It is not uncommon for financial service providers to accept Bitcoin payments, but it is rather uncommon for Bitcoin exchanges to add a traditional payment solution after quite some time. That being said, Bitcoin London has decided to add Skrill support as of today, giving Bitcoin sellers an additional payment option for withdrawals. But that doesn’t make the service legitimate all of a sudden.
Also read: Bitcoin VPS Review – Cinfu
Any website claiming to buy Bitcoin at the exact market price – in exchange for PayPal or other online payment methods – is rather fishy, but some sites will even offer to buy digital currency at a small premium rate. In the case of Bitcoin London, they are paying a 1% higher Bitcoin price compared to competitors. However, every transaction is subject to a small fee of US$6.
What makes Bitcoin London somewhat appealing to novice Bitcoin users is how they claim to pay through PayPal, Skrill, or Bank Transfer. The first two payment methods are subject to fraud and chargebacks, whereas bank transfers can be sent from a hacked account. Granted, this latter option is rather unlikely, but it is not entirely impossible.
Moreover, there is no verification needed to sell Bitcoin to this exchange, which also means there will be no paper trail of the transaction ever taking place. That is, other than the blockchain transaction, but that might not be enough to file a police report if push comes to shove.
Although there might be nothing wrong with the Bitcoin London service at first glance, there are no reviews to be found on this platform. That is rather worrying for a platform that should attract a lot of international users, considering they support withdrawals in various fiat currencies.
Last but not least, there is company information on the website and in the WHOIS records, but the address does not resemble a building where such a prominent service would be housed. Plus, there is no company registration number to be found anywhere, making the whole platform look even more suspicious.
Readers are advised to tread carefully when dealing with this website!
Source: Reddit
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