BitMyMoney review and how to buy Bitcoin on BitMyMoney?02 / 02 / 22 Visitors: 453
Have you recently heard about BitMyMoney or are you curious about how the BitMyMoney platform actually works? Or maybe you are wondering how to buy Bitcoin on BitMyMoney. You can read all about it in our latest review of this Dutch platform! A comprehensive BitMyMoney review, so you know exactly how everything works and why BitMyMoney is reliable as a broker! In addition, you can also read more about experiences, how you can register on the platform, how the registration process goes and what you need to take into account. Traditionally, we conclude with a number of clear plus and minus points of the platform and a conclusion about to what extent we would advise BitMyMoney or not. Since 2013 already in the weather with crypto, but nevertheless one of the less known crypto brokers of the Netherlands. Know how that works? Read our full BitMyMoney review and let us inspire and inform you!
The differences between a crypto broker and a crypto exchange
Everyone has a different starting point or level of knowledge. And that level of knowledge or that degree of experience is also decisive for what choices one makes in choosing between a crypto broker and a crypto exchange. Because (yet) not everyone is an accomplished expert in the field of crypto!
But fortunately, in the field of crypto, of course, everything has been thought of. Because even if you are not such a seasoned crypto trader, you can go to many different parties to easily purchase your first piece of Bitcoin or another crypto.
You usually do this at a crypto broker or at a crypto exchange. But do you actually know what the difference between the two is? Let us explain, then you know exactly what to expect from a crypto exchange or a crypto broker and you can also name which of the two goes for BitMyMoney, the platform we are talking about today!
What is a crypto exchange?
A crypto exchange is similar to a stock exchange floor where all screaming people bid up against each other and try to sell or buy their stock portfolio. But without the screaming. It is the Active variant of working with a crypto broker. Well-known exchanges in the world include the platforms Binance, Kraken and the Dutch Bitvavo.
What is a crypto broker?
A crypto broker may look like an exchange from the outside. Of course, you can also purchase crypto via a crypto broker. Nevertheless, in practice it works quite differently. Instead of actively scouring the trading platforms yourself and actually finding the right time on the trading floor, you make use of a piece of simplicity and ease of use with a crypto broker.
As a result, a first start in the Big Bad world of crypto is suddenly a lot less exciting and you can often easily purchase your first Bitcoin (or a piece of it) with a few clicks with your mouse without too much prior knowledge.
A crypto broker costs a little more, but for this you hardly have to delve into the technology and you can actually easily buy or sell crypto.
What is the difference between a crypto exchange and a crypto broker?
The difference between an exchange and a broker is mainly active versus passive. Or complex versus convenience. Or cheap versus pricey. Are you elf the one who is actively at the controls? Or order a party to do that for you. One option is no better than the other. The one person who likes to dive into the complexity and wants to be at the controls himself acts on a exchange.De another person finds a lot of ease of Use and simplicity more pleasant and therefore prefers a broker as an intermediary. BitMyMoney is – for the sake of completeness-a crypto broker, not a crypto exchange.
Well, enough discussed to dive into the depth! It's time to get started with BitMyMoney! Before you can actually get started with BitMyMoney you will have to create an account and complete the registration process. But no worries! We take you along all the steps, so that you can also buy and sell your cryptocurrencies via BitMyMoney!
Creating a BitMyMoney account
First let's start at the beginning. You can't get started without a BitMyMoney account, so let's make sure you can create a BitMyMoney account first. Creating an account is free, intuitive and quick. For the record, we will post some screenshots, but actually it is so simple that this is probably abundant. At least, that's what people say when asked about their BitMyMoney experiences.
- Step 1: Click Open an account in the taskbar at the top.
- Step 2: Enter your first and last name.
- Step 3: Enter your email address and choose a password.
- Step 4: agree to the terms and Conditions.
- Step 5: Click on 'Create' and you're done!
Note: because you will soon have to verify your name with a (small) bank payment, it is important to make sure that the name you provide matches the account holder of the bank account from which you will pay later. This has everything to do with the legally required Know-Your-Customer process, which BitMyMoney (and you) must also adhere to.
Validate your BitMyMoney account
As you can see, creating an account is very simple. But before you can actually do anything with this account, you will first have to validate your account. Fortunately, this is as easy as creating a BitMyMoney account. Without this Verification You can buy crypto for a maximum of 50 euros, so it is wise to go through the ID verification completely anyway.
You can do this by going to your profile and clicking on the ‘verify your identity’ button.
Buy bitmymoney crypto
In order to be able to buy crypto via BitMyMoney, you must of course also have some pennies in your account in addition to an account. Instead of having to top up your credit at BitMyMoney yourself, you can also choose to make a payment via IDEAL. That is the advantage of working with brokers instead of most exchanges.
When we talk about a platform, in addition to the practical information, it is also nice to agree on the experiences of existing customers. How do they appreciate the platform? What is one running into? How do they experience BitMyMoney's Service? And what about the reliability of BitMyMoney as a crypto broker?
For our reviews, we always look to TrustPilot. This independent review site always gives new and existing users a chance to easily share experiences and assess different platforms on their performance.
Trustpilot scores BitMyMoney a 2.2 on a scale of 5. This gives BitMyMoney the rating ' bad ' of the 114 posted reviews.
Recently, the platform has been under a lot of fire on Trustpilot. There are moderate reviews at a rapid pace and the last respondents complain mainly about the price of the various cryptos and the significant transaction costs that have to be paid to the platform. The latter is a common complaint with crypto brokers. Simplicity has its price.
Want to get started with BitMyMoney? Then at least go through the reviews so that you can make an informed decision for yourself!
A complete list of unscrupulous brokers, that we do not recommend working with is available here.