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Bitcoins Norge Review - is it scam or safe?

Bitcoins Norge Review - Is bitcoinsnorway.com scam or safe cryptocurrency exchange?

RATING: 3.4 / 0 REVIEWS Bitcoins Norge

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Bitcoins Norge is a Norwegian entry level crypto currency exchange, offering several crypto currency pairs only to Norwegian citizens.

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 1% 1% 3,5 USD plus 1%

The company, founded in 2013 in Stavanger, has recently announced plans for a major overhaul of their trading platform, adding more crypto currency pairs.

 

Bitcoins Norge Advantages:

 

Three major coins offered

 

Bitcoins Norge offers Bitcoin, Bitcoin Cash and Litecoin. You can trade Bitcoin and Litecoin against the Norwegian Krone, the USD and the Euro, while Bitcoin Cash can be traded only against the Norwegian Krone. However there is no option to trade coin to coin directly. 

 

Fiat currencies accepted

 

As we have noted, Bitcoins Norge is an entry level crypto currency exchange and they accept payments in USD, Norwegian Krone and Euro, as well as with Bitcoins, Bitcoin Cash and Litecoins. Have in mind you can make a deposit only with a bank wire. No credit or debit cards are  accepted. E-wallets, such as Neteller, Skrill or PayPal neither. Still, you may like to look at the companies which accept credit cards: 

 

>>Where to buy bitcoin with a credit card<<

 

User-friendly platform

 

Bitcoins Norge offers a straight forward trading platform. You choose your crypto currency pair (there are 7 available) and hit buy or sell. There is a chart with the price, but no trading indicators and it definitely looks simplified compared to popular forex platforms like the MetaTrader4. Still, there you have everything you need to join the crypto currency market.

 

 

Bitcoins Norge Disadvantages:

 

Norwegian residents only

 

Bitcoins Norge says they accept deposits from Norwegian citizens only. There are further restrictions on the countries where those Norwegian clients might be based , but we will discuss that latter, when we come to the deposit and withdrawal fees.

 

Not suitable for active trading

 

Bitcoins Norge charges you a 1% trade fee, and that is much higher than what we usually expect to see on the market. With most crypto currency exchanges the trade fee is around 0.20 to 0.25%, while some, which are trying to attract new customers, take no trade fee at all. The higher trading fee makes Bitcoins Norge suitable for traders, who intend to take long positions only.

 

Unusual administrative fee

 

Bitcoins Norge charges its customers an additional monthly administrative fee of 0,25% on all currencies, including digital currencies. Here we should note that we have not seen such a fee with other exchanged before.

 

Relatively high deposit and withdrawal fees

 

Bitcoins Norge charges its customers different deposit or withdrawal fees, depending on whether the wire transfer is made via SWIFT,  SEPA (Single Euro Payments Area) or using the Norwegian Bank Transfer. 

 

Depositing by a Norwegian Bank Transfer will cost you 25 NOK or around 3 USD. A deposit via SEPA is charged with 3,5 USD plus 1% of the transferred capital, while with SWIFT the charge is between 8 and 16 USD plus 1% of the transferred capital.

 

The minimum deposit is set at 100 Norwegian Krone or around 12 USD.

 

Withdrawal charges are applied separately – 3 USD plus 1% for a withdrawal using the Norwegian Bank Transfer, 6 USD plus 1% with SEPA, and 12 USD plus 1% with SWIFT.

 

Take a note that transactions via SEPA are possible only with the following countries: Albania, Andorra, Belgium, Bosnia and Herzegovina, Bulgaria, Denmark, Estonia, Finland, France, Faroe Islands, Gibraltar, Greenland, Guernsey, Greece, Iceland, Ireland, Isle of Man, Italy, Jersey , Croatia, Cyprus, Latvia, Liechtenstein, Lithuania, Luxembourg, Macedonia, Malta, Mauritius, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, UK, Switzerland, Sweden, Czech Republic, Tunisia, Turkey, Germany, Hungary and Austria, while SWIFT payments can be performed only with USA, Canada, Australia, New Zealand, Brazil, Costa Rica, Mexico and South Africa. 

 

Also, as withdrawals with SEPA are always transferred in Euro, for USD transaction SWIFT can be used in Europe as well. Take a note that there might be separate bank transfer fees.

 

As far as deposits or withdrawals of crypto currencies are concerned, there is no information on Bitcoins Norge website about any additional fees, except the usual block chain transaction or mining fee.

 

No leverage available

 

You can not trade coins with leverage on the Bitcoins Norge platform. You can do that however with forex brokers, offering CFDs on crypto currencies like Bitcoin or Ripple. Here you can check our list of brokers, offering CFDs on Bitcoin:

 

>>Bitcoin Forex Brokers<<

 

Still, have in mind that trading CFDs on crypto coins (CFD stands for Contract For Difference) does not mean you are owning the coins, so if you just want to purchase some Bitcoins, a crypto exchange is the right place for you.

 

Conclusion:

 

Bitcoins Norge is a crypto exchange with a 5 year history, which offers some of the most popular crypto currencies on the market. Still the 1% digital currency trade fee is too high and that makes the exchange unsuitable for active traders. 

 

In addition, because the crypto currency market is still relatively new and unregulated, investing with  crypto exchanges comes with some risk, which, if you want to avoid, better choose one of our regulated brokers, offering CFDs on Bitcoin and other crypto coins:

 

>>Trusted Bitcoin forex brokers<<

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Traders` reviews for Bitcoins Norge

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