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Bitcoinfive Review - is it scam or safe?

Bitcoinfive Review - is bitcoinfive.com scam or good cryptocurrency exchange?

RATING: 3.5 / 6 REVIEWS Bitcoinfive

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 0%

 

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.

 

Bitcoinfive Advantages

 

- Accepts 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.

 

-  GoodSpeed. 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.

 

- Convenient 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.

 

>> See other crypto exchanges accepting credit cards <<

 

- 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.

 

- No 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.

 

- Good 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.

 

-  Simple 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.

 

 

Bitcoinfive Disadvantages

 

- No 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.

 

- No 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.

 

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

 

- 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.

 

-  No 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.

 

- No 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.

 

Conclusion

 

Bitcoinfive is very simple to use. Apparently it has been set up with the needs of the occasional bitcoin buyer or seller in mind and does not cater to the needs of serious traders.

 

The platform has many advantages. First off, the transactions are instant, or at least very fast. Some users comment that the transaction took minutes. Second, Bitquick provides numerous payment options for fiat currencies, which is very convenient. Another major advantage is that the platform has a very straightforward registration process. As a matter of fact, registration is not required. Nor is any identification or KYC procedures. This spares the clients the often cumbersome identification procedures and requirements, as well as the waiting.

 

Bitcoinfive does not have many disadvantages, or at least not ones worth further commenting on.

 

  

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Traders` reviews for Bitcoinfive

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Am still waiting to prove who are they?I have given them today

I sold my bitcoin to bitcoinfive.com, but they have not yet given me my cash, they asked me for documents to submit, I did, they also said my documents that I submitted do not met the requirement, I have asked them to refund my bitcoin immediately, am waiting only for today. Tomorrow I will give my conclusion of who are these people so that someone out there may be safe.

Am Simon peter 04/20/2018

Thieves!!! Caveat emptor!!!

They stole all my money. In contacting those negative reviewers, over half responded validating their experiences of theft.

None of the individuals that posted favorable reviews could be contacted and failed to respond to my requests for personal experiences, indicating they were merely frauds, most probably agents of the company that have their activities diminished by negative reviews, so post where no login is required to artificially elevate their customer rating.

DO NOT DO BUSINESS WITH THESE PEOPLE. THEY WILL STEAL ALL YOUR MONEY!!!!

My Name Is Ron Hatton.
Find me and I will share the emails they sent me.
"All that is necessary for evil to prosper is that good men do nothing."

Gadgetman 04/16/2018

dont go bitcoinfive

I wanted to change bitcoins to euro around 20 days ago , and I opened the www.bitcionfive.com I changed and they sent me an e mail , you have to submit some document to us , then I submitted , even they didint replay my e-mails , they don give your money back , they are not a company .

taskin 01/31/2018

Very fast and easy way to sell bitcoins with the credit or debit card

Very fast and easy way to sell bitcoins with the credit or debit card.

I received payment within 4 hours.

David Denney 01/24/2018

Lost all in a trade with BitCoinFive

The first week in January I initiated a trade of some 0.10 BTC to cash. It was a couple of days before I heard from them, and then they began telling me they could not complete the transfer without "additional documentation" which was supplied well within the specified timeframe.

Since submitting the documents, [email protected] has been completely silent, refusing to give me updates of any kind, despite repeated requests.

Further, immediately following my posting of a negative review on another site, all of a sudden they received five 5-Star Reviews, where they had zero before.

Beyond suspicious IMHO

So, I say to you all "Caveat Emptor". And remember that ANYONE can log in with different names to show five stars on themselves, but NO ONE in the right minds would post a negative review on themself.

And I am a real person. If you want to hear about this experience first hand, I will be pleased to share copies of all emails with any interested party. Simply email me at [email protected] with your request.

Sincerely, and sadly,
Ron Hatton
Developer of The Gadgetman Groove

Ronald E Hatton 01/23/2018

Sell/Buy price

No fees??? the differences between Buy and Sell are huge... They are making big money with the Sell price.

Rafael Guzmán 12/28/2017
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