It’s just as if the answers to the questions we haven’t yet asked fell from the sky. – Arkady Strugatsky
Frequently Asked Questions
1. General Information
What is Bitmona exchange office?
Bitmona Exchange offers cryptocurrency exchange services for cash. We operate in the form of a stationary cryptocurrency exchange, located in an office at Grzybowska Street 2/8 in Warsaw. Additionally, we provide a mobile cryptocurrency exchange service, which involves executing transactions with home delivery to customers within the city of Warsaw. We also offer the sale of accessories related to the use of cryptocurrencies, including hardware wallets.
How long has Bitmona been operating in the cryptocurrency market?
The company officially began its operations on August 15, 2022.
What sets Bitmona apart from other cryptocurrency exchange offices operating in Warsaw?
Our Bitmona team is composed of dedicated blockchain technology enthusiasts with years of experience in the cryptocurrency market. We constantly monitor the development of the crypto world. As a result, our exchange office provides cryptocurrency exchange services at the highest level, ensuring efficiency, security, and privacy in transactions.
As a result, our exchange office provides cryptocurrency exchange services at the highest level, ensuring efficiency, security, and privacy in transactions. As a result, our exchange office provides cryptocurrency exchange services at the highest level, ensuring efficiency, security, and privacy in transactions.
We guarantee that the Bitmona cryptocurrency exchange team will treat you with individual attention and the utmost respect, ensuring smooth and friendly transaction processes.
We also emphasize providing a comfortable environment through stylish and welcoming office design, as well as our mobile exchange service. Numerous positive reviews from our customers on Google Maps to the quality of our services.
What is KYC?
KYC, or “Know Your Customer,” is the process of verifying a customer’s identity. Bitmona’s cryptocurrency exchange office conducts this process to ensure compliance with legal regulations and to protect against fraud and money laundering.
The KYC procedure involves presenting an identity document (ID card or passport) and having a photocopy of the document made by our staff. According to the law, Bitmona’s exchange office conducts the KYC procedure for each transaction exceeding the equivalent of 1000 EUR at the time of the transaction.
What is AML?
Under the term AML, or “Anti-Money Laundering,” there is a set of procedures and legal regulations created to prevent money laundering from illegal sources. AML regulations require cryptocurrency exchange offices to verify customer identities (KYC process) and maintain complete and accurate transaction documentation for audit purposes. In extreme cases, the AML procedure also involves reporting suspicious activities to law enforcement authorities. According to the law, Bitmona’s cryptocurrency exchange office conducts the AML procedure for each transaction exceeding 1000 EUR.
How do we store the data collected regarding transactions? Are these data safe?
We store personal data digitally with due diligence according to the GDPR standards. We secure this data using industry-standard encryption algorithms, so you do not have to worry that unauthorized third parties will gain access to them.
2. The Scope of Services Provided
Which cryptocurrencies can I buy or sell at Bitmona exchange office?
We offer cash exchange for all cryptocurrency tokens with sufficient liquidity for smooth exchange on the market. The majority of transactions in our exchange office involve Bitcoin (BTC) and stablecoins linked to the US dollar (mainly Tether/USDT and USD Coin or USDC).
We occasionally handle transactions in other cryptocurrencies, with Ethereum (ETH) being the dominant token. We strive to process purchase and sale transactions quickly, regardless of the cryptocurrency being exchanged. For transactions involving tokens outside the “big three” (BTC – USDT – ETH), please contact our team in advance to make necessary preparations for smoother transactions.
Czy mogę kupić lub sprzedać kilka kryptowalut w ramach jednej transakcji?
Exchanging several different tokens during a single visit to the stationary office or as part of using the mobile exchange service is possible and poses no issue. To expedite the transaction time, please get in touch with us and specify the list of tokens you wish to buy or sell.
Can I perform swap transactions at Bitmona exchange?
A swap transaction, a direct exchange of one cryptocurrency token for another without involving fiat currencies, is possible at Bitmona’s exchange office. If you’re interested in such a transaction, please contact our staff in advance to determine whether the token exchange within the given pair can be executed.
Does Bitmona exchange offer additional services beyond cryptocurrency exchange?
In addition to cryptocurrency exchange for cash, Bitmona sells accessories for securing virtual currencies, such as dedicated hardware wallets and tools for encrypting recovery phrases.
Does the exchange provide additional services in the field of investment advisory in the cryptocurrency market?
The employees at Bitmona’s exchange office do not provide investment advice regarding investing in cryptocurrencies. Any opinions expressed about the cryptocurrency market or specific cryptocurrency tokens during conversations with customers are solely the private opinions of the exchange office staff and should not be considered as advice for any investment activities.
Does the exchange provide additional services in the field of technical assistance for cryptocurrency users?
On special request, Bitmona’s exchange office employees can provide basic assistance with using hardware wallets or mobile applications for cryptocurrency transactions. This service is free and is aimed at novice cryptocurrency users. Currently, Bitmona’s exchange office does not conduct comprehensive training in the technical aspects of using cryptocurrencies.
3. Terms and Conditions of Cryptocurrency Exchange
How can I conduct cryptocurrency exchange transactions at the exchange office?
To exchange cryptocurrencies for cash, you can visit our stationary point at the office located at Grzybowska 2/8 street or arrange for the transaction to take place at a location of your choice within Warsaw as part of utilizing our mobile exchange service.
Visits to the office and mobile transactions can be arranged via telephone, through messaging apps like WhatsApp and Telegram, or by using the contact form on our website.
How does the cryptocurrency exchange transaction in the office proceed?
The standard transaction of buying or selling cryptocurrencies for cash in our office proceeds in 3 simple steps:
- Visit our stationary office after scheduling an appointment or without prior notice. Bring a mobile device with the cryptocurrency transaction application installed. In the case of purchasing cryptocurrencies, bring cash with you. Provide the amount and type of transaction (buying/selling), and the cashier will inform you about the exchange rate for your transaction, along with the commission according to the current commission table available on our website.
- In the case of purchasing cryptocurrency: hand over the cash payment to the cashier. In the case of selling cryptocurrency: send the payment in cryptocurrency tokens to the wallet address provided by the cashier.
- In the case of purchasing cryptocurrency: after calculating and verifying the received cash, the cashier will send the payment in cryptocurrency tokens to the wallet address you provide. In the case of selling cryptocurrency: the cashier will pay you in cash after confirming that the cryptocurrency tokens you sent have arrived at the designated wallet address.
How long does a cryptocurrency exchange transaction take at the exchange office?
A single transaction typically takes from several to a dozen or so minutes, depending on the current throughput of the blockchain network through which you receive/send the cryptocurrency tokens.
In case you visit our cryptocurrency exchange office without prior notice for the purpose of purchasing cryptocurrency, your transaction may take longer. This is because the cashier might need to use a cryptocurrency exchange to acquire the appropriate cryptocurrency and send it to the specified blockchain network
Similarly, if you intend to sell cryptocurrency that you hold on a cryptocurrency exchange, we recommend sending it to a wallet of your choice before your visit. This is because withdrawals from crypto exchanges can sometimes take several hours to process.
Can I receive a confirmation of the cryptocurrency exchange transaction?
Yes, upon your request, the exchange office staff will provide you with a confirmation of the transaction executed, generated by our computer system. You can receive the document in either paper form or electronic form (PDF file).
How is the exchange rate of cryptocurrencies determined at Bitmona exchange office?
The buying and selling rates of tokens are shaped based on the market situation, meaning the current rates on leading cryptocurrency exchanges. The basis for determining the exchange rate is the averaged market value of a unit of a given cryptocurrency (spot price), precisely applicable at the moment of executing the transaction. We gather information about spot prices from platforms such as Coingecko, Coin Market Cap, and Trading View, which are considered the most reliable sources of exchange quotations. The current spot price of a given token is adjusted by the percentage commission of the exchange, which depends on the value of the transaction, the blockchain network, and the liquidity of the specific cryptocurrency. This way, the exchange rate for a specific transaction is determined.
What is the commission fee for exchanging cryptocurrencies at Bitmona exchange office?
The commission fee ranges from 3% to 5% and is dependent on the transaction amount. The current commission table can be found on our website.
Is the exchange rate of cryptocurrencies negotiable at the exchange office?
Our operating philosophy is based on an individual and flexible approach to the customer – we allow the possibility of negotiating the exchange rate. Nevertheless, we emphasize that the default modification of the standard rate is possible in 3 cases:
1. a single transaction with (very) high volume;
2. recurring transactions with high volume involving regular customers;
3. in situations of increased demand for a specific cryptocurrency from the exchange office side.
What is the minimum value of a cryptocurrency exchange transaction at Bitmona’s exchange office?
The minimum value of a transaction conducted in our exchange office is the equivalent of 500 PLN. For transactions settled in foreign currencies (accepted currencies: US dollar, euro, Swiss franc), the minimum amount is 400 USD / 400 EUR / 400 CHF. Transactions below the minimum amounts are not processed by the exchange office.
Is it possible to conduct cryptocurrency exchange in foreign currency at Bitmona exchange office?
You can use three foreign currencies to pay for cryptocurrency purchases: US Dollar (USD), Euro (EUR), and Swiss Franc (CHF). Payments in other foreign currencies are not accepted. If you want to receive payment in a foreign currency when selling cryptocurrencies, be sure to inform our team before the transaction. Please note that Bitmona does not engage in foreign currency trading; therefore, there may be occasional issues with the availability of foreign currencies for customer payouts.
Does the exchange office accept electronic payments by card / BLIK / bank transfer?
To ensure your security and privacy, we settle nearly all transactions in cash. Card and BLIK payments are not accepted.
In the case of regular customers, we may, in selected cases and upon request, consider bank transfers for settlement.
However, due to the unfavorable stance of banks towards individuals and businesses engaged in activities related to virtual currencies, we strongly discourage this form of transaction settlement – from experience, we know that issues can arise, including the freezing of all funds in your account.
Are cryptocurrency exchange transactions at Bitmona exchange anonymous?
Transactions with a value of up to 1000 EUR are completely anonymous and do not require any documents to be presented. However, in certain cases, a cashier may assess the risk of a transaction based on Bitmona’s internal KYC/AML procedure standards as unacceptable, and in such cases, we will decline the transaction.
Do I need to show an ID or prepare other documents in connection with the cryptocurrency exchange?
All transactions with a value of less than 1000 EUR are fully anonymous and do not require any documents to be presented.
According to the law, for occasional transactions valued from 1000 to 15000 EUR, the exchange office is required to perform a customer verification procedure (KYC/AML procedure), which in the basic version involves making a photocopy of your identity document. In selected cases, the exchange office staff may ask you to complete a form declaring the source of the financial means used for the cryptocurrency transaction.
On the other hand, transactions equal to or exceeding the amount of 15,000 EUR are reported to the Chief Inspector of Financial Information and require an extended KYC/AML procedure, which includes making a photocopy of your identity document and accepting a declaration filled out by you about the source of the funds used in the transaction, along with attached documentation confirming their legality. The required documentation is determined on a case-by-case basis for each specific transaction.
Are the transaction details conducted at the exchange office sent to tax authorities?
Transaction data stored in the computer system and documentation of the exchange office are not shared with the Tax Office or any governmental authorities. Exceptions include transaction data with a value exceeding 15000 EUR (mandatory reporting to GIIF) and transactions that are subject to investigative proceedings with suspected criminal activity (data may be provided to law enforcement authorities upon request).
Do cryptocurrency exchange transactions in the exchange office fall under taxation?
According to current legal regulations, the tax liability related to cryptocurrency transactions arises in the case of exchanging cryptocurrencies for fiat currencies, i.e., selling on the customer’s side. Please remember that you are responsible for independently reporting and settling taxes related to cryptocurrency transactions.
4. For Our Clients
How can I get in touch with Bitmona exchange staff?
Our team is available to you virtually 24 hours a day, 7 days a week. Have a question about a transaction? Or perhaps you’re facing a crypto-related issue? Feel free to use any communication channel to get in touch with us. We’re available by phone, SMS, and messaging apps like WhatsApp and Telegram, as well as email. You can find our contact information on our website.
What should I do in case of issues with a cryptocurrency exchange transaction?
Are your funds stuck on the blockchain? Is your app balance freezing, and you can’t see your transactions? In such cases and others, please contact our team immediately, and we will do everything in our power to clarify the situation and help you overcome any issues.
Do you offer customer support in foreign languages?
Absolutely. All members of our team are fluent in English. For other languages, we can always support each other with Google Translate.
On the Bitmona website, you will find exchange rates, contact information, and detailed information about our stationary and mobile exchange services. You will also learn about the history of Bitmona and schedule a visit to our office using a special form.
The main content of our website is an original blog about cryptocurrencies. On its pages, we publish educational articles related to the topics of cryptocurrencies and blockchain technology. All the posts are written by our authors and cover subjects for both beginners in the world of cryptocurrencies and more advanced users.
Our social media profiles (Instagram, Twitter, Facebook, YouTube) aim to promote the educational mission carried out on our blog and thereby contribute to the popularization of cryptocurrencies. You can find links to our social media in the footer of the website – you are warmly welcome to join us! 🙂
The articles regularly published on our crypto blog provide a great opportunity to delve deeper into the intricacies of the cryptocurrency world. Additionally, the posts shared on Bitmona’s social media profiles often present chances to win attractive prizes or receive discounts.
Occasionally, the exchange organizes promotions for cryptocurrency exchange transactions. We also offer attractive discounts for our regular customers. For more information about the promotion terms, our team will provide you with details.