BitBargain – Is It Good?
BitBargain is a leading British P2P exchange that allows you to purchase Bitcoin and Litecoin quick and easily. British users can enjoy of multiple local payment options. However, this comes at a price since additional fees are absorbed by the bitcoin seller. These extra fees are priced into the sales price.
But how good is BitBargain? Is BitBargain trustworthy? Can anyone in the world use it? And, most importantly, how does it stack up against other platforms?
What Does BitBargain provide?
BitBargain is definitely not a new or scam service. In fact, it was the very first marketplace in the UK for instant bank transfers. Right now, it has over 100,000 users and a very large number of daily transactions. In fact, it sells around 20,000 worth of coins every day, which is almost half the market share of the domestic Bitcoin sales in the UK.
Peer-to-peer platforms live or die due to its users. Even in some reputable P2P exchanges scammers can lurk around casting a net of very attractive offers they don’t intend to fulfill. To combat this, BitBargain follows continuous quality control to make sure that sellers and buyers follow the rules. All sellers have a good reputation and a good history.
Although it’s not mandatory, you can follow verification processes which help you with your reputation, although the verification process may be bothersome and intrusive to some. The more successful trades you have the larger the options of sellers, value and prices you’ll have.
Buying is very simple and intuitive, as most of these platforms tend to be. And despite being a P2P platform, trading is quite quick, with transactions taking an average of only 4 minutes. To get faster trades BitBargain allows you to see which sellers are online at the time of your purchase so you contact the one who can complete your transaction the earliest. BitBargain also gives you options for instant payment methods so your transaction can be completed almost instantly. Once you’ve confirmed payment it’ll take from one to two minutes to confirm.
Withdrawing to another wallet is also fast, taking around ten minutes for confirmation of your transaction. You may want to skip this step and just use the BitBargain assigned wallet, but we highly recommend keeping your crypto stored away from any exchange, since they’re usually targeted by hackers and are less stable than separate wallets. Plus, BitBargain charges a 1% storage fee after one week on a weekly basis precisely because they understand holding customers’ crypto is risky. This fee is however waived for sellers, since they need to maintain liquidity on the platform.
BitBargain is focused on its British clients. If you’re not British, you may be able to use it but chances are you won’t get anything out of it since your buying options will be quite limited.
BitBargain Rates and Buying Limits
BitBargain charges the same commission to sellers for its marketplace and escrow services.
BitBargain fee: 1%
If you’re a buyer, you won’t see any fee. Instead the price already includes the premium set by the seller to cover their costs.
You’ll need to verify your account to raise limits to more manageable ones. This requires you to upload a government issued ID as well as a bank statement or other official document that shows our name and address. Finally, you’ll have to take a selfie holding your ID and a piece of paper that shows “bitbargain” written.
- Simple and fast: With an average transaction time of 4 minutes, BitBargain is a very fast and simple way of purchasing crypto.
- Live support: Besides email you can contact BitBargain support through instant chat and they usually reply within 10 minutes.
- Great for beginners: With a simple and intuitive design, any beginner can buy their first share of Bitcoin or Litecoin.
- Reputable exchange: Their track record and experience in the business can guarantee you’re dealing with a reputable platform.
- Lack of worldwide support: The exchange only has good purchasing options for British users.
- Lack of support for alt-coins: Besides Bitcoin you’ll only be able to buy Litecoin.
- Not great for large purchases: The bank wire fees start to add up the more you buy, killing your profits.
- Bothersome verification process: Although it’s technically not needed, you pretty much have to go through it if you really want fast and cheap options.
Sign Up at BitBargain
Is BitBargain Good for Bitcoin?
BitBargain is very convenient to a very specific amount of people: British people looking for quick and easy peer to peer trading for small amounts of Bitcoin and Litecoin. The interface is simple and easy to use and there are a lot of convenient local payment options for British people.