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. We trade over 50 different coins including the ever popular Bitcoin, Ethereum, Ethereum Classic, 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 easy trading, working to clear the confusion around cryptocurrency. Our passion for education and service is all about empowering the individual while making trading accessible to non-techie investors.

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 – we recommend you speak to a Financial Advisor.

Where are you based?

BitPrime is based in Central Christchurch, but we service the whole of New Zealand. We are locally owned and operated with eight staff and are rapidly growing.

What are your opening hours?

We are open between 9 AM and 10 PM Monday through Friday, and 10 AM to 10 PM Saturday and Sunday.

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 from BitPrime. See here for more details.

How do I make my first order?

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

Buying listed coins
  1. Please log in before you start
  2. Go to the “Buy / Sell” menu and select your preferred coin or “All Coins” to see the entire selection.
  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
  7. Once your payment is received we will send the coins to your wallet. 
Buying ‘other coins’
  1. Please log in before you start
  2. Under the “Buy / Sell” menu select the “All Coins” option.
  3. From there, 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 10 pm 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.
 ***In the interest of protecting a customer’s investment, any order over $5000 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 Coin?

Yes, of course, you can! You will need to be a verified customer first which you can do here. If you want 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
  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 only accept payments via bank transfer (two options available, please see below) from a New Zealand bank account. We are not able to take cash deposits. Bank transfers are only accepted from accounts in the same name as your verified BitPrime account; 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. 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 automatic 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 visit their site
  • 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 payment instructions via email including 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.

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. A photo of your ID. We accept: 
  • NZ Driver’s License
  • Passport (Any country)
  • NZ 18+ Card with either a full NZ birth certificate or certificate of NZ citizenship.
  • NZ Gun License
  1. A selfie with your ID. The reason we need this is to prove the ID matches the person we’re dealing with. It is easy for people to obtain another person’s ID, so we need to check it is you that is verifying; this is not only for our safety but yours too
  2. 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 off someone else’s hard drive. Many people have unencrypted ID documents stored on their devices that can be stolen if a hacker compromises the device
  3. An NZ bank statement for proof of signatory authorisation and address. The statement must be dated within the last 3 months
  4. 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 smartphone 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. The expected turn around time is within one to two business days.

What are your fees?

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. Sometimes we trade at a loss, break-even or net profit. We have experienced consistent growth, which means we have an office space and several employees, so our expenses are generally higher than some competitors. 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 and in USD spot price 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 domestic prices, 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 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 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 your order, and that set amount of cryptocurrency will be sent to your wallet. Our advertised rates are updated every 15 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 XRP as well as over 50 others. We are continually looking at the markets and are updating the top 50 currencies 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 TrezorLedger, or KeepKey

There are many wallets available that support multiple currencies. We usually recommend using Jaxx or Exodus as they are simple to use, free, secure, and support dozens of cryptocurrencies.

For more details on wallets please go to our article on the top 10 wallets.

We also have a series of wallet setup videos in our Beginner’s Guide 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’ button in all the downloaded wallets suggested.

For Bitcoin, the wallet address starts with a “1” or “3”.
For XRP, the wallet address starts with an “r”.
For Litecoin, the wallet address starts with an “L”, “3” or “M”.
For Ethereum, Ethereum Classic, and other ERC20 tokens the wallet address starts with a “0x”.

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.

We are Off now.

ANZ is having intermittent issues with internet banking tonight. This also affects POLi if you bank with ANZ. Please check https://www.facebook.com/ANZNewZealand/ for updates. Dismiss