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Bitnovo Review - is it scam or safe?

Bitnovo Review - is bitnovo.com scam or good cryptocurrency exchange?

RATING: 2.3 / 1 REVIEWS ForexBrokerz Bitnovo

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

6% with card

 

 

Bitnovo is a platform offering the option to buy Bitcoin or Dash with a card, bank transfer, FlexPin voucher. The client can get their coins either in an e-wallet or in a Visa debit card, issued by Bitnovo in 130 countries across the world. There is also the option to buy Bitcoin for cash, without registration and providing personal details, in the form of a gift card, at thousands of physical locations in Spain, including the Carrefour stores. Then the card can be redeemed at the Bitnovo site, with the funds sent to any e-wallet of the client’s choice.

 

 

Bitnovo advantages

 

- Anonymity. Clients can get Bitcoin if they choose to buy it through a gift card for cash, i.e. only in Spain.

 

- Debit card on offer. One of the main advantages of Bitnovo is the opportunity to get a Visa debit card, which can be loaded with the purchased cryptocurrencies and used for ATM withdrawals and payments in all stores and businesses, accepting Visa cards. However, there are fees and limits.

 

- Good Speed. Bitnovo says the purchases are quite speedy, once the payment is received, and if the client has undergone the verification procedure. This is similar to most other exchanges that offer instant buy options.

 

Bitnovo disadvantages

 

- No sell option. Bitnovo only sells bitcoins, but clients cannot sell their coins on the platform, so we cannot qualify Bitnovo as an exchange in the true sense.

 

- High Fees. The purchase fee for paying with a card is 6%, which is quite a lot. Additionally, there’s a hefty miner’s fee, of which Bitnovo warns on its site. It also warns the banks may charge additional fees. All in all, a quite expensive service.

 

>> See crypto exchanges accepting credit cards <<

 

- Anonymity. Buying bitcoin on Bitnovo is only anonymous if you pay in cash for a Bitnovo gift card. Otherwise the platform requires at least an e-mail and a mobile number and reserves the right to require additional ID documents to prevent fraud.

 

- Countries. The Visa card is issued to clients in over 100 countries, but the option to buy Bitcoin for cash anonymously is only available in Spain.

 

- Buy Limits. Bitnovo says it has set limits for buying bitcoins, depending on the payment method, chosen by the client, but does not say what they are. They are only visible when starting the purchase process.

 

- Few Coins. Bitnovo only offers Bitcoin and Dash, which is a very limited selection. And we are of the impression that only Bitcoin can be bought with the Bitnovo gift cards.

 

- Debit card requirements, limitations. The Bitnovo debit card surely is a nice feature, but as we already said, it has fees and, more importantly, limits. To be more precise, there are limits on the amount that can be loaded on the card. They are on three levels. The basic level is anonymous and only allows a single recharge of EUR 250 and can only be used for purchases, but not for cash withdrawals. The Level One card allows recharges of up to EUR 2500 per year, requires  personal data registration from the web of the card issuer, i.e. on Bitnovo’s site, and can be used for purchases and cash withdrawals from ATMs in Spain. The Premium Level card can be recharged with up to EUR 15 000 per year and requires scanned copies of ID documents. It can be used for purchases and cash withdrawals worldwide.

 

Conclusion

 

Obviously Bitnovo is mostly targeting Spanish customers with the offer to buy Bitcoin for cash through a gift card, which, of course, is not a bad thing.

 

On the other hand, though, using Bitnovo from elsewhere does not make much sense, as similar services are offered by a number of cryptocurrency exchanges, often for lower fees and sometimes even anonymously. Some, like Coinbase, for example, also issue a debit Visa card, which can be loaded with cryptocurrencies and used as a payment method in “the real world”.

 

 

 

 

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Traders` reviews for Bitnovo

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