BitSimple is a direct broker of bitcoins. Unlike an exchange, users purchase or sell bitcoins directly with BitSimple. The company claims this provides a higher level of security and transparency as the company does not hold any user funds or bitcoins. Purchases of bitcoins are sent directly to a user's personal wallet address and bitcoins can be sold to BitSimple from any wallet. The service was announced in Dec, 2013 as a replacement from [FastCash4Bitcoins] and launching in mid January, 2014. Tangible Cryptography (parent company of BitSimple) announced the completion of a $600,000 seed round funded entirely in bitcoins to raise additional capital for BitSimple on January 21, 2014.
With the exception of a fee on some payment methods the service charges no fees. This leads to straight forward pricing where the exchange rate offered for the purchase and sale of bitcoins is provided continually to users before they transfer coins. The website indicates exchange rate is based on supply and demand and does not necessarily correlate to any one major exchange however on 02/21/2014 the rates offered were within 1% to 2% of the CoinDesk Bitcoin Price Index
(as of 02/21/2014)
- USD Deposits - no fee
- BTC Deposits - no fee
- BTC Withdraws - no fee
- Exchanges/Trades - no fee
- USD Withdraws - varies by payment method (ACH is provided without a fee)
BitSimple is currently available only to residents of the United States. Residents of Virginia, California, and New York are blocked by BitSimple due to regulatory uncertainty created by regulating bodies in those states.
BitSimple is registered with FinCEN as a Money Service Business (MSB) and is a wholly owned subsidiary of Tangible Cryptography, Inc. Tangible Cryptography has provided bitcoin exchange services since April, 2012.
- Tangible Cryptography raises $600K for bitcoin sales portal (coindesk.com)