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.