Reviews > BitFund Exchange
BitFund is a South African cryptocurrency investment platform. BitFund provides a range of prespecified portfolios, as well as your own customizable portfolio. BitFund allows everyone to be part of this financial revolution, by removing the barriers to entry of investing in the cryptocurrency market
Deposits may be made with South African Rand (ZAR), or Bitcoin (BTC).
BitFund charges an annual management fee of 2.4% on the value of all cryptocurrencies held under management. BitFund will also charge an exit fee of 1% to cover any costs incurred in liquidating your portfolio and transferring your portfolio proceeds back to you. This 1% fee will be charged at the time of exit on the value of all cryptocurrencies being redeemed.
BitFund keeps all client funds “deep cold storage”. When withdrawing, BitFund will sell off the required cryptocurrency assets and make a single Bitcoin deposit or EFT (Electronic Funds Transfer) of the requested value into a Bitcoin (BTC) wallet or bank account respectively. Your requested funds should reflect within 24 hours of the request.
BitFund does not state much information about their team, other than their names and respective roles. BitFund has four founders, namely Jonathon Ferrer, Joshua Miltz, Bradley Goldman and Dean Joffe.
You will have to verify your identity before proceeding to deposit and create your portfolio. You will have to go through KYC (Know Your Customer). Further documentation may needed for FICA verification. After your identity has been verified you will be able to set up your first portfolio.
BitFund does not provide any official tax statements, however BitFund does provide profitability statements, which may assist investors with the declaration and payment of the relevant taxes.
BitFund has a referral program in which you will be entitled to 10% of all of BitFund’s asset management fees for a referral until the end of their first year as a client. Your earnings will be sent to a specified portfolio, which is a great way of growing your portfolio, or simply earning a bit of money on the side.
BitFund has a well designed platform for investing in cryptocurrency. Their prespecified portfolios are great for new investors in cryptocurrency. The ability to have a custom investment portfolio is great for experienced investors. Many portfolios can re-balanced according to market cap, which is a feature most cryptocurrency platforms in South Africa lack, making BitFund a worthwhile platform for investing in cryptocurrencies.