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Crypto.bg Review - is it scam or safe?

Crypto.bg Review - Is crypto.bg scam or safe cryptocurrency exchange?

RATING: 3.2 / 0 REVIEWS Crypto.bg

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Trading Fee Transfer Fee
Standard 1:1 Does not apply Approx. 1.5%



Crypto.bg is a Bulgarian Bitcoin entry level exchange. In other words, they facilitate exchanging the local currency BGN for the most popular cryptocurrency. In this review we will try to evaluate their credibility and more importantly (for a majority of readers), if this service is suitable for foreigners.


Crypto.bg Advantages


Direct Bulgarian Lev (BGN) solution – the most obvious advantage of this exchange is the fact they allow locals to enter the world of crypto without going through a fiat currency conversion. Similar services exist across the globe and they usually charge slightly higher fees than some of the leading exchanges.


Simple interface – the way you place an order at Crypto.bg is as simple as it gets. After filling out a form, in which you provide your BTC address and e-mail, you would receive a confirmation mail, with further instructions about making the payment. Here is a preview:



Where you have to enter your details (click to zoom)


Competitive pricing (1.5% markup)
– Crypto.bg claims to cooperate with another exchange and execute client transactions there, once payment is received. This process is fully automated, which leads to the relatively low fees. Comparing their effective exchange rate to those at the major exchanges is rather complicated due to the specific fiat currency in which Crypto.bg quotes. Overall, we were satisfied with the minimal difference, between their mid-price (the one between the “we buy” and “we sell” rate) and the spot prices at the industry-leading exchanges.


The de facto fee charged by this company is basically half the spread (the difference between the mid-price and either the “bid” or “ask”). It is currently set around 1.5%, which is very competitive. As we mentioned above, similar companies in different countries have higher fees – something like 4-6% isn’t that uncommon.


Local payment methods supported – the ways you can currently make a fiat payment to Crypto.bg include EasyPay and CashTerminal. Both of these services are apparently physical locations, spread across the country. Bank Transfers and Credit Card payments aren’t supported at this point in time, but they were in the past (more on this later).


>>Where to buy Bitcoin with a credit card?<<


Forum, suitable for newcomers
– a lot of the information presented by Crypto.bg is displayed in their forum. This can also be seen as a negative, as a bit of digging would be required to get to a particular issue. Then again a community has also formed and our quick scan found useful information. Needless to say, all of it is written in Bulgarian.


Only positive reviews – we found few, but only positive user reviews about Crypto.bg. This is always a reassuring factor. That being said, only a few of them were in English.


Crypto.bg Disadvantages


Strong focus on Bulgaria – if you have read through the positives section, this wouldn’t come as a surprise. While Crypto.bg has an English version of the website, even some sections of it are in Bulgarian. For example the FAQ is basically a post in the exchange’s forum. The payment options are another factor, which limits the usability for foreigners.


Only BTC for BGN (and vice versa) – this is a different issue from the previous one and features two different ones. First of all, altcoins aren’t supported directly and obviously, mostly the locals will trade against BGN.


Doesn’t provide a wallet– this can also be seen as a positive, as it forces potential investors to learn more about crtyptocurrencies and the security measures in the space. Crypto.bg even has an educational section on the topic in the forum. Still, this will limit the “I want it now” type of clients.


No online payments (currently) – after browsing the extensive forum supported by this exchange we realized they are having issues with the local banking system at the time of writing. The team behind the project is trying to find a solution, so they can offer Bank Transfers and Credit Card payments again.


Price isn’t guaranteed until payment– since fiat payments to the company aren’t made instantly (due to the currently supported methods), Crypto.bg doesn’t guarantee the price you see on your screen will be the one you get. The number of similar service, whose payment methods feature a delay and lock the price for clients is rather low.


Charting only for reference – the charting package at this website is basic, but then again their service isn’t targeting speculative traders. Here is a preview, which shows prices in BGN and features both the “bid” and “ask” prices.



The chart provided by Crypto.bg (clck to zoom)


Not a “trading venue” – another quite obvious consequence of the fact this is an entry level service. Those who are looking to actively trade Bitcoin may only use this as a stepping stone towards another exchange. Alternatively, a lot of forex brokers are now offering trading in various cryptocurrencies.


>>A list of Bitcoin forex brokers<<


That being said, they provide what is called “Contracts for Difference” (CFDs), instead of actual coins. These are basically derivative products, which allow some flexibility, like the use of leverage and the ability to take short positions, but are ultimately not suitable for long term investing. We have covered the differences between the two services in great detail here.


Conclusion


Crypto.bg is a Bulgarian entry level exchange, tailored to the local market. The negative things we found about them are mostly associated with the nature of the service (except for the banking situation, which they are apparently working towards resolving). The fact we weren’t able to find a single negative comment about the company speaks volumes. While the presence of a forum is a nice feature for Bulgarians, if you are a foreigner, you will definitely be able to find an exchange better suited for you.


That being said, if you are only interested in the short term trading opportunities in the crypto space, a forex broker may be a nice alternative. We must warn you, to look for well-regulated ones, as there are a lot of shady companies around.


>>Our list of regulated Bitcoin forex brokers<<


 The key points about Crypto.bg one more time:

Pros Cons
Direct Bulgarian Lev (BGN) solution Strong focus on Bulgaria
Simple interface Only BTC for BGN (and vice versa)
Competitive pricing (1.5% markup) Doesn’t provide a wallet
Local payment methods supported No online payments (currently)
Forum, suitable for newcomers Price isn’t guaranteed until payment
Only positive reviews Charting only for reference
  Not a “trading venue”

 

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Traders` reviews for Crypto.bg

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