Why are the transaction fees 1 mBTC?
We want to make sure that your transaction happens quickly. A 1 mBTC transaction fee guarantees that your withdraw happens fast. The fee goes the miners on the blockchain who verify the transaction. Lower fees can hold up a withdraw for longer periods of time because miners won’t prioritize the transaction. Usually, the transfer fees can fluctuate from 0.4 and 0.6 but can go all the way up to 1 mBTC. We have set the limit at 1 mBTC to cover the miner's fees and handling fees. We want you to get your money fast, so that is why we have set the fee to 1 mBTC to cover everything.
How do I purchase Bitcoins (BTC) outside of the app?
To purchase bitcoins users must first set up a wallet for cryptocurrencies. Worldwide, https://www.blockchain.com has a solid reputation of being a trustworthy company with an easy-to-use wallet. This wallet will allow users to check their balance of BTC and other cryptocurrency and store them safely.
When a wallet is created, users now must choose to either purchase BTC through a direct purchase or through a BTC broker. Direct purchases allow users to buy BTC directly from other users.
To purchase BTC through brokers, just google “buy BTC” followed by the country that you are in. Different brokers might require different information to comply to local AML and KYC legislation.
BTC transactions often require a transaction fee called a miners fee. This miners fee, which sometimes is set manually but often is set by the broker, is paid to miners who will do the transaction for you. This fee is an absolute amount and does not increase if the amount you are trying to buy or sell increases. Larger transactions therefore have a lower relative transaction/miners fee.
Transactions are not processed instantly but often are processed by miners within an hour. A higher miners fee will increase the speed of the transaction.
For more information on how to purchase BTC please refer to https://www.blockchain.com.
How do I deposit Bitcoins from my online wallet into my MobyTrader account?
To deposit bitcoins into a MobyTrader account, traders must first confirm they have BTC in their online cryptocurrency wallet. When a trader has confirmed this, he should open the application.
To start depositing BTC, click the “deposit” button in the right upper corner or in the “account” tab in the menu. The app will give traders a link to use to transfer BTC from their cryptocurrency wallet into their MobyTrader account.
Deposit BTC through the online wallet. Please refer to the website of the BTC exchange used for a clear explanation of how to transfer money on these exchanges.
As soon as MobyTrader receives the BTC, they will appear into your account, ready for use!
How do I withdraw BTC from my MobyTrader account into my online wallet?
To withdraw BTC from your MobyTrader account, click the withdraw button in the “account” tab in the menu.
The app will ask traders to accept the terms and conditions. Upon accepting the terms and conditions, the trader must now indicate the amount of BTC he wishes to withdraw. Please confirm that the amount of BTC you wish to withdraw is smaller than the amount of BTC currently in your account. Enter your email address and your BTC address (available in the online wallet).
Please be advised that a transaction fee will be deducted from the amount you wish to withdraw causing a small discrepancy between the amount withdrawn and the amount that will show up in your online wallet.
If all information is filled out correctly, the transfer request will be processed through our systems. Withdrawal amounts under 0.005 BTC (5 mBTC) will be processed automatically. Requests higher than 0.005 BTC will be checked manually and may take up to 72 hrs.