20 key points in plain English

 

1. What is BitcoinPoint?

BitcoinPoint is an app allowing users to easily buy Bitcoin and Ethereum directly from their phone by linking a UK bank account (standard bank transfers are also possible). 

 

2. How do I Deposit?

After your account is created, you can use any of our two deposit methods:

  1. In-App purchase 📲 – you can purchase Bitcoin/Ethereum instantly within the app from any participating bank.
  2. Bank transfer 🏦 – you can use your customer ID, then find our bank details to directly transfer from your banking app.

 

3. How do I withdraw?

  • Bank 🏦 – You can sell Bitcoin/Ethereum in-App wallet or from any other Bitcoin wallet address and directly receive the funds into your selected bank account.
  • ATM 🏧 – You can sell bitcoin from your BitcoinPoint wallet or from any other bitcoin wallet address and withdraw cash at any of our 18,000 participating ATMs.
  • Transfer 👱‍♂️ 📲 👱‍♀️ – You can transfer your Bitcoin (or Ethereum) to an existing wallet or to another BitcoinPoint user!

 

4. What are the Fees?

Depositing

Withdrawing/Selling/Sending

In-App Transfer – 0.2% + 70p

ATM – 3.99% + £2.70 Flat fee

Bank Transfer – 1% (Minimum fee 70p)

Sell (Withdraw to bank) – 1.99%

 

Transfer to blockchain wallet
 0.000036 BTC / 0.002520 ETH

 

Peer-to-Peer Transfer – Free!

 

5. What are my Limits?

Your BitcoinPoint account will be subject to limits, if you need to increase your limits please contact us directly. At this present moment in time we cannot increase cash deposits.

 

Monthly Account Deposit Limit – £20,000. 

Daily Account Deposit Limit – £10,000.

You can also do recurring purchases.

 

6. How do I withdraw from an ATM?

(a) If you hold bitcoin on your in-App wallet:

  • Within your app go to your wallet tab, select Send.
  • Type the amount you wish to withdraw then select ATM.
  • Your order will be placed and you will receive a confirmation via sms text with a map to show where you can withdraw.

 

(b) If you don’t hold bitcoin on your in-App wallet:

  • Within your app go to your £ tab, type an amount, select Sell.
  •  Then select ATM from the text box.
  • You will then have 5 minutes to send the corresponding bitcoin amount to the wallet displayed. You will then receive a confirmation via sms text with a map to show where you can withdraw.

 

Your text will provide you with a 6 digit code and a safe key in order to make a cardless withdrawal – please do not share these codes with anyone. BitcoinPoint will never request this information.

If you have not received your confirmation code within 24 hours please get in touch with us via hello@bitcoinpoint.com

 

7. What kind of documents do you need to open a BitcoinPoint account and trade?

 

Starter (deposit up to £500)

  • Photo ID (Passport (U.K and International, National Identity Card, Driving License (UK and EEA) residence permit)
  • Selfie

Advanced- Deposit more than £500

 

  • Photo ID (Passport (U.K and International, National Identity Card, Driving License (UK and EEA) residence permit)
  • Selfie
  • Proof of Address (Utility Bill, Credit card statement, Driving license*, Bank statement, Tenancy Agreement, Council Tax summary)**

 

*You cannot use your driving licence as Proof of Identity AND Proof of Address.

** Documents have to be dated in the past 3 months

 

Ultimate – Deposit above £20,000 monthly

Source of Funds and Proof of Funds will be required.

The support can block the account and ask for documents at anytime.

 

8. Can you use BitcoinPoint to top up another bitcoin blockchain wallet?

Yes, once you have created your account you can transfer funds from your in-App wallet or directly fund your blockchain wallet by scanning the wallet QR code. 💸

 

9. What is an in-App Wallet?

By default, when you deposit you will top up your in-App which will be linked to your email address.

 

10. Is BitcoinPoint anonymous?

No, all account require a selfie and photo ID to be created.

 

11. How many account accounts can a single person own?

Only one 🙋‍♀️

 

12. Can someone else use my account?

No, only you are allowed to make transactions from your account – even if you have given consent to someone else.

 

13. Can I sell Bitcoin through BitcoinPoint’s platform?

You can sell your bitcoin to us directly and we will transfer the funds to your bank account or via an ATM cash withdrawal: click on ATM in the menu. Alternatively you can transfer your bitcoin to another BitcoinPoint user.

 

14. What is the difference between BitcoinPoint’s in-App wallet and a standard Bitcoin Blockchain wallet?

BitcoinPoint has developed a proprietary in-App wallet solution that allows customers to create sub-accounts of a segregated blockchain account, on a Cold Storage.

This allows us to not charge any fees for Peer-to-Peer transfers, however, transfers to standard Bitcoin Blockchains will incur network fees. 

 

 

15. How to use the Peer-to-Peer transfer functionality?

If you want to transfer funds to another BitcoinPoint user, go to the wallet tab and select Send.

 

You will then directly scan the bitcoin wallet (QR code) or copy past the bitcoin blockchain address or Email address of the BitcoinPoint user you’re transferring the coins to.

 

Once done you will redirected back to the previous page and you will find the history of your transactions

 

16. Is the user able to send Bitcoin to any email address?

You have the ability to transfer bitcoins to any email address linked to an existing BitcoinPoint in-App wallet.

 

If the email address is not linked to an open account, an email invitation will be sent to the recipient, asking them to download the BitcoinPoint App to access the bitcoin.

 

17. Is holding bitcoin safe? Is the BitcoinPoint in-App wallet safe?

All of our in-App Wallets are on a Cold Storage which means that their private keys are not on the internet.

 

That said, poorly secured wallets are typically where the thefts of Bitcoin occur. If someone obtains access to the private key of your standard blockchain wallet(s), all the cryptoassets may be stolen. Like any hot storage solutions, in-App wallets present some risks. For example, if someone accesses your phone and your email account the person could potentially access your BitcoinPoint account and may be able to steal your bitcoin stored on the in-App wallet.

For more security, we recommend you enable the pin code or biometric lock in the settings tab. Unfortunately if someone manages to access your in-App wallet to send bitcoin to a blockchain wallet, we won’t be able to revert the transaction.

 

If your BitcoinPoint in-App wallet exceeds £10,000, we recommend transferring your cryptoassets to a hardware wallet or cold storage solution (such as a Ledger device). 

 

18. How can I earn Bitcoin/Ethereum? What does APY mean? 

By selecting ‘Earn Interest’ in Settings, we will generate weekly interest for the bitcoin you hold on the in-App Wallet. APR is the annualised rate, example 5% 
Once a week, you would receive [in-App Wallet balance]* 0.05 * 7 /360 extra bitcoins.

These weekly will be paid every Monday after one full week ⏰

Therefore the annual percentage yield (APY) is the effective rate of return on an investment for one year taking into account the effect of compounding interest. So if the APR is 5%, the APY will be 5.18%.

 

19. Which bitcoin index are we using?

BitcoinPoint uses a proprietary index developed in-house. This index is an average of the main exchanges in GBP (CoinMarketCap, CryptoCompare, Google,…)

 

20. Registration conditions, permitted activities & scams

You must be a UK resident & over the age of 18 to use our services. We can suspend your account at anytime without motivating our decisions. Also, BitcoinPoint cannot be used to promote, assist or facilitate any form of unlawful activity. Any account found to be taking part in such activities will be reported to relevant authorities and closed.

 

“I’m being asked buy something in Bitcoins and I don’t think it’s safe”

If you do not think someone is legitimate or you have a gut feeling that something may not be right, pause and take a second to read our handy article on how to protect yourself from scammers HERE.

 

If you have been asked to send bitcoin in order to access any trading account to release any money, it must be a scam:

If you’re unsure and you just want to talk things through, please contact us directly via email on hello@bitcoinpoint.com or ring us on 020 3026 4819.

You can also read our dedicated page HERE.

 

“I think I’ve been scammed! What shall I do?”

If you have been a victim of a scam please contact as as quickly as possible

📩 hello@bitcoinpoint.com

☎️ 020 3026 4819.

Telegram: @BitcoinPointUK

This website is operated by BitcoinPoint. BitcoinPoint is the trading name of BCP Technologies Ltd, registered in England and Wales Number 11121448. Registered Office: Shoreditch Exchange, Senna Building, Gorsuch Pl, London E2 8JF, United Kingdom. The company is Compliant and Registered with Financial Conduct Authority (FCA) as a Cryptoasset Firm (FRN: 928840). The Company is also Registered with the Financial Conduct Authority (FCA) as an EMD Agent (Reference number: 902140) and can distribute or redeem electronic money (e-money) and provide certain payment services on behalf of an e-money institution. Please see Legal for more information about our Terms and Conditions and Data Policy. BitcoinPoint is a Registered Trademark (Reference number: UK00003524181)

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