FAQ's
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1. What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is created by Cryptography. It is not physical and not issued by a central authority. It utilizes a decentralised network and works through a distributed ledger technology, known as a Blockchain.
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2. What Cryptocurrencies does Cryptocurrency Partners support?
Bitcoin, Ethereum and Ripple (for more cryptocurrencies, please contact us)
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3. What does it cost?
There are no fees for holding Crypto in your wallet. Cryptocurrency Partners makes its fee, known as our margin, on the difference in price between what you pay or receive when we are buying or selling cryptocurrency for you.
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4. I made a Cryptocurrency purchase in error - can I cancel or reverse it?
There isn’t a way to cancel or reverse Cryptocurrency transactions. We can sell the cryptocurrency and pay the ZAR proceeds into your settlement account for you.
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5. I lost money on my Cryptocurrency purchase. What can I do?
We recommend speaking to a financial advisor as we are unable to offer any financial advice.
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6. Will I pay tax on Cryptocurrency profits?
Cryptocurrency profits and gains are taxable. You will need to speak with your accountant or tax practitioner for specialist tax advice and guidance.
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7. Where is my Cryptocurrency held?
Your cryptocurrency is held at our partner exchange in a crypto wallet which we open for you and that is in your own name.
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8. Where does the money go when I sell my Cryptocurrency?
The proceeds from your sale of crypto are paid back into your settlement account and you will receive a notification once the funds have cleared.
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9. How long does it take to receive money from selling Cryptocurrency?
Typically your funds will clear into the settlement account within 1 working day if the transaction is done before 2pm (SA time)
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10. How do I view the balance and transactional history on my account?
By logging into your client portal, the details of which you will receive on registration.
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11. Is there a minimum amount for Cryptocurrency Partner's Cryptocurrency service?
A minimum order of R100k (or cryptocurrency equivalent) is required to buy or sell cryptocurrency.
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12. What funding methods can be used to buy Crypto?
You must fund your settlement account with ZAR by EFT.
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13. Can I use a credit card to buy Crypto with Cryptocurrency Partners?
No.
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14. Will Cryptocurrency Partners provide me any documentation for tax reporting?
Yes. You will receive a client trade confirmation document for each trade and statements of account detailing your transactional history.
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15. Can I receive or send Cryptocurrency?
No. Our Crypto service will enable you to buy, sell and hold select cryptocurrencies in ZAR. You will not be able to transfer, send or receive cryptocurrency to or from another crypto address or wallet with our service.
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16. How do I get started?
Please complete our short online registration here and send us your supporting documents. We will complete the application for you to sign. Registration is free and places you under no obligation afterwards.
If you have questions or require assistance, contact one of our consultants on +27 21 203 0081 or email us at enquiries@currencypartners.co.za