FAQ


What is a Bitcoin?

Bitcoin is a digital currency used for fast, secure and low cost payments without the need for a central issuer or processor. Bitcoins are stored and sent electronically from private wallets. Introduced in 2009, bitcoins have increased greatly in value due to their limited supply and growing popularity.

How does BtcXchange works?

BtcXchange works as a traditional exchange. It is a market that matches the buyer with the seller, thus having on one hand the fiat deposits, and on the other hand the bitcoin deposits. You have the possibility to make the exchange of fiat into bitcoin and back.

Does BtcXchange Sell Bitcoins?

BtcXchange does not sell bitcoins. The users of our site will always buy bitcoin from another user. We offer and safe and simple environment where the transactions are taking place. We make sure that the sellers of bitcoin recieve their fiat and the buyers receive their bitcoins. 

How can you start trading bitcoins?

In order to start trading bitcoins you first need to open an account and deposit funds into it. A detailed instruction can be found here.

How can you cancel a current order?

Access the “Sell/Buy” section, choose the order you wish to cancel from the “Active Orders” list and click on the “Cancel” button.

How do you transact?

After successfully depositing funds into your account, go to Sell/Buy page and use the available options to place a sale or purchase order. More details can be found here.

How do orders work?

When you wish to buy or sell bitcoins you must place an order. When your order matches the order of another user, the trade is automatically executed. If you would like to make an instant exchange, you should use the Instan Order option on the Sell/Buy page.

How a Stop Order works?

A Stop Order allows you to protect yourself or profit from Bitcoin price volatility. A stop order is triggered when a specific price is reached. Once the price is reached the Stop Order transforms automatically into a market order. Lets say you have 1 bitcoin that you want to keep and the current market price for 1 bitcoin is 1,000 euro. However you are worried that the price might fall sharply and you would loose your value. In order to protect yourself, you would place a Stop Sell order at lets say 800 euro. This means that if the price of Bitcoin falls down to 800 euro, your bitcoin will be automatically sold at the market price. This way you can rest assured that in case of a sharp drop in bitcoin price you are protecting your exposure.

Consider an alternative situation in which you are following the Bitcoin price but do not want to buy at the moment, however in case the price starts rising sharply (for instance in case of an important piece of news) you want to sieze the opportunity. To do that you would place a Stop Buy order. Lets say the current market price of bitcoin is 1,000 euro and in case the prices rises above 1,200 you want to buy 1 bitcoin. In this case you would place a Stop Buy order for 1 bitcoin at price 1,200 euro. Once the price reaches 1,200 euro your Stop Buy order will automatically transform into a Market (Instant) Buy order. 

* Please note that when a Stop order is triggered, the order is transformed into a Market (Instant) Order which is executed at the available ask/bid prices at the time of trigger, this means that you are not guaranteed to receive the exact price of the Stop Order.

** Our matching engine follows a strict first come, first served rule, which means that if two Stop Orders are created at the same price, the oldest one will execute first. 

** Stop Orders are not displayed in the order book and are only visible to the user that created them

What if I set the wrong price in the order?

This is a common error.  It doesn't matter if you set the sale price well below best market offer or the purchase price above the current market price, the platform will ALWAYS execute your order at the best available price. For instance, if the current market price is 1,000 Euro and you place an order to sell at 100 Euro, your order will still be executed at 1,000 Euro.

What is an order book?

The order book is the list of all active orders. By studying the order book you can see the state of the market at the moment.

What are the fees for trading on BtcXchange?

A detailed list of fees can be found here

Is this site safe?

We take securityand privacy very seriously. Our team constantly audits the security of our systems and implements new methods of ensuring the safety of the information and your funds. We strongly recommend using Two-Factor Authentication (like Google Authenticator) to ensure your account is safe in case somebody hacks your computer or email address. We also allow you to limit the access to your account to certain IP addresses.

How Long Does a Deposit Take?

This depends on the method you use to fund your account:

  • Bitcoin deposits are usually processed within 30 minutes. We require 1 confirmation from the bitcoin network in order to fund your account. Please make sure you set a sufficiently high transaction fee when sending bitcoins in order to avoid delays.
  • SEPA Transfers usually arrive in our account the following working day, but can take up to 3 days to arrive in some cases.
  • SWIFT Transfers usually arrive the following working day, but can take up to 7 working days to arrive in some cases.
  • National Transfers (Romania only) usually arrive within 2 hours when executed before 14:30. Otherwise they arrive on the next day.
  • Cash Deposits (Romania only) arrive immediately.

If you don't receive your transfer within this periods, please send us a proof of payment and we will check with the bank to trace the transfer. There was never a need for this however.

Who Pays the Withdrawal Commission?

The withdrawal commission is deducted from the withdrawal amount. If you wish to withdraw a specific amount, please add the commission to that amount. Full list of our fees can be found here.

How Long Does a Withdrawal Usually Takes to arrive?

The withdrawal time depends on the withrawal method you choose:

  • Bitcoin withdrawals are processed in less then 2 hours 
  • SEPA Transfers are processed in 4-48 hours and will take 1-3 days to arrive into your bank account
  • SWIFT Transfers are processed in 4-48 hours and will take 2-7 days to arrive into your bank account

 

What Happens If I Change My E-mail Address?

Users cannot change their e-mail address without previously notifying BtcXchange. If you choose to change the e-mail address associated with your account, please contact our customer support.

What happens if I lose my mobile phone or Yubikey when my two step login is activated?

Please contact support@btcxchange.ro

Can I buy bitcoins using a Credit Card?

No. At present we do not support deposits by Credit Card.

What deposit methods are supported?

At the moment we only support Bank Transfer deposits.

What is a programmable address?

A programmable address is a bitcoin address that can be programmed to automatically sell all received bitcoins and automatically initiate a withdrawal.

You can choose whether you want the address to:

- do nothing

- autoconvert all incoming transactions to a fiat currency of your choice

- autoconvert to a fiat currency of your choice + automatically withdraw the converted fiat funds to a selected bank account