Find answers to the most commonly asked questions about our crypto exchange platform and service.
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This FAQ list is applicable to the services that were provided until July 18, 2023.
Is it possible to pay with a credit card?
Yes, you can buy digital currency with a credit card.
Is it possible to pay with a wire transfer?
Yes, you can buy digital currency by bank wire transfer.
Which cryptocurrencies are available?
As for now, we support Bitcoin and Ethereum only.
Where can I get a Bitcoin/Ethereum wallet?
Bitnomics is not a wallet provider - we simply send your coins to your personal wallet of your choice.
How can I prove that the coins were sent to my chosen wallet?
By checking http://blockchain.info/address/YOURADDRESS, you will be able to see the records of the coins that were sent to or from your address.
Can I sell crypto?
Yes! You can sell Bitcoin and Ethereum through Bitnomics and receive FIAT directly to your bank account.
How is the exchange rate determined?
Bitnomics will attempt to execute the transaction on or close to the prevailing market exchange rate, as determined by liquidity providers, such as kraken.com Cryptocurrency Exchange.
When is the exchange rate determined?
The rate is determined once we receive the money and handle the order.
Is it possible to receive the crypto right after the payment?
No, the crypto is sent to your wallet only after a full KYC verification and after your payment and wallet address have been approved and confirmed.
Can I buy crypto without uploading my ID?
You must upload your verification documents to buy crypto.
Why should I sign the KYC (Know Your Customer) document?
The law requires a KYC document when buying a certain amount. We follow strict rules and ask for KYC in every purchase.
Why must I provide my personal details and documents?
According to our Regulatory Guidance, completion of a successful "Know Your Client" procedure is a necessary condition to use our Service. Bitnomics is committed to the highest security and privacy standards as a financial service. This also helps us keep your account safe, fight fraud, etc. The process is called verification, and submitting your details and documents is something everyone must go through before buying cryptocurrency.
Are my credit card details saved in your system?
Your credit/debit card details are not saved in our system.
How long should I wait for the crypto to arrive in my wallet?
Bitnomics will use commercially reasonable efforts to settle exchange orders as soon as possible on a spot basis and up to five (5) days after the date upon which you submitted a transaction order and completed a full KYC verification.
Can I cancel my order?
You can cancel your order only if such cancellation occurs before Bitnomics executes the exchange transaction. To do so, you must contact our support at [email protected].
What are your support hours?
Our Customer Support is available from Monday to Friday from 10:00 to 2:00, Saturday and Sunday from 10:00 to 18:00 (UTC/GMT +2:00).
You agree that you are free to choose whether or not to use the service provided to you by Bitnomics and that you do so at your sole option, discretion and risk. The exchange of digital currency is considered a risky transaction with highly speculative outcomes. Bitnomics does not guarantee any profit from any activity associated with its services.
You agree that you are free to choose whether or not to use the service provided to you by Bitnomics and that you do so at your sole option, discretion and risk. You confirm that you understand and agree that the risks associated with the Services are acceptable by you, taking into account your objectives and financial capabilities.
You acknowledge that purchasing or selling Cryptocurrency carry significant risk. Prices can fluctuate on any given day. Because of such fluctuations, Cryptocurrency may gain or lose value at any time. Cryptocurrency may be subject to large swings in value and may even become absolutely worthless. Cryptocurrency trading has special risks not generally shared with official currencies, goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or commodities such as gold or silver, Cryptocurrency is a unique kind of currency, backed by technology and trust. There is no central bank that can take corrective measures to protect the value of Cryptocurrency in a crisis or issue more currency.
You should carefully consider if holding digital currency is suitable for you depending on your financial circumstances. Dealing and exchanging in cryptocurrencies involves significant risk. The value of virtual assets / currencies has high volatility (value can increase and decrease significantly in a very short period of time and at any given moment). Such price fluctuations bring uncertainty. The value of a virtual currency and collapse in demand may be influenced by many factors, including irrational (or rational) bubbles, loss of confidence in the currency, changes in software development, government decisions, creation of a competitive currency, technical problems, political or non-political statements, statements of influencers and news and hacker-attacks.
Your virtual assets may be lost by losing your password, private key or other security code. Virtual currencies have special risks that are not generally shared with the official currencies, because they are not issued by governments, or with commodities or goods that are tangible or registered in the official registry. Virtual currencies are intangible, decentralized, digital assets, backed by technology and trust. No central bank or other institution can take any measures to protect the value of virtual currency. Virtual currencies are autonomous and largely unregulated system of firms and individuals issuing currencies. The risk of loss in buying, selling or holding virtual assets / currencies can be substantial. You should therefore carefully consider whether exchanging virtual assets is suitable for you in light of your financial condition. Be careful to keep your private keys, passwords, security codes and words for yourself and change them on a regular basis. Bitnomics uses payment providers for transfers of fiat money for rendering exchange services and operating with the fiat money, whereas assisting banks do not, by any means, represent a medium of exchange, transfer, withdrawal, deposit or other transaction in connection to virtual currencies.
You acknowledge and agree that Bitnomics does not act as a financial advisor, does not provide investment advice services or guidance, and any communication between you and Bitnomics cannot be considered as an investment advice. Without prejudice to our foregoing obligations, in asking us to enter into any transaction, you represent that you have been solely responsible for making your own independent appraisal and investigations into the risks of the transaction. You represent that you have sufficient knowledge, market sophistication and experience to make your own evaluation of the merits and risks of any transaction and that you received professional advice thereon. We give you no warranty as to the suitability of the Services and assume no fiduciary duty in our relations with you. We may provide information on the price, range, volatility of digital currency and events that have affected the price of digital currency, but this is not considered investment advice and should not be construed as such. Any decision to purchase or sell digital currency is your exclusive decision at your own risk and Bitnomics will not be liable for any loss suffered.
To the full extent permitted by the applicable law, you hereby agree to indemnify Bitnomics and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of our website, your use of the service or from your violation of our terms and conditions.
Bitnomics is not liable for any price fluctuations in Cryptocurrency. In the event of a market disruption, Bitnomics may, at its discretion and in addition to any other right and remedy, suspend the Services. Bitnomics will not be liable for any loss suffered by you resulting from such action. Following any such event, when Services resume, you acknowledge that prevailing market rates may differ significantly from the rates available prior to such event.
Internet transmission risks. Client acknowledges that there are risks associated with using the Software and Services including, but not limited to, the failure of hardware, software, and internet connections. Client acknowledges that the Company shall not be responsible for any communication failures, disruptions, errors, distortions or delays client may experience when using the Software and Services, howsoever caused.