Buy Virtual Currency (BVC) is UK-based cryptocurrency broker with a distinct customer-centric mission to provide users with flawless experiences when buying cryptocurrencies. The broker has a broad array of digital coins for sale, including Bitcoin, Ether, Monero, Litecoin, Ripple, Steem, and many more, which can be purchased for GBP or euros. What is so special about this crypto broker and what new does it bring on the table for aspiring crypto traders? The following detailed review will answer all these fundamental questions and more.
The Problem in the Crypto World
Those that have already dipped their toes in the cryptocurrency industry and have bought some virtual coins with any of the most popular cryptocurrency exchanges (i.e. Coinbase) know how time-consuming and somewhat challenging it is to go through the entire process. First, you need to register your account with the selected exchange. This may take a while, depending on the verification procedures in place. Let us not forget that your registration may as well be declined if the crypto exchange does not allow new members to sign up (usually happens when there is increased influx of new users). Then, you go ahead and buy bitcoins (or another altcoin), wait for them to be delivered, place your order at the exchange, and finally move your new coins to a private wallet just to stay on the safe side.
All along the way, there is intense anxiety because a single mistake in any step of this process (i.e. messing up your address) can cause you to lose your money or a big chunk of it…for good.
The BVC Solution
Buy Virtual Currency is created for those that wish to buy digital coins but don’t want anything to do with the hardship and stress involved, as described above. This is how it works with BVC. You send them your money via wire transfer from your bank account, pay them a small fee, and they buy the desired coin on your behalf and then automatically send it to your wallet. This is great news as Buy Virtual Currency eliminates errors that could occur when moving around money in unfamiliar platforms.
This is also quite handy if, say, you want to buy a new coin that you believe will experience an increase in value in the coming weeks or months. In order to do so, though, you need an account with Coinbase to buy the Bitcoin or Ether required to trade for the new coin you want to purchase (you need bitcoin or ether to buy coins) and, on top of that, an account with Binance to make the order. Without these two accounts, you won’t be able to do anything. This is where BVC comes in and grants your wish to purchase the much-promising new coin fast and easy with a single account with them.
Ordering Cryptocurrency With Buy Virtual Currency
First of all, since BVC is not a wallet, you should have a personal wallet to store your coins before you ask the broker to purchase them for you. A wallet is a piece of software that helps safeguard your digital coins - similar to a typical real-world wallet, where you store your money (called fiat currency in the crypto world). Every wallet comes with its own address (think of it as the postcode for your real-world house), also called the code. You will need this to have your coins sent to your wallet.
What you do with your digital money is up to you. You may keep them stored like you do with the money you have in the bank or use them to make purchases or payments, or invest them in new coins with great potential.
It should be noted that there is a wallet for every digital coin. But, there are also wallets that support multiple coins, like MyEtherWallet or MEW in short. In the case of multi-wallets, you may purchase many different coins and send them to the same address. Now, if you can’t decide which wallet to use or if your multi-wallet does not support the coin you wish to purchase, you may ask BVC customer support team to help you out.
Here is how to order with BVC. Let’s suppose that you have chosen to signup with MEW. As soon as you have created the account, go to “Address”, where you will find the code we mentioned above. Copy it and go to Buy Virtual Currency. There:
- Fill out the form with the requested details (email address and wallet address – the one you copied before).
- Select the desired coin you want to purchase (use the drop-down menu to find it).
- Enter the amount of money you want to spend to buy the coin.
- Click “Buy” (don’t forget to click the boxes below the amount).
- In the email you will receive, click on the embedded link to finalise your order.
Once you send your money to BVC through a wire transfer from your bank, there is nothing else to do than wait for BVC to fetch your coin for you and send it to your address.
Buy Virtual Currency Pros & Cons
BVC is an excellent option because of the following:
- Variety of Coins – BVC’s selection of digital currencies on offer is more than satisfactory. You can find most of the major virtual coins, along with some of the lesser altcoins.
- Buy back feature – Although BVC specialises in selling digital coins to the general public, it also gives users the opportunity to sell their coins back to BVC at spot prices.
- Excellent customer service – BVC offers 24/7 support to their customers. Once the bank transfer is processed and the payment has arrived, the purchased cryptocurrency arrives at the customer’s wallet in 15-20 minutes.
- In-house purchases - Customers may also schedule an appointment and drop by the company offices in London to either ask questions, talk to the people running the company, or make a purchase on the spot – something we don’t often see among cryptocurrency exchanges.
- Simple, user-friendly interface – It provides customers with a platform where they only need to fill out a simple form with the required details so they can purchase the coin of their liking. For the purpose, this plain interface is all users’ will ever need, especially considering that BVC acts as a broker.
- Competitive fees – According to BVC website, their administration fees are lower even than those of Coinbase.
- Personal account manager – Upon sign up, customers are assigned a personal account manager, an experienced professional, who will guide them through any process they need help with (or answer their questions).
- Trusted brokers – BVC has an 8-star rating on Trust Pilot.
- Help with learning curve – BVC has plenty of guides about how to buy digital coins on your own.
You may find BVC not suited to your needs due to:
- Lack of anonymity – The platform does not offer clients an anonymous service. Instead, they need to give proof of address, their name, and a copy of an ID document.
- Limited payment options – For now, the only acceptable payment method is bank transfers, which can take a day or two to be processed and arrive.
- Unclear fees – Both the trading service fees and deposit fees are quite vague, with the first ones being included in the price of the coins. However, you can always have a chat with a customer service rep and clear things out before you go ahead with placing an order with BVC.
- No leverage trading – Those interested in engaging in price speculation will have to sign up with a forex broker (make sure it is regulated) that offers CFD trading with digital coins as an underlying asset.
Note regarding BVC charges:
The process of buying cryptocurrencies is different among various virtual coins. For example, if you want to buy a popular coin like Bitcoin or Ether, the procedure BVC has to follow is straightforward, given that pretty much everybody sells BTC or Ether. All they need to do is only buy the coin from one of the many sellers they commonly use.
But, when you require a new coin that is not widely traded yet or is available through exchanges not open to the citizens of your country, BVC needs to take a different and more time-consuming course to get you the desired coin. The truth is that they have many channels through which to purchase nearly every coin on offer. It will just require more effort and more time to deliver the expected result, which, as you can understand, reflects on the price you pay.
BVC vs. Crypto Exchanges
Don’t forget that BVC is not an exchange, rather than a 3rd party that helps you get the coins you wish without having to worry about the confusing details along the way. Where it stands out from the pack is in the fact that it will not offer you a limited selection of some virtual coins, which is pretty much what you get even from popular cryptocurrency exchanges like Bittrex or Binance. Instead, BVC will buy ANY coin your desire. This also comes handy if you are interested in creating a diversified portfolio. With BVC, you won’t need to search through multiple exchanges to find what you are looking for. BVC will do it for you.
BVC takes your fiat money, be it euros or GBP, and turn it into cryptocurrencies. Definitely one of the very few places you can do that. This breaks the monopoly of grand crypto exchanges like Coinbase, which also pushes them to offer more competitive services to crypto traders – this is great for the end user. That aside, since BVC is a service, it will more willingly take your fiat currency and exchange it for the digital currency you want, compared to an exchange.
BVC will not let you lose your money due to human error (i.e. you accidentally send your bitcoin to Bitcoin Cash wallet rather than the Bitcoin wallet). It handles all of the transfers and deposits on your behalf, which means that there is no way you will end up losing money or making a serious mistake that could cause you to have a negative experience. A crypto exchange could not care less where you send your coins to or whether you make a mistake in any aspect of crypto trading. Once you buy your coins, you are on your own.
- You can have BVC create a custom order for you of any coin your wish to purchase – those listed in their buy form, advertised on their website, or a new one not listed there yet.
- The only (rare) case BVC will not be able to buy the desired coin is if the coin doesn’t have a wallet. If it can only be stored on the exchange on which it is bought, Buy Virtual Coins has its hands tied. They may buy it for you but will have no place to send it after the purchase.
- Buy Virtual Coins is a crypto broker not the place to invest in ICOs mainly because ICOs usually have national restrictions. Also, many of them are not available to people of various countries, including the USA and the UK. Your best shot is to wait until the new hot coins hit the exchanges and then have BVC buy them for you.
- BVC is a legit company that is exactly what it claims to be (a place for people that wish to buy digital coins with fiat money and save themselves the headache of a complex exchange process). Compared to the cost of trading with a popular exchange, BVC is a tad more expensive. However, if you weigh the pros and cons, one can quickly realise that the peace of mind provided by BVC justifies the slightly costlier costs.
Buy Virtual Coins seems to be a serious and reliable company not shrouded in mystery or appearing as if it is trying to hide something. It provides customer support around the clock and a good selection of coins on offer. Finally, the way to purchase cryptocurrencies online via BVC is particularly easy and convenient for first-timers and occasional buyers or sellers.