Buying Bitcoin in a convenient matter can be sometimes very tricky, as dealing with Bitcoin exchanges can cause a bit of confusion. Some crypto exchanges have sometimes too many options and some have a complicated fee charging system. In this review, we shall analyse the bitcoin exchange that is Coinhouse and see if its services are safe and reliable enough to purchase bitcoins.
Coinhouse is a cryptocurrency exchange that was founded in 2014 in Paris, France and is associated with La Maison du Bitcoin (The house of Bitcoin) and Ledger co. Initially supplying its services only in France, it has since expanded its main market to all European countries.
Registration and verification process
First, you open an account on Coinhouse just like you would sign up for any account. Then you will provide a copy of a government issued ID, a photo of you holding up the actual document and a proof of residence. These will then be checked to validate your identity. Verification is an important step that all legit Bitcoin exchanges should do thoroughly, to avoid identity theft and other serious issues.
Coinhouse has different fees which depend on the amount of cryptocurrency you have purchased:
- from 0 to 500 EUR – 10% fee
- 500 EUR to 1,500 EUR – 9% fee
- 1,500 EUR to 3,000 EUR – 8% fee
- 3,000 EUR to 5,000 EUR – 7%
- 5, 000 EUR to 10,000 EUR – 6.5%
- Over 10,000 EUR – 6% fee
As an example, if you buy 500 EUR, your fees will be 10%. If you return to buy another 500 EUR worth of bitcoins, your fees will be 9%. The maximum amount of Bitcoins you can purchase after getting validates is 2000EUR a day (10,000 EUR a month).
The company buys its bitcoins from Kraken and then sells them to buyers for a “convince fee”. This lets you buy Bitcoins with debit or credit cards (Kraken does not accept credit cards). But be careful when using a debit card, as not all types are accepted by Coinhouse. All cards must have 3D secure enabled.
Another accepted payment method is through Neosurf Tickets (a prepaid card designed for online buying). You can cash out your earnings through SEPA.
Supported currencies and countries
Coinhouse supports only Bitcoin and Ethereum transactions at the moment. Those who are looking to trade in other altcoins should opt for another exchange.
Coinhouse offers its services to all European countries.
Coinhouse’s support consists of a mailing system, a telephone line (which is something many Bitcoin exchanges do not provide) and they also supply a physical address if you want to talk to someone in person (La Maison du Bitcoin, 35 rue du Caire, Paris 2e.)
How safe is Coinhouse?
La Maidon du Bitcoin has a well established reputation in the cryptocurrency market in France and is considered by most to be very safe.
Considering the lengthy process of identification that Coinhouse puts its users through, you can be sure that it takes its KYC (Know your Customer) policy very seriously. The company’s listed address shows that it wants to be as transparent as possible, which will most likely attract more clients over time. Coinhouse also has implemented AML (Anti-Money Laundering) regulations.
- high level of security
- fast and thorough verification process
- price set by Kraken
- phone support
- fast delivery of bitcoins
- no user privacy
- high fees
- all amounts of bitcoin
- has only Bitcoin and Ethereum, no other altcoins
- services limited only to Europe
Coinhouse is definitely one of the most secure exchanges in Europe. But if you are looking for more affordable fees and a broader list of cryptocurrencies, we suggest you search for another exchange.