In this review, we will take a closer look at BCM , a cryptocurrency broker, to determine if the platform is right for your needs. We will take a closer look at BCMs various services and features so you can make an informed decision about using the platform.
Table of Contents
What is the history of BCM?
BCM was founded in 2017 by Boyd Meuleman and Mitchell Zandwijken and has since quickly become a well-known platform among Dutch traders.
The company aims to offer its service to the whole of Europe and, to do so, has offered an extensive range of more than 200 cryptocurrencies, various trading and payment options and easy access to the platform. Thanks to these offerings, the company seems to be getting closer and closer to achieving this goal.
Where is BCM located?
Bitcoin Meester, also known as BCM, is a Coin Meester BV company located at Thailandlaan 6 in Aalsmeer, Netherlands. The company is registered with De Nederlandsche Bank and is allowed to facilitate crypto transactions. This means that Bitcoin Meester, or BCM, must meet certain requirements to continue operating as a cryptocurrency broker in the Netherlands. This way you can be sure that the platform is safe and reliable for your transactions with cryptocurrencies.
What cryptocurrencies are available on BCM?
More than 200 different cryptocurrencies are currently available on BCM platform, including the most popular and largest cryptocurrencies such as Bitcoin, Ethereum, Ripple, and so on. Customers can also request new coins to be placed on a wish list, meaning they may be available on the platform in the future.
On BCM, all coins offered can be bought, sold and traded, and it is also possible to stake cryptocurrency. This means you can participate in confirming transactions on a blockchain and earn rewards for helping the network. Thus, you can not only benefit from the rise in value of cryptocurrencies, but also generate passive income. Learn more about staking on BCM here.
What is the any to any exchange feature?
One of BCM unique features is its “any to any” exchange feature, which allows you to switch directly from one cryptocurrency to another without having to take the intermediate step through Bitcoin. This saves percentage fees because you only have to pay for one transaction instead of two.
Keep in mind, however, that switching coins with low liquidity (how easy they are to trade at any given time) can lead to wider spreads (the differences between the buying price and selling price), so it is wise to be cautious when switching such coins. More information about BCM pricing mechanism can be found here.
What is the VIP fee discount?
BCM has a VIP program where fees may vary. When you sign up, you pay a standard fee of 1%. The more active you are in trading, the more discounts you receive. The second level is reached when you start trading with an amount of €500 or higher. Then you pay only a fee of 0.90%. More info can be found here.
BCM advanced orders
BCM is a broker that offers advanced orders such as stop loss, stop limit and buy orders. This sets the broker apart from its competitors and is unique among brokers. For example, you can set a stop loss order to automatically sell if the price of a particular crypto asset drops to a certain level. These advanced orders allow you to better respond to market conditions and better manage risk.
What are the payment options on BCM?
BCM focuses on the European market and the payment options make that clear. Apart from the Dutch iDeal, the following options are offered:
- Bankcontact (Belgium)
- SEPA (Europe)
- Giropay (Germany)
- Sofort (Germany, Austria, Switzerland, Poland,
- Hungary, Belgium, France, Italy, Spain, United Kingdom)
- MyBank (Luxembourg, Italy, France)
When a customer requests a payout from BCM, it is forwarded directly to the bank. Since BCM works with Bunq, payouts to Bunq and ABN AMRO accounts are in the account within minutes. When using other banks, the processing time may take longer, up to several business days. It is therefore possible that the processing time of payouts may vary depending on the bank you are linked to.
Where do I find BCM support?
BCM offers several ways to contact customer service. You can call the following number: +31 085 007 4844 (English and Dutch). Customer service is available on weekdays between 09:00 and 17:00.
You can also send an e-mail to helpdesk@bitcoinmeester.nl or chat with a customer service representative using the customer support button on the website. Please note that after-hours emails are frequently answered, but response times can sometimes be longer.
What are the pros and cons of BCM?
Like any other broker, BCM also has their advantages and disadvantages. See the table below for their strengths and weaknesses:
Pros
- Easy and user-friendly for beginners
- Fiat Off/On Ramp
- Staking Options
- Mobile Application
- The VIP volume discount
Cons
- Few lowmarket-cap Altcoins
- Mandatory K-Y-C
- Pricing mechanism that can be detrimental for low liquidity coins