- User Experience
- Customer Service
Vimba Review Summary
The easy user interface and simple buying process make Vimba great for nocoiners popping their crypto cherry, but slightly high fees might put off more experienced buyers.
Vimba sells itself as an automated investment platform that lets you sit back and relax as it automatically swaps your coffee money for cryptocurrency every week. This works well for those who want automated investment, but Vimba is also equally effective as a streamlined exchange for one-off purchases.
Is Vimba legit?
With two former names, one could be forgiven that Vimba—previously known as MyCryptoSaver and MyBitcoinSaver—has something to hide.
Nevertheless, the branding changes seem to be innocent. Vimba changed its name as the business expanded and added more cryptocurrencies, before eventually settling on Vimba, which apparently “In the Shona language of southern Africa means block (though when I googled it the only thing that came up was fish!)
Founded in 2014, Vimba has stayed afloat for six years, amassing more than 10,000 users and delivering more than 1135 BTC along the way. The company has ingratiated itself in the New Zealand crypto community, and received its first round of funding from Techemy — the same investment fund backing Brave New Coin, before later scoring a government grant.
In 21018, Vimba expanded its cryptocurrency purchasing service to the UK.
Bitcopy Rating: 8 of 10
- Fees: 7
- User Experience: 9
- Security: 8
- Customer Service: 8
Automatic payments to drip feed British pounds (or Kiwi dollars) into Bitcoin, Ethereum, or NEM every week, fortnight or month via a simple standing order
Quickly get your hands on Bitcoin, Ethereum, and NEM with the “Instant Buy” feature
Sleek user interface
One of the only platforms to allow direct GBP to NEM payments
Vimba Automated Investing
Cost-averaging refers to the regular investment of a small amount, rather than a lump sum all at once. Using this method means that even if you get unlucky and buy the top, your cost basis will eventually become lower as the price drops over time. Then as the price comes back up, you will break even much sooner than if you had simply bought all at once. That’s why cost-averaging is often rated as the best way to invest by financial experts. Vimba automates this process by letting you set up a standing order and receive a text each time they deliver crypto to your wallet.
In the spirit of simplicity Vimba doesn’t charge deposit or withdrawal fees, and only levies a a fixed fee of 2.49% for automated investments.
Instant buy and sell fees are higher at 3.5%.
Investors must commit to a minimum payment of £10 per week, fortnight or month, and a maximum payment of £2000 per month. The amount can easily be adjusted by tweaking your standing order.
User Experience: 9
Those wanting to set up a regular bitcoin purchase payment by standing order will have a difficult job finding a service that makes it easier than Vimba. You simply sign up, verify your identity, and then receive the crypto directly to your wallet each week.
If you want to buy a lump sum, the process is also very simple and perfect for beginners.
Vimba AppVimba doesn’t have a mobile App, but the website claims they are working on a Round Up App that will let you send spare change from purchases to invest into bitcoin.
Vimba is not a typical exchange that keeps customer funds in its own wallets. Instead, Vimba acts more like a courier — it simply buys the bitcoin and then transports it to your own wallet.
When you sign up to Vimba you also open a non-custodial wallet with Upvest. Vimba then purchases the cryptocurrency on your behalf each week, and sends it to your Upvest wallet. Once the crypto hits your wallet, it is entirely under your control, and Vimba and Upvest have no claim on it.
Customer Service: 9
Vimba responds promptly to customer support, but you can expect to wait until the next day if you are asking in the UK timezone.
Vimba Review: What else should I know?
- Vimba founder Sam Blackmore is a former Linux developer and has been interested in Bitcoin since 2011
- Vimba has plans to expand beyond the UK to continental Europe and the US