Bit4Coin Experience 2021 - Serious Broker or Pure Scam?

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5/5 stars

Quality

speed

cost

Crypto exchanges are enjoying growing popularity and more and more of these crypto trading platforms seem to be springing up. Traders looking for a suitable platform on the internet now have to shovel through hardly manageable offers. More and more providers are popping up and promising investors great profit opportunities. One of these platforms is Bit4Coin.

The crypto community is constantly growing with traders who no longer want to rely solely on traditional financial products. Especially for inexperienced crypto traders, it is sometimes difficult to understand which offers in this industry are serious and which are to be avoided. After all, many investors do not know which indications to look for. Unfortunately, before investing on a crypto trading platform, traders should definitely find out more about the offer, because not every offer wants only the best for investors. Wherever money is invested, sooner or later there are free riders who want to pull money out of the pockets of gullible investors. That's why it's important to inform yourself thoroughly before investing, so that you don't end up with a black sheep among the crypto exchanges.

Bit4Coin

Finding the right platform can be quite difficult due to the massive oversupply. Inexperienced investors should therefore take a close look at what is on offer, study test reports, user opinions, reviews, experiences and the like. It is also important to visit the website and find out more about the providers of the crypto platform. Are the providers accessible to users or do they hide behind a wall of anonymity? At the same time, traders should pay attention to their security and take a close look at the platform's security concept. If there is the slightest suspicion that the concept is not entirely serious, prospective traders should rather say goodbye to the offer.

Fortunately, there is no lack of alternative offers. We have done the test for Bit4Coin!

The key data on Bit4Coin at a glance

Key data

Bit4Coin

Seat

Amsterdam

Cryptos

5

Payment methods

SEPA, bank transfer, credit card, Sofort

verification

only from 10,000 €

Real cryptos

Yes

Selling / exchanging cryptos

no

regulation

Yes

Bit4Coin Experience Report - Serious or to be taken with a grain of salt?

A look at the Bit4Coin website reveals that the providers advertise simple, flexible and fast trading. Simple because no registration is necessary, flexible because voucher codes required for the purchase of coins are available via SMS or gift card and because the bitcoins are credited immediately after payment. The whole thing is supported by a picture of a bull - probably referring to the stock market bull Bitcoin.

Scrolling further, users then come across an interface where Bitcoin voucher codes can be bought by SMS or as a gift card by post. The amount can vary between 50 euros, 500 euros and a desired amount.

This seems to be an interesting idea, which interested users can test risk-free thanks to the minimum stake of 50 euros.

A step-by-step guide to opening an account with Bit4Coin

Bit4Coin is currently closed. It is not necessary to register on the website. Here are the individual steps to be able to buy cryptos at Bit4Coin:

Select voucher
Enter personal data
Select payment method
Buy coins

Step 1: Select voucher

In the first step, the user selects the preferred voucher with which to purchase cryptos. For bitcoins, there are vouchers for:

50 euros
100 Euro
250 euros
500 euros
In addition, it is possible to determine the amount to be booked on the voucher yourself. The maximum amount is 10,000 euros. If you want to buy more, you have to contact Bit4Coin customer support.

Step 2: Enter personal data

Afterwards, personal data such as first and last name, place of residence, country and email address must be entered.

Step 3: Select payment method

The following options are supported for payment:

SEPA and bank transfer
Immediately
Credit card
When paying by credit card, a fee of 2.5% of the voucher amount will be charged. Those wishing to pay by credit card must prove their identity with a passport or ID and also with a selfie.

A SEPA bank transfer takes longer. The best option is the instant transfer, which is executed quickly and does not incur any additional costs.

Step 4: Buy coins

Once you have received the voucher by SMS or post, it is ready for use on Bit4Coin. Now the voucher code and the bitcoin wallet address can be entered. After that, the cryptocurrency will be credited.

Bit4Coin - the special features

Bit4Coin is not a classic crypto exchange, such as Brokerz or Coinbase, but rather a platform for the purchase of vouchers for digital currencies.
The Dutch company was founded in 2013 and says it has already had more than 40,000 customers. The Bit4Coin team consists of a team with backgrounds in banking, consulting and IT.

On the Bit4Coin platform, traders have the opportunity to purchase vouchers for cryptocurrencies for a certain amount. After the successful transfer, a voucher is then sent to the customer. This can be sent in paper form or in digital form. Sending the digital voucher codes usually only takes a few minutes. When sending the voucher codes in paper form, the dispatch time depends on the destination. The company itself gives a shipping time of 2-7 days. The voucher code is sent from the office in Amsterdam and can take longer depending on the destination.

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  • Anyone over the age of 18 can buy digital currencies here. The idea of offering vouchers for cryptocurrencies makes it easier to give coins as gifts. The offer is primarily aimed at private individuals. However, companies that would like to purchase the vouchers for their employees, business partners and users or as vouchers for further sale can also purchase vouchers by contacting Bit4Coin's customer service.
  • Bit4Coin is not a commercial crypto exchange! Here, users can purchase vouchers for various cryptocurrencies. Users then receive these as a digital or postal voucher code. This code can then be redeemed at the current exchange rate.

Bit4Coin cryptocurrencies

Cryptos offered at Bit4Coin include:


Bitcoin
Bitcoin Cash
Ether
Ripple
Litecoin

FTX.US to open up crypto derivatives trading to clients


The cryptocurrencies must be purchased with vouchers. Registration is not required, but a wallet is.

Bit4Coin - Security

To ensure the security of the users, every order must be confirmed by e-mail. In addition, a verification request (KYC, Know Your Customer) can be sent by email if required.

The additional verification is usually requested for orders over 50 euros in value per week. A passport, ID card, proof of address or video identification can be used for authentication.

To ensure the security of the vouchers, all vouchers are sent in an inactive state. After receipt and before redemption, owners can activate the voucher online. This protects the voucher from unauthorised access.

behind the operator

The Bit4Coin offer

Buying Bitcoins by voucher - the offer already sounds innovative enough and yet the Bit4Coin homepage lists some reasons for the offer from the company.

Bit4Coin advertises that customers do not have to worry about opening an account, because they do not need a customer account for the order. So entering data for login and registration becomes superfluous. This sounds practical at first, but it leaves some users with questions about security. To order on Bit4Coin, customers only have to enter their name, address and mobile phone number. After that, the desired amount for the purchase of the coins is specified. Bit4Coin advertises that ordering Bitcoins here is as easy as ordering a pizza.

The Bit4Coin offer

Bit4Coin states that customers are protected from bitcoin exchange rate fluctuations when buying the coins. What happens to the exchange rate in the meantime has no influence on the order - according to Bit4Coin.

Unfortunately, it is not quite that simple. The 100 euro voucher always remains a 100 euro voucher, but at the time of redemption, the current exchange value Bitcoin-euro applies. Reputable providers work transparently and this is how it should be with Bit4Coin.

The exchange rate on the platform is based on the market average of the ask rate at bitcoinaverage.com. In this way, the company wants to present customers with a current, fair and comprehensible bitcoin exchange rate.

In addition to the well-known Bitcoins, other cryptocurrencies can also be purchased: Bitcoin Cash, Ethereum, Litecoin and Ripple. Not too large an offer, but still a good coverage of the best-known coins.

Tip: If you don't know anything about the Bitcoin business yet, you can get more information about the wallets after buying the coins. Inexperienced customers receive information about storing the coins in a wallet.

Wallets mandatory

Bit4Coin - The fees

Every reputable crypto exchange charges fees at one point or another. After all, the costs for the platform and the employees have to be covered as well. If a crypto platform does not charge any fees at all, this indicates that it is not really a serious offer.

Bit4Coin has a clear price list. In addition to the fees for packaging and shipping the coin vouchers, there is also a surcharge for the exchange rate.

Fee type

Fee amount

Digital shipping

1.00 euros

Postal delivery

3.00 euros

Exchange rate surcharge for digital shipping

4.9 percent

Exchange rate surcharge for postal delivery

8.0 percent

Bit4Coin is priced a little higher than the average crypto exchange. So if you are serious about investing, you should pay close attention to the fees!

The fee comparison between Bit4Coin and other providers

Here is an overview of Bit4Coin fees compared to the competition:


Bit4Coin

eToro

Libertex

Coinbase

Deposit 

depending on payment method

no

no

3.99%

Purchase fees

2 - 3%

1.9%

3.08%

1.49%

Sales charges

1 - 2% €

1.9%

3.08%

1.49%

Holding fees

no

no

no

no

Payout

no

$ 5

no

$ 0.15

What deposit and withdrawal options are accepted?

Deposits and withdrawals work a little differently at Bit4Coin than at classic crypto exchanges. Here, customers transfer a certain amount for a voucher. The voucher can then be exchanged for the digital currency at any time at the current exchange rate.

First, the customer chooses a Bitcoin voucher in the amount of 25-500 euros or more. In the next step, the contact details and the preferred payment method are selected.

The options are:

SEPA bank transfer
Credit card (+2.5 percent fees)
Online bank transfer (Switzerland & Austria)
iDEAL (Netherlands)
International bank transfer

As soon as Bit4Coin has received the money, the customer will receive the voucher code by SMS on his mobile phone. The voucher can then be redeemed. To receive the digital currency, users can enter their name, email address, Bitcoin wallet address and the voucher code in the "Redeem" section. Bit4Coin then sends the coins to the specified wallet.

Bit4Coin states that the transfer takes a maximum of one hour. However, reviews have complained about considerably longer waiting times in some cases.

Supported cryptocurrencies
AvaTrade Review

Bit4Coin Review: The platform

The platform is clearly structured and all important information is directly visible.

An important point when looking at the website is, of course, exploring the imprint. The fact that Bit4Coin has an imprint should already give most users confidence. After all, not every crypto base has such an imprint. An existing and authentic imprint ensures clarity and creates the necessary trust between investors and operators. According to the imprint, the company is based in Amsterdam in the Netherlands and is a member of the Dutch Association of Bitcoin Companies (VBNL). The fact that the company is based in the EU means that the regulations that are safe for users here also apply.

Bit4Coin can also be found on Instagram, Twitter and Facebook. This is probably the case with very few non-serious companies. So the presence on social media speaks for Bit4Coin.

Bit4Coin in the test: Customer support

Fortunately, Bit4Coin also has customer support. This can be reached via a contact form or the email address [email protected] At the time of publishing this article, the Bit4Coin website indicates that the customer support has received numerous ratings on Trustpilot.

It is definitely positive that the customer support is offered. This is not always the case.

It is a pity that no telephone support is offered to customers. This could help especially inexperienced users to find their way around the platform. Nevertheless, none of these are signs of a dubious offer. Rather, the Bit4Coin platform has some customer-oriented weaknesses.

Bit4Coin - What are the testimonials like?

Looking at the testimonials and test results for Bit4Coin on the internet can only be helpful. However, the evaluation of the Bit4Coin testimonials and test results leads to a mixed picture:

While some crypto platforms report a great platform with high security precautions, users also tell of negative experiences with the trading base.

It is not always easy for outsiders to understand which opinion is authentic. Should the test reports be believed or rather the user opinions? The fact is that an offer cannot make all users happy. It is therefore important to distinguish whether the user reviews are about dissatisfied and unsuccessful traders or whether actual problems with the providers themselves are reported.

behind the operator

In the case of Bit4Coin, users often report problems with receiving the crypto coins they have purchased. This should not happen, of course. Traders complain that a copy of the identity card is required after the purchase. This was not apparent in advance and would certainly have deterred one or two traders.

Since there are certainly better ways to legitimise oneself in the meantime, Bit4Coin could improve this. It should also be clear to customers from the outset which documents are necessary at which point in time.
The test reports show the offer in a much more positive light. This corresponds to many other positive user reviews. Of course, these statements could all be faked, but there is no indication of this here. In general, the user has to decide for himself which voices he wants to give more weight in the evaluation.

The Bit4Coin app
There is no Bit4Coin app and there probably never will be, because the platform specialises in selling Bitcoins and other cryptos via vouchers. An app would not bring any significant advantages compared to browser use.

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Customer reviews of Bit4Coin on the internet

Bit4Coin experiences are almost exclusively negative.

With 427 reviews on Trustpilot, Bit4Coin's rating is currently poor with an average of only 2.6 out of 5 stars. 67% of users have given the platform the highest rating, however 19% find the platform insufficient and doubt whether Bit4Coin is reputable.

Here are a few reviews:

Witali Bernhard wrote on 06.11.2020:

"How long are Bit4Coin vouchers valid? Vouchers have a validity of 3 years starting with the end of the year in which they were issued. After this period, the voucher expires worthless. Daaaas it says on your site Bit4Coin????!!!

All of a sudden 2 years....fine."

Wolfgang Manhart, who left a review on 20.8.2020, also doesn't leave a good hair on Bit4Coin:

"Just as other customers already warn, wanted to transfer money from the BTC account to my bank account. After more than a week I asked and got the following answer:

"We have noticed that your account no longer fits into bit4coin's service offering, for this reason we have blocked your account!"

I too can only warn you against bit4coin! Anyone who is often involved in rating can immediately see that the good ratings here are fake!

About Bit4coin's answer:

One could inform the customers about changes in advance. Just withhold the money and wait if someone complains; you shouldn't be surprised about many bad ratings. Also, to immediately accuse someone that their account is in violation of something, you guys are making your customers look like scammers!"

Ralf KΓΆnig, on the other hand, had a good experience. He wrote on 08/25/2019:

"Top Coin Shop. Super best bitcoin shop."

The opinions on Bit4Coin are thus very different. We definitely recommend eToro as a Bit4Coin alternative, a regulated broker that convinces with low fees, high security standards and many features such as social trading.

The advantages and disadvantages of Bit4Coin at a glance

Like every offer, Bit4Coin has its own individual advantages and disadvantages.

Pros

  • The test reports and experience reports are largely positive.
  • A FAQ section is available to users.
  • Homepage available in several languages.
  • Based within the EU, EU law applies.
  • Possibility to give away cryptocurrencies as vouchers.
  • Vouchers are sent worldwide.
  • Security of the vouchers guaranteed.
  • The homepage and customer service

Cons

  • Customer service is not available by phone.
  • Relatively small range of cryptocurrencies.
  • The fees for a transfer to the Netherlands from outside Europe can be expensive.

Bit4Coin in the test - The conclusion

Bit4Coin is an interesting offer overall, especially for newcomers and all those who want to give away cryptocurrencies in the form of vouchers. In general, however, Bit4Coin offers customers a well-rounded overall package.

With five different cryptocurrencies, the offer is not quite as broad as with conventional crypto exchanges, but the offer is anything but conventional! There are different ways to pay for the vouchers, the vouchers can be purchased in different denominations and for newcomers there is also help with setting up a wallet. In addition, there is a customer service, FAQ can be found on the homepage and the reviews on the web give a predominantly good picture.

Unfortunately, we were unable to place an order with Bit4Coin because the offer is currently not available. Traders who want to acquire coins immediately should therefore switch to an alternative trading platform, such as eToro.

Result: Overall, Bit4Coin seems to be a reputable company that is concerned about the security of its customers, but could offer a little more in terms of customer service according to user opinions.

Recommended alternative to Bit4Coin: eToro


If you want to buy Bitcoin quickly, we recommend the broker eToro. Besides a clear user interface, government regulation and copy trading, the big advantage of the platform is that both Bitcoin CFDs and real Bitcoin are available for trading. Moreover, with ~1.8% total costs, eToro also proves to be the top dog in terms of price.

Exchange and wallet in one
Regulated provider
Deposit with PayPal, credit card, SOFORT transfer and more
Over 14 other cryptos tradable
Equities and ETFs also available

FAQ

What is Bit4Coin?

Bit4Coin is a cryptocurrency exchange through which traders can trade cryptos.

How much money should I invest in Bit4Coin?

The appropriate amount depends on your own liquidity and preferred cryptocurrency. The personal risk appetite also comes into play here. As a rule of thumb, one should only invest the money that does not hurt in the event of a total loss.

How long does Bit4Coin take for a payout?

Unfortunately, this platform does not process withdrawal requests quickly. Withdrawals take a long time.

What does it take to make a profit with Bit4Coin?

The prerequisite is knowledge about the financial instrument in which one invests. Basically, it must be noted that cryptocurrencies are highly volatile and trading is therefore always risky. However, for those who are familiar with trading, the luck of the brave is not far away!

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman