A public address or public key is a cryptographic code that allows a user to receive cryptocurrencies into his or her account. The public key coupled with the private key are significant tools required to ensure the security of the crypto economy.
Everyone who owns cryptocurrencies (bitcoin, ether, …) has to have a unique identifier or address - much as you would with your bank account. This is the public address of your Wallet which you need to store your crypto assets.
How do I get a public address?
Getting a Wallet is STEP ONE towards getting a public address and adding it to your Bity account in order to BUY/SELL or SWAP cryptocurrencies.
Cryptocurrency public addresses are free to create, and there’s an essentially limitless supply of them - it’s considered good practice to use a new address every time you want to receive bitcoins or ethers, as it makes correlating your monetary habits more difficult.
What does this address look like?
It is a long series of numbers and letters like this one - mine, for example, is this:
Bitcoin Public Address:
Ethereum Public Address:
You are also given a Quick Response code (or QR code). You can send that to people, or they can scan it with the camera function on their smart phone to easily have your wallet address. It’s just a short cut rather than having to type out your full address which is rather long!
Like this one:
Should I worry about putting that on a public website!?
Not at all! This address is safe to give to anyone. It is like publishing your bank account number (IBAN), all you can expect is that someone sends you money. People can’t access your wallet at all if you publish your PUBLIC ADDRESS. So feel free to send me bitcoins if you wish! I will be very happy :).
Choosing a wallet to store your cryptocurrencies in is a very important step to make when deciding to buy and sell crypto. We recommend that you choose a wallet that you can use day-to-day. We encourage you to read about this as there are plenty of wallets in different formats: desktop, mobile, web, paper and hardware.
For more information on choosing the right wallet to store your bitcoin, here’s a handy guide on bitcoin.org on ‘how to choose your bitcoin wallet.’
For storing your Ether, we recommend MyEtherWallet.
No financial advice:
Any information provided by Bity is NOT intended to be and does NOT constitute financial advice, investment advice, trading advice and/or any other advice to buy or sell cryptocurrency. Information provided should also not be construed as advice of any other type, for example, of a fiscal or legal nature.
You should understand that you are using information available on or through the Bity website at your own risk. All the investment decisions you make shall be based exclusively on your own assessment of your financial situation or in undertaking independent due diligence and consultation with a professional broker or financial advisory.
Investments in cryptocurrencies have potential rewards, and there are also certain risks involved. The future performance of cryptocurrencies cannot be guaranteed by past performance. We STRONGLY RECOMMEND anyone wishing to invest to seek independent financial or professional advice before making a decision.
Information provided on the website SHOULD IN NO EVENT BE CONSTRUED AS PIECE OF ADVICE OR A RECOMMENDATION to buy or sell a particular cryptocurrency or to engage in any transaction whatsoever; nor should the information provided be construed as advice of any other type, for example of a fiscal or legal nature.
All of the investment decisions you take shall be based exclusively on your own assessment of your financial situation and your investment goals. You are solely responsible for such decisions.
Investments in cryptocurrencies are subject to certain risks. The price of cryptocurrencies may go down as well as up. The future performance of cryptocurrencies cannot be guaranteed by past performance. It is therefore possible that you do not get back the amount you invest.
WE STRONGLY RECOMMEND THAT YOU SEEK PROFESSIONAL ADVICE BEFORE TAKING INVESTMENT DECISIONS.
Getting started and using your account
Registering on Bity.com is as simple as 1, 2, 3:
Go to Bity.com and register with your email address to get started. For registration, you will need a username and a password. Please, note that for a better experience we advise you to use Chrome or Firefox.
Validate your email address with the email we send you.
Login to your Bity Portal and enter your mobile phone number. We will send you an SMS with a verification code to check your number is correct. Your mobile phone is also used to protect your Bity account. If you don’t receive the SMS, after trying three times, we will provide the code through a phone call.
Once your phone is verified you are all set and ready to start using our services!
- The Bity Registration Company Form filled in and signed. You can find it here: https://static.bity.com/assets/img/bityreg-no-individual-en.pdf
- Fill in and submit the Ultimate Beneficial Owner form in your Bity dashboard.
- A copy of an excerpt from the commercial register of your company not older than 12 months.
- A copy of a valid ID and a proof of residence for the authorized signatory who signs the registration form.
- A proof of address for your company : a utility bill not older than 3 months, a bank statement or a rental contract
To add your public address to your Bity account, follow these steps:
- Login to your account. If you don’t have an account, please register one.
- Go to “My public addresses”. Choose the cryptocurrency you need and click on “Add address”.
- Enter the public address corresponding with the cryptocurrency chosen and click “Add”
- Enter the verification code we sent to your phone and click “Submit”.
- You can now see all your addresses. You can add as many addresses as you want.
You’re ready to use our services.
At Bity, we are compliant with Swiss regulation frameworks aiming to prevent money laundering. That is why the team follows proper know-your-customer (KYC) procedures. Therefore we must ask for specific documentation for setting a transfer to BUY cryptocurrencies with EUR or CHF.
NOTE: If you want to SELL Crypto (ETH/BTC), you can do that up to 5000 CHF/EUR with only your email and phone. For higher amounts, you need to get verified.
Just check the steps below to know how to get ready to set your first BUY order and get some bitcoins (BTC) or ethers (ETH):
- Provide us your phone number and your email address! Your phone number is also used to add a security layer to your account.
- Go to the tab “My Info” and click the “Complete my profile” button.
- Enter your personal information details (name, address, nationality and birth date) in your account.
- Upload a copy of a valid ID card (front and back) or passport. Please note that driving licenses, residency permits or expired documents are not accepted. You can then choose the type of document you want to add. In this case, ID or passport.
- Upload a proof of residence to your account. Such an evidence can be a utility bill (Landline telephone, Internet connection, gas, water, electricity. It must not be older than three months and showing the issue date, your name and address.
- Fill in Registration Form and submit it.
- Fill in Beneficial owner form and submit it.
- As soon as we receive all the documents and verify them, we will upgrade your account to the ‘Standard’ level. You are now able to exchange crypto assets: enjoy!
You can buy crypto in 6 easy steps:
Note: If you are already verified, proceed to step 3.
- Login with your email address. If you don’t have an account you can follow our guide How to register on Bity.com.
- Go to “Buy/Sell” to place your order.
If you didn’t complete your profile, you will see that you need to get verified for buying cryptocurrency with fiat money. It is very easy: Click on the “Get verified” button and complete all the actions required to open an account. For more info check out our guide How to get verified. NOTE: Want to trade/swap bitcoins (BTC) for Ether (ETH) or the other way around? You are ready to go! Follow our guide How to swap Crypto to Crypto: Ethers (ETH) and Bitcoins (BTC) on bity.com
- Let’s buy some Cryptocurrencies!
Choose a fiat currency (CHF/EUR). Then, select the cryptocurrency and enter the amount you want to buy. Please, note that this is an estimation: the amount of cryptocurrency you will receive will vary according to the rate when we process your order.
- If you didn’t add your wallet address we will ask you to do so before continuing to the payment. If you already have one, choose the wallet you want us to send you the cryptocurrency to and click “Next”.
- Choose a payment option: bank transfer SEPA, online bank transfer (or SOFORT banking).
- Send the correct amount in CHF/EUR to our bank account. Please, do not forget the reference number!
If the reference of your bank transfer does not contain the correct reference number we will not be able to process your order.
You’re all set! As soon as we receive your funds, we process the transaction and send the crypto to your wallet! You can click on “History” to see the list of your orders.
You can easily convert ether and bitcoin to CHF and EUR on Bity.com.
Follow these simple steps to get started:
- Login with your email address. If you don’t have an account you can follow our guide How to register on Bity.com
- Go to the tab “Buy/Sell” and choose “Ether” or “Bitcoin” and the amount you would like to convert to fiat currency (CHF or EUR).
- On the next screen will appear our wallet address: Please send the correct amount to our address by copy-pasting it into your Ethereum wallet or Bitcoin Wallet. You can also scan the QR code on the right if you have a camera
In any event, please add the transaction fee on top of the transaction if your wallet does not automatically add it
You have a 10 minutes window to send us your crypto, after that your order will be automatically canceled. In order to avoid any delays, do the payment directly from your wallet (and not an exchange platform).
It is as simple as that!
Follow the steps below to swap or exchange crypto to crypto.
- Login with your email address.
- Go to “Buy/Sell” to place your order.
- Enter the amount of bitcoins, ethers or other cryptocurrency you want to convert. Then click “Next”.
- Send us the correct amount of bitcoins, ethers or other cryptocurrency by scanning the QR code or by copying the address. In any event, please add the transaction fee on top of the transaction if your wallet does not automatically add it.
You have a 10 minutes window to send us your crypto, after that your order will be automatically canceled. In order to avoid any delays, do the payment directly from your wallet (and not from an exchange platform).
You’re all set! As soon as we receive your crypto in our wallet (after three confirmations), we will process the transaction and send the ethers, bitcoins or other cryptos to your wallet!
About our company
You can contact our support by clicking on the blue chat bubble at the bottom right-hand corner of your screen when visiting our site.
If you already have an account with us, please make sure to first login to your account dashboard before opening your support ticket.
Support hours are Monday - Friday, 9:00 - 18:00 Swiss time. A support team member will typically respond within 24 hours.
We are a cryptocurrency broker, not a wallet.
We are a cryptocurrency broker and we should be seen as a fiat currency exchange platform that allows you to buy, sell and exchange different currencies.
Similar to a fiat currency exchange platform, we do not hold any funds and are unable to offer market spot rates for clear reasons.
In fact, we do not control our customers wallets or private keys, which is why it is important that our customers understand how to manage their cryptocurrency storage themselves.
When using our platform you simply connect your wallets to your account to use our services. This means that your cryptocurrency remains on the wallet that you manage and only goes through our platform when you are exchanging or selling cryptocurrencies.
Choosing a wallet to store your cryptocurrencies in is a very important step to make when deciding to buy and sell cryptocurrencies. Bitcoin and Ethereum wallets can come in a variety of different forms: on the desktop, mobile, web, paper and hardware
For more information on choosing the right wallet to store your cryptocurrencies, here’s a handy guide by bitcoin.org on ‘how to choose your bitcoin wallet.’
Fees and prices
We source our rates by taking the rate of the respective cryptocurrency from several different exchanges and calculating an average.
In terms of when exchange rates are provided at the time an order is placed, here’s how it works on Bity:
If you are buying and selling cryptocurrencies: The exchange rate is determined after you have placed your sell order and payment is made within the provided time frame. The Bity platform will often have a countdown telling you the time you have left to complete payment of cryptocurrencies.
If you do not complete your payment within the provided time frame, then you will have to repeat the process once again and may be provided with a varied exchange rate.
If you are exchanging cryptocurrencies: The exchange rate is determined after you have placed your swap order and payment is made within the provided time frame. Likewise with selling crypto, you will be presented with a countdown telling you the time you have left to complete your payment.
Orders, restrictions, and cancellation.
Currently we support Swiss Francs (CHF) and Euro (EUR).
If you send currencies other than those two, a bank fee may apply.
In order to save on fees and processing time, we advise you to exchange your currency to EUR or CHF first, then start your order.
Cryptocurrencies you can buy with fiat money (EUR or CHF):
- Bitcoin (BTC) - What is Bitcoin?
- Ether (ETH) - What is Ether?
- Augur (REP) - What is Augur? What is Reputation?
Cryptocurrencies you can convert to fiat money (EUR or CHF):
- Bitcoin (BTC)
- Ether (ETH)
Cryptocurrencies you can exchange for another cryptocurrency:
- Bitcoin (BTC)
- Ether (ETH)
- Augur (REP)
The maximum amount you can buy or sell is determined by the amount of information submitted to Bity. Larger transactions can be made with a higher level of identification.
Level of identification: Standard
Until all your documents have been verified you can only sell or swap cryptocurrencies. You can not buy one without being verified.
- Required information: a phone number and email address
- Annual limit, in terms of volume: CHF 5,000.
- Limit per transaction: CHF 5,000.
After all your documents have been verified you will be able to make a buy within the abovementioned limits.
To buy cryptos, you will need to pass through full KYC process. To do that, we require the following information:
- A copy of an identity card or passport, which must be signed, valid, include a readable MRZ code and contain a photograph.
- A recent photograph of yourself.
- Proof of residence less than three months old (documents accepted: Internet, landline, water, gas, electricity bills or bank statements with an IBAN or an account number). This document must contain your full name, address and have a date.
- The Bity registration form duly filled in and submitted.
- The form of the beneficial owner duly filled in and submitted.
Level of identification: Advanced
With the Advanced level you can buy, sell or swap cryptocurrencies.
Prerequisites: have all your documents verified and an order executed or a have a video session with our Compliance specialist.
Required action: You must make a purchase order with your bank account. The owner of this bank account must match your name. If you’d like, you can schedule and conduct a video session with our Compliance specialist.
Annual limit, in terms of volume: CHF 100’000.
Limit per transaction: CHF 100’000.
Swap: no limits
Level of identification: Expert
With the Expert level you can buy, sell or swap cryptocurrencies.
Prerequisites: to be at Advanced level.
Action Required: You must have an annual transaction volume greater than CHF 50’000 and ask Bity, via its Support Team, to move from the Avanced level to the Expert level. We may ask you to provide some additional information: fill out a new form or provide the proof of origin of funds used in business relationship with Bity.
Annual limit, in terms of volume: none.
Limit per transaction: CHF 500’000.
Swap: no limits
There are two main reasons why a refused payment and refund may occur during crypto to fiat transactions:
Your bank or service provider refused the payment.
The name on the account does not match the real name on the receiving bank account.
To avoid refused and refunded payments, please make sure that:
- The name on the account is the correct one.
- The service or provider you are sending the payment to accepts payments from a crypto service provider.
List of popular banks and service providers that currently do not accept crypto related funds:
Account levels and how they work
You must make a purchase order with your bank account or a video session. The owner of this bank account must match your name.
As soon as all your documents have been received, verified, and validated, you will receive the instructions on what to do next by email.
Document verification process
We are compliant with the Swiss regulation framework that aims to prevent money laundering and strictly follow proper know-your-customer (KYC) procedures, because we want to do it right the first time.
The current Swiss regulations oblige Bity to fully identify / verify its customers in the following cases:
- If you want to BUY crypto on the Bity platform, we must verify your account before your first purchase order.
- If you want to SELL or EXCHANGE crypto and your order transaction is greater than CHF/ EUR 5000 per year.
- If you want to SELL or EXCHANGE crypto and your sales transaction volume is greater than CHF/ EUR 5000 per year.
To fully verify your account, we will require these following documents:
- A copy of your identity card or passport
- A recent photo of yourself
- Proof of residence
- A properly filled in and submitted Bity registration form. All the information must be accurate.
- A properly filled in and submitted the Beneficial owner form.
Once these documents have been sent to Bity and are verified, you will be able to place an order.
Proof of Address / Residence is a document that allows us to ensure that you actually live at the address used in the registration form. The document must be dated less than three months and contain your full name and address.
The following documents are accepted:
- Internet bill,
- Landline or phone bill,
- Water bill,
- Gas bill,
- Electricity bill,
- Bank statements,
- Official residence document.
The MRZ code stands for Machine Readable Zone. It is a special code on your passport or ID, that looks like this:
We do not accept documents without this code fully and clearly visible. Please make sure it is fully legible and the edges of your ID are not truncated or cut off in any way.
The form of the beneficial owner should be duly completed and submitted in your dashboard.
In this form you declare who the funds used in the business relationships with Bity belong to.
If you are the sole beneficial owner of the assets (you use your own funds to buy and sell cryptos), you must write your full name, date and signature.
If you are NOT the beneficial owner of the assets (you use somebody else’s funds), you must declare that the person(s) listed in the table is/are the beneficial owner(s)of the assets involved in the business relationship.
You do not need a video session unless the video call button is activated in your dashboard. If it is active, click on it and follow the instructions.
In order to get upgraded to the Advanced Level, please make your first purchase from your personal bank account. The bank account holder name must match your name.
- Individuals who are or have been entrusted with prominent public functions by a foreign country, such as heads of state or of government, senior politicians at national level, senior government, judicial, military or political party officials at national level, and senior executives of state-owned corporations of national significance (foreign politically exposed persons).
- Individuals who are or have been entrusted with prominent public functions at national level in Switzerland in politics, government, the armed forces or the judiciary, or who are or have been senior executives of state-owned corporations of national significance (domestic politically exposed persons).
- Individuals who are or have been entrusted with a prominent function by an intergovernmental organizations or international sports federations, such as secretaries general, directors, deputy directors and members of the board or individuals who have been entrusted with equivalent functions, (politically exposed persons in international organizations).
The verification process can often take some time because we work around the clock to get our customers individually verified. Our customers’ safety and privacy is always our top priority.
We have recently introduced online forms for submission so that the verification process can take as little as 1 business day once all files are successfully submitted. If your files are not complete, you will receive feedback by email within 1 business day detailing what is missing or what is outstanding.
If your documents take longer to be verified, please check that all your files are complete. Take a look at your user profile in our platform and see if any of these documents are not uploaded:
We prioritize users who have uploaded all the required documents. Your verification may take longer if your files are incomplete.
Find all the requirements related to the documents you need to submit in the ‘Document verification process’ section of our FAQ under the question: “Why should I be identified / verified? What information should I send to Bity?”. It is very important to meet the requirements accordingly for every document, as it will help us get you verified faster.
Thank you for your patience throughout this journey of navigating the emerging regulation around the crypto industry. We’re riding this crypto wave and want to bring you along with us!
Encounter any other problems?
When you sell cryptocurrencies on the Bity platform, we need your IBAN to be able to successfully send your money to your bank account.
Unfortunately, you cannot sell cryptocurrencies on the Bity platform if your bank does not have an IBAN, but you can buy cryptocurrencies with your account if you wish.
I placed a purchase order but did not indicate the reason for my bank payment. What are the consequences?
Any ideas on how to improve our service are welcome! Do not hesitate to let the Support Team know.
Bug Bounty Program
Sadly, we currently don’t have or offer an official Bug Bounty Program. We are thinking about implementing one, but we want to accurately evaluate the state of our services and impact before doing so.
Until we can complete that full evaluation:
- We won’t have a scope for the Bug Bounty Program.
- We can’t give a reward.
- We can’t tell which security issues would be eligible.
In the meantime, if you want to help us solely out of the goodness of your heart, we will be very thankful for your cooperation in responsibly investigating and reporting any bugs or vulnerabilities you might encounter.
How to report a bug or vulnerability:
- Send your bug report to email@example.com.
- Try to include as much information as you can including a description of the bug, its potential impact, and steps for reproducing it. It will help us expedite the investigation.
Someday we may consider creating a ‘Hall of Fame’ that will be added to our website to honor everyone who has helped. Should we implement that, and you want to be listed there, let us know the name or nickname to be included (keep it PG please <3).
Our teams are working very hand, and time is limited, so please give us time to respond before sending another email for an update.
Investigate a bug or vulnerability
We know you want to help us, but please take these pieces of advice into account before you begin your investigation:
- Don’t violate the privacy of other users, destroy data, disrupt our services, etc.
- Try to target your own account when investigating the bug. Avoid targeting, attempting to access, or otherwise disrupt the accounts of other users.
- Don’t target our physical security measures, or attempt to use social engineering, spam, distributed denial of service (DDOS) attacks, etc.
All that said, we know that this is not a real Bug Bounty reward, if you have the chance to participate in some Bitcoin Enthusiast Meet-ups in Geneva that we host, tell us your name and what event you plan to attend and we will give you some goodies when you come.
Thank you very much for your interest. All questions you have or any feedback you want to give us are welcome.