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Support Hub & Cryptocurrency Questions

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Frequently asked questions

  • What is Bitvo?

    Bitvo is a private company with international reach founded by experienced financial services, payment and banking entrepreneurs. Bitvo offers a state-of-the-art cryptocurrency exchange trading platform designed to make it easier to buy, sell and trade cryptocurrencies.

  • How do I create my account?

    Click on the register link here and you will be taken to a short sign up process. Upon completion, you will be able to begin trading.

  • How do I verify my account?

    During the signup process you will be asked to provide basic information that we will use to verify your identity, such as your address and other specific details. We will verify your identity electronically through publicly available records. In the event we need additional information from you, you will be required to attend a Canada Post location at one of over 6,000 branches to verify your identity.

    Once verified, you may deposit, trade and withdraw from your Bitvo account.

    However, if you are not a super verified Bitvo customer, you will need to wait 5 days from when you deposit CAD on the Bitvo Exchange before you can withdraw the CAD or cryptocurrencies. It’s easy to accelerate this hold period by becoming a super verified Bitvo customer!

  • How long does the verification process take?

    Typically, initial verification is instantaneous when you sign up. In rare cases, you may be asked additional questions that we need to verify your identity. Through our relationship with DCBank, we have the ability to have Canada Post physically verify your ID.

    Registrations for non-Canadians may take more time given the requirements and various guidelines that dictate how we can validate your identity and may not always be available in your country of residence.

    Requests to become a super verified Bitvo customer will be processed within 24 hours of receipt of required documentation.

  • Why is ID required?

    Through our partnerships with Canadian financial institutions and to ensure compliance with regulations, we are required to know our customers and validate identification.

  • How do you become super verified?

    It’s easy to become a super verified Bitvo customer, simply send us a picture of you holding your government photo ID and a note that states “To Bitvo on [Today’s Date]” and a separate, legible picture of your government photo ID on its own.

  • How are super verified customers impacted by the withdrawal hold?

    Super verified customers are not impacted by the withdrawal hold and are able to deposit and withdraw quickly and easily on the Bitvo platform.

  • How are non-super verified customers impacted by the withdrawal hold?

    If you are not a super verified Bitvo customer, you need to wait 5 days from when you deposit CAD on the Bitvo Exchange before you can withdraw the CAD or cryptocurrencies. It’s easy to accelerate this hold period by becoming a super verified Bitvo customer.

  • What is an Institution?

    Bitvo considers an institution to be an entity (such as a corporation, partnership or other non-individual entity) or an individual that trades in excess of $250,000 per month with Bitvo.

  • How do Institutions sign up?

    Institutions have the ability to trade on the Bitvo exchange. Additional disclosure and due diligence is required. There is a simple preliminary application you can complete here. An account representative will call you within 1 business day to review and complete your application.

    Institutional limits are dependent on each individual institutions needs and requirements.

  • What is the benefit of an Institutional Account?

    Certain institutions will be eligible for changes in fees and limits. Contact an account representative here to see if your institution qualifies.

  • How long does it take for my money to appear?

    We make every effort to make your funds immediately available for trading once we have received the funds. In rare cases, additional review may be required. You can see additional details in our funding methods table. The Bitvo Same Day Guarantee is our commitment to you. Click here for full details.

  • How can I deposit money?

    You can fund your account via Cash, Interac, Interac eTransfer, Wire Transfer, or by depositing cryptocurrency. You can find out more about each method on our fees page.

  • How much can I deposit?

    Each funding method has a different limit. You can find out more about each method's limits on our fees page.

  • How much does funding my account cost?

    Aside from Canada Post Load, all deposits are free. You can find out more about each method on our fees page.

  • Why do some funding methods have fees?

    We charge a fee for certain transactions with high built-in costs, so that we can cover these costs. All other provided options are free. Additional fees may be charged by your financial institution.

  • How do I withdraw money?

    To withdraw funds or cryptocurrency (other than via the Bitvo Cash Card), log into your account and select "Withdraw from my Account". Funds must be sent to an account or card controlled by you. For your security, we will not send wires to other organizations or people. Please note that you cannot withdraw any fiat currency or cryptocurrency unless you have fully completed the ID verification process. Find out more information here.

  • How much can I withdraw at one time?

    Withdrawal limits depend on the method of withdrawal you choose. Additional limits may be imposed by your financial institution. You can find out more about each method's limits on our fees page.

  • How long does a withdrawal take?

    We typically process all withdrawal requests automatically. However, additional review is occasionally required. Exact timing of completion of the withdrawal is dependent on your financial institution’s processing times or the speed of the underlying cryptocurrency network, as applicable. You can find out more about each method's timing on our fees page.

  • How much does it cost to withdraw?

    The withdrawal fees are dependent on how you are withdrawing your money. You can see the fee breakdown on our fees page.

  • When can I withdraw my money?

    As long as your identity has been super verified, you are able to withdraw your money whenever you please.

    If you are not a super verified Bitvo customer, you will need to wait 5 days from when you deposit CAD on the Bitvo Exchange before you can withdraw the CAD or cryptocurrencies.

    It’s easy to become a super verified Bitvo customer, simply send us a picture of you holding your government photo ID and a note that states “To Bitvo on [Today’s Date]” and a separate, legible picture of your government photo ID on its own.

  • How do I get a Bitvo Cash Card?

    A Bitvo Cash Card will be mailed to you automatically and without charge when you fund $25,000 to your Bitvo account within a 12 month period. You can request a Bitvo Cash Card at any time for a fee of $10 plus applicable taxes. Please visit the Bitvo Cash Card page for more details.

  • What are the fees?

    The Bitvo Cash Card is free when you fund $25,000 to your Bitvo account within a 12 month period. If you want a Bitvo Cash Card but have not funded $25,000, the activation fee for the card is $10, inclusive of applicable taxes, and there is no monthly fee. All transactions on the card have a $1.00 fee. All withdrawals from your Bitvo account cost 1%. There may be additional fees based on specific circumstances. You can see a full breakdown of the Bitvo Cash Card's fees here and in the Cardholder Agreement.

  • How can I change my PIN?

    Your Bitvo PIN can be changed at any ATM that allows this functionality. Please remember it takes 2 transactions to complete a PIN change.

  • Why can't I use my Bitvo Cash Card to spend cryptocurrency?

    Your cryptocurrency can only be sold or transferred by you. We provide access to the cash in your Bitvo account with the Bitvo Cash Card. You can sell your cryptocurrency on Bitvo (including via our mobile app) at any time and access the proceeds of that sale via your Bitvo Cash Card immediately.

  • How do I change my password?

    Once you are signed into your account, you can access your profile from the menu at the top right where it says "Welcome Back". On this page, you will be able to change your password by selecting "Update Password" and following the prompts.

  • How do I reset my password if I've forgotten it?

    If you have forgotten your password, select "Forgot your password?" from the Bitvo log in page, located underneath the Password field. From there you will be requested to enter the e-mail address associated with your Bitvo account. Further instruction on how to reset your password will be sent to you by e-mail. If you do not receive an e-mail, please contact us for additional support at support@bitvo.com or 1-833-86BITVO.

  • Can multiple users register for a Bitvo account using the same e-mail address?

    No, the e-mail you use to register for a Bitvo account cannot be used by multiple users.

  • What happens if an attempt is made to register multiple users under the same e-mail address?

    If an e-mail address is already associated with a Bitvo account but is registered in the sign up process at a later date, an e-mail will be sent to the original registrant notifying them that an attempt has been made to register an account under their e-mail address. If you receive an e-mail notifying you that such an attempt has been made and you did not personally make this attempt, we suggest you take appropriate precautions such as checking your account for any unusual activity and updating your password. Should you have any issues, please send an e-mail to support@bitvo.com or call us at 1-833-86BITVO immediately.

  • How do I enable two factor authentication?

    Once you are signed into your account, you can access your profile from the menu at the top right where it says "Welcome Back". On this page, you will be able to enable two-factor authentication by setting the switch to ON.

  • What is two factor authentication?

    Two-factor authentication is a second layer of security to help protect your account, in addition to your password. We use a service called Google Authenticator which will send a unique PIN to your mobile phone which you use to sign in along with your password.

  • How can I make my account more secure?

    Enable two-factor authentication, choose a secure password, keep your password and account information private.

  • How does Bitvo store cryptocurrencies?

    Bitvo uses state-of-the-art hot and cold wallet storage. To mitigate risk of loss to Bitvo, Bitvo minimizes amounts held in hot wallet storage and secures the majority of cryptocurrencies traded on the Bitvo exchange in Cold Storage.

  • What limits are there on my account?

    Limits vary by method of deposit or withdrawal. Please refer to the fees page for details on funding and withdraw limits.

  • How can I increase/change my limits?

    If you need additional functionality or believe you need additional limits, please contact our customer service department here and we would be pleased to assist you. We are available to help 24/7.

  • How do I sell my cryptocurrency?

    You can sell your cryptocurrency from the Buy & Sell menu, or in the Advanced Trading view. Using the Advanced Trading view will allow you to set a custom price as well as select an order type. Using the Buy & Sell menu allows you to select the amount of cryptocurrency you wish to sell at the market rate.

  • How do I buy cryptocurrency?

    You can buy cryptocurrency from the Buy & Sell menu, or in the Advanced Trading view. Using the Advanced Trading view will allow you to set a custom price as well as select an order type. Using the Buy & Sell menu allows you to select the amount of cryptocurrency you wish to buy at the market rate.

  • What are limit orders?

    If you wish to set a custom price to purchase or sell currency, you can set up a limit order on the books through the use of our Advanced Trading function. When a user on the other side of the trade wishes to match your set price, the trade will execute. This allows you to manage the price you buy or sell cryptocurrency for, rather than simply using a market-based order.

  • How do I get to the Advanced Trading view?

    Once you have signed in, the link to the trading interface is in the top right of the screen at "Advanced Trading”.

  • How do I use the Advanced Trading view?

    On the left hand side you will see charts representing the price of the selected currency pairs over time. You can change the currency from the menu at the top. On the right-hand side you will be able to enter orders. If you need additional assistance, please contact our customer support here.

  • What is the difference between Buy & Sell and Advanced Trading view?

    On the Buy & Sell screens, you are able quickly buy or sell cryptocurrency at the market rate. This ensures the transaction happens as soon as possible. On the Advanced Trading page, you are able to designate more advanced order types such as market or limit pricing, as well as set your own target price for buying or selling. You are only able to trade a cryptocurrency for another cryptocurrency on the Advanced Trading page.

  • Can I move my cryptocurrency to an external wallet?

    Yes, you are able to withdraw your cryptocurrency at any time as long as you are super verified. On the My Accounts page, there is a withdrawal option where you can enter your destination wallet address and transfer your funds. Please make sure to enter your destination wallet address correctly. If you do not , you may lose the cryptocurrency entirely and we have no way of reversing the transaction.

    If you are not a super verified Bitvo customer, you will need to wait 5 days from when you deposit CAD on the Bitvo Exchange before you can withdraw cryptocurrencies.

    It’s easy to become a super verified Bitvo customer, simply send us a picture of you holding your government photo ID and a note that states “To Bitvo on [Today’s Date]” and a separate, legible picture of your government photo ID on its own.

  • Can I move my cryptocurrency from another exchange or external wallet to Bitvo?

    Yes, you are able to deposit your cryptocurrency onto Bitvo. On the Accounts page, you can choose to deposit cryptocurrency to your account. We will provide you with your Bitvo wallet address and you can transfer it. Visit the My Accounts page to get started. Please make sure to enter the Bitvo wallet address correctly.

  • Does Bitvo have a mobile app?

    Yes, we have a mobile app for iPhone! On our app, you can sign up for an account, view your balances and trade in the mobile app and connect to our mobile website for deposits and withdrawals.

  • Where do I get the Bitvo app?

    You can download the mobile app in the App Store.

  • Does Bitvo offer a mobile app for Android?

    Bitvo does not currently offer a mobile app for Android but plans to in the future.

  • What is cold storage?

    Cold storage is the storage of cryptocurrencies offline for increased security. This is done through hardware wallets, paper wallets, or private servers. Bitvo uses a proprietary, air-gapped, offsite secured cold storage solution.

  • What is a hot wallet?

    A hot wallet is a wallet that is online, connected to the internet, so it is able to be used for transfers immediately. Bitvo keeps a portion of its cryptocurrencies in hot wallets to be able to maintain liquidity for executing trades. As a security measure, Bitvo minimizes amounts held in a hot wallet and actively utilizes cold storage for its assets.

  • Does Bitvo report my trades to to any regulator, such as the CRA?

    Unless required by law, Bitvo does not provide any transaction or trading information to any regulators.

  • What is cryptocurrency?

    A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.

  • What is Bitcoin?

    Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

    Date of Inception: Jan 2009
    Number of Coins Outstanding: ~17mm
    Maximum Coins: 21mm
    Proof of Work or Proof of Stake: Work
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Currency
    Website: https://bitcoin.org

  • What is Ethereum?

    Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain. Ether is the cryptocurrency generated by an used on the Ethereum platform.

    Date of Inception: August 2014
    Number of Coins Outstanding: ~100mm
    Maximum Coins: No max
    Proof of Work or Proof of Stake:
    Work
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Smart contracts
    Website: https://www.ethereum.org/

  • What is XRP?

    XRP is the native currency of the Ripple network, which is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a U.S.-based technology company. The Ripple network is built upon a distributed open source internet protocol, supports tokens representing fiat currency or  cryptocurrency and purports to enable secure, instantly and nearly free global financial transactions of any size with no chargebacks.

    Date of Inception: August 2012
    Number of Coins Outstanding: 99.99bn
    Maximum Coins: 100bn
    Proof of Work or Proof of Stake:
    Correctness
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Currency, International Remittance
    Website: https://ripple.com/xrp/

  • What is Bitcoin Cash?

    Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.

    Date of Inception: August 2017
    Number of Coins Outstanding: ~17mm
    Maximum Coins: 21mm
    Proof of Work or Proof of Stake: Work
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Currency
    Website: https://www.bitcoincash.org/

  • What is Litecoin?

    Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin.

    Date of Inception: October 2011
    Number of Coins Outstanding: ~55mm
    Maximum Coins: 84mm
    Proof of Work or Proof of Stake: Work
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Currency
    Website: https://litecoin.com/

  • What is Dash?

    Dash is an open source peer-to-peer cryptocurrency. On top of Bitcoin's feature set, it currently offers instant transactions, private transactions and operates a self-governing and self-funding model that enables the Dash network to pay individuals and businesses to perform work that adds value to the network. Dash's decentralized governance and budgeting system makes it a decentralized autonomous organization (DAO).

    Date of Inception: January 2014
    Number of Coins Outstanding: ~8mm
    Maximum Coins: 22mm
    Proof of Work or Proof of Stake: Stake
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Currency
    Website: https://www.dash.org/

  • What is Ethereum Classic?

    Ethereum Classic is an open-source, public, blockchain-based distributed computing platform featuring smart contract functionality.

    Date of Inception: July 2016
    Number of Coins Outstanding: 105mm
    Maximum Coins: No max
    Proof of Work or Proof of Stake: Work
    Mining Fees: Varies based on value of coin and network volume
    Primary Use Case: Smart Contracts
    Website: https://ethereumclassic.org

  • Which cryptocurrency do traders typically buy?

    Bitcoin is the most actively traded cryptocurrency globally. The most actively traded cryptocurrencies offered on the Bitvo exchange are Bitcoin, Ether, Ripple and Bitcoin Cash, listed in order of activity.

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