymoney Review: Conclusion
We have seen in this Bitmymoney review that this broker is very suitable for novice investors who want to invest in Crypto currencies. The minimum bet amount is only €10, and you don't have to worry about finding a secure wallet, as these are included with the platform.
Furthermore, the website is very user-friendly and well-organised. However, for experienced investors Bitmymoney.com is not recommended, because the offer is very small and the commission costs can be relatively high.
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