20 key points in plain English

Risk Disclaimer at the end

1. What is BitcoinPoint?

BitcoinPoint is an app allowing users to easily buy Bitcoin and other cryptocurrencies 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, and the cooling of period has passed, you can use any of our two deposit methods:

1. In-App purchase 📲 “Open banking” you can purchase crypto instantly within the BitcoinPoint app by clicking on the crypto you’d like to buy and then select any participating bank. You will then be redirected to your banking app to confirm the transaction. 
2. Bank transfer 🏦 – you can simply go to your bank account, then find our bank details and Ref ID in ‘Settings’ of the BitcoinPoint app “Ref for bank transfer” to send money and directly buy the amount of crypto you’d like (within the authorised limits).
3. You can deposit: Bitcoin, Ethereum, USDT, USDC and GBPT in your in-App wallets !

3. How do I withdraw?

• Bank 🏦 – You can sell Bitcoin from your in-App wallets any crypto or from any other external Bitcoin wallet address and receive the funds into your bank account (you can add your bank account in ‘Settings’). 
• Transfer 👱‍♂️ 📲 👱‍♀️ – You can transfer any Crypto from your in-App wallet to an existing wallet or to another BitcoinPoint user!

4. What are the Fees?

5. What are my Limits?

Your BitcoinPoint account will be subject to limits, if you need to increase your limits please contact us directly.

Monthly Account Deposit Limit – £20,000 (or customisable based on Source of Funds documents)

Daily Account Deposit Limit – £10,000.

You can also do recurring purchases: weekly, monthly, … 

6. How do I sell (to my bank account)?

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

• Within your app go to your ‘wallet tab’, select SELL/SWAP
• Type an amount in Pound, click on SELL
• After reviewing the transaction terms, click AGREED. You will receive the money on your bank account within 24 hours (week days only, excluding bank holidays).

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

• Within your app go to your wallet tab, click on Deposit: you can deposit Bitcoin, Ethereum, USDT, USDC and GBPT.
•  Then after 3 confirmations in the Blockchain, you will be able to SELL the crypto received.

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

*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 

Source of Funds and Proof of Funds will be required.

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

Important:
Source of Funds could also be required from any amount.

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

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. 💸
You can also receive Bitcoin by clicking on “DEPOSIT” on the wallet tab of your app.

9. What is an in-App Wallet and the Bitcoin tab?

By default, when you deposit you will top up your in-App which will be linked to your email address. Through your Bitcoin in-App wallet you can receive and send bitcoin through the Layer 1 and Layer 2 the “Lightning Network”.

The Bitcoin tab allows you to do have all the features related to Bitcoin within this one tab: BUY, SELL, SEND, RECEIVE Bitcoin! 
You can receive either on-chain or through Lightning Network as mentioned above.

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 (and other crypto) through BitcoinPoint’s platform?

You can sell your bitcoin, Ethereum, USDC, USDT and GBPT to us by deposit it, sell it and then transfer the funds to your bank account. You can also transfer your bitcoin and other crypto to another BitcoinPoint user for free (no network fees!).

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 choose the crypto wallet where you hold cryptocurrencies and select SEND.

You will then add a wallet that you can scan (QR code) or copy past with the blockchain address (or Email address of the BitcoinPoint user) you’re transferring the coins to.

For Bitcoin, you can use the Bitcoin tab and quickly scan any wallet by clicking on SEND.

Once done you will be redirected back to the wallet tab 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 Bitcoin 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 and GBPT?
What does APY mean?  

By selecting ‘Earn Interest’ in Settings, we will generate weekly interest for the bitcoin, Ethereum and GBPT you hold on the in-App Wallet. APR is the annualised rate, example 0.1% 
Once a week, you would receive [in-App Wallet balance]* 0.001 * 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 0.1%, the APY will be 0.1%.

Currently, you can get 3% APY on GBPT up to £10,000 of notional 😎 (see T&C for more details)

What is the ‘Free Sats’ feature and how does it work?

It’s simple – just click on the ‘Free SATs’ button and you’ll win up to 10,000 Sats! You can use this feature once a week and the winnings will be automatically transferred into your in-app wallet.
Be sure to have app notifications turned on and have completed your account KYC process to participate!

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, 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”

Never ask Bitcoin for someone else: 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 directed to use BitcoinPoint to “send money,” you should review the common scams below. BitcoinPoint is intended for purchasing bitcoin for yourself, anything else is against our terms of service and you should halt the transaction immediately.

common scams list: Dating, Marriage, and Romance Online Dating Apps, and Websites Army / Military Scam Overseas, problems with your Amazon account, Out of Country Money Forwarding and Check Cashing Payment for Goods or Services, eBay, Airbnb, Tech Support, Scams Time-sensitive and Emergency Situations Airport and Travel Overseas Bill Payment IRS, Government, and Utility Bills Job, Payroll, and Housing Scams.

Also, if you have been asked to send bitcoin in order to access any trading account to release any money, it is a scam.

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

“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

Risk Disclaimer
Estimated reading time: 2 min 

What Risks Should You Be Aware Of?

1. Risk of Losing Your Investment:

   • Cryptocurrency values can be highly volatile, potentially resulting in losses.
   • It’s important to be prepared for the possibility of losing your entire investment in cryptoassets.
   • Please note that the cryptoasset market operates with limited regulation, exposing you to risks such as cyber-attacks, financial misconduct, and business failures.

2. Limited Protection in Case of Issues:

   • This type of investment is not covered by the Financial Services Compensation Scheme (FSCS) due to its classification outside the scope of ‘specified investments’ under UK regulatory guidelines.
   • Consequently, FSCS protection does not extend to this category of investment. You can verify this with the FSCS investment protection checker.
   • Complaints related to this firm cannot be addressed by the Financial Ombudsman Service (FOS).

3. Potential Difficulty in Selling Your Investment:

   • There are no guarantees of being able to sell your cryptoassets at your preferred time.
   • The ability to sell a cryptoasset is contingent on various factors, including market supply and demand.
   • Technical issues like outages and cyber-attacks, as well as commingling of funds, can result in undesired delays in selling your cryptoassets.

4. Complexity of Cryptoasset Investments:

   • Cryptoasset investments can be intricate, making it challenging to fully comprehend associated risks.
   • Conduct thorough research before investing and exercise caution when an opportunity appears too good to be true.

5. Diverse Risks Among Cryptoassets:

   • While there are general risks associated with cryptoasset investments, including short history, volatility, liquidity, demand, forking, code vulnerabilities, cryptography, regulatory considerations, concentration, electronic trading, and cybersecurity, specific cryptoassets may carry unique risks based on their nature.
   • Explore detailed information and risk assessments for each listed token here.

6. Diversify Your Investments:

   • Avoid concentrating all your resources in a single investment, as it can be inherently risky.
   • Spreading your investments across different options reduces your dependence on the performance of any one asset.
   • A recommended guideline is to limit high-risk investments to no more than 10% of your total capital.

5 questions to ask before you invest HERE

For further insights on self-protection, explore the FCA’s website:  
https://www.fca.org.uk/investsmart

And specifically about cryptoassets:
https://www.fca.org.uk/investsmart/crypto-basics