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Let’s face it, as more and more cryptocurrencies find their way into the crypto market, the number of crypto exchanges will continue to rise. This, of course, is not a problem. The issue is finding an exchange that is not just ideal for you, but one that is known for having a good reputation in terms of services and security.
But let’s say you are looking for an exchange that can help you make money without you having to do the hard work. The first thing that would come to one’s mind is the amount of profit you can make through the exchange. Bitrush is one of those trading exchanges that promises its investors high returns. In this review, we will answer the question that may concern you, “Can I trust Bitrush?”
What is Bitrush?
Bitrush (Bitrush.nl) is a registered Bitcoin exchange that buys and sells digital currencies. There is no direct selling and buying between buyers and vendors. Bitrush is located in Amsterdam, the Netherlands. Bitrush began operating in 2014. The company does not have a very large portfolio, however, by far it has managed to gain a status of a sufficient, easy to use and trustworthy website. BitRush faces a competition both inside the Netherlands and from around the world as many exchange platform offers a larger choice of altcoins.
The platform is not offering leveraged trading. Even though the verification process is mandatory on BitRush exchange platform (see more details about verification below), the buying and selling processes are very easy, quick, and convenient especially for those crypto traders who are from Europe. As a user, even though the mandatory verification process may be unpleasant and seem unnecessary, you need to know that BitRush exchange along with all the other legit crypto trading websites, do this only for the sake of their users’ safety and to avoid scams.
Even though the company has been founded for quite some time, there have not been any major complaints from the users of the platform. Some people are a bit unhappy with the fact that Bit Rush is not offering online crypto wallets or any other types of services besides the plain cryptocurrency trading. However, from the other hand, the website is eliminating the risks of hacks by not offering online wallets, because such wallets are usually very vulnerable to hacks and thefts no matter how legit a website is.
Bitrush offers its services in all of Europe.
Bitrush has set volume limits and they are as follows:
- iDeal payments – € 25,000 limit per purchase order.
- Bancontact and MyBank payments – € 10,000 limit per purchase order.
- Credit card payments – € 1,000 per purchase order and per 2 days.
Bitrush allows you to make payments via iDEAL, MyBank (Germany), Bancontact (Belgium) and credit card. You may choose to pay in digital currency or fiat currency (EUR).
For clients outside the EU, it’s easier to make payments via MasterCard or VISA credit card. As for Dutch nationals, it’s more convenient for them to use the supported payment platforms to fund their accounts.
To purchase coins on Bitrush, click on “Buy” and enter the following details:
- The amount you wish to purchase in BTC or EUR
- Payment method.
- Deposit address.
If you have a coupon, you can click on “Use coupon” to enter the coupon code.
Once you have entered all the details, click to show that you agree with the terms and conditions and then click on the “Buy Bitcoin” button. In a few minutes, you’ll receive your purchased coins at your address.
A few things to note:
- If you enter the wrong address, Bitrush is not responsible for recovering your coins if they get sent to that address.
- Purchased cryptocoins cannot be exchanged or swapped.
- When you purchase cryptocurrency for the first time on Bitrush, verification of your account number, email address, and phone number will be required.
To sell your coins, click on “Sell” and enter the following details:
- Amount (in EUR or BTC)
- Return address
- IBAN account name
- Account holder
- Email address
Then click on the “Sell Bitcoin” button. You will receive a confirmation of your transaction in your email. Bitrush will then provide you with an address to which you can send your coins.
ID verification is required to purchase cryptocoins on Bitrush if the user is transacting via credit card. Personal information you will be required to disclose for verification purposes includes:
- Your email address
- Telephone number
- Bank account number
You may be asked to send a copy of your ID and other identification documents for verification if Bitrush deems it necessary.
If you are paying via bank transfer (iDeal, MyBank or Bancontact) ID verification is not required if you’re purchase is less than €2,500. Only a verification code is needed, which is sent to your mobile phone. However, for larger transactions, ID verification is required.
Bitrush lists its exchange rates on its website. Fees are charged based on the payment method and they are as follows:
- iDEAL: €0.37
- Bancontact: € 0.22 + 1.40%
- MyBank: € 0.22 + 1.52%
- Credit Cards (MasterCard and VISA): € 0.31 + 6.27%
Bitrush Special features
The affiliate program pays a 0.5% commission of the order amount. Commissions are paid monthly once the amount reaches 50 EUR or more. Payments are paid in any of the crypto coins offered by Bitrush.
Your coins are held for a period of 2-working days once the purchase limit has been reached. The next period starts after the 2-work day period has expired.
The cooling-down period is a security measure that enables the payment provider to spot and report any fraudulent activity to Bitrush.
Is BITRUSH safe?
Is Bitrush legit? Coincidentally, there are existing companies that have a similar name. There is a company called Bitrush.co which is a Bitcoin payment platform. There is another called Bitrush.org, which was discovered to be a Ponzi scheme in 2017. It is important to note that this review is about Bitrush.nl, which is a registered Dutch exchange.
Bitrush has an SSL certificate and it complies with the Personal Data Protection Act. It also requires all account users to get verified before they can make their very first purchase. Furthermore, it takes certain measures to avoid fraud by implementing a feature known as the cooling-down period. Cooling – down is ensuring that the coins are being held for 2 work days after the purchase limit is reached. The reason behind this is to create a time frame for the banks and BitRush and so that those can avoid frauds. The cooling – down procedure can be skipped in case the users go through an ID verification.
Bitrush has a reliable customer support that is available from Monday to Friday, 10 am to 5.30 pm. You can reach them via email, chat, making a call or even by paying a visit to their Amsterdam office, which is located on the Amstel 62, 1017 AC.
Transactions on Bitrush are pretty fast. Unless there is an issue with the network, coins are delivered almost instantly. The handling speed is also somehow related to the level of verification because in case you have not done an ID verification, it will take a longer period of time of the BitRush team to investigate and make sure that you are a legit user.
How to use BitRush?
To buy cryptocurrencies on BitRush you need to:
- Go to the bitrush.nl homepage.
- Enter either how much you want to spend or how many coins you want to buy.
- Type in your public address to receive the coins.
In case you are buying crypto coins for the first time from BitRush you need to get verified.
In order to sell Dash, Litecoin, Ethereum or Bitcoin on this exchange platform you need to:
- Decide how many cryptocurrencies you are selling on the website’s sell-tab section. You can make up your mind both with EUR and with the coins of your choice.
- Fill in the address of coin that the refunds should be sent to if any errors happen.
- Enter the number of your bank account that you will get paid through.
- Enter your name- it has to be the same as the name of your bank account.
- Enter your email and confirm it.
- Read and agree to the terms and conditions.
- Send the coins to the address of the buyer. The spending process takes around 15 minutes. In case of errors, you can refer back to the step #2.
- You will receive our money within 1 to 2 work days.
- Simple and easy to use interface
- Fast delivery of cryptocoins
- Not anonymous
- ID verification
- No e-wallet
- 24/7 customer support not available
Like many other cryptocurrency exchanges, Bitrush has its fair share of challenges. While it does facilitate safe and secure buying and selling of cryptos, it does not offer its own web wallet or other services for the matter. The other issue is the verification problem. Users who prefer to remain anonymous are likely not to use Bitrush.
What we like about the exchange is its lightning speed delivery of coins. This is always a key factor when users are looking for a good and reliable exchange.
Thank you for reading this Bitrush review. If you want to learn more about crypto trading and exchanges, check our site.