FAQ's – EASIER TRADING

Take a good look through our FAQ’s below for easier trading. If you need further information or support please contact our friendly staff

FAQ

What is BitPrime?

We launched in March 2017 as a full-service cryptocurrency retailer and buy and sell over 150 different coins including the ever-popular Bitcoin, Ethereum, Litecoin and XRP. Additionally, we can source many other cryptocurrencies upon request. But it’s not all about buying and selling!

We are NZ’s bridge to making crypto easy, working to clear the confusion around blockchain and digital assets. Our passion for education and service is all about empowering the individual while making trading accessible to everyone.

We offer expert advice on selecting the right wallet to store your crypto, we provide video guides on how to set them up, and we regularly publish articles regarding happenings in the cryptocurrency world.

However, we are unable to provide personalised financial or investment advice – for this, we recommend you speak to a registered Financial Advisor.

Where are you based?

BitPrime staff are based in Christchurch and nearby towns, but we service the whole of New Zealand. We are locally owned and operated with three staff. See our About Us page for more details.

What are your opening hours?

Our customer support is available between 10 AM and 10 PM Monday through Friday, with the buying and selling of crypto available 24/7/365.

Who can buy from BitPrime?

If you have a New Zealand bank account; are over the age of 16, and have the required documents to complete the verification process, you can buy or sell with BitPrime. See here for full details on applying for an account.

If you aren’t in New Zealand, don’t worry! You can still buy crypto using your credit card here.

How do I make my first order?

If you are new to BitPrime, you first need to register an account and verify your identity. Once we advise this is complete, you’ll be able to place orders to buy or sell.  

Buying listed coins
  1. Login to start.
  2. Go to the “Buy / Sell” menu and select your preferred option.
  3. Enter the amount you would like to purchase (either an NZD amount or cryptocurrency amount).
  4. Enter your wallet address. 
  5. Confirm that you have read and understood our terms and conditions.
  6. Choose your payment method.
  7. Once your payment is received we send the coins to your wallet. 
Buying unlisted coins
  1. Login to start.
  2. Under the “Buy / Sell” menu select your preferred option.
  3. If you can’t find the coin your want, click the “request it here” link to be directed to our custom order form. Make sure to have your wallet address ready before proceeding.
  4. We will email a custom quote to you, of which you will have until 10 pm the same day to accept.

PLEASE NOTE: Once you have confirmed an order from Bitprime, you are legally obligated to follow through with the purchase. Please read our terms and conditions for more information.

 ***In the interest of protecting a customer’s investment, any order over $5000 (or at our discretion) will first receive a test transaction of the smallest amount we can send for that particular currency upon payment (this amount will be confirmed via email at the time). Once this has been confirmed as received, the remainder will be sent to the same wallet.***
Can I Sell You My Cryptocurrency?

Yes, of course, you can! You need to be a verified customer first. Apply here if you haven’t already.

To sell crypto follow these steps:

  1. Request an automatic quote for applicable coins by clicking the Sell button on the All Coins page or the coin’s product page. For any coins not listed, fill out our sell request form.
  2. We will then quote you a price.
  3. If you accept, we will supply instructions for you to transfer the coin to our wallet
  4. Finally, we will transfer the agreed NZD to your bank account within 24 hours.

Please note that we can only purchase coins: 
i) which you previously purchased off us, or ii) can be traced to a reputable exchange, broker, or miner.

What methods of payment do you accept?

We accept four payment methods; bank transfer, Account2Account, POLi and credit card.

We do not take cash payments.

We do not allow third-party payments under any circumstances.

Third-party payments are considered as any payment coming from an account of which you are not a named signatory. We cannot, under any circumstances, accept payments from your spouse/relative/friend’s bank account.

If you are paying from a business account, we will need proof that you are authorised by the bank to operate that account.

If you are paying from a trust, every person in the trust will need to be verified.

Accepted payment methods:
  • Account2Account (automatic internet banking option) – average processing time within the hour.
  • POLi (automatic internet banking option) – average processing time within the hour.
  • Bank transfer (manual option) – average processing time 12-24 hours
  • Credit Card – payment via credit card is performed via a third-party provider and is separate to the BitPrime verification process. More details on this method are found here.
We don’t accept payments via:
  • Cash
  • PayPal
  • Western Union
  • International Money Transfer
  • Prezzy cards/gift cards/iTunes gift cards
WE DO NOT ACCEPT ANY CASH DEPOSITS UNDER ANY CIRCUMSTANCES
Where are your bank details?

Once you place an order, you will receive payment instructions either on-screen or via email, depending on the payment option you chose. 

What are the order limits?

The minimum transaction size is $100.00 for most coins.

Maximum transaction limits depend on your individual account. The default maximum is $10,000.00 per 24 hours, or $25,000.00 per 30 days.

Transaction limits can be increased by applying for enhanced verification. This can be done in the “My Account” section.

Why do I have to verify my identity?

Everyone must be verified before making any order here at BitPrime. The verification process is in place to prevent scammers from paying us from hacked/phished bank accounts which presents a significant financial risk to us, and the victim. Since cryptocurrencies are borderless, it can be a popular method for scammers to try and move stolen funds out of NZ.

We are also required to implement KYC (Know Your Customer) procedures under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. We take fraud very seriously and report any attempted fraud to the Police and the affected bank.

What documentation do I have to provide?

You can view our full verification process here. We require the following verification:

  1. Valid ID – we accept: 
    • NZ/AU Driver’s License
    • Passport (Any country with relevant NZ visa)
    • For any other form of ID, please contact us at hello@bitprime.co.nz.
  2. Biometric ID check – no exceptions.
  3. Personal details as per application form.
  4. An NZ bank statement for proof of signatory authorisation and address. The statement must be dated within the last 3 months.
  5. A mobile number (for the Biometric ID check above).

If you would like to know how your personal information is stored and protected, please read our privacy policy.

How long does it take to verify?

If you have a smartphone and the documents handy, it usually takes about 10 minutes to answer the questions and complete the biometric ID check.

Once we receive your verification request, we aim to process it as quickly as we can.

You will receive an email confirmation once it is complete, or if we need you to provide additional information.

The expected turn around time is within one to two business days.

What are your fees?

For a table breaking down fees relevant to the different BitPrime account types, please see here.

In terms of fees, they are not static due to the price of cryptocurrency continually changing; this means that the fees depend on the time that you buy the crypto.

Our fees are based on supply and demand, international market rates, what currency you purchase and the low liquidity in New Zealand.

Why is your price different to the price displayed on Google?

The rate you see from a search engine is most likely from an international index and in USD spot price converted to NZD.

It reflects the average price at some of the largest international exchanges in the US/Europe/China.  

This is not representative of the domestic price, just as the cost of petrol or dairy products will vary from country to country.

NZ tends to be priced at a premium to these international indices, but this isn’t uncommon, with Brazil, Japan, South Africa, and Korea all in a comparable situation. 

The factors that determine our pricing are:

  1. Local market prices.
  2. Local Supply/Demand.
  3. International market prices (correlated but tend to be at a premium).
  4. Low liquidity in NZ: a small market + difficulty in obtaining business banking services for cryptocurrency-related businesses in New Zealand.
  5. Friction: 3-5 business days to get NZD to the international market and subsequent price ‘slippage’ and volatility over that time.
  6. Higher buying costs: If we are sourcing XRP, for example, we first must send NZD to the international market, exchange it for USD, exchange that for BTC, and then send the BTC to another exchange to change it to XRP. All of this involves more time, fees, and effort than an XRP/NZD trading pair.
Is the price fixed, or does it fluctuate?

The price you pay is fixed at the time of you confirming your order, and that exact amount of cryptocurrency will be sent to your wallet.

Our advertised rates are updated every 5 minutes throughout the day.

At BitPrime, we offer popular coins such as Bitcoin, Ethereum and XRP as well as over 150 others. We are continually looking at the markets and are updating the currencies we offer regularly.

If there is a coin you would like but cannot find it in the search bar, you can request it by filling out a custom order quote request

What is a wallet address?

A wallet is essentially a bank account for your cryptocurrency, and the wallet address is like your account number.

The sender of the cryptocurrency needs a wallet address so that they have somewhere to send it from their wallet, much like a bank transfer.

This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

What wallet should I use?

For convenience and an extra layer of security, we highly recommend purchasing hardware wallet such as a Trezor, or Ledger.

There are many wallets available that support multiple currencies.

We usually recommend using Jaxx Liberty or Exodus as they are simple to use, free, secure, and support dozens of cryptocurrencies.

For more details on wallets and how to choose the right one for you, please read our Beginner’s Guide to Cryptocurrency Wallets which also contains some wallet setup videos to help you through the process.

Where do I find my wallet address?

 A wallet address is needed so we can send you your coins. They tend to be around 30 or so characters long with a mixture of numbers and letters (both upper and lower case).

This address can be found under the “receive” or “deposit” button in most wallet apps.

How can I secure my wallet?

When you set up the Ledger, there is a 24-word backup phrase and a pin that needs to be set up. If somebody were to steal your Ledger they would be unable to get into it as a pin is required, they would just be taking the device itself. You will be able to reaccess your coins if you purchase another Ledger and resync your wallets using your backup phrase to the new Ledger.

For the Jaxx or Exodus wallets, you will need to make sure they’re backed up with a pin and a 12-word passphrase that you will need to write on paper as opposed to storing digitally.

Keep one copy in a secure place at home, and a second copy somewhere safe off-site.

You will need this to regain access to your wallet if you lose or break your computer or phone. 

Never store any back-up phrases digitally unless you are an advanced user with knowledge of how to encrypt files correctly.

Do not lose your backup phrase/recovery phrase! 

For more advice, see our guide on keeping your crypto safe.

We are Off now.

High order and email volumes - Expect some delays. Site-wide wide limits of $100k per person, per day. Contact us for larger trades. Dismiss

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