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Bitonic Review - is it scam or safe?

Bitonic Review - Is bitonic.nl scam or good cryptocurrency exchange?

RATING: 2.5 / 1 REVIEWS ForexBrokerz Bitonic

RECOMMENDED BITCOIN BROKERS


Trading Accounts

 

Account type Transaction limit Leverage Fee
Non-verified €50 N/A Undisclosed
Verified* Unknown N/A Undisclosed

*Account verification (e-mail, telephone, IBAN) is required for transfers above €50, although there is a lack of other details.

Bitonic is one of the major Dutch players in the cryptocurrency space. It operates two brands, one targetting beginners to the cryptocurrency space (Bitonic) and another one for traders (BL3P). This is the same business model, as the one implied by Coinbase and GDAX.

 

The company, security of funds

 

Company Country Regulation
Bitonic B.V. Netherlands N/A

Bitonic is based in the Netherlands and is one of the most renowned entities on the local market. They have been holding educational courses and presentations at major Dutch financial firms and universities. Additionally they provide a solution for online stores, who wish to start accepting Bitcoin. 

 

While the Bitonic brand has expanded to offer a lot of services, their main focus of their website is selling Bitcoin, to people who are willing to enter the space after transferring fiat currencies. Alternatively sellers, can offer their coins for sale at the website.

 

This exchange does not offer any wallets, much like BTCDirect, one of the other big players from the Netherlands.

 

The company is mainly targeting the Dutch market, although all clients who have access to their payment methods will probably not be turned down. It is worth pointing out their other brand, BL3P only accepts European traders.

 

Bitonic has not been the target of a significant hack attack. This is to be expected with such a service – they only sell Bitcoin after users deposit money.

 

The user reviews on Bitonic are mostly in Dutch and mixed. The company’s pricing policy (or the lack there of) is the most frequent issue, which is quite understandable.

 

 

Trading conditions

 

Trading instruments (cryptocurrencies)

The only currency supported by Bitonic is Bitcoin. While this may seem underwhelming, there are other exchanges, like Kraken, which support more assets.

  

Leverage

Trading on margin is not supported by Bitonic. There isn’t much need to explain why – this is simply an entry-level company, allowing people to buy Bitcoin.

 

If you plan to enter the space, only to actively speculate, dealing with a forex broker, like IG, is another option. That being said, there are a lot of differences, the most notable of which is that with forex brokers you only trade Contracts For Difference or CFDs. This is a financial derivative, which only follows the price action of the given coin. Naturally this implies you will not be able to use actual Bitcoin – you will only be speculating on its value. For more details check out this post.

 

Fees

There is no clear information on the fees, collected by Bitonic. The company offers a rate, at which it sells Bitcoin, with the added disclaimer, regarding price volatility and the speed of transfers. This leads to the biggest issue with the company – you are never exactly certain what prices you will be getting.

 

 

Trading platform

 

Bitonic does not provide an actual trading platform, at least from this brand. An interesting feature on the website is the bar in the top section, which displays the current supply of Bitcoin available at the exchange. 

 

 

This can theoretically help big investors, if the level ever drops too low. During the writing of this review, this did not occur.

 

Methods of payment

 

Bitonic accepts fiat payments through iDEAL, Bancontact and MyBank. These methods are nice, but adding more e-wallets, such as Skrill and Neteller will attract even more customers.

 

Conclusion

 

Bitonic is one of the leading Dutch companies in the cryptocurrency space. They offer another brand BL3P, which is an exchange dedicated towards traders, while their main website focuses on accepting fiat currency deposits and selling Bitcoin. Their reputation is generally good, despite the fact their mark-up is not disclosed. While the payment methods are very quick, the lack of transparency in pricing will frustrate some users. Here is a summary:

 

Pros Cons
No major hacks yet No instant execution (price uncertainty)
Several payment methods (incl. instant) Lack of transparency on fees
Easy to use interface Focus on the Netherlands (applies if you are not in NL)
  Only EUR transfers supported

 

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Traders` reviews for Bitonic

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