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. By in large, we trade coins such as Bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple. In addition, we are able to source many other cryptocurrencies upon request.

But it’s not all about buy and sell! We are NZ’s bridge to easy trading, working to clear the morass around to cryptocurrency world. Our passion for education and service is all about empowering the individual making trading accessible to the non-techie investors.

We offer expert advice on selecting the right wallet for your chosen coin. However, we are unable to offer financial or investment advice.

Where are you based?

Bitprime is based in the Christchurch city centre, but service the whole of New Zealand. We are locally owned and operated with around 15 staff and are rapidly growing.

What are your opening hours?

We are open between 9 AM and 10 PM, 7 days a week.

Who can buy from BitPrime?

If you have a New Zealand bank account; are over the age of 16; have a New Zealand utility bill from within the last 3 months; and can complete the verification process, you can buy from BitPrime.

How do I make my first order?

If you are new to BitPrime you will need to register an account and then verify your identity. Once this has been completed, consider whether you wish to buy one of our listed coins, or you can request another coin to be quoted.  

Buying listed coins
  1. Please logged in before you start
  2. Go to the buy tab and select your preferred coin out of Bitcoin, Ethereum, Ethereum Classic, Litecoin and Ripple etc or the all coins section.
  3. Enter the amount you would like to purchase (either an NZD amount or cryptocurrency amount)
  4. Then enter your wallet address
  5. You will be asked to confirm that you have read and understood our terms and conditions.
  6. You will then be directed to choose the direct bank transfer or POLI pay option (POLI orders process much faster)
  7. Once your payment has been received we will send the coins to your wallet. 
Buying ‘other coins’
  1. Please logged in before you start
  2. Under the buy tab the drop-down menu displays the ‘All Coins’ option.
  3. From there browse the list to find your desired coin if it is not there you can 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. Complete the custom order form and submit
  5. We will email a custom quote to you, of which you will have until 10pm the same day to accept. PLEASE NOTE: Once you have accepted a custom order quote from Bitprime, you are legally obligated to follow through with the purchase. Please read our terms and conditions for more information.
Can I Sell You My Coin?

Yes of course you can! You will need to be a verified customer first which you can do here. If you are wanting to sell coin follow these steps – 

  1. Fill out our sell 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

Finally, we will transfer the agreed NZD to your NZ bank account within 24 hours.

What methods of payment do you accept?

We only accept payments via bank transfer (two options available, please see below) from a New Zealand bank account. We are not able to accept cash deposits. Bank transfers are only accepted from accounts in the same name as your verified BitPrime account, we do not accept third party payments under any circumstances.

Third party payments are considered as any payments from an account that you are not a named signatory on. 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. We recommend paying from a personal account to make it easier. Or instead, transfer funds from your trust to personal account and pay from there

Accepted payment methods:
  • POLI automated internet bank transfer – average processing time 1 hour. POLI is a fast, convenient and very secure option used by companies such as Air New Zealand and Warehouse Stationery. For more information please view their video
  • Standard internet bank transfer – average processing time 12-24 hours
We don’t accept payments via:
  • Cash
  • Credit/debit cards
  • 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 a payment instruction form via email which will include our bank details. We are experiencing high volumes of orders currently so wait times can vary but for POLI payments this should be within the hour and for direct bank transfers, within the day. Reference details change for security purposes so please do not use previous details or accounts we have given you in previous orders. If you are using POLI this will link to your online banking and authorise the payment meaning that we can send your coin straight away.

What are the order limits?

The minimum transaction size is $100.00 for all 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. To see a full list of these coins click here.

Why do I have to verify my identity?

Everyone must be verified before making any kind or 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 is a popular method for scammers to try and move stolen funds out of NZ.

We are also required to ‘know your customer’ under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. We take fraud very seriously and have a policy of reporting any attempted fraud to the affected bank, and the Police as we are registered with the financial intelligence unit.

What documentation do I have to provide?

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

  1. An image of either your NZ driver’s license or a passport (any country). It needs to be a photo, not a scanned image, and be clear enough to see all the security features. If you are submitting a passport it needs to include both the ID card page and the page above it. The ID must take up a majority of the photo but not have any of the edges cut-off.
  2. A selfie with your ID. The reason we need this is otherwise people could upload any ID they like. We need to prove that the ID matches the person we’re dealing with. It is also very easy for people to obtain another person’s ID so we need to check it is really you that is verifying for not only our safety but yours too.
  3. A selfie with you holding a piece of paper with the date, time, and “BitPrime” written on it. We need this to prove that the documents supplied are recent and not stolen of someone else’s hard drive. Many people have unencrypted ID documents stored on their devices that can be taken if the device is compromised by a hacker.
  4. A utility bill or other form of proof of address. We will also accept letter/emails from IRD, ACC, NZTA, an employer, insurance etc. The document must be dated within the last 3 months.
  5. A mobile number for SMS verification

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 smart phone and the documents handy it usually takes about 10 minutes to take the photos and upload them.

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. We are currently receiving large numbers of verification requests, to check the status of your verification you can log into your account and see where you are in the queue.

What are your fees?

In terms of fees they are not static due to the price of cryptocurrency constantly 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. Sometimes we trade at a loss, break even or get profit. We have experienced reasonable growth, which means we now have our own office space and several employees, so our expenses are generally higher than our competition. We also want to educate our customers as we recognise cryptocurrency is an unfamiliar market for a lot of people. So, we want to make sure customers have a reasonable understanding of the industry, wallets and coins they are interested in so they can feel comfortable placing an order. 

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

The rate you will be looking at will most likely be from an international index in USD, then converted to NZD. It reflects the local price at some of the largest international exchanges in the US/Europe/China.  They are not representative of local prices, just as the price 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 flip side of the pricing premium is that you will get an above market price for your coins if you then sell them in NZ later. The factors that determine our pricing are:

  1. Local market prices
  2. Local Supply/Demand
  3. International market prices (correlated but tend be at a premium)
  4. Low liquidity in NZ: small market + refusal of NZ banks to provide business banking services to cryptocurrency related businesses
  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 Ripple for example, we first must send NZD to the international market, exchange it for Bitcoin, and then send it to another exchange to change it to Ripple. All of this involves more time, fees, and effort than an XRP/USD trading pair at an international exchange
Is the price fixed or does it fluctuate?

The price you pay is fixed at the time of ordering and that set amount of cryptocurrency will be sent to your wallet. Our advertised rates are updated every 30 minutes throughout the day. However, if you place an order but do not proceed within 24 hours, it will time out and you will need to submit a new order.

Here at BitPrime we offer popular coins such as Bitcoin, Ethereum and Ripple as well as over 50 others. We are constantly looking at the markets and are updating the top 50 coins regularly. If there is a coin you would like but cannot find it in the search bar you can request it via email or fill out the custom order quote

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 they have somewhere they can 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 TrezorLedger, or KeepKey. We stock the Ledger Nano S however we are currently out of stock as there is a worldwide shortage.

There are many wallets available that support Bitcoin, Litecoin, Ethereum and Ethereum Classic. We normally recommend using Jaxx because it is simple to use, secure, and supports more than a dozen cryptocurrencies including the above listed. The wallet can be downloaded for free on PC, MAC and smart phone.

For more details on wallets please go to our blog post on wallets (link)

Where do I find my wallet address?

 A wallet address is needed so that we can pay your coin, they are all around 30 characters long with a mix of numbers and letters (both upper and lower case).

This address can be found under the ‘receive’ button in all the downloaded wallets suggested. Lets add in a video here

For Bitcoin the wallet address starts with a ‘1’ or ‘3’
For Ripple the wallet address starts with an ‘r
For Litecoin the wallet address starts with an ‘L’ or ‘3’ or ‘M’
For Ethereum and Ethereum Classic the wallet address starts with an ‘0x’

How can I secure my wallet?

When you set up the ledger there is a 24 word back up phrase and a pin that needs to be set up. If somebody was to steal your ledger they would be unable to get into it as a pin is required, they would just be stealing the value of the ledger as they can create a new wallet from it. Your coins will not be stolen, to get access to them again you will need to purchase another ledger and you can resync your back up phrase to the new ledger.

For the Jaxx wallet which you will need to make sure it is backed up with a pin and a 12-word password that you will need to keep on paper as opposed to digitally. Keep one copy in a secure place at home, and a second copy somewhere secure off-site. You will need this to regain access to your wallet if you lose or break your device. Never store any back-up phrases digitally unless you are an advanced user with knowledge of how to encrypt files correctly.

We are Off now.

Reminder: You are able to order multiple cryptocurrencies within the same order. No need for separate orders. Dismiss