Bity is a crypto-currency broker and we should be seen as a fiat currency exchange platform that allows you to buy, sell and exchange different currencies.
Similar to a fiat currency exchange platform, we do not hold any funds and are unable to offer market spot rates for clear reasons.
In fact, we do not control our customers wallets or private keys, which is why it is important that Bity customers understand how to manage their crypto-currency storage themselves.
When using Bity you simply connect your wallets to your Bity account to use our services. This means that your crypto-currencies remains on the wallet that you manage and only goes through the Bity platform when you are exchanging or selling crypto-currencies.
Choosing a wallet to store your crypto-currencies in is a very important step to make when deciding to buy and sell crypto-currencies. Bitcoin and Ethereum wallets can come in a variety of different forms: on the desktop, mobile, web, paper and hardware
For more information on choosing the right wallet to store your crypto-currencies, here’s a handy guide bitcoin.org on ‘how to choose your bitcoin wallet.’
“How is the exchange rate calculated?”
A common question that we have received is:
“How come there is a significant gap between your prices and that on other exchange markets?”
We source our rates by taking the rate of the respective crypto-currency from several different exchanges and calculate an average. We also add our costs and margins.
In terms of the when exchange rates are provided at the time an order is placed, here’s how it works on Bity:
If you are buying crypto-currencies: The exchange rate is determined after you have placed your buy order and payment is made within the provided time frame. Once the bank transfer has arrived, our automated systems linked to ours bank accounts will provide the timestamp which will determine the rate at that time.
If you are selling crypto-currencies: The exchange rate is determined after you have placed your sell order and payment is made within the provided time frame. The Bity platform will often have a countdown telling you the time you have left to complete payment of cryptocurrencies.
If you do not complete your payment within the provided time frame, then you will have to repeat the process once again and may be provided with a varied exchange rate.
If you are exchanging crypto-currencies: The exchange rate is determined after you have placed your swap order and payment is made within the provided time frame. Likewise with selling crypto, you will be presented with a countdown telling you the time you have left to complete your payment.
“What are the fees for?”
Our net purchases and sales prices are indicated in Euros and in Swiss francs, all taxes are included.
However, when you place a buy or sell order, your bank may charge a transaction or foreign exchange fee. These will be deducted from your purchase or sale volume.
Additional fees are also presented for the SOFORT (0.25 EUR and 0.9%) and OBT (0.15 EURO + 2% payment methods.)