FAQ - FREQUENTLY ASKED QUESTIONS
Q: Is Bitcoin legal?
A: The short answer is yes, but it depends on what you are doing with it. If you are using it to commit crime, money launder, finance terrorism or more, then using it will be illegal. We will not do business with anyone who knowingly violates the law or who does not meet the standards of our AML / KYC procedures.
Q: Where do you get your Bitcoin (BTC) liquidity from?
A: We have a strategic relationship with an exchange who provides us with access to Bitcoin at competitive market prices at fast turnarounds. Our relationship with Buttercoin allows us to be able to offer our services efficiently and affordably in many jurisdictions.
Q: What are my transaction limits?
A: As a Money Services Business (MSB) client, you will be able to transact upto any amount you requires as long as you follow all identification and AML (Anti-Money Laundering) procedures. At MSB Agents, you will be able to BUY, SELL, BITZIPP and USE bitcoin as a form of payment. As a Retail Service Business (RSB) client you will be able to transact upto $250.00 per transaction per day. You will only be able to BUY BITCOIN or USE Bitcoin as a form of payment at an RSB Agent.
Q: How do you determine the Bitcoin Exchange Rate?
A: We base our SELL BITCOIN and BITZIPP bitcoin prices on the Buttercoin live ASK rate + 0.5% for foreign exchange and banking fees. We base our BUY BITCOIN and ACCEPT PAYMENT bitcoin prices on the Buttercoin live BID rate - 0.5% for foreign exchange and banking fees.
Q: What is your commission on the transaction fee?
A: The final transaction fees we charge our clients are 3% on top of the exchange rate for SELL BITCOIN and BITZIPP transactions, and 5% on top of the exchange rate for BUY BITCOIN transactions. This fee allows us to cover the cost of transaction (banking, trading fees, deposit fees, volatility risk etc.) within a 1% operational cost. The other % goes to our agents as commission. Our agents take the risk of holding and providing funds for all transactions, and their participation in the SecuraCoin agent program allows us to be able to offer Bitcoin and Bitcoin related services in a wider area of operations.
Q: Is SecuraCoin regulated?
A: As a registered Money Services Business in Canada and with the ability to create agents of our service, we are a fully regulated and compliant corporate entity. We follow all AML (Anti-Money Laundering) and KYC (Know-Your-Customer) protocols and are active in working with Government regulators to reduce fraud and crime.
Q: How fast can I get my bitcoin?
A: Our average transaction times are within a few minutes, but due to confirmation and network lag, it may take up to 60 minutes or more in some cases for you to get your bitcoin.
Q: What kind of payment options do you accept?
A: You can pay for bitcoins by Debit Card or Cash.
Q: How much do comparable services charge?
A: As there are currently limited to no available places to buy or sell bitcoin in person, we cannot say! But Bitcoin ATMs (who we believe are our closest model) charge anywhere from 3% to 12% currently and in some cases do not provide the Bitcoin immediately and are difficult to use. Most Bitcoin ATMs are also one-way, and you can only buy bitcoin from them.
Q: Are we at risk of loss or volatility?
A: As SecuraCoin takes all the risks of storing and keeping bitcoins as a float for our agents, you do not take on any risks or loss of bitcoins. We take your cash and only provide you the bitcoin amount you requested at the time of transaction. Our system is created and maintained to eliminate the risk of dealing with bitcoins for our agents and clients and to provide safe and professional environments for our customers.
Q: How many locations are currently providing your services?
A: We are starting out with 7 locations and are looking to grow quickly to service all major areas.
Q: What happens if I want to return the order?
A: As to the irreversibality of bitcoin transactions, we currently do not provide direct returns on any orders. If you want to sell bitcoin back to us, you must initiate a new transaction and pay the appropriate fees.
Q: How do I receive my bitcoin?
A: We currently provide your bitcoin in three (3) different options. You can get our system to E-Mail you the bitcoin, we can send the bitcoin to you by SMS to your cell phone, or we can print a temporary wallet for you at the time of transaction.
Q: What are your different services?
A: We currently SELL bitcoin to our clients, BUY bitcoin from our clients, BITZIPP bitcoin for our clients to a receiver’s Email Address or by SMS, and allow our Agents and Merchants to ACCEPT bitcoin as a form of payment for their services of products.
Q: Are you planning on offering any other services?
A: YES! We are excited to be working on multiple new services which have never before been seen in a retail format and others that have plain and simply never before been seen period! Stay tuned for updates!
Q: Are you planning on offering services outside of Canada?
A: We are currently finishing the last pieces of our agreements to start offering our services in multiple countries. Stay tuned for details!
Q: Are there options to do transactions online?
A: We will shortly be releasing a web based buy and sell service to pair with our retail based exchanges. We will let you know once we are ready.
Q: Do I require identification to use your services?
A: Upto $3,000 of transaction value, we require one (1) piece of approved identification. Upto $7,500 of transaction value, we require two (2) pieces of approved identifcation and/or a proof of residence. Above $7,500 of transaction volume, you will have to preapprove the order with SecuraCoin head office before commencing the transaction.
Q: Why do I require identification to use your services?
A: As a fully compliant and regulated money service business, we have been directed by FinTRAC (the financial analysis centre of canada) to identify all of our clients to stay in compliance of canadian laws for Anti-Money Laundering and Know-Your-Customer rules. If we do not follow their direction, we would not be able to provide our services to you, and would be operating illegally.
Q: What are the approved identification I may use?
A: The following non-expired pieces of identification are currently allowed:
1. Passport - Canadian
2. Passport - Foreign
3. Canadian Citizenship Card with photo
4. Canadian Permanent Resident card with signature
5. Record of Landing
6. Confirmation of Permanent Resident
7. Report Pursuant to the Immigration and Refugee Protection Act with photo
8. Student Authorization/Study Permit
9. Employment Authorization /Work Permit
10. Visitor Record
11. Temporary Resident’s Permit- formerly Minister’s Permit/Extension of Minister’s Permit
12. Secure Certificate of Indian Status Card - issued on or after December 15, 2009, by Indian & Northern Affairs Canada
13. Driver’s licence or enhanced driver’s licence - issued by any province or territory in Canada
14. Canadian Department of National Defence Driver’s Licence
15. Health Card (Except for Ontario, Prince Edward Island or Manitoba)
* As supporting documentation, we also accept a Utility Bill or Government issued piece of mail sent to your primary residence.