1. Bitstock exchange
Is it really true you do not hold or store any bitcoins?
Yes, BitStock exchange does not hold or store any bitcoins and there is no need to send any bitcoins to us. Bitcoin transfers are managed directly by users. BitStock serves as an arbiter and verifies that the bitcoin transaction takes place. Your bitcoins are safe in your own, private wallet all the time.
How do you verify seller send bitcoins to the buyer then?
We check the transactions directly in bitcoin network and control the informations stored in the "blockchain". This way we know for sure if there has been an appropriate bitcoin transaction and can then determine the result of the trade between users on BitStock.
2. My account
How can I create an account and start trading?
Are there any limits on newly created accounts?
Yes, there are limits on newly created accounts. You can read more about these limits here AML policy.
How can I fund my account?
You need to send a deposit to our bank account. We accept deposits only from bank accounts that have been registered in your BitStock profile, deposits from other bank accounts are automatically returned. In case it is your first deposit to BitStock from your newly registered bank account then you need to enter a comment to your bank deposit transaction, the text of the message to recipient is kupuji bitcoiny na bitstock (exactly, string is automatically processed). If you do not enter this comment then the deposit will be returned back to your bank account. This text is a security feature, which prevents from certain money laundering scheme to happen. The comment helps owner of the bank account to recognize that his money are transferred to BitStock and not to some other service. In case the bank account owner name and surname differs from the name and surname entered during the registration, the deposit is also returned back to the sender. You can find more information about the deposit verification rules here AML bank account verification.
How are the bank deposits processed?
Deposits are automatically processed and paired according to the bank account number. You only need to make sure that you are the owner of the bank account and the name and surname matches your BitStock profile. The first deposit from a particular bank account also needs to include a comment (message to recipient) in the bank deposit transaction, which is explained in previous question.
Can I deposit money to my BitStock account other way then sending it directly from my own bank account?
No, this operation is not permitted. Deposits are accepted only from bank accounts where you are listed as the owner.
How long do deposits and withdrawals take?
BitStock manages its EUR bank account in FIO bank in Slovak republic (more information about our bank account can be found here). BitStock is directly connected to the bank API (read only access), where every 5 minutes a check for new incoming transactions is triggered. So at most 5 minutes after the money deposit is received it is automatically balanced to your BitStock account/profile. Withdrawal takes 1-3 working days before they appear on your own bank account, this depends on a bank but usually you will have your money the very next working day.
Can I withdraw money to different bank account?
No, for security reasons, it is not possible to withdraw money to different bank accounts other then registered (and verified) in your profile.
Can I sell bitcoins immediately after I finish the registration?
No, the seller needs to deposit a refundable "sales deposit" that serves as a protection for the buyer, so that the seller will not eventually change his mind and decide not to send the bitcoins after the trade is closed. More information about sales deposit can be found here
What should I take care of when I need to send bitcoin to the buyer?
The buyer needs only to state his/her bitcoin address and then just wait for the bitcoins to come. Seller has a greater responsibility and needs to make sure bitcoins will arrive to the buyer in proper time.
As a seller you need to send a small (transaction fee as part of the bitcoin transaction. Most of the bitcoin clients will add this fee automatically, but some clients (Bitcoin-Qt for example) will require you to manually enter this fee. If you will not provide this fee then the bitcoin network will ignore your bitcoin transaction and your transaction will likely not be verified in the 24 hour limit to send the bitcoins to buyer (confirmations in bitcoin network can take up to several days, eventually these transactions might not be confirmed at all). You can see current recommended fee here: https://bitcoinfees.21.co/ More information about bitcoin transaction fee and why they are needed can be found here
You also need to take care of unconfirmed bitcoins, that can wait in your wallet. This can happen if you are waiting for the incoming bitcoins to be confirmed, and you will use these bitcoins for another transaction on BitStock exchange. If the previous transaction will await confirmation for a long time (f.e. this previous transaction did not include a bitcoin transaction fee) then you can again miss the 24 hour limit. We recommend not to sell bitcoins that you do not have confirmed yet in your wallet.
Also be aware of a situation when your properly send all the bitcoins to buyer, the transaction is confirmed (at least 3 confirmation) and the trade is still not filled and finished on BitStock exchange. Make sure that the bitcoin address in transaction, from which you send the bitcoins, is registered in your BitStock profile. Some wallets (f.e. in Bitcoin-QT client) will generate a new bitcoin address, that you have not seen before and thus did not register is in your BitStock profile. How to deal with this situation is described here.
What is this "sales deposit" about?
Because BitStock exchange does not hold any bitcoins and can not manipulate with them it is the sellers responsibility that they will send traded bitcoins to all the buyers. If sellers would change their mind frequently and would not send bitcoins even after the trade has been closed then BitStock exchange would be unreliable and unusable for traders. For this reason, there is a refundable sales deposit the seller need to deposit on his/her BitStock account if he/she wants to sell bitcoins. For more information about sales deposit please visit the page here.
The sales deposit is too high, can I sell bitcoins without sending the sales deposit?
In fact, you can raise the sales deposit pretty easily. The procedure is a as follows. You can start with just 10 EUR that you send to your BitStock account. Lets say the price of 1 bitcoin is 1000 EUR, so 10 EUR will allow you to sell 0,1 BTC. By selling 0,1 BTC on BitStock exchange you can receive approx. 100 EUR (of course, this depends on current bitcoin rate and is up to you for how much you will be able to sell this amount). Now you have 110 EUR (10 EUR is the returned sales deposit) on your account. These 110 EUR can serve again as a sales deposit, so now you can sell up to 1,1 BTC for 1100 EUR. If you close the trade for 1,1 BTC and send the bitcoins to the buyer then you will be able to withdraw 1210 EUR (1100 from the buyer and 110 as returned deposit) and this just by starting with 10 EUR at the beginning!
How are buyers secured during a trade?
Money transferred in regard of a trade are at first blocked on your BitStock account. The seller will receive money at his own BitStock account only when his commitment is filled i.e. he sends all the bitcoins to the buyer (you). If the trade fails (the seller will not send bitcoins) then your money will get unblocked again, they will stay on your account and you will even receive an indemnity from the seller instead. The indemnity has been established at 70 % of a sales deposit (which the seller needs to deposit before a trade is closed), more about sales deposit can be found here.
How can I verify the trade result?
The trade is filled/finished when the requested amount of BTC has been send to the BTC address of the buyer. Bitcoin transactions are automatically checked and verified directly in bitcoin blockchain.
What happens when seller sends BTC on a wrong BTC address?
Unfortunately, we can not influence this kind of mistakes and it is entirely up to the seller to manage to get his bitcoin back if this happens. Regarding the trade on BitStock, after 24 hour of the bitcoins still missing in the buyers wallet, we dismiss the trade as being failed and seller is concluded as not sending the bitcoins to the buyer. Please do control the recipients bitcoin address before sending bitcoins to the buyer!
What is the time limit for sending bitcoins before the trade is concluded to be failed?
Sellers must send bitcoins so that the transaction is verified (with at least 3 confirmations in blockchain) at most 24 hours after the trade has been closed.