Bitcoin of America Review
A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Bitcoin of America consists of four parts: general info, fees, deposit methods and security.
UPDATE 1 May 2020: We have not been able to access the website of this exchange lately. Usually when this happens, without any preceding information on system maintenance or upgrades, it is because the exchange has closed down. But it could also be for other reasons. We receive the following error message when trying to access:
It is possible that we simply cannot access the site from where we are based, and that it is fine and dandy from other parts of the world.
In any event, pending contrary information, we have marked this exchange as "dead" and moved it to our Exchange Graveyard.
Bitcoin of America is – to nobody’s surprise – an American crypto exchange. A very special thing with this exchange is that they allow you to purchase Bitcoin for paper cash. They make this possible through having various Bitcoin ATMs placed in different locations in the country. The below map shows where the different ATMs are located. One can notice that the Northwest aren’t that vastly populated with ATMs, whereas Chicago and Michigan have been more lucky.
Another strong feature of Bitcoin of America is that they offer same day settlement on all wire transactions, and live customer service and support.
Bitcoin of America has a registration as a money services business with the United States Department of Treasury (FinCEN). The exchange also states on its website that they operate in 100% compliance with all AML-rules and regulations and all federal and state laws. In fact, the exchange also have a full-time compliance officers in their team. This is not very common and definitely a competitive advantage for Bitcoin of America.
There is clear info on the exchange’s website about the name of the company running the exchange, registered address, phone numbers etc. This is of course comforting, as an entity trying to defraud you wouldn’t provide you with all that detailed information.
Naturally, Bitcoin of America is available to US-investors. However, it is only open to US-investors. Also, it is not yet open to all US-investors. Residents of any of the following states are currently not able to use Bitcoin of America’s services: Alaska, Connecticut, Hawaii, Iowa, Idaho, Maine, New York, New Mexico, Rhoda Island, Utah, Vermont and Washington. According to information on the exchange’s website, they are currently working on reviewing the various BitLicense requirements and they hope to be able to offer services also to residents of such states in the future.
Bitcoin of America Trading View
Different platforms have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen crypto and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. As this exchange is closed for any non-US residents, we have not been able to acquire a view of the trading interface here. We apologize for any inconvenience this may cause.
Bitcoin of America Fees
Bitcoin of America Trading fees
This exchange is different from most top crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling BTC. Accordingly, the standard taker fees and maker fees (where the industry average is 0.25% per order) are difficult to compare against. However, when BTC, the purchase price offered by Bitcoin of America is usually higher than the market price. Conversely, when selling BTC, the purchase price offered is usually lower than the market price. We have not been able to find the exact mark-up or mark-down anywhere. Accordingly, we strongly urge you to make you own analysis of the fees and price differences at this exchange before executing any transactions there.
Bitcoin of America Withdrawal fees
Considering how this exchange operates, withdrawal fees are irrelevant.
At Bitcoin of America, you can deposit via wire transfer. And, as mentioned above, you can also deposit paper cash through using any of their Bitcoin ATMs. This can be helpful especially for newer crypto investors.
One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer. Whereas it might be indifferent to you whether you should deposit via wire transfer or paper cash, it might be very different fees. We urge you to do your own analysis of the deposit fees at Bitcoin of America.
Bitcoin of America Security
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information.
- Exchanges handle of course a lot of cash or coin deposits and withdrawals.
Bitcoin of America has an average security score. We run all exchange-websites in Mozilla’s Observatory-test (https://observatory.mozilla.org/), and Bitcoin of America received a D+ score. This is decent, but there is also room for improvement.
Bitcoin of America is registered as a money services business with the United States Department of Treasury (FinCEN) and they operate in 100% compliance with all AML-rules and regulations and all federal and state laws. They also have a full-time compliance officers in their team. Naturally, this also adds a level of security for the users of this exchange.
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its payment service providers). Other exchanges that also have this option include: