In this article we will give you an overview of the exchange Bitcoin Store, in which we will show you the advantages, fees and benefits compared to other famous exchanges such as eToro, Plus500, KuCoin, and others in the long list of platforms for buying Bitcoin and other cryptocurrencies.
Bitcoin Store: Important facts
The Bitcoin Store was founded in 2017 and is an exchange for Bitcoin and other popular altcoins. The platform is a suitable alternative for beginners and experts. Bitcoin Store is based in Croatia and is connected to the www.Bitkonan.com exchange, which was founded in 2013 as one of the first cryptocurrency exchanges. Digital Assets d.o.o. is the parent company of both entities, registered in Split, Croatia. It was co-founded in 2013 as a limited liability company by Šime Bakić, Jakov Dolić and its current CEO, Tomislav Vajić. According to its website, the company consists of a team of “crypto-enthusiasts”.
As a company registered in Croatia offering crypto-related services, a license is required. The company has acquired this license from HANFA (Croatian Financial Services Supervisory Agency). Furthermore, as a European based company, the exchange is also subject to the strict European Union guidelines regarding AML and KYC, which is definitely a seal of quality and trust for the exchange.
The financial information of the exchange’s parent company, Digital Assets, is also publicly available and is part of the Croatian court records, which can be found under the numbers OIB (37096783668) and MBS (060297216). Accordingly, the company’s business activities include brokerage, trust and virtual currency exchange and custody services.
What does Bitcoin Store offer?
The platform offers support for 3 languages (English, German and Croatian) and has an offer that includes more than 80 cryptocurrencies. Bitcoin Store users can choose between the biggest winners of the top 20 or the tokens with the best profits in the DeFi sector:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Chainlink (LINK)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- IOTA (MIOTA)
- Wrapped Bitcoin (WBTC)
- Aave (AAVE)
- Yearn.finance (YFI)
- compound (COMP)
- Uniswap (UNI)
- Curve (CRV)
In addition, local users have the advantage that they can use the physical store to buy cryptocurrencies. Currently, the Bitcoin Store website shows that there are 3 physical stores (https://www.bitcoin-store.hr/en/stores) in Croatia. In addition to the possibility to buy Bitcoin, users can also take advantage of financial advice from the specialized staff. They can help you choose and install a crypto-wallet and also give instructions on how to create a backup for it.
Prices for the purchase of cryptocurrencies in the Bitcoin Store
Users of the Bitcoin Store can buy cryptocurrencies with the assurance that there are no temporary or hidden fees. The exchange only adds a 1.9% fee for online transactions (for the most popular and liquid crypto coins). The sales fee is calculated in relation to the “price movements on the world’s stock exchanges” as indicated on the website. For cash purchases or sales in the stores, the fees are up to 4-5% due to bank charges for cash manipulation.
As a buyer or seller, you will see the price of the cryptocurrency you want to buy when you fill in the transaction information. The exchange also states that the fee for a transaction is not guaranteed if the buyer/seller is not registered (and verified) in the Bitcoin Store, and it is only set when the Bitcoin Store receives your deposit. So if the price fluctuates significantly, you may have to pay a difference. Registered users, on the other hand, have a guaranteed purchase price, so you should always log in to the platform before buying.
Account verification and KYC
Bitcoin Store only allows registered and verified users to trade EUR. In this way, the exchange implements the strict guidelines of the European Union.
For the safekeeping of your cryptocurrencies, the platform offers a dedicated Bitcoin Store wallet. You can of course also use your own personal wallet, such as MetaMask or Exodus, and withdraw the crypto coins from the exchange.
Registration with Bitcoin Store
To trade BTC and the cryptocurrencies available on the Bitcoin Store platform, all you need to do is complete the simple registration process. When you enter the exchange, go to the registration option and enter the required information: name, email and a password. Then go to your inbox in your mailbox to confirm your email address.
Under the menu item “Buy/Sell” you can choose the cryptocurrency you want to buy or sell. To do so, click on “I’m buying” and then enter either the Bitcoin amount or the Euro amount you want to buy. In the line below, see screenshot, you have the option to select the Bitcoin Store wallet or to enter your own wallet address. Again below, you can choose whether you want to pay with your deposited funds at the Bitcoin Store or by bank transfer. If you do not have a discount code, you can click on “Buy” afterwards.
Deposit funds in the Bitcoin Store
Once you have completed the process described above, you can make the transfer using the information provided by the exchange. Before you complete the process, please note that Bitcoin Store only works with the currencies mentioned (EUR, HRK). After you have made the transfer and it is confirmed by the exchange, the amount will be transferred in the cryptocurrency you purchased.
Furthermore, you should consider that the transactions are processed manually, so they are done during office hours: Monday to Friday from 8:00 in the morning to 20:00 in the evening, Croatian time, and on Saturdays from 8:00 in the morning to 14:00 in the evening.
The Bitcoin Store wallet
The Bitcoin Store Wallet offers a simple and fast option for storing Bitcoin and altcoins, especially for newcomers who do not want to go through the complex process of setting up their own wallet. However, as we write in all our wallet reviews, it is safer to set up your own wallet or even buy a hardware wallet. True to the motto “Not your keys, not your Bitcoin” each cryptocurrency owner should be his “own bank”.
Nevertheless, the Bitcoin Store wallet can be at least at short notice a good option, in order to store cryptocurrencies. An important factor is that the platform offers 2-factor authentication, which gives your account and thus your wallet a high level of security.
For the safety of the user funds, Bitcoin-Store uses a combination of hot and cold wallets. Furthermore, all wallets are protected by multi sig security. Users can also protect their own funds by turning on 2FA protection on their accounts what is highly recommended.
To create a new external wallet, just click on your account area (under your name) and you can create a new wallet under “add wallet”, see screenshot. If you want to use the Bitcoin Store Wallet just click “Bitcoin Store Wallet” below your name (in the image).
Bottom line: Buying Ethereum, BTC, XRP from the Bitcoin Store
The Bitcoin Store is an established exchange based in Europe, which is particularly interesting for Bitcoin and crypto enthusiasts from Croatia and Europe. Compared to other exchanges where you can buy BTC and co. by bank transfer, the fees (1.9% online) are very fair and rather in the lower range compared to other exchanges. In addition, there are currently three physical stores in Croatia, where interested persons can get detailed advice and also buy or sell Bitcoin and other cryptocurrencies for cash.