de | cn | ru

Dg.Cash Review - is it scam or safe?

Dg.Cash Review - Is dg.cash scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS ForexBrokerz Dg.Cash

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Minimum transaction size Transaction Fee
Standard 1:1 500 USD/EUR or 1,000 BGN Approx. 3%

 

Dg.cash is a Bulgarian entry level cryptocurrency service. Their service is very specific and tailored to the local market, but apparently also usable by foreign tourists who want to exchange crypto to fiat, while visiting the capital Sofia. Read the full review for all the details. Read the full review to see what are the strong and weak sides of this “exchnage”.

 

Dg.Cash Advantages

 

Very simple model (accepting cash) – we used quotation marks in the intro, simply due to the fact this isn’t a traditional trading venue. The service offered by Dg.cash features a very simple model – you have to contact them by Viber, WhatsApp or Telegram, and then go to an office to exchange your cash for cryptocurrencies. The supported fiat currencies are USD, EUR and BGN (Bulgarian Lev, the local currency). The offices serve as a de facto exchange bureau and has “we buy” and “we sell” rates. Here is a preview of their online bord:

 

The rates offered by Dg.cash (click to zoom)

 

8 coins supported – as you can see from the previous screenshot, this isn’t only a Bitcoin exchange, but several altcoins are also traded. This is a strong advantage, mainly for the fans of a given asset, who hoard it and don’t want to go through BTC every time. The supported coins have the followinf tickers: BTC, ETH, BCH, LTC, XRP, XLM, XMR and ZEC

 

Approximately 3% markup – the fee charged by Dg.cash isn’t specifically disclosed on the website, but a simple calculation, based on the previous screenshot, leads us to conclude this is their markup. Such a rate is in-line with the offers from other similar companies, who target a specific country.

 

Fair exchange rate – another key factor with all “exchnagers” of this nature is how close is their current Bitcoin price to the averages on the top exchanges. When we checked their website, it was off by around $50 dollars (or 0.70%), which is rather impressive.

 

No KYC – the most unique aspect of Dg.cash is the fact they don’t require any documents from clients. You simply arrange a meeting by the methods listed above, go to the office and make the transfer. While this is convenient, we believe there is a chance it could lead to legal issues for the company at some point in time.

 

Dg.Cash Disadvantages

 

Only works in Bulgaria –  an obvious negative about this company, which comes due to the very nature of the service. Trading is done only in their offices and at the time of writing only one is open. That being said, Dg.cash isn’t only focused on Bulgarian clients as the website explicitly states English is an operational language. 

New company –  Dg.cash is operating since 2017 (which depending on when you are reading this, may not seem that far away). New projects, even if they aren’t related to cryptocurrencies, always carry some form of operational risk.

 

Only cash accepted – as much as this is a positive for some users, it can be limiting for others. A lot of entry-level companies accept either credit cards or bank transfers. 

 

>>Exchanges accepting Bank Transfers<<

 

No wallet created by the company – this feature will only be a limiting factor for complete beginners. Dg.cash also states they don’t give advice on the different methods of storing your cryptocurrencies, which sounds great from an idealistic point of view – everybody should learn how to operate in the space for himself, but at the end of the day may deter some people.

 

Minimum transaction of $500 – another factor which may limit the client base. Then again, other similar projects also have minimums, probably due to the costs of maintaining an office. 

 

Not suitable for active trading – this is an obvious point, but we have to mention it, as a lot of our readers may be looking for a different service. What most people will call an exchange, is a trading venue where orders are done instantly, a charting package is provided and one can attempt to make speculative gains. 

 

>>Forex brokers, where you can trade Bitcoin<<

 

This is exactly the environment offered by forex brokers – companies which traditionally specialize in fiat currencies. They have started adapting Bitcoin as a trading instrument, with its surge in popularity. However, their service is offered via Contracts For Difference (CFD), which are very different from buying the actual coins. Read all the details in our comparison

 

Conclusion

 

Dg.cash is a Bulgarian entry-level cryptocurrency service, which operates similarly to a traditional exchange beuro. The support for EUR, USD and BGN, make their service attractive even for foreigners who happen to be traveling to the country. We weren’t able to find any user reviews about their service, which is rather understandable given the small market, which they target.

 

While Dg.cash can allow you to enter the world of crypto, they don’t provide an easy way for you to start trading right away. In case you are a short term trader, looking to capitalize on the Bitcoin price moves, a forex broker may provide a better alternative. That being the case, always look for a well-regulated company, as the space is full scammers, just like the world of crypto.

 

>>Trusted Bitcoin forex brokers<< 

 

The pros and cons of Dg.cash:

 

Pros Cons
Very simple model (accepting cash) Only works in Bulgaria
8 coins supported New company
Approximately 3% markup Only cash accepted
Fair exchange rate No wallet created by the company
No KYC Minimum transaction of $500
  Not suitable for active trading

 

Latest news about Dg.Cash
No news about Dg.Cash. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for Dg.Cash

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru