FAQ

Basics of Cryptocurrencies/ Tokens/ CryptoAssets

Cryptocurrencies/CryptoAssets are a new form of digital currencies which are built on top of a new technology called blockchain. Cryptocurrencies are secure (through latest encryption techniques), fast and fully traceable.

Which cryptocurrencies are supported on Bitoxify?

Currently, Bitoxify supports Bitcoin (BTC) and Ethereum (ETH). More cryptocurrencies (or altcoins) will be added soon.

What is blockchain?

Blockchain is a digital ledger in which transactions made in bitcoin and other cryptocurrencies are recorded chronologically and publicly. Its one of the fastest growing revolutionary technologies which has applications in almost all sectors and industries.

Account, Registration and Verification

Can I Buy/Sell CryptoCurrencies on Bitoxify without registration or KYC verification?

No, you cannot Buy/Sell Cryptocurrencies on Bitoxify without registration or KYC verification. You will need to create a Bitoxify account and complete KYC verification by providing all relevant information to begin trading. Please go through the tutorial on setting up your Bitoxify account .

Which documents are required for KYC verification on Bitoxify?

For KYC verification on Bitoxify, You need to provide:

1. Government issued ID- This document proves the client's identity. It can be a color copy of either a government issued ID, driver's license or passport. We can accept all three documents as long as the copy is in color, with all four edges visible and if it has a photo, full name, and date of birth, signature and a date of expiry.You have to upload both Front and Back of the ID for verification.

2. POA/POR (proof of address/proof of residence): The document should contain your name, address, and a date of issue from the last 3 months and the logo of the company provider of the document. The document can be either a utility bill or a bank/credit card statement. We can accept all kinds of utility bills like landline, water, electricity, cable and gas bills.

Is Government issued ID Card mandatory for opening a Bitoxify account?

Yes, Government issued ID Card is mandatory for opening a Bitoxify account. It is required to keep a track of all transactions for a user for all tax, legal and accounting purposes.

How to create a new password if I have lost/ forgotten my old one?

In the sign in dialog box, click on äóìForgot Passwordäó button. Enter your email address and you will receive a link in your email to reset the password.

How do I update my email address/contact details on my Bitoxify account?

Once logged in, you can click on your profile and then update your contact details such as email address and phone number. You can not change your first and last name and your DOB as it is synced and verified with your KYC details.

Can I have multiple accounts on Bitoxify ?

No, you cannot have multiple accounts on Bitoxify because every Bitoxify account will be connected to your KYC details.

I don't want to continue my Bitoxify account anymore. How do I deactivate it?

If you do not wish to continue with your Bitoxify account, you can deactivate it from your äóìProfileäó section. You will need to follow the steps mentioned in the email received to successfully deactivate your account. Once deactivated, you cannot create a new account. In case you wish to reopen your deactivated account, drop a mail to cc@Bitoxify.com raising a request for the same.

Purchase, Deposit and Withdrawals

How do I buy digital currency?

Go to the Buy page.
Select the type of digital currency you'd like to buy.
Enter the amount you'd like to buy denominated in either digital currency or your local currency.
Select the wallet you wish to have your funds deposited into.
Select your desired payment method
Confirm the order is correct and click Buy.

How can I sell digital currencies?

Select the desired coin
Select the desired payment service provider.
Choose the desired amount (minimum order amount 25 EUR) and click 'next'
Please choose your payout option.
Depending on the chosen payout option, you will have to enter further details on the next page.
Now you can finalize your trade.

What are the fees?

Since there is no central bank controlling the bitcoin rate, each website has its own bitcoin rate.
The price you see on our website is Bitoxify bitcoin rate and includes our fee of 5.50%.
If you want to see the average market rate, we recommend TradeBlock's XBX Index.
For credit/debit card transactions, the payment processor charges 5.00% additional fee. This fee will be added after choosing your method of payment.
Apart from our fees, your bank may incur in their own. If you're not sure, contact them before placing your order.

Do you offer your service internationally?

Depending on your country of residence, you may not be able to use all the functions of the site. It is your responsibility to follow the rules and laws of your country of residence and of the country from which you access this site and service.

Which virtual currencies are available to purchase?

We currently sell bitcoin and Ethereum, and are working on adding additional crypto currencies.

How long does it take to deposit and withdraw Euro from Bitoxify account?

Deposit: After you make an Bank transfer to the unique account number, it depends on your bank, how much time it takes for the deposit to automatically reflect in your Bitoxify wallet. In case of Credit/Debit card and payment wallets it takes 3 to 4 bank working hours. In case of payment gateway, deposits are instantaneous.

Withdrawal: Bank Account Withdrawals can take up to 24-48 hours depending on your Bank account.

How long does it take to deposit and withdraw cryptocurrencies from Bitoxify account?

Deposit: Cryptocurrency deposit time depends on blockchain block confirmations and network congestion. The minimum block confirmations for deposits of different cryptocurrencies are:
Bitcoin (4 block confirmations)
Ethereum (32 block confirmations)
Withdrawal: Time taken for cryptocurrency withdrawals totally depends on the blockchain network congestion. It varies from one cryptocurrency to another.

I entered a wrong withdrawal address for my cryptocurrency. Can I stop or revert the transaction?

No, once a withdrawal request has been submitted, it cannot be stopped or reverted back. We strongly advise to double check the destination wallet address before initiating a withdrawal request.

Do Bitoxify provide me a Bitcoin or Ethereum Wallet?

BITCOIN-
Bitoxify does not provide any Bitcoin wallet however you can use one of the following options to create a wallet
Bitcoin.org wallet
https://bitcoin.org/en/choose-your-wallet

Exodus wallet
https://www.exodus.io/releases/

If you are new to Crypto world, we would suggest you to DYOR. You can understand more about bitcoin wallet here-
https://www.buybitcoinworldwide.com/wallets/

Please make sure you do not use any exchange wallets, ICO addresses or you may lose the bitcoins in the transaction.Bitoxify would not be responsible for any loss of Bitcoins in case of using an exchange or ICO account address.

ETHEREUM-
The wallet is generated on browser side and private key is not saved on our server. Users will lose access to the funds if they forget the password or misplace the private key/wallet file. You can also use any of the wallets from these websites- Exodus wallet
https://www.exodus.io/releases/

MyEtherwallet-
https://www.myetherwallet.com/

If you are new to Crypto world, we would suggest you to Do your own research to get knowledge about ethereum wallets.
Please make sure you do not use any exchange wallets, ICO addresses or you might lost the ETHEREUM(ETH) in the transaction.Bitoxify would not be responsible for any loss of ETHEREUM(ETH) in case of using an exchange or ICO account address.