Netagio uses cookies on this website to improve your experience. To accept cookies continue browsing as normal. Click here for more information. Close

Frequently Asked Questions

1. Ask a Question

2. Browse a list of our FAQs

What is Bitcoin?

Bitcoin is the first decentralised digital currency that was created to allow people across the world to transact online directly with each other or to buy goods or services. Bitcoin was designed to be purely digital; therefore you can’t go to a regular ATM and take out a Bitcoin, or put one into a cash register. Bitcoins live in online wallets, which are accessed via a computer.

 

The Bitcoin software was written in 2009 by Satoshi Nakamoto, a pseudonymous person or group whose true identity is unknown. The Bitcoin software is known as ‘open source’, which means that anyone can download, review and use the software.

 

The Bitcoin software runs on thousands of computers around the world, which is also referred to as the Bitcoin network. A “Bitcoin” is the unit of currency that traverses the Bitcoin network. Bitcoins are available in denominations of up to 8 decimal places e.g.  15.12345678BTC

Back to top

Why is there a withdrawal wait time?

To prevent fraudulent activity and to protect ourselves as well as our customers, we impose a withdrawal wait time on the money that you deposit in your account (and any Bitcoins that you have bought with the deposited money). You can make a withdrawal on day 1, but your funds are subject to a staggered release. A full breakdown of the withdrawal wait times is provided on the Fees & Limits Schedule page.

Back to top

How do I verify my account?

 

We have two verification tiers: Unverified and Verified.

 

 

In order to verify your account we will ask you to enter some details, such as your name and address, so that we know that the digital currency we store belongs to you. A secret phrase needs to be set up to help keep your account safe.

 

 

We will ask you to upload a copy of your photo ID (valid passport, government issued national identity card, photo card driving license or firearms certificate/shotgun license) and proof of address, such as a utility bill or bank statement issued within the last 3 months. 

 

 

We may also ask you for other documentation in order to comply with Anti-Money Laundering and Know-Your-Customer rules.

Back to top

What are your fees?

Detailed information about our fees and limits can be found here.

Back to top

Why can I only withdraw money to a bank account?

Although you can make deposits to your Netagio account using your debit or credit card, withdrawals are only available to your registered bank account.

Back to top

How long does it take to send Bitcoins?

Each send request requires a member of the Netagio Customer Care Team to approve the request.

During office hours this could take up to 2 hours and longer outside of office hours.

Please note that due to high demand it can currently take up to one working day to complete a 'Send coins' request, as we may be required to retrieve coins from cold storage.

Back to top

What is a Bitcoin address?

A Bitcoin address is similar to an account number, in that it belongs to the owner of the Bitcoin address and it is an identifier for a certain amount of Bitcoins.

 

A Bitcoin address is made up of two parts; a private address and a public address. The private address is what we keep safe for you and the public address is what you can give to other people so they can send you Bitcoins. 

Back to top

What happens if I don’t receive my security code on my mobile?

If you don’t receive your code via SMS/Text message, try using the Authy App if you have an Android smartphone or an iPhone.

If this is not an option, try resetting your phone number with Authy.

For more information about the Authy App click here. Alternatively you can also contact us

Back to top

How can I change my bank account details?

In order to change your bank account details, please go to your Account setup page when logged in and upload the following document(s):

-       A letter from your bank confirming that your old account is closed

-       We will also require a bank statement for the new account.

-       You will also need inform us of the changes that you would like to make.

Back to top

Does the exchange charge a network fee?

The Bitcoin network fee still applies when you send coins to another address. Visit our page on fees and limits for more information.

Back to top

What is two-factor authentication?

Two-factor authentication is a security feature that requires you to enter a unique security code every time you want to make an important transaction, such as sending coins to another wallet. 

 

Each time you ask to make such a transaction we will send a new security code to your mobile. 

Back to top

How do I change my mobile number if I have to?

Please login to your account, go to your Personal details page and update your mobile number.

Back to top

What is Authy?

Authy is an App you can download on your smartphone (Android or iPhone) to generate a unique security code directly on your mobile. This will be used every time you make an important transaction in your Netagio account. For more information about the Authy App, click here.

Back to top

What are transaction limits and how do they work?

Please see our fees and limits page for a full overview of our transaction limits.

Back to top

How long does it take for the money to reach my bank account?

Withdrawals usually take 2-3 business days to clear. However, depending on where your account is located, it can take up to 5 business days for your withdrawal to clear in your account.

 

Please note: you will be liable for any fees or charges that are or may be applied by your bank.

Back to top

When are your working hours?

Our offices are open Monday to Friday 09.00 – 17.00 (GMT)

Back to top

What is Netagio's relationship to GoldMoney?

Netagio Limited has been developed by the founders of GoldMoney and was spun out from the GoldMoney group at the end of March 2014. It is now wholly owned by Netagio Holdings Limited.

Netagio is comprised partly of former GoldMoney staff and shares several mutual board members and shareholders.  See our management page for details

Back to top

Can I withdraw money in another currency than GBP, USD or EUR?

You can only withdraw money in GBP, USD or EUR. If your bank account is not held in one of these three currencies, your bank, or any other banks involved in the transfer, are likely to convert the money into your local currency.

Please note: you will be liable for any currency exchange fees or charges that are or may be applied by your bank or any correspondent bank.

Back to top

Is there a time limit on the referral programme?

You will be able to earn commission on all trades made by your referrals if the referral places and successfully completes a trade within 30 days of visiting our site. 

Back to top

What actually happens when I send or receive coins?

A transaction occurs when a denomination of Bitcoins is sent from one person to another. A person can obtain an address similar to that of an account number. That person can give the other person their address so they can send the denomination to that given address.

 

All transactions are stored in a central ledger. The ledger has been holding all transactions in an anonymous format since Bitcoin began in 2009.

 

Another role the miners play is to verify that a transaction occurred and is present and correct. Attached to each transaction can be a miner’s fee, which will go to the miner that first confirms that transaction and achieves the consensus from other miners.

 

The central ledger is kept up to date by the miners and can also be downloaded by anyone if they wish to view or spend their Bitcoins without using an online wallet.

Back to top

Where do Bitcoins come from?

The issuing of coins into the Bitcoin network occurs via computers specifically set up to support the Bitcoin network - commonly referred to as 'mining'. Mining is open to anyone, but requires additional computer hardware and the associated energy costs to run them.

 

Mining computers solve complex mathematical problems given to them by the Bitcoin network. In reward to solving these problems they receive Bitcoins from the network. Every 10 minutes, miners who have solved a problem are rewarded with 25 Bitcoins. Miners can then use these coins to buy goods and services or sell them to someone else and thus release them into the network for others to use, much like any other currency. Issuance occurs at an ever-decreasing rate, the maximum amount of Bitcoins that will ever be produced is 21million with the last coin planned to be produced in 2140. There are currently more than 11million Bitcoins in existence at the time of writing. 

Back to top

How do I reset my secret phrase?

If you have forgotten you secret phrase, please contact the Netagio Customer Care Team. 

Back to top

In what form will referral commission be paid to me?

Commissions are only payable in Bitcoins to your Netagio account.

Back to top

Is there a limit to how much referral commission I can earn?

There are no limits to the commissions on referrals.

Back to top

What bank details do you need from me and where do I find them?

We require your SWIFT code and IBAN number, as well as your bank’s name and address. You can usually find these on your bank statement or online banking account, or you can ask your bank directly.

Back to top

What if I don’t have a mobile number to provide?

You won’t be able to complete your Netagio transactions if you can’t receive the required security code on your mobile.

 

Back to top

Why is the mobile number mandatory when I sign up for an account?

We will send a unique code to your mobile to complete important transactions in your Netagio account. You cannot receive this code if you don’t have a valid mobile number.

Back to top

How secure is Authy?

Authy is extremely secure. The code is generated using a 1 way function (SHA-2) and a 256 Bits key. SHA-2 is published by the NSA (US National Security Agency) and it's approved by FIPS 186-2 to secure top secret data. Even if the attacker had access to hundreds of codes, it would still be mathematically impossible for him to generate a new valid code.

 

Back to top

Do I need to install Authy or have an Authy account to use two-factor authentication?

You don’t need to install the Authy App to use the Two-Factor Authentication with Netagio. It’s optional.

If you don't use the App, we will send you a SMS/text message instead.

For more information about the Authy App, click here.

Back to top

How does the two-factor authentication work?

It’s simple. We will send a unique code to your mobile number before you make an important transaction in your Netagio account.

You can choose whether to receive the security code via SMS/text message or by using the Authy App on your iPhone or Android phone. Click here for more information about the Authy App.

You can also use this feature when logging in to your Netagio account.

If enabled, we will ask you to enter the security code you receive on your mobile every time you log in to your Account.

Back to top

What is two-factor authentication?

The Two-factor Authentication is a security process involving two stages to verify and confirm your identity when you try to complete an important transaction in your Netagio account. 

It involves the presentation of two authentication factors:

- Knowledge factor: Something only you know - your Netagio account password

- Possession factors: Something only you have - your personal mobile device to which we send a unique code

 

Back to top

What can I do with Bitcoins?

As Bitcoin is designed to be a digital currency you can spend them on goods and services just like you use any national currency. There are an increasing number of websites and physical stores, restaurants and pubs that accept Bitcoins for goods and services; currently over 10,000 businesses around the world accept Bitcoins as an alternative payment. 

Back to top

What is an IP address restriction and how does it work?

IP address restriction is a security feature for advanced users that lets you limit the IP addresses from which you can access your account. Once you have specified the IP address(es) you want to restrict access to on your Security settings page when logged in, you won't be able to log in from any other IP address.

 

Once the restriction has been set, you will only be able to disable it if you are logged in through the correct range of IP addresses.

 

Please be aware that some internet providers change IP addresses on a regular basis, which could cause you to be locked out of your account.

 

If you are locked out of your account, please contact the Netagio Customer Care Team. 

Back to top

Who has access to the safe deposit boxes?

Only Netagio employees have access to the safe deposit boxes. Every Netagio employee undergoes thorough background security checks before they can join the team. Anyone who has access to the safe deposit box, Netagio or Bank employee, will only have access to the encrypted data.

 

The private keys stored on the USB drives and the paper copies are always encrypted. The Netagio employees who have access to the safe deposit boxes do not have the keys to unencrypt the data and vice versa to protect our employees and your coins. 

Back to top

How are the Bitcoins stored?

We store all Bitcoins using either online or offline storage methods. Online storage (also known as ‘hot storage’) keeps the coins connected to the internet for ease of use however with online storage there is always a very small risk that the security could be compromised. All digital currency stored online is securely stored in an encrypted database, based in the European Union and/or Switzerland. 

 

Offline storage (also known as ‘cold storage’) is the process of taking the coins that are connected to the internet and moving them offline, which is much safer than keeping them online.

 

 

We hold the largest possible amount of coins offline, all the while keeping enough coins online to allow you to send your available balance to another wallet. 

 

When storing offline, we pre-generate a number of private keys on an offline computer i.e. it never connects to the internet. We upload the corresponding list of public keys to our main system so we can send coins from our online storage to offline storage facility whenever needed. We store the pre-generated private keys encrypted on paper and on encrypted USB sticks, these are stored in multiple safe deposit boxes around the world.

 

To understand more about how we secure the online coins, please skip to this FAQ.

Back to top

What if I have lost my password and secret phrase?

If you have lost both your password and your secret phrase please contact the Netagio Customer Care Team. 

Back to top

When is the two-factor authentication required?

The two-factor authentication is required every time you send Bitcoins or withdraw money from your Netagio account.

 

We will also ask you to enter the two-factor authentication token each time you try to login to your Netagio account if you have enabled this option.

Back to top

Where do I store my Bitcoins?

Once you have created a Netagio account you will be able to store your coins with us. Find out more about our storage solution.

Back to top

How frequently will you pay me my referral commission?

Your commission earnings are calculated each calendar month and your dues will be paid into your Netagio account within 5 working days.

Back to top

How do you calculate how much referral commission I am owed?

You can earn up to 25% of the net sales margin on all trades made by your referrals if the referral places and successfully completes a trade within 30 days of visiting our site. 

Back to top

What do I need to do to activate the two-factor authentication in my Netagio account?

You don’t need to do anything to activate the two-factor authentication in your account. We are making all the necessary changes for you. You only have to make sure that you have provided us with the current valid number of the mobile you have in your possession.

If you also want to use this feature to log in to your account, please enable it on your Security settings page.

Back to top

Am I obliged to store my Bitcoins with Netagio?

We have conducted thorough research into the safest place to store your Bitcoins but they are yours and you are free to store them wherever you prefer. If you choose not to store your Bitcoins with Netagio you will be liable for their safekeeping.

Back to top

How secure is it to enter my bank details in Netagio?

Netagio only accepts bank details across a secure (SSL) internet connection. We also have multiple security measures in place, including 2-factor authentication to protect your information.

Back to top

How safe is Netagio?

It goes without saying when handling digital currency that the data security must always be the focus of what we do and no compromises can be made. With that in mind, below are some of the measures Netagio has put in place to protect your Bitcoins:

·    All data is stored in data centres that are certified to the ISO 27001 standard. The ISO/IEC 27001:2005 is an internationally recognised standard providing a framework for  managing a business’ security responsibilities.

·    Tried and tested security algorithms are used throughout the application and physical infrastructure upon which the application runs to ensure data is protected at all times.

·    Data is always stored in an encrypted format, using many different encryption algorithms, and some data is encrypted many times over.

·    We use a third party to conduct regular Penetration Tests (pen tests) to actively attempt to 'exploit' vulnerabilities and exposures in our infrastructure, applications, people and processes.

·    We run daily website vulnerability assessments and malware scans to help ensure the website is secure.

·    All sensitive data between your computer and Netagio runs over encrypted SSL, otherwise known as HTTPS. This is enabled by our encryption certificate which has been issued to us by Symantec Corporation. Our certificate provides the highest level of security they offer.

·    Periodic backups are deposited in safe deposit boxes in vaults around the world.

·    Two-factor authentication on all withdrawals from your account.

·    You can limit access to your account to specific IP address(es).

This is just a sample of the controls that we have put in place to protect to the currencies you hold with us.

Back to top

How do I reset my password?

If you have lost your password follow these 3 steps:

 

1.       Enter your email address.

2.       If you have setup a security phrase on your account, you will be asked for 2 random characters from you secret phrase.

3.       Check your mailbox for an email from Netagio and click the link in the email to setup your new password.

Back to top

How do you use the term 'currency'?

When we use the term ‘currency’ we mean the collection of two currency terms; national currency and digital currency. National currency is used to describe currency or legal tender issued by a nation's central bank or monetary authority.

 

Digital currency is electronic money that acts as an alternative currency. Currently, alternative digital currencies are not produced by government endorsed central banks nor necessarily backed by national currency.

Back to top

Where do Bitcoins get their value?

Bitcoins get value because people want them for different reasons and they are scarce which in turn increases their value. The amount of value depends on how much people want them and how scarce they are. The same applies to any commodity, like gold, for example. People want gold for different reasons, and it's very scarce - that gives it value.

Back to top

How often do you access the safe deposit boxes?

Due to the design of the Bitcoin network, we are able to send coins to the offline addresses whenever we need to, using our system and the Bitcoin network. The only time we need to access the safe deposit boxes is to replenish our hot storage location. 

Back to top

Where is my personal information stored?

All information stored with Netagio is securely stored in an encrypted database, based in the European Union and/or Switzerland.  

Back to top
Ask a question