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FAQ

Frequently Asked Questions

How do I open a user account?

Opening an account is simple. Simply download our mobile application, click on “sign up” and fill in your information.

How do I buy cryptocurrency?

Once you have downloaded the mobile application and opened a User Account, you will need to open an account for the specific cryptocurrency you want to buy. You can then purchase some cryptocurrency through the “Market” or through the “Top Up” menu item. You will have to add a credit or debit card in order to complete and pay for the purchase. Once settled, the cryptocurrency will be transferred to the designated account.

How long before I get my cryptocurrency?

This process can take a couple of hours depending on the network and cryptocurrency purchased. In rare cases, it can take longer. If the volume you are trying to purchase is large, we may need some time to fulfil the order; in these instances, you will be notified and prompted to reconfirm the purchase at the current price, if the price has changed.

What cryptocurrencies can I buy?

Right now, you can buy Bitcoin. We are busy working on integrating Bitcoin Cash, Ethereum, DASH and Litecoin as the next cryptocurrencies. Also, soon you will be able to buy our very own BVK coin. Find out more here .

Do you support fiat currencies?

Currently, we only support Fiat currencies for purchasing cryptocurrencies. We are busy with licence acquisition in multiple territories and hope to have the United Kingdom supporting Fiat in 2018.

How do I withdraw cryptocurrency?

Withdrawing cryptocurrency is a simple process. All you have to do is navigate to the “Payments”, select “Once-off” and enter in the external wallet address. Be careful and double check: the wallet address needs be correct and to support the right cryptocurrency otherwise you could lose your assets.

What is KYC and how do I verify my identity?

'KYC' stands for "Know Your Customer" and is part of our continued commitment to ensure that we aren’t supporting criminal activity of any kind. Until you have submitted proof of your identification and residential address, we will have to limit purchase and transaction amounts as well as other services if applicable. In addition, verification will enable you to access your private keys for your wallets.

Do I own my cryptocurrency account?

Yes. Unlike many other exchanges that centralise all cryptocurrency assets in a holding wallet and virtually partition, we provide individual cryptocurrency wallets, complete with access to private keys (for verified users). This means that you actually own your cryptocurrency (that’s right, you don’t otherwise) and can regenerate wallets independently of BVNK.

Are my private keys safe?

Yes, all private keys are encrypted and stored securely. They are only ever used with actions that result in your account balance being changed. Only your credentials will be able to enable these kinds of actions.

What are the fees?

Our transaction fees are calculated in relation to the network fees for that given cryptocurrency and are 100% of that fee. We provide individual wallets, a variety of services and functionality, and our fees don’t change regardless of how much volume you move. We will also batch transactions wherever possible to reduce fee overhead, and pass these savings on to you.

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