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BitMaszyna Review - is it scam or safe?

BitMaszyna Review - Is bitmaszyna.pl scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS ForexBrokerz BitMaszyna

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Maker fee Taker Fee Deposit fee
Standard 1:1 0.10% 0.30%

Free

 

BitMaszyna (which means Bit Machine) is a Polish entry-level cryptocurrency exchange. The company places a lot of emphasis on the domestic market. In this review, we will take a look at their strong and weak sides, as well as discuss if they are worth trading with, if you are not Polish.

 

BitMaszyna Advantages

 

Running since 2005 – BitMaszyna claims to be running from before the time Bitcoin was created. While this may sound absurd, at that point in time they were known as “Kantor e-gold”. E-gold was a digital asset before the age of cryptocurrencies and the team behind this exchange apparently operated with it.

 

Legal entity and address shown – BitMaszyna provides the name of the actual company behind it and the location of their office. As far as we know, Poland is not regulating cryptocurrencies, so this is as much credibility as a company in the country can provide.

 

Polish bank transfers supported – the main selling point of this exchange is the support for fiat currencies. Sadly one can only have a PLN balance with them. Furthermore credit cards and other instant payment methods are also not supported

 

>>Exchanges accepting Credit Cards<<

 

No deposit fees – BitMaszyna does not charge clients anything, whenever they make a payment towards them, regardless if it is crypto or fiat. This does not mean the transfer will be free of course – banking or blockchain costs of some sort will be involved.

 

2FA available – when it comes to security in the world of cryptocurrencies, this is a common, yet effective measure. Two-factor authentication allows you to connect your account at the exchange with another device (most often your smartphone, via an app). By doing this, even if someone knows your login credentials, he will not be able to access your account.

 

LTC and LSK also traded – altcoins are becoming more and more popular on entry level companies. That being said, the choice of ones at  BitMaszyna is a bit odd – only Litecoin and Lisk.

 

Borderline competitive fees – the costs of an actual trade at BitMaszyna are just slightly above the industry standard, when it comes to market “takers”. This is the fee paid by the trader, who is willing to buy at the best possible price, immediately. That being said, the difference between 0.30% (charged by this excange), or a more common 0.25% will not be felt by most.

 

The “maker fee” (paid, by those who passively place orders in the book) of 0.10% is actually lower than the industry average. The costs can be lowered even further, if you are a very active trader. Here is a breakdown of the requirements:

 

 

KBM token – on top of these incentives, BitMaszyna has released a token, which allows active traders to pay even less. It is traded against Bitcoin and as always in these reviews, we will not give an opinion on its potential change in value.

 

BitMaszyna Disadvantages

 

Focus on Poland – this is a problem which we have noted with many, regionally-oriented companies. They may not be that suitable for foreigners, despite having a translated version of the website.

 

Trading only against PLN – this is perhaps even more important than the fact BitMaszyna is mostly Polish clients. The fact one coin can’t be traded against another (except for the KBM token), nor a different fiat currency will limit foreigners from joining this exchange.

 

No margin available – It should be quite obvious that an entry-level company will not be offering leverage (at least not a Western one). Those of you who are willing to speculate on cryptocurrencies more aggressively may prefer doing so with a forex broker

 

>>Trade Bitcoin with leverage<<

 

We have to clarify, these companies provide what is called CFD trading. This means, you will be buying and selling a newly created financial asset, which only follows the price patterns of a given coin. Be sure to check the full comparison of the two ways to trade crypto here.

 

Low volumes on altcoins – while Litecoin and Lisk are also traded at  BitMaszyna, volumes are basically non-existent. This is a shame, but not really that surprising for an exchange, focused on one country.

 

Poor charting, nice interface – the entire trading platform at BitMaszyna can be customized quite heavily. It is basically a “whiteboard”, where you can move all the elements, as if they were sticky notes. While we like this aspect of it, the charting is rather basic and from an active trader’s perspective, this is much more important. Here is a screenshot (click to zoom-in):

 

 

Withdrawal fees are present – we must mention thee presence of these fees, despite the fact they are lower than the ones at some competitors. Here is the full table:

 

Conclusion

 

BitMaszyna is a Polish cryptocurrency exchange, which accepts bank transfers. The company apparently provides decent service for the locals, as we have found some positive (but not that numerous) reviews. That being said, if you are not from Poland, it is very likely you will find an exchange to suit you better.

 

In case you are afraid of the risks involved with cryptocurrencie, or even thing they are in a bubble and want to short them, a forex broker may be your alternative. We must warn you, some of them are a bit risky counterparties, so stick with the highly regulated ones.

 

>>Regulated Bitcoin trading<< 

 

The pros and cons of BitMaszyna:

Pros Cons
Running since 2005 Focus on Poland
Legal entity and address shown Trading only against PLN
Polish bank transfers supported  No margin available
No deposit fees Low volumes on altcoins
2FA available  Poor charting, nice interface
LTC and LSK also traded Withdrawal fees are present 
Borderline competitive fees  
KBM token  

 

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Traders` reviews for BitMaszyna

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