Q: How do you base your pricing?
A: Current pricing for clients who want to buy bitcoin is based on the Cointrader sell price. After deducting a commission, the balance is converted over to USD, then into the corresponding amount of Bitcoin based on the Cointrader price. That amount is then sent to your wallet. If you are buy larger amounts and the trade is done manually, the Coinbase price is used.
Q: How long will it take to get my Bitcoin?
A: For the autobuy/xfers system, it depends on how quickly the bank notifies xfers. Once they have been notified, and let our system know the payments been completed, the trade is done and the coins sent to your wallet. For larger trades done manually we need to check the bank account to see if your transfer has cleared. Once it has, we then need to be online to do the trade, and send the Bitcoin to your wallet. This may happen quickly we are online, or several few hours. (David”s note- I try to get the trade done as soon as I can but am not available to trade 24/7)
Q: Do you buy Bitcoin?
A: Yes, we will buy Bitcoin. Current minimum is the equivalent of S$200. This minimum is due to the work involved in creating the Giro payee. The commission paid on this will vary depending on market conditions.
Q: What personal information do you require?
A: We need your first / last name, your email and your FIN/NRIC. You will also need to give a wallet address where you want the bitcoin sent. If you trade over S$5,000 we require a photo/scan of your NRIC/Passport and proof of address (utility bill etc).
Q: How can I make the payment to get my coins?
A: We currently only accept Singapore interbank transfers (ibanking) using the xfers payment system or for larger trades the ibanking FAST system.
Q: Do you take ATM or over the counter transactions?
A: No, ATM and over the counter can be anonymous and are also hard to verify who”s account the cash corresponds to. We don”t accept anonymous transactions.
Q: Can I buy 1 Bitcoin
A: We are currently selling Bitcoin in Dollar amounts. For example, $100, $500 because the cash payment is made before the trade is made and we are acting as an agent of the trade. For us to sell 1 Bitcoin and then charge the equivalent amount in dollars would require us to quote you a set price well above the actual exchange rate to account for volatility. This may also force us to charge GST on the full amount bought since we would then be selling you Bitcoin, rather than acting as a broker on the trade.
Q: Why do prices on exchanges vary so much?
A: This depends on a number of factors- but is usually due to difficulty of getting cash in or out of an exchange. If an exchange is having difficulty with their banks, and are unable to allow customers to withdraw cash easily, this leads to more cash at the exchange looking to buy fewer bitcoins- This pushes up the price of Bitcoin at that exchange as more people look to buy the Bitcoin and then send them to another exchange where they can cash out.