BitMoney is an online payment platform that lets you buy bitcoins with SOFORT, Giropay, and other popular European payment options. Here’s our BitMoney review.
What is BitMoney?
BitMoney.eu, not to be confused with the controversial BitMoney.club, is an online payment platform catered to Europeans who wish to buy bitcoins. The online payment platform makes it extremely easy to buy bitcoins in exchange for Euros.
The exchange went live in April 2017.
One of the unique things about BitMoney is that the platform will automatically create a wallet for you. Unlike many other exchanges and payment platforms, there’s no need to create a wallet before you buy. That wallet isn’t actually a BitMoney wallet: it’s a wallet created by Spectrocoin. However, users are free to use whichever wallet they wish – so if you already have a bitcoin wallet, then you can continue to use BitMoney with that wallet.
Overall, BitMoney is catered towards newbies who have heard about bitcoin, but aren’t really sure how to get started with bitcoin. With BitMoney, you can buy bitcoin using popular European payment methods like SOFORT, GiroPay, iDEAL, and Bancontact.
Obviously, SOFORT is one of Europe’s most popular online payment methods, and it’s particularly popular in Germany and Austria. iDEAL, on the other hand, is popular in the Netherlands, while Mistercash and Bancontact are popular in Belgium. Giropay has strong support across Germany and neighboring countries.
In the near future, BitMoney’s developers hope to add more conventional payment methods like Visa, MasterCard, and American Express, as well as Neteller, Skrill, and other widely-used online transfer services.
Here are the core features of BitMoney:
- Buy bitcoin using Sofort, iDeal, credit cards, and more
- Instant delivery upon confirmation to your wallet
- BitMoney compares exchange prices to give you the best price
- If you don’t have a wallet, BitMoney can create one for you using just your email address (the platform uses Spectrocoin to create your wallet)
The official BitMoney website advertises credit card deposits, although there are only four accepted payment methods at the moment, including Sofort, iDeal, Giropay, and Bancontact/MisterCash.
In the future, BitMoney plans to add other popular payment methods like MasterCard, Visa, EPS, Nationwide, Clydesdale Bank, Santander, RBS, HSBC, Barclays, Metro Bank, and Lloyds Banking Group.
How Does BitMoney Work?
BitMoney is designed to be as user-friendly as possible. The platform makes it particularly easy for beginners to invest in bitcoin – even if you’ve never opened a bitcoin wallet before. Here’s the simple three step process:
Step 1) Buy bitcoin quickly and easily by visiting BitMoney.eu.
Step 2) Complete your registration by providing the company with an email address (if you don’t have a bitcoin address, BitMoney will use your email to create a bitcoin wallet/address for you); if you do have a bitcoin wallet and address, then you don’t need to provide an email or take additional steps
Step 3) Pay for your bitcoins; payments are usually cleared in seconds, and BitMoney will send your bitcoins to your address the moment the transaction is confirmed
Verification and Limits
In terms of limits, there’s a maximum purchase amount of 200 Euros for users who are not registered or identified. For bitcoin purchases about 200 EUR, you’ll need to give BitMoney your name, address, and phone number.
In addition, users who wish to buy bitcoins with a credit or debit card will need to provide extra verification methods, including a copy of your utility bill and passport as well as a picture of the front of your card.
If you’re purchasing more than 10,000 EUR with a card or other payment method, you’re encouraged to email firstname.lastname@example.org, as the exchange will offer you a better-than-advertised price.
Who Created BitMoney?
BitMoney was created by a Malta-based company located at the following address:
Suite 3, Tower Business Centre
Tower Street, Swatar BKR 4013, Malta
You can contact the company by email at email@example.com.
BitMoney is an easy online payment platform that simplifies the bitcoin purchase process for European customers. The platform launched earlier in 2017, and accepts popular European payment methods like SOFORT, iDEAL, and others. In the future, the company plans to accept credit and debit card payments, as well as other online transfer methods from European and UK-based banks.
You can purchase bitcoin in minutes today by visiting BitMoney.eu. If you don’t have a wallet, the platform will create a wallet (using Spectrocoin) on your behalf. If you do have a wallet, then you don’t need to sign up or perform any additional verification (assuming you’re purchasing under 200 EUR worth of bitcoin).