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Bitrush Review - is it scam or safe?

Bitrush Review - is bitrush.nl scam or good cryptocurrency exchange?

RATING: 3 / 0 REVIEWS Bitrush

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 *

*Fees are not stated anywhere on the site, but are listed at the end of the buy/sell process. Most users agree Bitrush’s fees are “reasonable”.

 

Bitrush is a Dutch cryptocurrency exchange to buy and sell some of the more popular cryptocurrencies – Bitcoin, Bitcoin Cash, Ether, Litecoin and Dash – in exchange for Euro. Judging by the language options of its site – it offers at its services in Italy, Germany and Belgium. But most likely the service is available at least in the entire EU.

 

The portfolio of Bitrush may be relatively small, but we’d say it is quite sufficient, as those are among the largest cryptocurrencies in market capitalization. There, of course, are exchanges like Litebit (another Dutch exchange), or Bisq, that offer a much larger selection of altcoins, but the majority of investors are usually interested in the most popular cryptocurrencies.

 

Bitrush, similarly to many of its peers, requires verification for larger transactions. The limit is set on amounts over € 2500.  Above this, Bitrush requires a verification with a government ID, but, as a matter of fact, phone verification is required as early as the first transaction. The exchange explains this is for safety reasons and to prevent fraud. It sounds reasonable enough, but those security policies may put off some users who’d like to keep their business completely private.

 

Like most cryptocurrency exchanges, Bitrush does not offer leveraged trading. For those who are interested in this, there are exchanges like Kraken, bitFlyer, Coincheck, Poloniex, Bitfinex, GDAX, BitMex, who offer this service. There are also many forex and CFD brokers who have included CFDs on one (usually Bitcoin) or several of the popular cryptocurrencies, for speculative trading. Such brokers are IG, HYCM, easyMarkets, Trading212, Admiral Markets, Plus500, Swissquote, etc.

 

The Company. Security of Funds

 

Company Country Regulation
Bitrush Netherlands None

 

Bitrush (Bitrush.nl) is a Dutch cryptocurrency exchange based in Amsterdam and established in 2014. It should not be confused with the exchange Bitrush.org, operated by Bitrush Ltd, registered in the UK and exposed as a scam Ponzi scheme earlier in 2017. At the time of writing this review, Bitrush.org has already been shut down, but we always advise our readers to be careful when investing and to check the reputation and eventual regulations of the brokers, exchanges or schemes they are planning to deal with.

 

The latest fad, obviously, is investing in cryptocurrencies. Like with any other investment schemes, with cryptocurrencies there are honest companies and there are scammers who are preying in the naive and uninformed clients, looking for a quick buck. Scamming people through cryptocurrency schemes is even easier, as they are still a regulatory grey area in many countries and there are not set rules and requirements in most parts of the globe. Only recently some countries, like Japan, have already written and implemented legislation in this regard. Others, like Russia and South Korea, have recently started looking into creating legislation and setting some order in the cryptocurrency sector.

 

There is also a Canadian company, called BitRush Corp., which is a fintech developing blockchain and cryptocurrency solutions.

 

On the other hand the Netherlands, where Bitrush is based, is one of the more cryptocurrency friendly countries, despite having specific laws and rules on the matter. The town of Arnhem, for example, has declared itself a “Bitcoin city” and a large number of businesses – from car repair shops and gas stations to beauty salons and restaurants, accept payments in Bitcoin. The Netherlands also has its own cryptocurrency – the Guldencoin – which can be used to pay for services and goods, for transferring money or as an investment.

 

Bitrush does not provide own cryptocurrency wallet, but recommends some. Obviously, clients are free to use an e-wallet of their own choice.

 

As for security features, Bitrush does not provide much specific information, but we suppose it implements at least the basic standards for security.

 

There is also something called “cooling-down period”. It ensures that bitcoins are held for a period of 2 working days once a purchase limit has been reached. Like, for example, a client places an order for € 250. S/he will keep a purchase limit of € 200 for the following two working days. If they exceed the € 200 limit, the bitcoins will be temporarily retained. The next period begins once the two working days are up. 

 

Trading platform

 

Bitrush’s trading platform is very easy to use. Frankly, it is not even a trading platform in the full sense of the word, but rather a simple form to fill in and complete the transaction. It does not seem to even require a preliminary registration in order to use it.

 

It seems that Bitrush’s site does not offer any additional information like price movement charts, nor an order book.

 

Methods of payment

 

Bitrush accepts payments both in cryptocurrencies and fiat currencies – the Euro. There are several funding options for fiat currencies, with most of them being most suitable for local Dutch users: the payment platforms Ideal, Bancontact and MyBank.

 

Quite conveniently for foreign users, though, there is also the option to pay through Visa and MasterCard credit cards. This is a feature offered by a growing number of cryptocurrency exchanges, but not by all and makes Bitrush easier to use for clients outside of the Netherlands.

 

As for withdrawal options, there is also the possibility to automatically get one’s euros in a bank account.

 

Conclusion

 

Bitrush has been around for a while and there have been no client complaints. Hopefully nobody mixed it up with the Ponzi scheme of the same name, which, fortunately, is now defunct.

 

What we like about Bitrush is that it operates with fiat currencies and accepts payments with credit cards. This makes it quite easy to use, especially throughout Europe. Another positive feature of Bitrush is the selection of altcoins on offer. It may not be very extensive, but is quite sufficient for those who are not entirely obsessed with cryptocurrencies and are looking into them as mere investment opportunities.

 

A minor minus of Bitrush is the fact that it does not offer its own e-wallet and no other services, besides exchange. There are similar platforms that provide the money transferring option and the bill payment service. Another negative, at least for some, is the need to verify one’s account before making any transactions. It is done entirely for safety purposes, but may not be liked by users who are hell-bent on retaining their anonymity.

 

Pros Cons
Accepts credit cards No own e-wallet
Works with fiat currencies No clear info on fees
Sufficient portfolio No anonymity

 

 

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Traders` reviews for Bitrush

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