Bitcoinfive Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Bitcoinfive Review – is it scam or safe?
Bitcoinfive is a UK-based bitcoin exchange, owned by GX Money Capital LTD. It offers instant exchange services for Bitcoin, USD, EUR and GBP. Obviously Bitcoinfive works in a very simple manner, i.e. as a virtual exchange bureau where clients can buy or sell Bitcoins for the three aforementioned fiat currencies.
Bitcoinfive offers its services globally, except in certain countries and territories subject to international sanctions.
– Cash. Probably the biggest advantage of Bitcoinfive is that on it clients can directly change cash for Bitcoins. There are several exchanges who offer similar services, Bitquick and Local Bitcoins come to mind. They, however, are P2P platforms, whereas with Bitcoinfive clients buy directly from the exchange.
– Speed. Due to the nature of service offered by Bitcoinfive, the process of buying and selling Bitcoins is quite fast and takes only a few hours.
– Location. Bitcoinfive is based in the UK, but accepts clients from across the world, except certain countries and territories.
– Payment methods. Another major advantage of Bitcoinfive are the numerous payment methods it accepts for fiat currencies. It is one of the not so many cryptocurrency exchanges that works with PayPal and other online payment systems, namely Skrill, Perfect Money, OKPay, Payza and WebMoney. Additionally, the exchange accepts payments with credit cards, bank transfers, including SEPA (Single Euro Payments Area) transfers and the Western Union wire service.
– Fees. Bitcoinfive says it does not charge commissions for the exchanges services. This is a fairly rare practice among the cryptocurrency exchanges, but most likely this particular one compensates them through the price, although it says it sells and buys at market price.
– Identification. Bitcoinfive does not require registration or identification. All it needs is a name and an e-mail address. No ID verification, no cumbersome verification procedures, unlike many other exchanges who take KYC procedures seriously, some to the point of fastidiousness. While Bitcoinfive’s policy is very convenient for its users, it may get it in hot water with regulators at some point.
– Reviews. The customer reviews in the exchange’s Facebook page are overall positive. People are mostly satisfied with the speed and the ease of the transaction.
– Trading platform. From a simple user’s point of view, Bitcoinfive’s trading platform is very easy to use. If we have to be honest, this is not a proper trading platform, but rather a simple form where one fills in the amount s/he wishes to sell or buy, name, e-mail, bitcoin address and payment method. And this is pretty much it.
– Regulation. Frankly, the lack of regulation of a bitcoin exchange is a relative factor. There is no established regulation and legislative requirements, neither in the UK, nor in the EU, on the matter. In the best case, the cryptocurrency exchanges should have a money transferring license or something similar, but are not subject to stringent oversight and requirements, like, for example, the forex brokers.
– Leverage. Bitcoinfive does not offer leveraged trading, similarly to the vast majority of cryptocurrency exchanges. There are a few, like Kraken, Quoinex, CexIo and BitFlyer, who do offer this type of service. There are also a whole lot of forex brokers who are offering CFDs on the popular cryptocurrencies for speculative trading.
– Limits. Bitcoinfive has a minimum limit for a transaction of 0.02 BTC. This is not a lot (around USD 164 at the time of writing), but the setting of limits is not often practiced by cryptocurrency exchanges. In some cases, like with Bitquick, which offers a similar service, but is a P2P exchange, users themselves can set a minimum limit.
– Charts. Bitcoinfive does not offer any charts or price stats. There is no order book or any other information. This is inconvenient for traders, but considering that the main clients of the platform are people who need to simply buy or sell bitcoins, instead of engaging in active trading, this is hardly a problem.
– Mobile app. Bitcoinfive does not offer a bespoke mobile application for buying and selling bitcoin on the go, but at least the website is fairly easy to use on a mobile device.
Bitcoinfive Review – is it scam or safe? Conclusion
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