Q: What is GloBee Switch?
A: GloBee Switch is a platform that allows you to purchase Bitcoin using your credit card and is powered by Simplex.
Q: How does GloBee Switch work?
A: The GloBee Switch trading algorithm is integrated into multiple liquidity platforms. When a transaction is requested, GloBee Switch selects and suggests the best available rate and displays the estimated rate on our site. The rates remain approximate until the transaction is actually made on the blockchain. The exchange rate at the time of a transaction may differ slightly from the estimated rate that you see when you begin a transaction.
Q: Why do rates fluctuate?
A: We don’t fix currency rates because of the volatile nature of Bitcoin, where the rate of any Bitcoin can fluctuate every minute. This is why the final rate may be slightly higher or lower than expected at the end of a transaction.
Q: Why do I have to upload my documents?
A: To ensure risk-free transactions we ask to send your valid government issued document to verify your identity. This extra level of authentication has to be taken to comply with “Know Your Customer” (KYC) and “Anti-Money Laundering” (AML) regulations.
Q: Which wallet should I use?
A: When selecting a wallet, be sure to do your research. Pick a wallet that:
- Supports Bitcoin
- Is private and secure
- Provides customer support
- Is easy to use
- Has ongoing development, this means that it is constantly being improved
Q: What are the fees for transactions?
A: The fees per transactions are as follows:
- Simplex fee = 5%
- GloBee Switch Fee = 1.5%
- Total fee = 6.5%
Q: I sent funds to my wallet, why haven’t I received my funds yet?
A: The blockchain could be congested. There are many transactions waiting to go through, including yours. This issue occurs on the Bitcoin blockchain. Unfortunately, the only thing to do is to wait it out. GloBee Switch has no control over blockchain congestion. Bitcoin transaction times are network dependent. If the network is congested, your funds may take longer to reach your wallet.
Q: What are the limits for transactions?
A: The transaction limits are as follows:
- First transaction: 50 - 10 000 Euros/Dollars
- Daily limit: 20 000 Euros/Dollars
- Monthly limit: 50 000 Euros/Dollars
Q: Why is my wallet address recognized as invalid?
A: Your wallet address could be recognised as invalid for one of two reasons:
- There was a typo or character missing in the address you provided. Make sure that the address you specify matches the actual address of your wallet.
- Your wallet is not a valid Bitcoin wallet, it could be a wallet that supports Bitcoin Cash.
Q: Is Bitcoin safe?
A: Yes, Bitcoin is safe to use as all Bitcoin transactions are encrypted with cryptography and all transaction data is stored on the blockchain. The blockchain serves as a ledger or database for these transactions and has a very low risk of being tampered with or manipulated. Like any other currency, how you store it does matter. Store your Bitcoin in a secure wallet and never share your private login information with anyone.
Q: What is a hash?
A: A hash or transaction ID is the unique address of a transaction in a blockchain that acts as a record or proof that the transaction has taken place. Usually, the hash is a combination of digits and letters.
Q: What is a wallet address?
A: A wallet is a digital place where you store cryptocurrency coins and tokens. A wallet address is a randomly generated combination of digits and letters that is associated with a particular wallet. A wallet address is to your wallet what an account number is to your bank account.