FAQ

Q: What is Bitcoin?

A: Bitcoin is a digital currency that is used for fast, secure payments without a central issuer or processor. Bitcoins are stored and sent electronically from private wallets. Since its introduction in 2009, Bitcoins have increased in large amounts of value due to their small supply and growing popularity.

 

Q: How to buy Bitcoins?

A: After you make a cash deposit from your bank account to your ForexBit account, you can order Bitcoins on the exchange. When your order is filled, you can withdraw your Bitcoins to your wallet. You can buy Bitcoins from either exchanges, or directly from other people via marketplaces. The best way you can pay for them is wire transfer.

 

Q: What personal information do you require?

– What is verification? A: By basic AML law we are required to verify your account by asking who you are and where you live. When opening a basic account and starting to trade, we only ask a few things. Opening an account is like opening a bank account and requires supporting documents. Those documents are listed and explained in the compliance option when you select banking on ForexBit website. A: All personal information is stored inside a SSL Offline Vault; we require full identification i.e. passport or driver’s license, a proof of residence such as a utility bill not older than 6 months and the proof of ownership of the payment method used.

 

Q: Why do I have to provide my personal information to trade Bitcoins?

ForexBit takes every precaution to prevent fraud and be fully compliant with KYC and AML regulations for trading of digital assets.

 

Q: How can I make the payment to get my coins?

 

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 Bitcoin- 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.

 

Q: What is the best way to trade Bitcoin?

A: Trading in Bitcoin, or any other financial asset, offers many opportunities. However, it can be difficult to maneuver between brokers, spreads and management fees. That is why managing your own investments based on price variances is more relevant for trading beginners. By using the financial tool called a CFD, or Contract for Difference, you are able to open a buy or sell position based on the current price of Bitcoin in a short amount of time. Increased leverage is also available for CFD trading, giving you caliber to increase the respective value of your investment. However, this means that the respective profits or losses of your investment will also be escalated.

 

Q: How do Bitcoin CFDs work?

A: With ForexBit you have access to: • Multiple successful Bitcoin traders you can learn from • Discussions on our Bitcoin trading page regarding market trends • Email updates on the markets • Blog posts, trading strategies and video tutorials on how to trade.

The ForexBit platform has thousands of users, all with different levels of experience in the market. Investment discussions and portfolio allocations are open to other users, as are you able to automatically copy successful traders. Because many first-time investors are not yet familiar with the markets, we here at ForexBit are always eager to help new investors get on their feet and join the large number of us that enjoy trading the right way.

 

Q:What makes ForexBit different from other Bitcoin companies?

A: Bitcoin investments are particularly volatile, making this type of trading very popular for investors looking for instantaneous results. However, most professional investors recommend expanding between several types of instruments; in order manage risk levels correctly. At ForexBit you can invest in currencies, commodities, indices and CFDs on our user friendly platform. If are unsure of the correct way to invest in a specific type of instrument, you can use our 24-hour Support Desk to find traders who specialize in that instrument and learn from them.