Question 1

What is OnyxTrade?

Accepted Answer

What is OnyxTrade and how does it relate to the broader world of virtual currencies? Put simply, OnyxTrade is a digital asset trading platform. It is a type of exchange through which users can transact in different digital currencies around the world.

Question 2

What is Blockchain?

Accepted Answer

The blockchain is not a cryptocurrency and and it is not a synonim for bitcoin. It is the technology that Bitcoin and other cryptocurrencies use to maintain transparency, security, and efficiency. A digital currency is not a cryptocurrency, if it isn’t on the blockchain. Blockchains do not need to be attached to cryptocurrencies, in fact, they can manage many forms of assets such as gaming items, reward points, and electoral votes. Nowadays, most databases are stored on centralized servers that are controlled by a single entity, whereas a blockchain is database that is managed by a large number of computers that are perpetually synchronized with each other while being controlled by completely separate entities. This level of decentralization ensures no single party can make autonomous decisions that impact the greater community’s sovereignty.

Question 3

What is Cryptocurrency?

Accepted Answer

Cryptocurrencies are an advanced form of digital currency that is regulated and governed by an algorithm on the blockchain. They have similar properties to physical money (banknotes and coins), but they also enable the immediate transfer of funds anywhere in the world. The inherent decentralization of cryptocurrencies means that your funds can not be frozen, seized, or devalued by hyper-inflation, offering a new level of person sovereignty within the global digital economy.

Question 4

What is Bitcoin?

Accepted Answer

Bitcoin is the world’s first cryptocurrency, created in 2009 by an anonymous person or organization under the pseudonym of Satoshi Nakamoto. Bitcoin utilizes blockchain technology to enable fast worldwide payments without the need to trust or rely on companies, banks, and issuers.

Question 5

Is Bitcoin a secure investment?

Accepted Answer

OnyxTrade is not an investment consulting service, and as such, we cannot advise on investment options. You can look at real-time values of cryptocurrencies on our website.

Question 6

Is Bitcoin legal?

Accepted Answer

Bitcoin and other digital currencies are not prohibited. As this is a relatively new phenomenon and technology, state authorities and the social environment are still adapting.

Question 7

Which Cryptocurrencies should I invest in?

Accepted Answer

OnyxTrade is not an investment advisory service, so we cannot advise on which currency to invest in. You can look at the trend of individual currency values on our home page with the real-time values of cryptocurrencies.

Question 8

Will Cryptocurrencies survive in the future?

Accepted Answer

Only time will tell whether or not digital currencies will flourish. Global payment methods are constantly evolving and cryptocurrencies were created as a result of this phenomenon. In the same way we witnessed how the popular German mark and Italian lira were created over the last few decades and were then replaced by the euro some years later. There is a general trend that shows signs of us moving towards the global economy. What that economy will look like is yet to be seen.

Question 9

How does OnyxTrade work?

Accepted Answer

Once you create an account on OnyxTrade, you can buy, sell, send, receive, and store cryptocurrencies within seconds.

Question 10

Do you sell Bitcoin?

Accepted Answer

OnyxTrade is a service that indirectly allows you to buy, sell, or store Bitcoin and other cryptocurrencies. We are a simple, safe, and secure peer-to-peer marketplace where you can buy Bitcoin off other users.

Question 11

Can I exchange my cryptocurrency for KZT with OnyxTrade?

Accepted Answer

Yes, you can exchange your Bitcoin or Ethereum, and cryptocurrencies into EUR via our user-friendly platform.

Question 12

Do I need a private Wallet?

Accepted Answer

No. We will provide safe and secure digital wallets for all of the most popular cryptocurrencies as part of your OnyxTrade account.

Question 13

Is OnyxTrade Safe to use?

Accepted Answer

Yes, we work tirelessly to ensure the security of our users’ data. We implement industry best practices, including SMS authentication, offline cold-wallet storage, organisational & technical protection, and ongoing security evaluations & monitoring. However, we cannot guarantee the safety of cryptocurrencies being stored on the users’ own computers, so it is of the utmost importance that each user takes proper care and appropriately secures his or her private wallet.

Question 14

How much does OnyxTrade cost?

Accepted Answer

OnyxTrade charges a nominal fee for buying and selling cryptocurrencies and transferring funds from personal account. There are no hidden charges and the fees are always shown prior to confirming each transaction.

Question 15

how long does it take to make a Deposit?

Accepted Answer

Bank transfers take between 1 and 5 business days, SEPA payments take within 1 to 3 business days to appear on your OnyxTrade account.

Question 16

Who pays the Withdrawal costs?

Accepted Answer

Regardless of the withdrawal method, the fee will be shown prior to confirming each withdrawal. The minimum amount for international withdrawal is 50 euros.

Question 17

How Long does it take to withdraw funds?

Accepted Answer

Transfers inside the SEPA area usually take 1 to 3 business days and can take up to 5 days for users outside the SEPA area.

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Frequently Asked Questions