Frequently Asked Questions

Are you new to crypto trading? You can Find the answers to the most frequently asked questions here.

Why do I need to setup an account?

Your email address is required to create an account that gives you access to your transaction history and account settings.
We do not share, sell or market to your email address.

What is a wallet?

A wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin, Ethereum or any other cryptocurrency, you will need to have a wallet.

There are different types of wallets:

HARDWARE
Hardware wallets Are the most secure and differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.

WEB-BASED
Web-based or Online wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.

DESKTOP
Desktop wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.

MOBILE
Mobile wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile device.

PAPER
A printed copy of your wallet key.

How does the Currency Hub platform work?

Our API is integrated into the largest cryptocurrency trading platforms, including Binance, Bittrex, Poloniex and HitBTC,. In the span of milliseconds, our system makes bids and asks on the trading platforms, then 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. 

How fast will my trade be processed?

The processing speed ranges from about five to twenty five minutes. Most orders process in just a few minutes. If the transaction is large, processing it may take longer, depending on the size of your transaction and the capacity of the block.

What’s the wallet address?

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.
Currency Hub does not provide wallet addresses and NEVER stores user deposits. To exchange cryptocurrencies on Currency hub, you need to provide a wallet address where you can receive your exchanged currency.

How do I get my cryptocurrency address?

When you decide which cryptocurrency (coin or token) you would like to acquire, find a reliable wallet such a Ledger, trust wallet or MetaMask. When you create a wallet, you automatically get an address and a private key. Keep your private key to yourself and never share it with anyone.

What is a recipient wallet address?

When you  buy a cryptocurrency (coin or token), you need to have it sent to a specific wallet address. The recipient address is your wallet, to which your cryptocurrency (coin or token) is transferred after the exchange.

What is a transaction hash? (TXID or TXhash)

The Currency Hub support team may ask for your TXID or hash when you submit a ticket. This is one of the the fastest ways for us to locate your order and resolve your issue. The TXID is the alphanumeric string that labels each transaction within the coin's blockchain.

What is a message?

A message is an additional tag that is required for certain XEM wallets. When you send or receive XEM, make sure that you input a message if required. 

If you do not input the message, you may loose your currency!

Why doesn’t Currency Hub fix rates?

We don’t fix currency rates because of the volatile nature of cryptocurrency, where the rate of any currency can fluctuate continuously. This is why the final rate may be slightly higher or lower than expected at the end of a transaction.Keeping the rates fixed would require us to cover market risks and currency volatility, which as a result would make our commission fee much higher. Instead, charge a  low commission fee (1%) and offers the best available rate at the moment the transaction is completed.

What is 2-factor authentication?

2FA authentication is a method for keeping your account protected. To log in to your account, you will need a second device (Smartphone) with the Google Authenticator app installed. You do have the option to not use 2-factor authentication but we strongly recommend using it to protect your funds. 

What are the minimum & maximum trade amounts?

We have no set amount restrictions. However, there are some cases when a minimum amount applies:If an amount is very low, make sure that it will cover all network fees required by a blockchain. This means that the amount you are going to send and the amount you are going to receive should be enough to cover input and output network fees taken by a blockchain. For large amounts, there are no restrictions, you are free to exchange as large a sum as you want. Note that in this case the time of transaction processing will depend on the capacity of the blockchain and the amount of network fees set by your wallet.

What are network fees?

Each time any amount of cryptocurrency is sent or exchanged, the currency goes through a blockchain. This process requires a small fee called a ‘network fee’. The network fee is a commission that a blockchain takes from the amount sent in each currency. It is critical to make sure that the amount you want to exchange is enough to cover the exchange fees for both the process of sending your original currency and receiving the new currency you want to buy.
 If the sent amount is too low to cover the fees of the network, the transaction will not go through and your funds will be lost.

Why is the final amount of funds different from the initial amount?

It can take some time to process transactions. Due to the high volatility of cryptocurrency, the final exchange rate can differ both in the positive or negative direction. We guarantee the best rate at the very moment of an exchange operation.

What happens if I send the wrong type of coin/token to the deposit address?

If you sent the wrong type of coin/token to the deposit address that you were given, contact support@currencyhub.io In some cases, we can begin a time consuming process to try and recover coin. Unfortunately, there are some cases in which your coin may be lost. It is important that you send the correct type of coin to your Currency Hub deposit address.

How do I cancel a transaction?

You can not cancel a transaction.  Blockchain transactions are irreversible. Once a transaction is made (currency is sent to a particular wallet address), it cannot be reversed. So, if you are going to exchange cryptocurrency, be sure to double check all payment details carefully before sending.

Why is my wallet address invalid?

If your wallet address is recognized as invalid, it is usually for one of the following reasons:

  • You confused Dash (DASH) with Dashcoin (DSH). These are two different coins with two different values.
  • You confused Factom (FCT) with Fantomcoin (FCN). These are two different currencies.
  • 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.

Why is my transaction still waiting for payment if I've already paid?

There are several reasons this might be happening:

  • ETC and ETH confusion. The addresses of Ethereum (ETH) and Ethereum Classic (ETC) have the same structure. If you send ETC or ETH, make sure that you've selected the appropriate transaction type. For example, if you create an ETH to BTC transaction, make sure that you send ETH, not ETC. Otherwise your transaction will get stuck.
  • Wrong XEM message. While sending XEM, make sure that you've put the correct message.
  • The transaction hasn't been included to a blockchain. Cryptocurrencies aren't stable, so minor errors sometimes occur. If this happens we will either refund you your currency or push the payment through if you can provide the hash (a tx ID) of your transaction.

Why does my transaction take so long?

As a rule our transactions take 5-30 minutes to be processed. It your transaction takes longer, this could be due to a variety of factors, including:

  • Blockchain overloaded. There are many transactions waiting to go through, including yours. This issue occurs on the Bitcoin and Bitcoin-based blockchains. Unfortunately, the only thing to do is wait it out. Currency  has no control over a blockchain overload.
  • Coin updates. We may turn off some coins to update a client. This can take some time. ou will get your money as soon as we turn it back on.
  • DDoS attacks. Every platform is subject to such attacks. Unfortunately, in this case the only thing to do is wait it out.  A distributed denial-of-service attack occurs when multiple systems flood the bandwidth or resources of a targeted system, usually one or more web servers. Such an attack is often the result of multiple compromised systems (for example, a botnet) flooding the targeted system with traffic.

When should I receive my tokens/coins?

Transactions take 5-30 minutes to be processed. If a transaction is large (worth over 1 BTC), processing may take longer, depending on the size of your transaction and blockchain capacity.