FAQ

Last revised: DECEMBER 29, 2020 11:43

faq

Unitedbit; Secure Crypto Exchange

What is Unitedbit?

Unitedbit is a trading platform that enables people around the globe to access the world financial markets through cryptocurrencies and exchange their crypto safely. Unitedbit offers multiple trading tools and charts for a more convenient experience in trading. It also offers a mobile app which is immensely helpful for trading on the go. Presenting Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Dash, Dogecoin, Groestlcoin, and Zcash provides clients with a satisfying and engaging trading experience and since Unitedbit’s first priority is its customers, trading on our platform is simple safe, and secure, even for beginners.

How to start trading?

After registration and getting verified, you need to deposit some funds into your account to start trading which takes place very quickly.\

Easy steps;

  1. Deposit funds
  2. Select the cryptocurrency pair to be traded from the market watch
  3. Select the order type (Limit, market, or Stop limit) and insert the amount. After that, choose to Buy or Sell, and then you can place your order.

Once the order is placed, you can check on it in the section at the bottom of the page in open orders if the order hasn’t been filled yet, and if the order is filled you can see it in the order history, and the trade history.

What is the Market Price?

Market price is the real-time momentary price that an asset or service can be bought or sold. The forces of supply and demand determine the market price for each asset. In fact, when the supply and demand quantities equal that is market price.

How to verify your personal account?

In order to verify your account;

  1. You need to register here and complete the fields.
  2. To get verified, you need the following;
  • For identity verification, upload a document such as your passport, ID card, or your driving license.
  • For mobile verification, just enter your phone number and enter the verification code once you received it via SMS.
  • For email verification, enter your email and then check your email inbox (or spam box) and click on the verification link.

How do I deposit funds to my Unitedbit account?

You can choose from different cryptocurrencies and deposit the amount you wish. However, we do not accept fiat currency (e.g. dollar or euro).

First, log in and then you can deposit under the account tab or click here if you are logged in now.

What is the Minimum Deposit to trade on Unitedbit?

There is no minimum for deposits.

Is there a fee to deposit?

No, Unitedbit does not charge fees on deposits.

Is there a fee to withdraw?

Yes. However, every time you withdraw crypto, the minimum network fee is set dynamically according to the blockchain load.

How long does a deposit usually take?

It depends on that crypto blockchain load, however, it usually takes less than an hour.

Are there fees to trade?

Yes, there are and they are calculated automatically as you enter the amount and pairs to trade

Does Unitedbit use a Hot Wallet?

Yes we do, however, for the sake of security of your assets, we store 95% of the crypto in the cold wallet which are definitely offline and kept in a secure location. The rest of the traded crypto assets is 5% which are used for hot wallet operations.

This is one of many theft prevention methods that Unitedbit employs to ensure customer funds are kept secured.

What is a cold multi-signature wallet?

Multi-signature is a type of encryption which is employed to add an extra layer of security to the cryptocurrency transactions. These addresses require another signature (or signatures) from another user (or users) before having the transaction broadcasted to the blockchain network.

Why does Unitedbit use multi-signature addresses?

There are multiple methods of preventing theft employed by Unitedbit to guarantee that customer funds are held secure. Multi-signature wallet is one of them.

When are crypto withdrawals processed?

As soon as your trade gets filled, the processing starts which depends on the blockchain network, and normally takes less than an hour

If I have a problem, who do I contact?

In case you have questions you may contact our support department or simply use the online 24/7 live chat.

Where is my deposit?

In order to see your deposit, log in to your account and there you can see your deposit under the deposit tab. Also you can see your deposit here if you are already logged in.

Can I buy cryptocurrency with a card?

No. You can only exchange cryotcurrencies on Unitedbit

How can I withdraw?

Once you're logged in, you can refer to “withdrawals” under the funds' tab or simply click here.

What is Bitcoin?

It is the first cryptocurrency that was created in 2009 by Satoshi Nakamoto which enjoys cryptographic methods of creating a currency which is decentralized (no intermediaries like banks). For instance, you can send Bitcoin to anyone whose address you have directly.

How to buy Bitcoin, Ethereum, or other cryptocurrencies on Unitedbit?

After opening your account and getting verified, you can access your account. You could go to the Fund section where you can deposit any crypto. Once you’re done with your deposits, you can start buying any crypto you wish for.

If you are already logged in, you can click here to deposit.

Who pays the withdrawal fee?

A withdrawal fee is always deducted from your available balance.

What account types do you offer?

You can have a personal account and trade everything with it.

How can I change my email address?

If you need to change your registered email address, you should send your request through an email at [email protected]

I lost my password /user ID. What do I do?

You can log in using your email (not User ID) if you remember your password. However if you don’t, to retrieve your account, click on the forgot password below the password box.

We highly recommend changing your password right after you log into your account or ASAP.

Please remember that passwords are case-sensitive so just copy the characters in the password and do not include the space before or after the password.

How do I change my phone number?

If you wish to change your registered phone number. Log in to your account and then under the account tab, next to your phone number, select change and do it. You can also do it here if you are already logged in.

How do I change my residential address?

You can simply update your new address via submitting a new proof of residence document. This document could be a driving certificate, an ID card, a utility bill, bank statement or government issued documents such as tax statement, certificate of residency, or etc.). Note: remember that the information such as your name, address, and issue date are legible and that the document you are submitting is not older than 3 months. Please send an email to [email protected] and request verifying your new documents from the department. In case you have further questions, contact our support team at [email protected]

What is a limit order?

This order enables you to set a particular price that you wish to sell or buy a particular amount of a cryptocurrency. When that price is reached, the order is filled automatically and if the order is bigger than the offers on the order book, then it’s partially filled and you may cancel the remaining part of the order or just let it be there till it gets filled. You can try this order type here.

Consider this example:

For instance, the Bitcoin current market price is 11000 USD, and you wish to place a limit buy order of 10000 USD for 1 Bitcoin. So when the market hits 10000 USD, a market order is triggered and your order gets filled. In another occasion, if the market price is lower than your limit price, the order will be executed at once. Even the price could be a little lower than our set price.

What is a market order?

It’s an order which empowers you to trade at the next available price in the order book. So it is actually the trading price at the time of the trading. Therefore, it’s the easiest choice if you are in a hurry and just need your order to be executed ASAP.

If you are already logged in, you can try this order type here.

What is a stop-limit order?

To understand a stop-loss order better, you need to know the stop-loss order and a limit order.

A stop-limit order is made of a stop price and a limit price.

The stop price is just the price that once reached triggers a limit order and the limit order is the particular price of our limit order which was previously triggered. In other words, when the order book prices reach the target stop price, the limit order is automatically and immediately placed on the order book at once.

You might say, so what exactly is the difference between a limit order and a stop-limit order?

Once chosen, a limit order is immediately placed on the order book and there’s a chance that it gets filled immediately while in the stop limit, the order is not placed on the order book immediately. The order must wait until the desired price is reached. Once this price point is reached a limit order is triggered. From here on the stop-limit order is exactly the same as the limit order.

How can I cancel an open order?

You can go to your trade tab here and click on the order history and select your target order and cancel it if it hasn’t been filled yet.

How can I install the Unitedbit mobile app?

  1. Install the app either on Google Play or App Store
  2. Create an account on Unitedbit (skip this step if you already have an account)
  3. Open the app and log in to your account. Note: For security reasons, you need to enter a two-factor authentication code (2FA) after you enter your user name and password to be able to access he Unitedbit platform.
  4. Start trading and explore the other features of the app.
  5. You can also enable the biometric unlock for more convenient and quicker access.

What is API?

API stands for application programming interface which allows Unitedbit clients connect, access, and control their account through the website software.

Can I use access Unitedbit just with the app?

Yes you can log into the website using Unitedbit app and enjoy all the features and you’ll never have to log into our website using computer browser ever.

Does Unitedbit offer leverage?

No it doesn’t.

What is a Bid and an Ask?

A bid is the highest price that a buyer (i.e., bidder or maker) is willing to pay for a particular amount of an asset (contract) while an Ask is the price that a trader (taker) wishes to sell their particular amount of an asset

What documents are required for registration?

For your identity you may use either your passport, driver’s license or your identity card and for your address you can use your bank statement, utility bill or etc.

How long does it take to get verified?

It usually takes 24 hours and you can also contact our verification department at [email protected]

Can I use a driver’s license for registration?

Yes you can.

Should I pay for my registration?

No it’s free.

Can I exchange my fiat money to cryptocurrency on Unitedbit?

No you need to deposit crypto to your account.

Does Unitedbit use a Hot Wallet?

Yes we do, however, for the sake of security of your assets, we store 95% of the crypto in the cold wallet which are definitely offline and kept in a secure location. The rest of the traded crypto assets is 5% which are used for hot wallet operations.

This is one of many theft prevention methods that Unitedbit employs to ensure customer funds are kept secured.

What is a cold multi-signature wallet?

Multi-signature is a type of encryption which is employed to add an extra layer of security to the cryptocurrency transactions. These addresses require another signature (or signatures) from another user (or users) before having the transaction broadcasted to the blockchain network.

Why does Unitedbit use multi-signature addresses?

There are multiple methods of preventing theft employed by Unitedbit to guarantee that customer funds are held secure. Multi-signature wallet is one of them.

When are crypto withdrawals processed?

As soon as your trade gets filled, the processing starts which depends on the blockchain network, and normally takes less than an hour.

If I have a problem, who should I contact?

In case you have questions you may contact our support department at [email protected] or simply use the online 24/7 live chat.

How can I deposit?

You can deposit the supported cryptocurrencies on Unitedbit in the funds' tab in your Unitedbit account once you’re logged in. Also, you can see your deposit here if you are already logged in.

Can I use access Unitedbit just with the app?

The answer is yes. Unitedbit app can be used to log into the website and you never need to log into our website ever.

1. What documents are required for registration?

For your identity you may use either your passport, driver’s license or your identity card and for your address you can use your bank statement, utility bill or etc.

2. How long does it take to get verified?

It usually takes 24 hours, You may also contact our verification department for further questions at [email protected]

3. Can I use a driver’s license for registration?

Yes you can.

4. Should I pay for my registration?

No it’s free.