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Cryptocurrency wallets are similar to a bank account

An easy way to think of a cryptocurrency wallet is to compare it with a bank account. It is where your cryptocurrency is stored. Similarly, a wallet address is very similar to a bank account number. It is used to send the cryptocurrency to your wallet. Every BitPrime customer needs to set up a wallet; however, the wallet you use will depend on the crypto you wish to purchase.

 

There are two different types of wallets: hot wallets and cold

Hot wallets

Hot wallets are connected to the internet and often accessed via your web browser, or by opening an application on your desktop or mobile device. There are some wallet providers, such as Coinbase, that hold your private keys on your behalf. We recommend using wallet providers that allow you to control your wallets private keys. If something happens to your wallet provider or your device is lost or broken, you can restore the wallet provided you control the private key (and have your passphrase).

 

What hot wallets do we support?

We recommend using several hot wallets that support various cryptocurrencies. They are as follows:

– Exodus: Available on desktop and mobile devices. Supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and many others. Click here for a list of all supported cryptocurrencies.

– Trust wallet: available on all mobile devices: Supports all Ethereum (ETH) and all ERC20 tokens. See this article for more information on ERC20 tokens.

 

Cold wallets

The recommended method of storage is in cold wallets, which stores your cryptocurrency offline. Cold wallets can come in two different forms: hardware wallets, or paper wallets. Hardware wallets are physical devices that plug into your device before interacting with the blockchain.

Paper wallets are merely a piece of paper with a private key and wallet addresses printed. A paper wallet is cannot be hacked, though it is susceptible to damage or loss. We do not recommend using a paper wallet to store your cryptocurrency unless you are confident you know what you’re doing.

 

What cold wallets do we support?

We only recommend two hardware wallet brands, either a Ledger or a Trezor device. Both support Bitcoin (BTC), Ethereum (ETH), XRP (XRP) and various others.

Ledger Nano S

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Resetting your BitPrime password

If you have forgotten your password you can request to reset it from the login page and further details will be emailed to you.

reset password for bitprime account

If you would like to update your current password and you are already logged in, navigate to My Account and from the dashboard click on the link to “edit your password and account details”.

If you have any questions about resetting your password, please let us know.

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Restore Jaxx Liberty wallet

If anything happens to your Jaxx Liberty wallet or you lose or damage the device, your wallet is installed, on you can restore it, retaining all of your crypto assets.

To restore your Jaxx Liberty wallet, you will need the 12-word backup phrase.

If you are doing a fresh install of Jaxx Liberty, navigate through the opening menus accepting the terms and conditions.

You can also restore your wallet if the app is already installed on your device by following the steps below.

Please make sure you have your backup phrase (aka recovery phrase) before attempting to restore your wallet.

 

Step 1.

Firstly, open the hamburger menu in Jaxx Liberty – the three stacked lines on the top right-hand side – and choose the restore option under the tools menu.

Alternatively, if you have a newly installed version of the Jaxx Liberty app, click “Pair/Restore Existing Wallet” (some devices may word this differently and say “Restore Interface” instead). Always ensure you read and agree to the T’s & C’s.

Step 2.

Click to enter your backup phrase, paying attention to the spelling – Jaxx uses American English, not British English.

Step 3.

Confirm you are doing your restore in private, then type in your Backup Phrase in the order you wrote it down. The wallet created for this guide is only for demonstrating the process, so I haven’t hidden my Backup Phrase as you should. Remember, never give this to anyone! It’s strictly for your eyes only (and the same applies to your private key).

Step 4.

Once you have typed your 12 words, click the orange “Restore Wallet” button to continue.

It only takes a minute or so for this process to be done. Your wallet is now restored.

I recommend you take the time now to set additional security features such as the optional security password.

If you have any questions about this process, please contact us. Alternatively, you can find the official Jaxx Liberty support site here.

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Account declined

Unfortunately, we are unable to tell you why your account has been declined as people could use this information to alter their verification details so that they are accepted. There are many different factors that we look at during this process to comply with AML/CFT Act. 2009. If you have been declined, you will not be able to apply again (even under a different email address or login).

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Do you accept credit card or debit card payments for buying crypto?

Yes! We’re excited to let you know that you can now safely and conveniently buy cryptocurrency using your credit card (Visa or Mastercard) from BitPrime.

This now means there are four payment options we offer in total; Account2Account, manual bank transfers, POLi, and credit cards.

We’ve partnered with Simplex to utilise their fully protected, fraud-free platform in response to an overwhelming number of requests we’ve received to provide the option to pay using a credit card.

This service works differently to our usual retail process.

You need to choose the option to pay using your credit card before ordering your coins, and you will need to verify your ID with Simplex the first time you use this service.

Using this service, you can buy 40 cryptocurrencies and choose to pay in 50 fiat currencies.

This service is available to both domestic and international customers and is available to existing and new customers.

 

Step-by-step Guide on How to Buy Crypto with Credit Card from BitPrime

buy crypto with credit card from bitprime

Step 1

 

Step 2

  • From the drop-down menu, choose the ticker of the crypto you wish to purchase. By default, this is set to BTC, but you can currently purchase 40 digital assets via this method. Enter either the cryptocurrency amount you want to buy or the fiat currency amount you wish to spend. The other field will auto-populate accordingly. By default, the fiat currency selected is NZD, but, this payment method supports 50 different fiat currencies!
  • Paste your wallet address into the appropriate field, double-checking it is correct.
  • Press “Continue”.

 

Step 3

  • Enter your card details (must be a card in your own name), billing address, and personal details.
  • Make sure you read the T’s & C’s and Privacy Policy – they are Simplex’s and not BitPrime’s.
  • Press “Pay Now”.

 

 

Step 4

  • You now need to verify your email address and mobile number.

 

Step 5

  • The first time you use this process, you will be required to verify your ID with Simplex. Please note, this must be done even if you’re verified with BitPrime as they are a different company with their own KYC requirements. You may be asked to repeat this step with subsequent purchases at Simplex’s discretion.

 

Step 6

  • Once your payment has been accepted, and your ID verified for the first use of this service, the coins will be sent to your nominated wallet address.
  • Usually, payments are processed immediately.
  • In extreme cases, due to delays in identity verification or high demands on cryptocurrency, processing can take up to 48-72 hours.
  • You can easily check the status of your payment here by entering your payment ID which will be emailed to you.

 

Need more help?

We have an article covering FAQs regarding this service here.

For all other queries related to using this service, please refer to the Simplex chat line found by clicking the green “Chat” button on the Buy Crypto with Credit Card page or visit their official Support Centre.

From the Buy Crypto With Credit Card page, click the green “Chat” button for help.

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Ledger supported coins

Ledger hardware wallets support a wide range of cryptocurrencies. To manage your crypto, you’ll either use the Ledger Live app or another third-party app depending on the asset in question. Refer to the official Ledger website for further info on which app you will need to install.

All ERC20 tokens are also compatible with the Ledger through the use of MEW (myetherwallet). To find out what an ERC20 token is, we have an article explaining here. To find out how to use MEW with Ledger, follow this article here.

Here is a list of all the digital assets currently supported by Ledger. Alternatively, you can refer to the official Ledger website.

CryptocurrencyTickerLedger
1INCH1INCH 
AaveAAVE
CardanoADA
SingularityNETAGI
AionAION
AlgorandALGO
AragonANT
ArkARK
CosmosATOM
AvalancheAVAX
Basic Attention TokenBAT
Bitcoin CashBCH
Binance CoinBNB
BancorBNT
Bitcoin SVBSV 
BitcoinBTC
Bitcoin GoldBTG
BitSharesBTS 
Binance USDBUSD
PancakeSwapCAKE 
CompoundCOMP
CindicatorCND
COTICOTI 
Crypto.com CoinCRO
Curve DAO TokenCRV 
CivicCVC
DaiDAI
DashDASH
StreamrDATA 
DecredDCR
DeFiChainDFI 
DigiByteDGB
DIADIA 
DogecoinDOGE
PolkadotDOT
ElrondEGLD
aelfELF
EnigmaENG
Enjin CoinENJ
EOSEOS
Ethereum ClassicETC
EthereumETH
FilecoinFIL 
FantomFTM 
FTX TokenFTT
FunFairFUN
GolemGLM 
GnosisGNO
GolemGNT
GroestlcoinGRS
The GraphGRT
Hedera HashgraphHBAR
HumaniqHMQ
ICONICX
Injective ProtocolINJ 
Internet of Services TokenIOST 
MIOTAIOTA
IoTeXIOTX
KavaKAVA 
KomodoKMD
Kyber NetworkKNC
KOK CoinKOK 
KusamaKSM
LBRY CreditsLBC
ChainLinkLINK
Loom NetworkLOOM
LoopringLRC
LiskLSK
LitecoinLTC
Matic NetworkMATIC
All.meME 
MithrilMITH 
MakerMKR
MonaCoinMONA 
MetalMTL
NanoNANO
NEAR ProtocolNEAR
NEONEO
Ocean ProtocolOCEAN
OmiseGO / OMG NetworkOMG
HarmonyONE 
OntologyONT
OrchidOXT 
Paxos StandardPAX
PAX GoldPAXG 
TenXPAY
PerlinPERL 
PIVXPIVX
Polymath NetworkPOLY
Power LedgerPOWR
PopulousPPT
QLC ChainQLC 
QuantQNT
QtumQTUM
ReddCoinRDD 
Ripio Credit NetworkRCN
Raiden Network TokenRDN
RenREN
AugurREP
RequestREQ
iExec RLCRLC
Reserve RightsRSR
RuneRUNE
RavencoinRVN
SiaCoinSC 
SixSIX 
SkycoinSKY 
StatusSNT
SynthetixSNX
SOLVESOLVE 
SafePandaSPND 
SerumSRM 
SteemSTEEM 
SushiSwapSUSHI 
SwipeSXP 
SysCoinSYS 
Theta FuelTFUEL 
Theta TokenTHETA 
Time New BankTNB 
TierionTNT
OriginTrailTRAC 
TRONTRX
UnibrightUBT
UMAUMA 
Unifi Protocol DAOUNFI 
UniswapUNI
USD CoinUSDC
TetherUSDT
VeChainVET
Voyager TokenVGX
Wabi (Tael)WABI
WanchainWAN
WavesWAVES
WAXWAXP 
Wrapped BitcoinWBTC
WePowerWPR
WaltonchainWTC
DigitalNoteXDN 
NEMXEM
StellarXLM
MoneroXMR
XRPXRP
TezosXTZ
VergeXVG 
VenusXVS 
yearn.financeYFI
ZcashZEC
HorizenZEN
ZilliqaZIL
0xZRX

If you have any further questions, start a chat with us or email us at hello@bitprime.co.nz.

Please note: we are Affiliates of Ledger and Trezor, the only two hardware wallet manufacturers we recommend.

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No licence or passport?

We recommend getting an 18+ card which you can purchase for $50 at your local PostShop for more information on this click here. Additionally, you must also supply a birth certificate or certification of New Zealand citizenship.

 

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Can I verify in person?

No sorry, verification can only be done online via this form.

Please live chat or email us at hello@bitprime.co.nz if you would like any help on this process.

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Can I talk to a real person?

Yes, you can talk to a real person, but no, we do not have a phone number that you can call as we operate solely online. We operate from our homes in various locations so we have no need for a central office as such and you can’t visit us in person. However, you are welcome to email your questions or concerns to hello@bitprime.co.nz or start a live chat with us by clicking the icon in the lower right-hand corner.

To keep operating costs down and provide the most transparent fees in the country* we operate with minimal staff; therefore, it is not feasible to answer incoming calls or make outgoing calls for several reasons.

It’s rare both in NZ and globally for cryptocurrency exchanges, retailers, or brokerages to provide phone-based technical support. Not to mention, most queries (I’d easily estimate ~90%) we receive can be self-answered via our Knowledge Base section. If you have thoroughly searched through these articles and you still require help, then feel free to email us or start a chat.

We trialled an 0800 number in 2017 and had to stop it after four months because it was too expensive and people were not prepared to pay costs for it, either built into our margins in trades or by subscription or one-off charges. Other operators not offering a phone service were charging half the margins than the operators that did offer it.

If you have been cold-called by someone claiming to be from any sort of cryptocurrency brokerage or investment service, you should be very wary as to their legitimacy. There are numerous scammers out there that do so. See this guide for help identifying crypto scams.

We also occasionally do drop-in Q&A sessions around New Zealand when we can, so keep an eye out in your emails and on our Facebook and Twitter for further updates on these.

*Many other operators advertise their net margins, rather than their gross margins. For an accurate comparison, compare prices directly instead of relying on advertised pricing. For more info, see our Fees and Pricing page.

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When did BitPrime start?

We launched in March 2017 as a full-service cryptocurrency retailer. To learn more about our journey navigating the cryptocurrency landscape in New Zealand, please refer to our About Us page.

We are Off now.

We are launching The BitPrime Supporters Initiative. Learn more here.

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