FREQUENTLY ASKED QUESTIONS

Bitcoin is a cryptocurrency, which was first introduced in 2008 by an unknown person or a team going by the name of Satoshi Nakamoto. It is distributed across a decentralized peer-to-peer network, meaning that it is not controlled by a central bank as fiat money is. The code of the protocol of the Bitcoin network is open source. Nevertheless, the network’s security is guaranteed by the fact that everybody has to accept the same rules in order for the network to function.

Increasing the supply of the Bitcoin units is called mining. Since the users of the network send Bitcoin to each other, somebody has to see to the authenticity of each transaction, which is the miners’ main job. The miners are essentially servers, whose computing power is used to verify the correctness of the cryptocurrency exchange and then to include each transaction into the so-called blockchain - the ledger of the Bitcoin network. As a reward, the miners receive new Bitcoin tokens, which effectively increases the supply of the cryptocurrency. The system functions in a way that the miners receive this reward less and less often. This means that the provision of new coins is reduced as time passes and it will cease when the number of available Bitcoins reaches approximately 21 million. This is the main benefit of Bitcoin as it protects the currency from losing its value due to inflation, unlike fiat money, which is currently often printed without any backing.

You can pay with Bitcoin anywhere in the world instantly without the huge bank fees and any intermediaries. Each transaction is irreversible, which protects users from the types of fraud typically associated with credit cards. In the meantime, your personal information is untraceable. This is why the number of businesses that accept Bitcoin payment is growing fast. The cryptocurrency is also a great instrument for making international money transfers as the corresponding substantial bank fees could be avoided, especially if currency exchange is involved. The ever-growing price, the decentralized network and the immunity against inflation make Bitcoin an interesting investment opportunity and is often compared to gold as a great store of value.

The Bitcoin price is highly volatile. This means that the price of your asset can substantially go south or north in a short period of time. The price trend since inception is towards a constant upward movement in the long run; however, in the short run, the value of Bitcoin can rise quickly followed by a steep price correction. Unfortunately, it is impossible to predict whether this tendency will continue in the future, which is why Bitcoin is considered a high risk investment but the potential of the digital currency is enormous.

The price of Bitcoin is influenced by the supply and demand of it and the latter depends on various factors. Generally speaking, the optimistic views about the distribution and usefulness of the cryptocurrency affect its value in a positive way. As Bitcoin is “immune” to inflation, given the controlled and decreasing supply of new Bitcoin units into the network, it is considered that the price will continue to grow, as long as there is no abrupt demand reduction.

1 Bitcoin could be divided into 1 million bits, called satoshis, named after the inventor of the digital currency Satoshi Nakamoto.

This is the equivalent of a bank account, where you can store your cryptocurrency. It is necessary to have a wallet to be able to send and receive Bitcoin. Each wallet has a public and a private key. While the former is like your "IBAN", the latter should be known only by you in order to guarantee the security of your funds.

There are both software and hardware solutions, which allow you to store your Bitcoin assets. You have the freedom to choose the type of wallet that meets your security and UX requirements. Our recommendation is free and flexible and is offered by Jaxx.io. The wallet currently has 7 different software versions - mobile and desktop applications for different operating systems as well as extensions for Firefox and Chrome. If you download your desktop version to a USB stick, you can use it on different devices as a hardware solution. Please bear in mind that the service offered by xChange.bg does not depend on the wallet you are using and xChange.bg does not receive any monetary or other kinds of reward for its recommendation.

You can buy Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and USDC with Bulgarian leva, sell any of the five cryptocurrencies you own in exchange for Bulgarian leva, and exchange Ethereum, Bitcoin Cash, Litecoin, and USDC into Bitcoin and vice versa. In addition to this, you could easily send money to your friends and family in Bulgaria, avoiding the bank fees for international money transfers. What you need to do is fill in the details of the person you would like to send the fiat money to, if you sell crypto assets on the xChange.bg platform. You could also buy Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and USDC on xChange.bg and send it to a person anywhere in the world so that they can use it or exchange it for fiat currency at a local platform.

We work in your interest, constantly striving to provide the tightest spreads on the local market. Our in-house strategy is specifically designed to ensure that our clients buy at cheaper and sell at higher rates. It also allows us not to charge any additional fees apart from our small commission, which is already incorporated in the rates you see on the xChange.bg website. You could also choose from a variety of payment methods and we do not require additional verification of your identity for transactions of up to 30,000 leva.

We do not compromise on the quality of our service and our clients. The software for automated buying and selling of cryptocurrencies is fully created in-house, securing one of the best rates on the market. Additionally, our system makes use of SSL encryption for secure transmission of data, Cloudflare protection against DDOS and other attacks as well as encrypted Source Code and database.

When you make your first order, we will send a password to the provided email address with which you can access your personal account and transaction activity. We recommend that you change the temporary password as soon as possible to ensure the security of your account.

We are currently updating our referral program. Stay tuned for more information soon.

xChange.bg works on a small commission, which is included in the provided rates for purchase, sale, and exchange of crypto on the website, but you have to cover the miner fee for the processing of your transaction, which is the equivalent in leva to 0.00015 BTC, 0.001 ETH, 0.0002 LTC, 0.0001 BCH, and 0.005 USDC based on the crypto you have chosen. Depending on the chosen method of payment, there is a fee owed to the corresponding bank or payment service.

Buy

If you want to buy crypto using a bank, you have to make a respective transfer from your bank account. The fee for interbank transfers in Bulgaria is usually around 1 leva. If you are making a wire transfer, you must cover all bank transfer fees.

The fee for EasyPay/bPay payments is 3.6% of the total amount of the transaction in BGN and is added to the total amount in BGN you need pay to receive the requested crypto amount. In case you have filled in the amount in BGN, the fee will be subtracted from the total crypto amount you will receive.

The fee for Cashterminal payments is 1.5% of the total amount of the transaction in BGN and is added to the total amount in BGN you need to pay to receive the crypto amount you want to buy. In case you have filled in the amount in BGN, the fee will be subtracted from the total crypto amount you will receive. Cashterminal devices do not return change. If the BGN amount deposited into the Cashterminal is different from the amount in your order, the order amount in leva will be automatically updated. The only condition is for the sum you are paying to be equal or higher than the one in your order.

Sell

If you are selling crypto via bank transfer, the bank transfer fee is 1 leva, regardless of the value of your order, and is subtracted from the amount you will receive if you have filled in the crypto amount you wish to sell. In case you have filled in the amount in BGN, the fee will be added to the crypto amount you need to send.

If you are selling via ePay, there are no fees.

The fee that EasyPay charges depends on the total value of your order in BGN and is subtracted from the amount you will receive if you have filled in the crypto amount you wish to sell. In case you have filled in the amount in BGN, the fee will be added to the crypto amount you need to send. To find out what the EasyPay fees are, click here.

Crypto-to-crypto exchange

If you want to make a crypto-to-crypto exchange, there are two fees you have to pay and they are entirely paid in crypto - the first one needed to send the amount you want to exchange (e.g. Bitcoin), and the second one being the fee we pay to send you the crypto resulting from the exchange (e.g. Ethereum).

Please bear in mind that if you are sending crypto from your wallet, you have to pay a small fee to the miners to process your transaction. The amount depends on how fast you want your transaction to be processed or the fee predefined by the wallet or the exchange you are using to send the crypto.

On xChange.bg you can buy, sell or exchange at least 0.01 BTC, 0.5 ETH, 1 LTC, 0.25 BCH, and 40 USDC.

In order to send money to your friends and family in Bulgaria avoiding the high bank fees for international transfers, first you need to own cryptocurrency, which you can sell to us. We will then send the corresponding fiat amount to the person you would like us to via the payment method you have chosen while placing your order.

As soon as the crypto transaction has reached the required number of confirmations (2 for Bitcoin and 12 for transactions in the Ethereum, Litecoin, Bitcoin Cash, and USDC blockchains), we send the corresponding amount in fiat money within 15 minutes. Depending on the chosen payment method, the time will vary when the money ends up in your account.

Interbank transfers in Bulgaria are being executed via the BISERA settlement system three times a day:

If you have received an email that your crypto transaction has been confirmed:

- before 08:30 a.m. on a working day - the money will reach your account on the same day after 10:30 a.m.

- between 08:30 a.m. and 12:30 p.m. on a working day - the money will reach your account on the same day after 2:00 p.m.

- between 12:30 p.m. and 2:30 p.m. on a working day - on the same day after 4:30 p.m.

- after 2:30 p.m. or on a non-working day - on the next working day after 10:30 a.m.

The above-mentioned times are all in Eastern European Time format; they are also approximate and can differ from the exact time at which banks execute transfers. xChange.bg cannot be held responsible for bank transfer delays.

If you have chosen ePay or EasyPay as a payment method, you will receive the money immediately after the crypto transaction confirmation.

After we receive the fiat money sent by you, we will automatically process the crypto transaction, which would take around 15 minutes to see the purchased crypto amount in your wallet.

Please bear in mind that if you are paying from a certain IBAN for the first time, we will hold the purchased crypto amount and send it to your wallet at the end of the next working day after receiving your payment.

Here is a list of the approximate time frames in which we will receive your payment:

- via regular bank transfer sent before 08:30 a.m. on a working day - on the same day after 10:30 a.m.;

- via regular bank transfer sent between 08:30 a.m. and 12:30 p.m. on a working day - on the same day after 2:00 p.m.;

- via regular bank transfer sent between 12:30 a.m. and 2:30 p.m. on a working day - on the same day after 4:30 p.m.;

- via regular bank transfer sent after 2:30 p.m. or during a non-working day - on the next working day after 10:30 a.m.;

- via bank transfer sent via the Real-time Interbank Gross Settlement System (RINGS) on a working day (between 8:00 a.m. and 3:00 p.m.) - within 30-60 minutes after the transfer has been made;

- at an EasyPay office - within minutes after payment;

- via ePay - within minutes after payment;

- via Cashterminal - within minutes after payment.

The above-mentioned times are all in Eastern European Time format; they are also approximate and can differ from the exact time at which your bank processes transfers, which is why we recommend that you advise with them on the matter if you have any queries.

As a consequence of the high volatility of the crypto market, the price at the moment you submit your order might not be the same as the one at the time of the actual execution of the transaction. The effective rate that is used for purchases is the actual one at the time of receiving your funds in our accounts. If you sell cryptocurrency or make a crypto-to-crypto exchange, the actual price at the time you send the cryptocurrency to our wallet will be used to calculate the fiat or crypto amount, respectively, we will send you in return. Please note that the payment will be sent to you after the crypto transaction has reached the required number of confirmations (2 for Bitcoin and 12 for transactions in the Ethereum, Litecoin, Bitcoin Cash or USDC blockchains).

You can buy crypto in three easy steps:

Step 1 - Fill in the sum for which you want to make a purchase or the crypto amount you want to buy. Changing either of the two fields will automatically recalculate the other one. It is important to point out that the taxes payable to the third parties thanks to which we execute transactions in the easiest and most convenient way for you are included in the sum you see in the field BGN sum.

Step 2 - Choose the payment method you want to use to pay the sum for the crypto purchase. There are a number of options.

- If you want to pay via bank transfer, you have to make the respective payment through your bank account to our bank account. The usual bank transfer fee is around 1 leva and is payable to your bank. The maximum amount for a buy order via bank transfer is 30,000 leva.

- You can also buy crypto using the services of ePay - either at an EasyPay cash desk or via bPay (using your card at an ATM); both options come with a 3% commission (payable to EasyPay) and allow payments of a maximum of 5,000 leva per transaction. If you want to use either of them, please select “EasyPay” as a payment method.

- You can also use a Cashterminal device to buy crypto worth up to 10,000 leva per transaction (at 1.5% commission, payable to Cashterminal).

Step 3 - Fill in the wallet address to which we will send the purchased crypto amount (the wallet can be either yours or of a person to whom you would like us to send the crypto). You will receive a notification at the email address you have provided.

After you finish the three steps, you will receive the necessary instructions in order to fulfill the transaction in the next window as well as on the provided email. You will be provided information on where to send the BGN amount and what reference for the transaction to include. If you have chosen “Bank” as a payment method, you will see information about our bank account and the reference you have to use to make the respective bank transfer. For bPay, EasyPay and Cashterminal you will receive a specially generated code, which you will have to use during the payment. Within 15 minutes after your payment has been detected by our system, we will send out the purchased crypto amount to the provided wallet address.

Please bear in mind that Cashterminal’s devices keep the change. If the sum you have paid using Cashterminal differs from the one in your order, the order will be recalculated automatically. Meanwhile, if you are paying from a certain IBAN for the first time, we will hold the purchased crypto amount and send it to your wallet at the end of the next working day after receiving your payment. The exchange rate is fixed at the moment at which our system has detected your payment.

You can sell crypto in three easy steps:

Step 1 - Fill in either the sum you want to receive or the amount you want to sell. Changing either of the two fields will automatically recalculate the other one. It is important to point out that the taxes you have to pay will be deducted from the sum you will receive. xChange.bg does not deduct any taxes apart from those payable to the third parties, through which we execute the transactions in the easiest and most convenient way for you.

Step 2 - Choose the payment payment through which we will send the fiat sum from the crypto sale. There is a number of options. The fee for an outgoing bank transfer is 1 leva; if you prefer to receive the sum at an EasyPay cash desk, the EasyPay commission is calculated based on the amount in leva - you can find more details about the calculation method here. If you want to receive the sum in leva through ePay, no fee is to be paid.

Step 3 - Fill in the required information of the receiver of the payment and on the provided email you will receive instructions for order execution. If you want to sell crypto and receive the amount in leva via a bank transfer, you will have to fill in the name and the IBAN of the receiver; if you choose ePay, fill in the receiver’s Client Identification Number (CIN) - you have to be registered with ePay to have one). Please bear in mind that you have to be a Level 3 user in ePay’s system to be able to receive payments (if you have exceeded the daily limit for incoming payments to your CIN, ePay will not allow us to send the sum in your sell order right away. If you want to pick up the fiat amount at an EasyPay cash desk, you need to fill in the name and the Personal Identification Number of the receiver.

Once you are done with the three steps, you will receive the details for our wallet address, to which you have to send out the crypto amount you are selling. The exchange rate at which the order will be executed is effective at the moment at which our system detects your payment to our wallet. As soon as the crypto transaction has the required number of confirmations (2 for Bitcoin and 12 for transactions in the Ethereum, Litecoin, Bitcoin Cash, and USDC blockchains), we will send you the sum in leva.

xChange.bg allows you to exchange Ethereum, Litecoin, Bitcoin Cash, and USDC into Bitcoin or vice versa. You can place an order in just two simple steps:

Step 1 - Choose the amount and the type of crypto you want to exchange (if you choose Ethereum, Litecoin, Bitcoin Cash or USDC in the first field, the only option in the second field will always be Bitcoin) or the type of crypto you want to exchange and the amount and type of the crypto you want to receive (e.g. you want to send Ethereum and you want to receive 0.02 BTC). The two fields are connected and are being recalculated according to the current exchange rate. By using the Switch button between the two fields you can switch the places of the two crypto types.

Step 2 - You need to fill in the appropriate wallet address for the cryptocurrency you want to receive (e.g. ETH wallet address if you want to receive ETH, etc.). Our system will send an automatic email to the email address you have used to place the order to confirm that it has been registered successfully and it is now awaiting payment.

After you have completed the actions in Step 1 and Step 2, you will receive information about our wallet address to which you need to send the amount of crypto you want to exchange. The exchange rate at which the order will be executed is effective at the moment at which our system detects your payment to our wallet. As soon as the crypto transaction has the required number of confirmations (2 for Bitcoin and 12 for transactions in the Ethereum, Litecoin, Bitcoin Cash, and USDC blockchains), we will send you the crypto amount, resulting from the crypto-to-crypto exchange.

You can buy or sell crypto in exchange for euros via bank transfer or direct deposit to our account. Please write to us at [email protected] for detailed instruction.

At xChange.bg we use SSL encryption, which is a security technology, protecting all the information you provide on our website. In addition, xChange.bg does not store, analyze and use statistical and marketing information, which includes your personal data. This does not allow for the individual or group identification of our clients.