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Bitboat Review - is it scam or safe?

Bitboat - is bitboat.com scam or good cryptocurrency exchange?

RATING: 1.8 / 0 REVIEWS Bitboat
Bitboat is not regulated. We cannot guarantee your money is safe.

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Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

N/A

 

 

Bitboat is a European cryptocurrency marketplace where clients can buy Bitcoin, Ether, Ether Classic, Dogecoin, Dash, Litecoin, Namecoin or Monero for EUR.

 

On Bitboat the ordinary client can only buy cryptocurrencies. The company obtains the coins from vendors and says it works with quite a few, even though the applications are a lot more. Bitboat evaluates new candidates for vendors every day. The applicants must demonstrate previous experience, user feedback for transactions between private parties, projects, etc.

 

Bitboat advantages

 

- Lots of Coins. Bitboat has a fairly good selection of cryptocurrencies on offer, even though some of the ones with the largest market cap are not listed.

 

- Convenient Payments. Bitboat says it accepts some very convenient payment methods like PayPal, Paysafe card, Neosurf vouchers, cash deposits via Postal Offices and Tobacco Shops (Sisal/Lottomatica), PostePay and JiffyPay in Italy and postal money orders in France. The different payment methods come with different fees, payable to the service provider.

 

 

>> See crypto exchanges accepting credit cards <<

 

- Anonymity. One does not need to open an account with Bitboat. They only need to provide an e-mail address and to verify their phone number, if they wish to have a higher purchase limit.

 

- Escrow available. Similarly to some other exchanges, Bitboat uses the escrow feature. This means that the vendors selling coins on the platform, must put it in the company escrow, which is guaranteed, so that the vendors cannot make off with the buyers’ money, without sending the coins.

 

- Simplicity of ordering. The ordering process on Bitboat is quite simple and straightforward and does not require any previous knowledge or experience.

 

- Good Speed. In addition to simplicity, Bitboat also offers a speedy service and the transaction is completed within minutes after the payment is received.

 

- Impressive Numbers. Bitboat says it has over 25 000 successful sales, which is a good number for a small and not very popular crypto platform.

 

Bitboat disadvantages

 

- No info on fees. We could not find information about the trading commissions charged by Bitboat. However, some of the payment methods come with a rather high fee. Neocode in France, for instance, charges between 4 and 10%

 

- Buy and sell limits. Some of the payment methods come with limits on the sum, which can be used to buy cryptocurrencies with. For example, PayPal has a limit of 1000 euro/day and 5000 euro/month. Paysafe card has a 100 euro volume limit on each order and maximum of 200 euro/day and 5000 euro/month. With Neosurf the limit is 5000 euro/month. The limits are set by Bitboat.

 

There is also a minimum order requirement of EUR 50 and a limit of 500 euro worth of purchase per week for unverified clients.

 

- Buy only. Bitboat offers only the buy option. The vendors must apply with the company and undergo a selection process.

 

- No Leverage. Bitboat does not offer leveraged trading, which is quite usual for the cryptocurrency exchanges. There are a few who offer trading on margin, but those who are interested in speculating on the prices, rather than owning the coins, should rather sign up with a regulated forex broker that offers CFDs on cryptocurrencies.

 

 >> See our list of regulated bitcoin forex brokers <<

 

Conclusion

 

Even though Bitboat is registered in the UK, it is mostly active in Italy and France, where it offers more payment options. Obviously it has its clients, because the service is simple and straightforward and, most of all – anonymous.

 

It is convenient for those who occasionally need to buy some Bitcoin or another cryptocurrency, but is not very accessible to those who wish to sell, as they have to go through a selection process.

 

What we dislike about Bitboat are the limits and the minimum order requirement, even though they are not that much of a hindrance.

 

 

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Traders` reviews for Bitboat

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