Contract exchange is a personalised exchange of EUR and cryptocurrencies for institutions and high net worth individuals. The Contract Exchange service provides users with a discreet, secure and cost-effective way to exchange EUR funds into cryptocurrencies or vice versa.
We facilitate exchanges to/from cryptocurrency(s). etc.
Bitnik performs individual Contract Exchanges with a value ranging from EUR 1,000.00 up to EUR 250,000.00.
Exchanges of larger amounts are subject to special conditions or agreements.
STEP 1 – OPENING AN ACCOUNT AND JOINING THE EXCHANGE
The Customer must open an account with Bitnik and complete the customer review process by:
Completing the Account Application Application Form, including the Source of Funds Declaration (the client must provide detailed information on the source of funds) and the Political Exposure Declaration.
Be personally verified by an official document.
After reviewing the documents, Bitnik shall grant/reject the account opening to the client. The Client initiates the exchange process by announcing the exchange transaction:
Based on the Client’s data, Bitnik prepares the exchange contract, which is signed by both parties. This is followed by the transfer of the cryptocurrency to the specified wallet address or the transfer of EUR funds to Bitnik’s account.
NOTE: SEPA transfers can take up to 24 hours. Cryptocurrency transfers require a minimum of 3 confirmations and can take up to 2 days.
STEP 2 – EXCHANGE
After signing the contract and transferring the funds to the Bitcoins account/wallet, the exchange transaction can be executed.
The BitCo is obliged to settle the exchanged crypto/EUR funds into the customer’s wallet/bank account immediately after execution and subject to the response times of the banking system or blockchain.
The Exchange Transaction shall be completed by the issuance of an Exchange Clearing, which shall contain all the key details of the Exchange Transaction.
NOTE: The opening hours for OTC Offers are from 9:00 to 17:00 on business days.
Fees for OTC transactions depend on the volume and range from 4% to 1%.