Bitonic Review – Bitcoin Service Provider For Long Term Investors
Established in 2012, this company has grown to become the largest cryptocurrency exchange in the Netherlands. Fully compliant with the jurisdictional laws, this firm operates legally and under the watchful eye of the local regulatory bodies.
However, we can’t exactly call their range of services rich. You see, in all these years, the company has only provided one digital currency and one FIAT currency. The popularity of other coins is rapidly growing, and traders are starting to get interested in buying and selling other tokens.
If you’re a passionate BTC investor, though, this just might be the perfect place for you. Our Bitonic review will bring you a comprehensive insight, so we invite you to delve into the particularities of the firm’s entire offer.
|Regulated by:||Regulated Crypto Exchange|
|Is This Company Safe?||Considering they own the mandatory license, we can call this company safe.|
|Have Warnings from:||N/A|
|Maximum Leverage:||Not available|
|Deposit Bonus:||Not available|
|Free Demo Account:||Not available|
|How to Withdraw from This Company?||Although this firm is properly regulated, you should contact us promptly in case of withdrawal issues.|
Solid License And Regulation
The bitonic.nl crypto platform is owned and operated by Bitonic B.V., a crypto company with a long and proven track record. The corporate headquarters are in Austerlitz, Netherlands.
The firm is fully registered as a payment service provider, and a crypto service provider in a Tier-1 environment, with both licenses issued by the Netherlands’ DNB.
Additional information about assets and daily trading volume is available on CoinMarketCap, yet the firm does not openly discuss the volume of their current reserves.
As the firm operates in the strict EEA environment, they are fully compliant with the necessary security and fund safety requirements. These include multiple authentication channels, and additional risk mitigation provisions.
Since its establishment in 2012, the company has made it its prerogative to offer a reliable source of buying and selling Bitcoin. So far, the majority of their customers come from the following countries:
The firm communicates with the potential clients via various social networks or apps, primarily Twitter, Telegram and LinkedIn. The link to their page on GitHub is also given on the website, but it doesn’t seem like the company is overly active on there.
While some clients of the company give high praises about the quality of service on TrustPilot, others have more critical opinions. This is to be expected from any prominent and long-standing company.
That said, the majority of critical clients complain about long transaction times, and other delays. Since cryptocurrency markets are quite volatile, this may cause significant financial losses for the users.
If you suspect any foul play from the company, or require assets recovery from a less honest entity like WSDK Crypto, you may rely on the services of our professional legal team towards a resolution.
The company site is transparent when it comes to trading fees and costs. Exchange processes include a flat fee of 0.25%. There’s also funding fees that depend on the transfer method. SEPA deposits are not charged, while trying to deposit less than 0.001 BTC forces a 0.0001 BTC fee.
On the other hand, withdrawal fees also exist, but they’re quite low, which makes this exchange fair and affordable. Bitcoin fees are dynamic but all within the industry average grade, while the SEPA withdrawal fees are only 1 EUR.
Limited Trading Features
While offering a secure trading environment, the company does not offer a wide variety of services. As the website itself states, the company is looking for long-term thinkers, and does not support hype coins. This severely limits the asset diversification opportunities for aficionados, especially when compared to other services like CoinMENA.
Created by the company’s own developing team, this app was meant for all traders from the European Union, as the web presentation clarifies. We weren’t able to access the app itself and test the trading environment due to security and verification obstacles. Although it is said that anyone from EEA can start trading immediately, you still need a SEPA bank account.
One Currency Pair
One single crypto currency that this platform supports is Bitcoin. The prime goal for the Bitonic owners was to make this digital currency available for everyone. That’s why all of the traders from the EEA can buy and sell this crypto coin on this site. Only one of the FIAT currencies supported for trading against BTC is EUR.
Personal And Business Account
Whether you choose to trade as a retail or corporate client, you have to pass a detailed verification process before being able to trade. This takes anywhere between 2 to 8 hours, as the site states.
The website itself doesn’t quite clarify what are the main features and benefits that come with each account type. Neither is it known what the minimum deposit requirements are. It seems that the general information and costs we’ve discussed apply to both packages.
For education, the company also runs their own Bitonic Academy. The website does advertise various pros of the programme, such as training, courses and research into various subjects ranging from technical workings of blockchain networks, to online security in the anonymous crypto world.
It remains unclear, however, how the potential participants may apply for these courses, and how much it all costs.
Clients may use the website, or BL3P platform to facilitate any Bitonic withdrawal. In both cases, the transaction service providers are iDEAL and SEPA. All payouts are processed during weekdays at 14:00 hours, but the users should expect some delays on weekends and off work hours.
There has been an unusually high number of complaints pertaining to the payment delays, however. If you encounter any issues, feel free to book a free consultation with our legal team.
The Bitonic support invites all investors with issues or questions about the platform and other trading aspects to get in touch. That’s why there’s several methods of communication available:
- Physical Address
- Online form
- Live chat
The customer service is available outside office hours and during the weekend as well, but only until 10 pm (GMT +1). If you contact the Bitonic support via contact form or chat, your request will most likely get a response within an hour.
The promising exchange platform we’ve reviewed today has first stepped into the world of digital trading in 2012, and has continually grown since. However, their limited services may not make them the most popular choice except in their own jurisdiction.
Although the Dutch regulation is impeccable and the exchange is strictly supervised, we’re still at your service if you need support with fund recovery. If you were to face any issues with withdrawals or any other kind of unscrupulous behavior from the site owners, give us a call.
What is Bitonic?
It is one of the oldest cryptocurrency exchanges in the world, and the largest crypto service provider in the Netherlands.
Is Bitonic.nl a Scam?
The company license is rock solid, yet there have been numerous complaints about it in the past.
Can I Recover Stolen Crypto?
Recovering stolen cryptocurrencies is difficult, but not impossible. Get in touch with our legal experts, and they will guide you through the recovery process.