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Rates Links News Contact. Bitcoil is down for maintenance. We are working on building the legal, financial, technical and operational infrastructure required to handle the greatly increased demand. We hope to resume full operations in a few months. In the meantime you can visit our partners Bits of Gold to buy or sell bitcoins for Israeli shekels. Bitcoin is the world's first decentralized digital currency.
It empowers people everywhere with autonomy over their finances and the ability to transact freely and easily. You can learn more about it at the Israel Bitcoin community homepage. Before placing an order with us you should create a Bitcoin wallet, for example using blockchain.
Place the Bitcoin address displayed on your wallet in our order form. Make sure you understand how to properly secure your Bitcoin wallet before buying a large amount of bitcoins!
We take the exchange rates from Mt. For buying from us we use the Mt. For selling to us we use the Mt. Fees are updated occasionally based on supply and demand. If you placed an order and received approvale for it when the fee was lower, the lower fee will be honored. Fill the Buy Bitcoins form, specifying your contact details, the amount of ILS you wish to pay, and the Bitcoin address to which you wish to receive payment. We will send you our bank account details.
Make a bank transfer of the desired amount to this account. Your bank should have an online option for this; If you haven't used it before, you may have to contact them about enabling it. We will manually complete the order determine the exchange rate and send the bitcoins when we receive your payment, which is usually on the next business day if you made the transfer at night, it will be the day after the next.
Fill the Sell Bitcoins form, specifying your contact details, the number of bitcoins you wish to sell, and the details of the bank account to which you wish to receive payment. The full name entered must be in Hebrew and match the name on the bank account. We will send you a Bitcoin address. Send the desired amount to this address. When we see that we received your payment, we will calculate the ILS payment based on the current rate and transfer it to your account this is done manually and subject to our availability.
When do you set the exchange rate to be used in determining the amount I receive? The exchange rate is determined at the time we receive your payment, as detailed above. This means that we cannot tell you in advance how much you will receive, we can only estimate it. The rates are updated once per minute. To receive the most recent rates, click here. We round bitcoins up to an mBTC 0. The standard method is bank transfers within Israel which these days cost up to 2 ILS, rather than the much higher fees from years ago.
It is also possible to deposit cash directly to our account in any branch of FIBI "Habeinleumi" bank. Bitcoil is an Israeli registered business operated by Meni Rosenfeld since August I take the reputation I've built over the years very seriously. You can look at my vanity thread on the Bitcoin forum to learn more about me, my track record and my activity in the Bitcoin world. When considering using one of the international exchanges such as Mt. Gox, you should take into account the following costs described for the case of buying bitcoins, but selling bitcoins is similar: The exchange itself takes a fee, which is up to 0.
Our rates are based on the Mtgox lowest ask. When actually buying on Mtgox, the price will be higher due to slippage. Even for small amounts the slippage is sometimes about 0.
As well as the following: The big exchanges have various verification requirements, which may include, for example, sending a notarized translation of proof of residence, which entails some trouble and cost. International wires involve more overhead, both in the paperwork for requesting them and in the time for them to complete - which could be only a day but could also be a week or more.
We think you'll find that our service provides the perfect mix of convenience and affordable pricing. If you want to examine alternatives, here are some suggestions: You can try the big Bitcoin exchanges such as Mt. Gox or Bitcoin-Central , which may require an international wire transfer.
Look for other local exchangers in LocalBitcoins. View the open order book of bitcoin-otc. The Bitcoin wiki has a comprehensive list of Bitcoin exchanges.
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