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BuyCoinNow Review - is it scam or safe?

BuyCoinNow - is buycoinnow.com scam or good cryptocurrency exchange?

RATING: 2.2 / 1 REVIEWS BuyCoinNow

RECOMMENDED BITCOIN BROKERS


Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1

0.3% maker, 0.4% taker

 

 

BuyCoinNow is a cryptocurrency exchange based in the UK. It offers the option to buy Bitcoin for fiat and the other way around.

 

BuyCoinNow advantages

 

- Convenient Payments. BuyCoinNow offers two very convenient payment methods: credit cards and the Polish online payment system DotPay.

 

>> See crypto exchanges accepting credit cards <<

 

- Anonymity. The services of BuyCoinNow can be used anonymously, even though when paying with a credit card, some personal information will most likely be revealed. Yet, the company does not require clients to undergo a customer verification procedure, which sometimes can be quite the hassle.

 

BuyCoinNow, however, says that absolutely anyone can buy and sell bitcoins on its platform.

 

- Good Speed. As with all blockchain transactions, the speed depends mostly on the network load and sometimes on the platform itself. BuyCoinNow does not interfere with the speed of the transaction, so once the payment is confirmed, the coins are sent ASAP. However, it must be noted that the client has 15 minutes to make the payment, in which time the price can change.

 

- Simple Platform. BuyCoinNow’s platform is extremely easy to use, even by inexperienced traders. However, if you click on the chart on the site, you are taken to a larger chart of Dc-charts, with some charting tools and some rudimentary technical analaysis tools. There are two price charts available – of Bitsamp and “all bitcoin charts” that can show data from other major exchanges.

 

- “Dump Bitcoin Cash”. The platform offers the option to exchange Bitcoin Cash for Bitcoin at a rate of 0.04 BTC for 1 BCC. The minimum payment is USD 100.

 

- No limits. As far as we know, there are no buy and sell limits on BuyCoinNow’s platform.

 

 

BuyCoinNow disadvantages

 

- Unclear Fees. BuyCoinNow’s trading fees are a complete mystery and cannot be found neither on the site, nor during the trading procedure. The platform says the fees are included in the price, offered by it. According to other review sites, the fee is around 3%. We could not verify this independently, but if it is indeed the case, then this is a very attractive commission for buying cryptocurrencies with credit cards. Most exchanges who have this option, charge roughly double that, at least.

 

- Few Coins. BuyCoinNow offers only Bitcoin for buying and selling, which is quite insufficient.

 

- No Leverage. BuyCoinNow does not offer leveraged trading, but a simple buy and sell option. Those who are interested in trading on margin, can sign up with a regulated forex broker who offers CFDs with cryptocurrencies as an underlying asset. With those instruments the trader cannot own the coins, but simply to speculate on their price.

 

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

 

Conclusion

 

BuyCoinNow offers a very basic and simple service to buy and sell Bitcoin with a credit card, or through the Polish online payment service DotPay. The site and platform are just bare bones, but sometimes one needs just that, without any bells and whistles.

 

What we like the most is the fact that one does not need to provide much personal information in order to buy and sell coins and there are no limits. We also enjoy the simplicity and straightforwardness of it all.

 

 

 

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Traders` reviews for BuyCoinNow

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this article needs update

Many has changes on buycoinnow.com since this review has been written - fees are way more transparent, they've added some more payment methods, like skrill or neteller. I used this website couple times, never had any problems with them, it's very, very easy to use

serawpoe 07/30/2019
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