FAQ2018-12-05T20:07:05+00:00

FAQ / Frequently asked questions

Find answers to frequently asked questions here.

Initial questions

Who is 1irstcoin.com?2019-01-30T12:43:56+00:00

1irstcoin LLC owns a financial services license under the number 0110/268, which has been approved in the Kutaissi Free Zone in the Republic of Georgia and is regulated by law. The license is subject to an annual revision and related renewal. The Kutaissi Free Zone is under the supervision of the Ministry of Finance of the Republic of Georgia. The license covers in particular the areas:

  • Trade and custody of cryptocurrency for own and third-party accounts;
  • Operation of a trading platform for Cryptocurrencies, including the connected financial instruments of all kinds;
  • Payment services for cryptocurrencies in electronic form for own and third-party accounts
  • Issuing financial products, funds, bonds and other capital market products in connection with cryptocurrencies for own and third-party accounts
  • Taking up and issuing cryptocurrencies by ICO, or creation of tokens of any kind for own and third-party accounts

Prerequisites for trade

Do I need a dedicated wallet for trading on 1irstcoin.com?2018-10-30T12:01:16+00:00

Every customer needs a dedicated wallet. The customer is solely responsible for this wallet, and also responsible for transfers between his wallet and us. Without a dedicated wallet, cryptocurrencies from our custody cannot be transferred to the customer, for example.

What do I need for trading on 1irstcoin.com?2018-10-30T12:00:48+00:00

Every customer must be registered and validated before for trading on our platform. After an internal review through our compliance department, the trading account will be cleared and trade in cryptocurrencies can commence.

What cryptocurrencies can be traded on 1irstcoin.com?2018-10-30T12:00:24+00:00

The focus of our trading offer refers to the types of tokens and coins with the greatest turnover around the world, which the management of 1irstcoin.com considers able to ensure a secure and liquid trade in cryptocurrencies. We recommend that our customers limit themselves to trading in the best-known and most liquid types. They can be found, among others, on the pages of coinmarketcap.com online.

How does trading on 1irstcoin.com work?2018-10-30T11:59:51+00:00

Trading is processed only in electronic form on the trading platform of 1irstcoin.com. Cash or OTC transactions are excluded and not practiced. The rate is determined by offer and demand. Initial rates on 1irstcoin.com are aligned with the 10 strongest international trading platforms.

Registration on 1irstcoin.com

How do I register for 1irstcoin.com?2018-10-30T12:03:20+00:00

Registration is very simple: Click the menu button “Register / Login / Sign in” and follow the steps given for registration. Accounts will usually be cleared by our Compliance department within 24 hours after receipt of the money, token or coin. The minimum total for opening a trading account is the calculated amount of 1,000.00 Euro. We only accept payments made in Euro (state currency of the Republic of Georgia), as well as cryptocurrencies of the types Bitcoin and Ethereum. When paying in Bitcoin or Ethereum, the calculated counter-value is given in Euro. The posting value is calculated based on the rate at the time of the coin delivery with coinmarketcap.com as a reference.

Why is my password not accepted when registering?2018-10-30T12:03:34+00:00

The password must meet the required specifications of our trading platform. This is for your own safety. The prerequisites are displayed and requested during registration.

Can I set up an account at 1irstcoin.com for my company?2018-10-30T12:03:47+00:00

Registration of legal entities is possible. This requires certified documents concerning registration of the company, as well as clear proof of the economic beneficiaries. All documents must be notarized, issued as an Apostille and translated into the English language. Usually, the audit process after receipt of the documents takes about 3-5 working days. The minimum total for opening a trading account for a legal entity is the calculated counter-value of 7,500.00 Euro. We only accept payment made in Euro (state currency of the Republic of Georgia), as well as cryptocurrencies of the types Bitcoin and Ethereum.

What trading volume can I trade at 1irstcoin.com as a new user?2018-10-30T12:03:58+00:00

After successful legitimation by our Compliance department, there is no limit and no trading restriction. Possible restrictions are aligned only with the monetary value of your trading account.

Sales of Bitcoins and other cryptocurrencies

Which means of payment can I use for purchases on 1irstcoin.com?2018-10-30T12:06:15+00:00

For reasons of safety, we do not use any payment service providers at all. Anyone who wants to have a trading account at 1irstcoin.com can only serve this by way of the bank transfer standard. This procedure ensures a high degree of safety for us and for our customers. According to the current standard, SEPA transfers take no more than 3 banking days, and will usually be collected within a few hours. Verified customers can submit their proof of payment to us electronically in advance, upon which the customer’s trading account can usually be credited before the money or the Cryptocurrency are credited. We reserve the right to demand separate proof on the origin of the money, or the origin of the cryptocurrency to be posted; this may happen in exceptions, and in case of transfers exceeding 9,900.00 Euro. The funds will not be blocked during this check as the audit will take place in the background. Accounts may only be blocked if the customer does not comply with our request to provide further proof of evidence.

How can I buy Bitcoins or other cryptocurrencies?2018-10-30T12:04:24+00:00

Every customer may acquire cryptocurrencies via his trading account at 1irstcoin LLC after registering and after successful validation.

Which means of payment can I use for purchases on 1irstcoin.com?2018-10-30T12:05:51+00:00

Payments to and from the account are made by bank transfer only (SEPA/SWIFT).

Do I have to pay in money (EURO) to 1irstcoin.com before I can make a purchase?2018-10-30T12:05:35+00:00

Yes. Your trading account must be covered with the counter-value of the desired trading volume before acquisition. For private persons, the minimum total for opening a trading account is a calculated amount of 1,000.00 Euro, or the comparable counter-value in cryptocurrencies of the type Bitcoin or Ethereum. For legal entities, the minimum total is a calculated amount of 7,500.00 Euro, or the comparable counter-value in cryptocurrencies of the type Bitcoin or Ethereum.

Is my trading volume limited when purchasing cryptocurrencies?2018-10-30T12:06:34+00:00

Your trading account is not limited after successful validation. The limit is aligned with the monetary balance (credit) on your accounts with us.

What fees arise from the purchase?2018-10-30T11:53:15+00:00

We charge a flat rate of 0.825% of the transaction value in Euro for the purchase of cryptocurrencies.

How long does it take to process a purchase at 1irstcoin.com?2018-10-30T11:52:57+00:00

Usually, a transaction takes a few fractions of a second. The credit usually takes place on the following working day, or at once.

Purchases of Bitcoins and other cryptocurrencies

How can I sell Bitcoins or other cryptocurrencies?2018-10-30T11:52:22+00:00

Every customer may sell cryptocurrencies at 1irstcoin LLC after registering and opening a trading account.

What fees arise from the sale?2018-10-30T11:52:05+00:00

We charge a flat rate of 0.975% of the transaction value in Euro for the sale of cryptocurrencies.

General questions in the trade in cryptocurrencies

Is 1irstcoin.com a legally regulated trading platform?2019-01-30T12:48:02+00:00

1irstcoin LLC owns a financial services license under the number 0110/268, which has been approved in the Kutaissi Free Zone in the Republic of Georgia and is regulated by law. The license is subject to an annual revision and related renewal. The Kutaissi Free Zone is under the supervision of the Ministry of Finance of the Republic of Georgia. The license covers in particular the areas:

  • Trade and custody of cryptocurrency for own and third-party accounts;
  • Operation of a trading platform for cryptocurrencies, including the connected financial instruments of all kinds
  • Payment services for cryptocurrencies in electronic form for own and third-party accounts
  • Issuing financial products, funds, bonds and other capital market products in connection with cryptocurrencies for own and third-party accounts
  • Taking up and issuing cryptocurrencies by ICO, or creation of tokens of any kind for own and third-party accounts
How can I change my filed account information?2018-10-30T11:51:03+00:00

You can change your submitted account information at any time. Please contact our support in writing via our contact form. Please note that the owner of the trading account must be identical to the owner of the filed account information. We refuse any payment to, and payment from, third parties.

For how long is a sales offer or purchasing request valid?2018-10-30T11:50:11+00:00

Usually until the end of a working day, i.e. at the end of the day on which the respective order was filed.

Can I withdraw an open sales offer or open purchase request?2018-10-30T11:49:53+00:00

Open offers can be withdrawn for any reason, if they are not executed yet.

Secure your account and help with problems with access

How can I secure my account?2018-10-30T11:49:17+00:00

Everyone should use a corresponding password and keep it in a safe and secret location in written form. We also recommend changing the password you use at regular intervals, approx. every 4 to 6 weeks.

Why do I receive the error message “User name or password incorrect?”2018-10-30T11:48:59+00:00

Either you or a third party has tried to access your account with a wrong password. Please contact our support at once. Our experts will contact you within a few minutes.

What can I do if I forget my password?2018-10-30T11:48:21+00:00

Please contact our support via the contact form. In such cases, we guarantee help within no more than 24 hours.

Are my Bitcoins and other cryptocurrencies safe at 1irstcoin.com?2018-10-30T11:48:02+00:00

All cryptocurrency types that are compatible with our trading platform are treated and kept in custody safely and in the best manner for our customers. We use hotwallets and coldwallets for this. Hot wallets are subject to potential risks from the online area through phishing or hacking. In light of this, we re-post the liquidity of the trade that is not needed to coldwallets in specified steps for reasons of safety, in order to offer our customers the greatest degree of safety. We are able to perform the corresponding re-postings at any time, particularly to ensure smooth payment and posting transactions with the respective cryptocurrencies.

What can I do if I no longer have access to my email address?2018-10-30T11:47:17+00:00

Please contact our support via the contact form. In such cases, we guarantee help within no more than 24 hours.

How can I change my email address filed with 1irstcoin.com?2018-10-30T11:46:48+00:00

Please contact our support via the contact form. In such cases, we guarantee help within no more than 24 hours.

Sending and receiving Bitcoins and other cryptocurrencies

Whom may I contact if I have any questions not listed here?2018-10-30T11:45:54+00:00

For any questions and issues not listed here, please contact support through our contact form. We usually guarantee help within no more than 24 hours.

Can I permanently keep my Bitcoins and other cryptocurrencies in my wallet at 1irstcoin.com?2018-10-30T11:45:33+00:00

Yes, you may keep your cryptocurrencies permanently at 1irstcoin.com according to the highest possible safety standards.

Can I transfer acquired Bitcoins and other cryptocurrencies to other wallets?2018-10-30T11:44:51+00:00

Yes, you can transfer your cryptocurrencies coins and tokens kept with us to other wallets at any time. Transfer takes place by way of payment and transfer request via the corresponding tool of your dealer screen. Please perform transfers of this type with the necessary care. In particular review of the wallet ID requires the corresponding control. 1irstcoin LLC shall not take any liability or warranty due to improper use

How can I transfer Bitcoins or other cryptocurrencies to 1irstcoin.com?2018-10-30T11:44:22+00:00

You transfer the desired inventory of cryptocurrencies to the intended wallets of 1irstcoin LLC if the types meet the standard of our wallets. Currencies are credited as soon as they are received to the benefit of your trading account. Please perform transfers of this type with the necessary care. In particular review of the wallet ID requires special care. 1irstcoin LLC shall not take any liability or warranty due to improper use by the customer.

How can I have my credit paid out in a FIAT currency?2018-10-30T11:43:44+00:00

This is the same process as when transferring cryptocurrency. Contact our support with your request using the tool on our trading platform, and trigger transfer of your credit to FIAT currencies. Payments can only be made to accounts known to us and kept in your name. Payment requests are processed on the same day if your credit matches the payment request. Payment in FIAT currency is made in Euro. Cash payments and cash instructions with payment services are not possible.

What fees arise for payment requests in FIAT currencies?2018-10-30T11:42:57+00:00

We charge a fee of 0.65% of the payment amount

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