Last updated on February 26th, 2017 at 11:50 am
If you’re trying to buy your very first Bitcoin, dealing with Bitcoin exchanges can be a bit confusing. Exchanges like Kraken or Bitstamp sometimes have too many options (e.g. limit trading, margin trading etc.). This is exactly where Coinhouse comes in. Coinhouse.io aims to be “The House of Bitcoin” for all European customers.
The company is affiliated with LedgerWallet – the extremely popular hardware wallet and is located in Paris. Initially the company supplied its services solely to the residents of France, however since it was established in 2014 the company has expanded and now provides the option to buy Bitcoins to all European countries. The company fully complies to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations.
The process of buying Bitcoins on the site is pretty simple:
- Open an account on Coinhouse
- Validate your identity by supplying a copy of a government issued id and a photo of you holding the actual document
- Buy your Bitcoins
Behind the scenes, the company buys the coins from Kraken and sells them to you for a “convince fee”. This allows you to buy Bitcoins with your credit or debit card and without any confusing process (Kraken doesn’t accept credit cards). The fee depends on the accumulated amount of Bitcoins you’ve bought on the exchange.
- 0 – 500€ : 10% fee
- 500€ – 1,500€ : 9% fee
- 1,500€ – 3,000€ : 8% fee
- 3,000€ – 5,000€ : 7% fee
- 5,000€ – 10,000€ : 6.5% fee
- > 10,000€ : 6% fee
For instance, if you buy for 500€ you will have 10% fees. If you come back and buy another 500€ of bitcoins, your fees will be only 9% for this transaction. The max amount of Bitcoins you can buy after getting validated is €2000 a day or €10,000 a month. Payment options include credit cards, debit cards and Neosurf (a prepaid card to buy stuff on the web). You can also buy Ethereum or even sell your Bitcoins on the site (and get paid via SEPA).
Personally I’ve been dealing with Coinhouse since October 2015 and haven’t had any issues with them. Payment is made quickly and support is fast to respond via email or phone. Other than the time it takes to verify your identity, transactions are instant.
The only downside is the high fees. If you’re planning on buying a small amount then it may be worth avoiding all of the hassle in the exchanges, however for buying large amounts of Bitcoin other methods are preferable.
All in all Coinhouse.io is a solid Bitcoin broker, mainly for people living in Europe who are looking to buy Bitcoins with their credit card.