BL3P Review: Buy Bitcoin with iDeal or SEPA

Description

BL3P is a Dutch bitcoin trading platform for individuals and businesses to sell and buy Bitcoin using SEPA bank account and iDeal. It is a product of Bitonic, a bitcoin company established in 2012.

How BL3P Works

BL3P Bitcoin exchange is a trading platform where you can buy and sell Bitcoin through market orders in Europe. This means the price is determined by current supply and demand on the platform, and your order gets filled automatically at the best available price. With the platform, you can place market or limit orders, and deposit and withdraw euros and bitcoin.

To begin trading on BL3P, you need to sign up for an individual or business account on the BL3P app or website, available in English and Dutch. It is followed by a further KYC verification process when you must submit identification documents and proof of bank account and residence.

Once your account is verified, you can start trading. It implicates depositing funds instantly via iDEAL (only for the Netherlands) or with a SEPA transfer, which typically takes around 1 business day to process. The Dutch iDEAL payment system can be used outside the Netherlands when opening a bunq account.

The platform supports the Lightning Network for faster and cost-effective transactions. It provides live data, displaying the most recent Bitcoin price in euros, the trading volume over the past 24 hours, and the current bid and ask prices. BL3P offers both market and limit orders. Market orders can be placed in BTC and EUR. This means it is possible to buy or sell bitcoin at the current market price. As for limit orders, you can set a specific price for buying or selling bitcoin. Your order will be executed when the market reaches your set price. Open orders can be cancelled until they are fulfilled.

When the trade is completed, bitcoin withdrawals can be processed automatically as long as the hot wallet allows it. Withdrawals of up to 50 bitcoins are typically processed quickly. Larger amounts might experience delays for security reasons. SEPA withdrawals are processed at 2:00 PM each business day. The time it takes for the amount to reflect in your bank account depends on your bank and whether the transaction is domestic or international. For Dutch bank accounts, it is usually within one working day, and for bunq accounts, it takes two to three hours.

BL3P also offers an API to its users. The BL3P API allows them to integrate their applications, trading bots, or other software with the BL3P platform. This provides automated access to trading functionalities, account management, and other features available on BL3P.

BL3P Fees

BL3P charges a flat trading fee of 0.25% for all trades. This fee is applied to both the buyer and the seller in a transaction.

Deposit fees

Withdrawal fees

The dynamic fee is determined using the existing mempool to ensure the transaction is included within 144 blocks (low), 12 blocks (medium), or 3 blocks (high).

Is BL3P Safe and Legit?

BL3P is a reputable bitcoin exchange that prioritizes the safety and security of customer funds. Their funds are managed by the “Stichting Bitonic Payments” foundation, which ensures separation from Bitonic B.V.’s commercial operations. This segregation guarantees that customer funds remain untouched and secure, even in the event of issues at Bitonic B.V. Additionally, BL3P operates a bug bounty program, inviting hackers to report any vulnerabilities for a reward.

To further enhance security, BL3P recommends two-factor authentication for both login and withdrawals. This additional layer of security helps thwart unauthorized access attempts. Furthermore, any login endeavors from unfamiliar locations are automatically blocked, reinforcing the platform’s commitment to safeguarding user accounts.

BL3P Alternatives to Buy Bitcoin With Sepa

More Information About BL3P Exchange

• BL3P website
• BL3P exchange official documentation