When you are a beginner in the crypto world, it’s always nice to get some help along the way. You probably already know that you can buy cryptocurrency from a broker, but finding the right broker for you can be quite tricky. The Dutch broker BTC Direct makes investing in cryptocurrency possible for everyone by offering good support. For example, as one of the few brokers active on YouTube, they have a lot of instruction videos and a own news platform. Find out everything about this broker in our BTC Direct review.
First impression of BTC Direct
Every broker wants to make cryptocurrency as accessible as possible for everyone. They all try to achieve this in their own way. For example, Coinmerce’s app, which makes investing in cryptocurrency possible anywhere and anytime.
BTC Direct ensures that cryptocurrency becomes more accessible for everyone through a clear site that is easy to use. They also offer good service via chat and telephone. As mentioned in the introduction you might have seen the videos of BTC Direct. They upload new videos every week about the current prices and other crypto related subjects.
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BTC Direct operates in Europe for quite a few years and is one of the first crypto brokers. The company is based in The Netherlands and has already proven to be a safe broker. They are even registered with the Dutch Central bank. Thanks to its extensive experience, this company is one of the largest brokers in Europe. They purchase various cryptocurrencies on international exchanges. These are then offered for sale to the customers of BTC Direct. This is how it works with most brokers of course.
A disadvantage of the site is that BTC Direct does not offer a wallet for their users. With many brokers such as Bitvavo and Bitladon, it is possible to deposit your purchased cryptocurrency directly into a digital wallet linked to your account.
BTC Direct does not have that. So, you will have to both create a wallet and an account in order to do purchases on BTC Direct. If you are not completely familiar with this, you can find enough explanation on the site. Of course, instructional videos have been made about this as well. So, the company will help you on your way. Not offering wallets is a conscious choice, because they believe that it’s best if people manage their own wallets.
|Fees||Up to 3% + additional payment costs (compare Bitcoin prices live)|
|Payment methods||Bank transfer, Mastercard, VISA, iDEAL, Bancontact, GiroPay, SOFORT and EPS.|
|Built-in wallets||No, you have to arrange your own wallet software.|
|Customer service||During office hours.|
|Telephone number||+31 024 7000 700|
BTC Direct Pros and Cons
|Great brand recognition.||Very high fees (max. 3%).|
|A lot of information, like videos and news.||Additional payment fees.|
|Manage your own keys.||No built-in wallets.|
|Many positive BTC Direct reviews.||Small offer.|
BTC Direct alternative
Buying and selling cryptocurrency from BTC Direct can be more expensive and there’s a fee of 3% on some transactions. A good BTC Direct alternative is the Bitvavo broker. Here you pay a maximum of 0.25% fee, get built-in wallets and they offer more than 10 times as many coins. As a welcome bonus, you can now trade € 1,000 free of charge.
Trade the first 1000 EUR commission free with Bitvavo
Fee calculation example: you buy € 100 of Ripple from both parties. You will receive € 96.01 of XRP from BTC Direct (also payment costs) and you have to create your own wallet. At Bitvavo you will receive € 99.75 worth of XRP tokens in your own Bitvavo Ripple wallet. With the welcome bonus, you’ll even receive the full € 100!
BTC Direct offer
With one of the biggest brokers in Europe, you would expect the offer of cryptocurrency to be enormous. At BTC Direct this is a bit disappointing. BTC Direct only offers 5 different cryptocurrencies. Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple are the exclusive digital coins that BTC Direct offers and therefore the only 5 you can invest in. If you want to invest in other altcoins, you will have to look for another platform. Of course, these 5 coins are the biggest and probably the most safest. An investment in one of these coins is probably the least risky, but keep in mind that investing in crypto, in general, is very risky. So always carry out good research in the project you want to invest in.
The fact that BTC Direct keeps the offer small is because they believe that other coins are not worth adding to the offer. The coins they offer have, according to them, the greatest chance of success. Should there be more interesting projects on the market, they will add them to the offer in the future. For now, we have to do it with the five coins shown. In this BTC Direct review, we will go more in-depth on the platform itself.
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Buy crypto using BTC Direct
Before you start buying cryptocurrency from BTC Direct you have to create a wallet. In a wallet, you can store and manage your cryptocurrency. After you have created a wallet, you can start buying cryptocurrency. This means that you need a wallet before you can get started. If comparing Bitcoin shows that this company is the cheapest, you can easily create a wallet at Bitvavo.
Buying cryptocurrency is therefore slightly different from other brokers, because you first need to create a wallet. Nevertheless, the process of buying a crypto is about the same. As with other brokers, you first need an account. All you have to do is fill in the address of your wallet.
It is therefore not necessary to deposit credit into your account before you can buy cryptocurrency. You simply indicate how much Bitcoin you want to buy and then you can pay with the desired payment method. You can pay with: Bank transfer, Mastercard, VISA, iDEAL, Bancontact, GiroPay, SOFORT and EPS.
After your transaction your Bitcoin will appear in your wallet and you are the owner of a cryptocurrency. BTC Direct aims to deposit the cryptocurrency in your wallet within 2 minutes after your purchase. If this is not possible you will always be informed via e-mail. When it’s busy, please take into account a longer delivery time. This is the case for all transactions.
How to sell crypto?
If you are going to sell cryptocurrency via BTC Direct, you will of course also do so from your own wallet. Because you don’t have a wallet, it can be interesting for people to buy their cryptocurrency from one broker and then sell it through another broker like BTC Direct. This is no problem at all. To sell cryptocurrency you do of course need an account, just like when you buy.
On the website of BTC Direct, you can sell cryptocurrency by simply clicking on Sell. You then indicate how much of your cryptocurrency you want to sell. The amount will be transferred via SEPA bank transfer, making it mandatory to fill in your bank account details. You will then receive an unique recipient address to which you must transfer the cryptocurrency within 30 minutes. You can transfer the cryptocurrency from your wallet. If you don’t have any experience with this, we advise you to watch the instruction videos of BTC Direct.
When BTC Direct has received your cryptocurrency, they will transfer the money to your account before noon the next working day. You will also always receive an e-mail with more information about your sale.
Verifications and limits
The process of creating an account is simple and self-explanatory. During this process, you are required to verify your email address, phone number and ID. Luckily, this is fast, so you can quickly go through all the steps. During the process, you are also required to take a photo of your ID. This can be a passport, identity card or driving license. Keep in mind that it has to be a photo and not a scan. Also, all data must be visible on the identity document.
The daily limit for a new account is € 2500. You are allowed to sell cryptocurrency for € 10,000. To adjust this limit, you can choose from two higher levels. You start at the Hero level, but when you upgrade to the next level Satoshi, you can trade € 10,000 per day. However, you will need to send recent proof of your home address. The highest level is Trader, at the highest level you can buy and sell up to €25,000 per day. To reach the highest level you will need to complete a special survey and a Skype conversation will take place.
BTC Direct fees and other costs
The BTC Direct fee you pay per transaction differs per cryptocurrency. Bitcoin differs from the rest in terms of fees. With Bitcoin, you pay a 2% fee to BTC Direct for purchase and 1% for a sale. For the other cryptocurrency, you pay 3% for purchase and 2% for a sale. If you want to make a large investment for more than € 25,000, you get a discount on the fee, but you first have to contact BTC Direct. The fees are relatively high compared to other brokers. Check out the live price on our Compare Bitcoin page.
To use easy payment methods they will charge an extra fee on top of the service fee. The fees are stated on the order form, but we can’t see that. We also didn’t receive a response on our question. Since there’s a verification needed and we switched platforms, we can’t look into the current fees. A bank transfer fee is € 0,50.
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Is BTC Direct safe?
Because BTC Direct is already a well-known player in the cryptocurrency market, it is certainly a safe broker. The company has built a very good reputation since 2013 and has many regular clients. You are responsible for the security of your cryptocurrency, because you have to take care of a wallet yourself. This may deter new investors, but once you see how simple it is, it’s not so bad. For beginning cryptocurrency investors, it might be easier to start with a broker like Bitvavo or Bitladon. They will generate your own unique wallet and don’t have to create it yourself.
On the other hand, when you have your wallet, you generally manage your own private keys. This means that you 100% own the wallet. At the brokers mentioned above, the brokers manage your private keys.
BTC Direct is 100% safe and is for many the number 1 broker for cryptocurrency. They are even registered with the Dutch Central Bank.
If you want to invest in a large cryptocurrency, BTC Direct is a good choice. One of the better points according to the company is the speed of delivery. After all verifications, you will receive your coins in an external wallet within 2 minutes. Besides that, the BTC Direct reviews are very good with a score of 4.6/5 with more than 7000 reviews.
What are the BTC Direct fees and costs?
BTC Direct is a fairly expensive broker. There is a standard 2% trading fee for buying Bitcoin and for selling 1%. They charge for all other currencies a fee of 3% to buy and 2% to sell.
Which payment methods do they support?
You can pay with iDEAL (€ 0.99), credit card (2%), Bancontact (2%), Bank Transfer (€ 0,50), GiroPay, SOFORT and EPS.
Does BTC Direct also offer a wallet?
No, you have to arrange wallet software yourself. The vision of BTC Direct is that you should be the owner of your own private keys.
What is the minimum investment on BTC Direct?
You can invest as little as € 30 in Bitcoin, Litecoin, Ripple, Ethereum or Bitcoin Cash.