Vimba cryptocurrency savings platform review October 2019

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Save Bitcoin, Ether and XEM with GBP through this cryptocurrency savings platform.

  • Great for buying and selling bitcoin with GBP, NZD and USD
  • Not so great for buying currencies other than BTC or ETH

2

Fiat currencies

2

Cryptocurrencies

Details

Product Name Vimba Cryptocurrency Savings Platform - UK
Fiat Currencies NZD, GBP
Cryptocurrencies BTC, ETH
Deposit Methods Bank transfer
Trading Fee 3.5%+
Deposit Fees None
Withdrawal Fees None
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Learn more about Vimba

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: NZD, GBP
  • Supported cryptocurrencies: 2 cryptocurrencies
  • BTC
  • ETH

Which payment methods are accepted?

  • Bank transfer
Go to Vimba's website

What’s it like to use Vimba?

What are Vimba’s fees and limits?

Fee type

Fee
Customer fee ~1%
Transaction fee 3.5%

Vimba claims that because it buys Bitcoin in bulk, its fees are lower than usual for the customer – around 1% of the amount purchased.

The standard transaction fee on top of this is 3.5%.

So, if you deposit £100 per week, you’d pay around £4.50 per week in fees.

Vimba’s website says that other fees may include an international money transfer fee, a Bitcoin exchange fee, a Bitcoin trading fee and a Bitcoin network fee among others, but there are no details on the exact charges, so you should make sure you understand exactly how much you’ll be charged before you proceed with any transaction.

Limit

Fee
Maximum across four weeks £2,000

You can only deposit up to £2,000 of Bitcoin, Ether or XEM every four weeks, and you can make deposits weekly, fortnightly or monthly.

How fast will my funds be available?

Process

Clock icon for transfer speed

At least 4 days

From start to end, the process of receiving your cryptocurrency subscription takes at least four days.
  • Vimba receives your automatic payment on Monday (but deposits can be made any time before Friday), then holds all funds for two days to filter out any fraudulent payments.
  • Once cleared by Vimba’s bank, your money is then sent to the exchange on Thursday.
  • Vimba then buys Bitcoin on your behalf on Friday. Once the crypto purchase has been made, you should receive your share in your wallet within half an hour.

Is Vimba safe to use?

  • Year founded. Vimba has been around in New Zealand since 2014, before the surge of the cryptocurrency market in late 2017; although, it extended its services to residents in the UK in late 2018.
  • Verification process. To comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, Vimba requires all new users to provide copies of government-issued identification and proof of address.
  • Its careful way of trading. Users deposit small amounts only and make transactions once a week.
  • Account security. Vimba claims to have solid security architecture and provides tips to help users keep their account and funds safe. It recommends users have a strong password on their registered email account since you will need to click an activation link sent to your email to confirm any changes to your account. While it doesn’t currently use 2-factor authentication (2FA), Vimba says it is looking at implementing this to add extra security.

How do I create a Vimba account?

Go to Vimba's website

What else should I know about Vimba?

Vimba was founded in 2014 by two Kiwi Bitcoin enthusiasts. It’s designed to offer a simple solution for people to regularly buy and save Bitcoin and Ether.

Customers set up automatic payments to make deposits of GBP into their accounts, and Vimba buys Bitcoin (BTC), Ether (ETH) or XEM on their customers’ behalf.

As of March 28 2019, Vimba’s “Instant Buy” feature for quick crypto purchases has been extended to residents in the UK (previously only available to residents in New Zealand). The company launched its “Instant Sell” feature in New Zealand in August 2018. The process takes a few hours but can take up to 24 hours to sell any amount of Bitcoin saved through Vimba. It is currently only available for Bitcoin and only available for New Zealand residents.


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Pros and cons

Pros

  • Can use GBP to get Bitcoin, Ether or XEM
  • Automatic payments you can set and forget
  • Good for users who want to grow their Bitcoin or Ether holdings gradually
  • Ideal for those who are getting started with cryptocurrency
  • UK users have access to Instant Buy

Cons

  • Only Bitcoin, Ether and XEM available
  • Transactions limited to £2,000 a month
  • UK users don’t have access to Instant Sell
  • Users need crypto wallets

Ready to sign up?

Go to Vimba's website

Compare Vimba against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
BC Bitcoin Cryptocurrency Broker
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Kraken Cryptocurrency Exchange
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
USD, EUR, GBP, JPY, CAD
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, XMR, USDT, ETC, QTUM, ZEC, REP, DOGE, GNO, MLN, ATOM, XTZ, SC
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
eToro Cryptocurrency Trading & CFDs
Credit card
Debit card
PayPal
Wire transfer
Local Online Banking
EUR, GBP, NZD, USD, AUD, CAD, HKD, SGD, CHF, NOK, ZAR, JPY, SEK, CNH, TRY, RUB, HUF, MXN, PLN
BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM, EOS, NEO, TRX, ZEC, BNB, XTZ
Disclaimer: Highly volatile investment product. Your capital is at risk. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Copy the trades of leading cryptocurrency investors on this unique social investment platform.

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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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