FAQ

What is cryptocurrency, and how does it work?

Cryptocurrency is a digital currency that uses cryptography to keep it safe. It’s not controlled by a government or bank and instead, uses a decentralized system called blockchain. Miners verify transactions, which are then added to the blockchain. Cryptocurrency can be bought, sold, and used to buy goods or services, without the need for intermediaries like banks. Transactions are secured using public and private keys, which act like a bank account number and password. Cryptocurrency is a new and exciting form of currency that offers secure transactions

What types of cryptocurrencies can I trade on your platform?

All major cryptocurrencies such as BTC, ETH, LTC, ADA
Our customers are looking for a trusted and reliable partner who can provide them with access to the largest and most popular cryptocurrencies, and our platform offers just that. Whether customers are looking to invest for the long-term or make short-term trades, our trading services provide the tools and resources they need to succeed in the cryptocurrency market.

How do I sign up for an account with your company?

Create an account: This usually involves providing personal information such as your name, address, and email address. You may also need to provide identification documents, such as a passport or driver’s license, to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. 

Verify your identity: After creating your account, you will likely need to verify your identity. This could involve providing additional identification documents, taking a selfie, or answering security questions. 

Fund your account: Once your account is verified, you can fund it by depositing cryptocurrency or fiat currency (such as Pound or EUR). The specific funding options will depend on your preferences. 

Start using the platform: Once your account is funded, you can start using the platform to buy and sell cryptocurrencies, store your digital assets, or use other banking services. 

What information do I need to provide for identity verification purposes?

Personal information: This includes your full name, date of birth, and address. 

Identification documents: You will need to provide a government-issued ID document such as a passport or national ID card. 

Proof of address: You may need to provide a document that verifies your address such as a utility bill, bank statement or rental agreement. 

Tax identification number (TIN): If you are a Lithuanian resident, you will need to provide your TIN. 

Source of funds: You may be required to provide information on the source of the funds you plan to deposit into the account. 

Employment or business information: You may be asked to provide information about your occupation or business, including your employer or business name and address. It’s important to note that the specific requirements may vary and additional documents or information may be required.

How long does it take to verify my account?

The length of time it takes to verify your account can vary depending on the specific requirements of the bank or financial institution we are working with, as well as the completeness and accuracy of the information and documents you have provided.  

In general, the verification process can take anywhere from a few minutes to several business days.  

To ensure a smooth and timely verification process, make sure to provide all the required information and documents accurately and completely. If you have any questions or concerns about the verification process or timeline, it’s best to reach out to our support team. 

How do you ensure the security of my assets and personal data?

1. At Safe2transact, we prioritize the security of your assets and personal information. Here are some ways we provide a secure environment for your transactions: 

2. Multi-Factor Authentication (MFA): We use MFA to add an extra layer of security to your login process. This means that in addition to your password, you will need to enter a one-time code sent to your phone to access your account. 

3. Cold Storage: To reduce the risk of online attacks, we use cold storage to store the majority of your assets. This means that your assets are kept offline, in a physical location that is not connected to the internet. 

4. Encryption: We use advanced encryption technology to protect your personal data and account information. This means that only authorized users can access your data. 

5. Compliance with AML and KYC Regulations: We comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations to prevent your assets from being used for illegal activities. We verify your identity and monitor your transactions for any suspicious activity. 

6. Regular Audits and Penetration Testing: We conduct regular audits and penetration testing to identify and address potential security vulnerabilities. 

How do we comply with KYC and AML regulations?

KYC stands for “Know Your Customer.” It is a set of procedures that are used to verify the identity of our customers and assess their risk of doing business. KYC is used to prevent money laundering, terrorist financing, fraud, and other financial crimes. 

The KYC process typically involves collecting personal information from the customer, such as their name, address, date of birth, and government-issued identification documents. The information is then verified using reliable and independent sources, such as government databases or credit bureaus. 

Safe2Transact complies with KYC procedures to prevent financial crimes such as money laundering, terrorist financing, and fraud. The KYC process involves verifying customer identity and assessing their risk of doing business. The Bank of Lithuania has set KYC requirements for VASPs, including those outlined in the Law on the Prevention of Money Laundering and Terrorist Financing, as well as in guidelines issued by the Bank of Lithuania. In addition, VASPs in Lithuania must comply with the European Union’s Fifth Anti-Money Laundering Directive (5AMLD) to prevent financial crime. Safe2Transact takes KYC requirements seriously and has robust policies and procedures in place to comply with regulations and protect against financial crime.