Bitplace FAQ

About

What is Bitplace?
Bitplace is an instant cryptocurrency exchange providing the best crypto-to-crypto rates on the market.

Terrell Trading Group, LLC is a New York State limited liability trust company. On November 6th, 2015, Terrell received its Authorization Certificate for a limited liability trust company from the New York State Department of Financial Services. Terrell is a fiduciary and is uniquely capable of accepting and servicing both individual and institutional customers who want to buy or sell bitcoin for fiat currency under New York Banking Law (unlike the BitLicense, which does not convey such fiduciary powers).

As a limited liability trust company, Terrell will maintain significant capital reserves consistent with that of a premier fiduciary business, have audited financials prepared by a top tier certified public accounting firm and is subject to regulation and inspection by the New York State Department of Financial Services.

Read all the news, reports and stories that published about us by journalists.

bitplace exchange
How does Bitplace work?
Bitplace's robot is integrated into the largest cryptocurrency trading platforms, including Poloniex and Bittrex. In the span of milliseconds, the robot makes bids and asks on the trading platforms, then selects and suggests the best available rate and displays the estimated rate on our site. The rates remain approximate until the transaction is actually made on the blockchain. The exchange rate at the time of a transaction may differ slightly from the estimated rate that you see when you begin a transaction.
Why should I trust you?
Bitplace is a young and promising project created by MinerGate enthusiasts. The service provides safe and fast transactions without revealing users identities. We provide the best possible rates by comparing a wide range of reliable trading platforms and work in over 120 cryptocurrencies listed.
Further reasons to trust Bitplace:
  • No deposit storage and instant money exchange.
  • Each account protected with 2 factor authentication.
  • More than 500,000 satisfied users, including such well-known members of the crypto community s as Charlie Shrem.
  • Instant Exchanges, Best Exchange Rates, Lowest Fee Posbbile (only 0.2% )
Why doesn't Bitplace fix rates?
We don't fix currency rates and never have because of the volatile nature of cryptocurrency, where the rate of any currency can fluctuate every minute. This is why the final rate may be slightly higher or lower than expected at the end of a transaction.
Keeping the rates fixed would require us to cover market risks and currency volatility, which as a result would make our commission fee much higher. Instead, Bitplace charges a quite low commission fee (0.2%) and offers the best available rate at the moment the transaction is completed.
Is there a minimum amount to exchange?
There is a minimum amount of $100 for any exchange direction. Orders with amount less than the minimum amount will not be processed.

Transactions

What's the wallet address?
A wallet is a digital place where you store cryptocurrency coins and tokens. A wallet address is a randomly generated combination of digits and letters that is associated with a particular wallet.
Bitplace does not provide wallet addresses and never stores user deposits. To exchange cryptocurrencies on Bitplace, you need to provide a wallet address where you can receive your exchanged currency.
How do I get a wallet address?
Just figure out, what coin do you want to buy and seek for a stable wallet version. As a rule, each coin has its official wallet client.
Note that each wallet has its unique address or a tag with a private key that is required to restore your wallet if lost. Bitplace never asks your private keys. Store them in a safe place and never show anyone. Once private keys are stolen, you wallet with all the coins will be lost forever.
What's the recipient's address?
There is always a sender and a recipient. The recipient's address is the wallet address that will receive currency you want buy. For example, if you want to buy Ether (ETH), you should specify an ETH wallet address in the recipient field.
In general, the recipient's wallet address is a customer's address Bitplace will send coins to once a transaction is complete.
How do I buy coins?
The buying process is the same for all coins available on Bitplace:
  1. Go to bitplace.to and select the coin you want to exchange from (you have) on the left and the coin you want to buy (you get) on the right and click the 'Exchange!' button.
  2. Double check the amount specified, the amount you're set to get, and click the 'Next' button.
  3. Specify the recipient's wallet address.
  4. Once again, double check everything carefully. Note that the final amount is estimated, so it may be slightly more or less at the end of your transaction. If everything looks OK, proceed to the next step by clicking 'Next'.
  5. Now your transaction has been created. You will see a wallet address below. This is the address to which you will send us the currency you want to exchange. Go to the wallet where you're storing the currency you want to exchange and paste this address into the corresponding field. As soon as we receive your money, we'll exchange it and send it to the recipient address you provided in step 3.
  6. You can see the status of your transaction in your transaction history. We will notify you as soon as your transaction is completed. Usually a transaction is completed within 5-30 minutes. In some cases, waiting time may be increased because of network delays.
  7. After a transaction is finished, you get a receipt with an output transaction hash This hash is a proof that your transaction is finished.
What are network fees?
Each time any amount of cryptocurrency is sent or exchanged, the currency goes through a blockchain. This process requires a small fee called a 'network fee'. The network fee is a commission that a blockchain takes from the amount sent in each currency. It is critical to make sure that the amount you want to exchange on Bitplace is enough to cover the exchange fees for both the process of sending your original currency and receiving the new currency you want to buy. If the sent amount is too low to cover the fees of the network, the transaction will not go through and your funds will be lost.
How do I cancel my transaction?
Unfortunately, blockchain transactions are irreversible. Once a transaction is made (money is sent to a particular wallet address), it cannot be rolled back. So, if you are going to exchange cryptocurrency, be sure to double check all payment details carefully before sending.
When should I receive my money?
Bitplace transactions take 5-30 minutes to be processed. If a transaction is large (worth over 1 BTC), processing may take longer, depending on the size of your transaction and blockchain capacity.
When should I receive my money?
As a rule our transactions take 5-30 minutes to be processed. It your transaction takes longer, this could be due to a variety of factors, including:
  • Blockchain overloaded. There are many transactions waiting to go through, including yours. This issue occurs on the Bitcoin and Bitcoin-based blockchains. Unfortunately, the only thing to do is wait it out. Bitplace has no control over a blockchain overload.
  • Coin updates. We may turn off some coins to update a client. This can take some time. ou will get your money as soon as we turn it back on.
Why is my transaction still waiting for payment if I've already paid?
There are several reasons this might be happening:
  • The transaction hasn't been included to a blockchain. Cryptocurrencies aren't stable, so minor errors sometimes occur. If this happens we will either refund you your money or push the payment through if you can provide the hash (a tx ID) of your transaction.
  • ETC and ETH confusion. The addresses of Ethereum (ETH) and Ethereum Classic (ETC) have the same structure. If you send ETC or ETH, make sure that you've selected the appropriate transaction type on Bitplace. For example, if you create an ETH to BTC transaction, make sure that you send ETH, not ETC. Otherwise your transaction will get stuck.
  • Other internal errors. Even our well-made system can lag or experience internal issues. If you think this may be the case, please report it to support@bitplace.to