BuySomeBitcoins Full Exchange Analysis
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There are so many digital currency exchanges around these days, and more are cropping up.Most come with new features in an attempt to improve on the existing ones and to try and beat the competition. There being so many to choose from, sometimes it becomes confusing for traders to decide which one to buy digital coins from since most of the exchanges are out to scam unsuspecting traders while some have exorbitant hidden fees.
Ideally, the best cryptocurrency exchange is one with a simplified interface, transparent in terms of fees charged and has a high volume of trade. Finding such an exchange is actually easy if you take your time to review the many that are available.
BuySomeBitcoins exchange is a relatively new platform from which you can buy and sell Bitcoins. We’ll take a closer look at it to understand what it has to offer and to validate its credibility.
What is BuySomeBitcoins?
BuySomeBitcoins was incorporated in 2017. It is owned by IBLIS ENTREPRISE LIMITED, that is based in Gloucester Street, London, United Kingdom. The site does not provide names of individual owners, neither does it show the exact date on which this company started its operations. The main service this company provides is buying and selling and tradingBitcoins.
According to their site, you can purchase Bitcoins with your credit or debit card. They also claim that they are available in all countries across the world and deal with all currencies.
Trading on BuySomeBitcoins
BuySomeBitcoins has made it really easy to buy Bitcoins using your credit or debit card. Once you sign up and verify your account, you simply fund your account using your credit or debit card.
Their interface is user-friendly and is straightforward. There is a red icon labeled “Buy Bitcoin” and another blue one labeled “Send Bitcoin.” if you want to buy Bitcoins, you simply click on the red icon, confirm the payment method and carry through with the simple instructions. You will then see the balance indicated on the top bar of your account. Sending Bitcoins simply requires you to click on the blue send Bitcoin icon, enter the Bitcoin amount, and the address of your recipient, then click continue.
It is not clear what BuySomeBitcoins charges as fees for their transactions. They have not given this information on their website. A few people who have traded on this platform complain that the site has hidden charges and shows false Bitcoin to US dollar rates
Creating an account with BuySomeBitcoins is very easy. You only need your phone number and your name. In the account sign up page, you key in your phone number following the simple instruction, then your name. They will send a six-digit number to your mobile phone that you will use for verification.
After you are through with verification, you will be asked to add a payment method. The site asks you to provide your credit or debit card number and charge a one-time fee of 1.00 USD to process your card and allow you to buy and sell Bitcoins. This charge is not refundable.
Is BuySomeBitcoins Safe?
There are a lot of scam complaints on various sites about this exchange. Apparently, the exchange shows a particular rate; then once you buy your coins, you receive an amount less than you had anticipated. There are so many people complaining that they got charged more than they had anticipated, for instance, one trader complained that they showed 8,793 USD for 1 BTC, but when purchasing coins worth $100, the exchange rate turned out to be $10,992.
This exchange does not seem to value security as other platforms. To start with, they have a very simplified verification process without any security back-up. There is no data encryption, neither do they use any cold wallet to store users’ coins. The coins are kept in the exchange, meaning that hackers can easily access them. You do not have full control of your coins. In a case where this exchange collapses, you may lose all your coins.
Providing your credit or debit card numbers to an unregulated entity is very dangerous. Unscrupulous people can decide to use your personal information for their personal gains putting you in jeopardy.
BuySomeBitcoins has an email and a phone number that you can use to contact them. The phone number has a +1 code, so it must be registered in the United States. It is not clear if they respond to customers queries, but there are a lot of customers complaints online especially of being charged fees they did not anticipate. BuySomeBitcoins has not issued any form of statement refuting these allegations.
Bitcoins are loaded instantly the moment you bought them and loaded to your account.
How to Use BuySomeBitcoins?
Unlike other exchanges that have a lot of trading features, BuySomeBitcoin has a very simplified interface for buying and selling Bitcoins. It specializes only in the buying and selling of Bitcoins. You simply log in to your account, fund it, and either click on buy Bitcoins if you wish to buy or sell Bitcoins if you want to sell.
In a Nutshell
As we have seen, BuySomeBitcoins exchange is a very simple platform with very limited information. It only specializes in selling and buying Bitcoins. It has not provided any information regarding their charges or service fees, but they still charge if you transact. The exchange is unregulated and does not comply with the AML obligations. It is very easy to set it up as you only require your mobile phone number and your name. You will also need to provide your credit card information to carry out any transaction. Please note that they clearly state in their terms and conditions that commodities once bought are not refundable. So, you may want to go easy if you are planning to buy Bitcoins from this exchange.
We are glad you took the time to go through our review to learn about this exchange. We welcome you to keep checking our site for more informative articles.