Bitnomics invites you to take an exciting journey into the world of cryptocurrency. The company is officially registered in Estonia. Judging by the online reviews, some clients are losing money here and openly call the exchange a scam. We will conduct an independent analysis to sort out the pros and cons of the exchanger.
- Bitnomics General Information
- Registration and Client Portal Review
- Bitnomics Trading Conditions
- Account Types Review
- Trading Platform
- Bitnomics — Deposit and Withdrawal of Funds
- Is Bitnomics a Scam?
- Legal Information and License
- Bitnomics.co Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Bitnomics General Information
|Address||Harju maakond, Tallinn, Lasnamäe linnaosa, Valukoja tn 8/1, 11415|
|Trading platform||Own development|
Registration and Client Portal Review
A warning pops up in front of the site visitor. By using Bitnomics’ services, they must recognize that buying or selling cryptocurrencies involves significant risk. The client enters into the agreement at his own risk.
The exchange describes itself as the beating heart of the crypto world. In our opinion, this beautiful definition is more in line with the world-famous Binance than a no-name company. Let’s try to make a login to evaluate the possibilities of Bitnomics.
You need to enter your email address, phone number and create a password. Confirm that you agree to the rules and that you are of legal age. Next, you need to verify your email and phone using the codes sent by the system.
Unfortunately, we were unable to receive a phone verification code. However, we got a general impression of the client portal.
You can buy and sell cryptocurrency (these sections are closed to unverified clients), view your transactions, and change profile settings. Nothing more, just a crypto exchange.
Bitnomics Trading Conditions
The exchange highlights innovative security measures, a modern trading environment, and excellent customer support. All this is just a beautiful wrapper. So many common words, and what is real?
Account Types Review
Bitnomics works with individual and corporate clients. The conditions for them are somewhat different from each other, but this applies only to commissions. The fees are listed in the table below.
|Buy transactions (Credit cards)||11%||4%|
|Buy transactions (Wire transfer)||8%||4%|
Besides, corporate clients can negotiate better terms on an individual basis. However, we think that Bitnomics charges incredibly extreme fees. On world-famous crypto exchanges, commissions are less than one percent of the transaction volume.
At the moment, the platform works only with Ethereum and Bitcoin. Bitnomics does not determine the price itself and receives the current exchange rate data from the liquidity provider kraken.com. Also, the exchange is not a wallet provider. It simply transfers money to the provided address.
The exchange, sale and purchase of coins take place on the Bitnomics platform. According to the creators, it features a simple interface, a functional toolbar, and transaction speed.
We are unable to evaluate the platform because we have not received the verification code.
So, we can assume that it is available in your client portal on any device with Internet access. There is no app to download.
Bitnomics — Deposit and Withdrawal of Funds
Of course, the following payment methods are available on the site:
- Debit or credit card
- Bank transfer
- Crypto wallet.
Even working with cryptocurrencies is impossible without KYC.
You can make an exchange only after complete verification of the documents. This process may take about 5 days. Bitnomics takes KYC very seriously and provides three levels of verification for individual clients depending on the volume of their transactions.
|Volume||Package of documents|
|€200 — €14,999||
|€15,000 — €49,999||plus
Note that Bitnomics does not disclose its reserves anywhere. So we cannot be sure that it is able to exchange tens of thousands of euros or crypto.
Verification requirements for corporate clients are even stricter. In the meantime, we still see no reason anyone would want to change the crypto here.
Is Bitnomics a Scam?
It’s not very clear how safe it’s to work with Bitnomics. Let’s try to find out if the company meets the standard security requirements.
Legal Information and License
Bitnomics claims in the footer of the site that it is operated by MoneyFlow OÜ with license number FVT00047. Imagine our surprise when we checked the data in the Estonian registry (https://ariregister.rik.ee/eng) and the list of licensees (https://mtr.ttja.ee/tegevusluba?m=97). Here are the results:
- The object named MoneyFlow OÜ was not found in the register of legal entities.
- Searching for license FVT00047 resulted in VINriatur OÜ with license number FVT000472.
It looks highly suspicious. To understand the situation, we have studied the terms and conditions of Bitnomics. Another surprise! The document contains Money Flow OÜ (with a space, as you can see) and the license FVT000047 (with four, not three, zeros in the number).
Such a company does exist. It was founded in November 2019 with a capital of 110,000 euros and still regularly pays taxes. Checking the license showed that the license has no expiration date and allows the exchange of cryptocurrency for fiat.
It seems that everything is in order with the legal activities of Bitnomics. It is even more unclear to us why the company indicates incorrect names and numbers on the main page of the website.
We tried to find out something about it in an online chat. The operator did not understand at first what was the matter. Then she invited us to register on Bitnomics. Finally, we understood each other and she thanked us for the appeal. However, incorrect data continues to hang on the site.
Bitnomics.co Domain Info
According to whois.com, the domain name was registered on November 14, 2019. It corresponds to Money Flow OÜ’s incorporation date: November 11, 2019.
Much more interesting is the data on site traffic. Let us remind you that Bitnomics is the heart of the crypto world (as it says, of course). Alas, in July 2022, just over 8 thousand users visited the site (according to SimilarWeb).
The average viewing time is 2 minutes (obviously not enough for registration and verification). Even in Estonia, there are about 30 thousand more popular sites, not to mention the whole world. Not very similar to the heart of the crypto industry.
There is an email and an Estonian phone number for communication. The support is also quite quick to respond via chat.
A quick review of social networks showed that in 2 years Bitnomics managed to attract only 4 followers on Twitter. At the same time, there are about 36,000 subscribers on Facebook and Instagram in total.
For a mysterious reason, they absolutely do not want to comment or like posts. Company messages collect less than a dozen reactions.
Pros and Cons
- Having a license and legal registration.
- Quick response in live chat.
- Registration difficulties.
- Huge fees.
- Hiding data on the website.
- Low popularity.
- Bots in social networks.
Frequently Asked Questions (FAQ)
It just exchanges fiat money for Bitcoin and Ethereum.
At least he has a license, but there’s nothing more to say.
It’s not an investment platform. You just change some money or crypto.