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Crypto Currency FAQ

Crypto-Currency FAQ & Terms Of Service

1) What are Crypto-currencies ?

There is a comprehensive guide on Wikipedia, so rather than repeating it, the link is HERE.

2) Are they legal ?

Yes, it is perfectly legitimate to buy, sell, trade & exchange crypto-currencies for other currencies, or products & services

3) What are the regulations ?

Canada has brought in legislation regarding crypto-currencies meaning that exchanges to/from other currencies are to be regulated the same as any other foreign currency exchange. This means there will be certain ID requirements before transactions can take place. As of June 2017, this legislation is not yet in force, and there is currently no timetable for when this will take place.

4) Do I need ID to trade crypto-currencies ?

Like most dealers, we require ID prior to conducting any transactions involving crypto-currencies. If you come into our store, you just need 1 piece of Photo ID. If you wish to order by phone or online, you must send a copy of Photo ID plus a Proof of Address by email. You will only need to sumbit your ID once, then your account will be validated and you will be free to trade !

 

In store verification

 

 

1 piece of valid, unexpired Photo ID

 

Online verification

1 piece of valid, unexpired Photo ID

plus

1 Proof of Address, from last 3 months.

 

5) What forms of ID are acceptable ?

 

Photo ID Proof of Address
Drivers License Bank Statement
Passport Credit Card Statement
Firearms License Property Tax Bill
Permanent Residence Card Water / Sewer Bill
Provincial ID Card Power Bill
  Phone / Internet / TV Bill

 

6) Can I buy / sell crypto-currencies the same as gold and silver ?

Broadly the answer is yes, however, there are a few differences listed below...

  • We must receive funds for your transaction in advance of locking in your price. So if you want to buy some crypto-currency products, you will need to
  1. Advise us of your order
  2. Send funds
  3. On receipt of funds, we book the transaction at the current rate.
  • We have a limit on how much crypto-currency we can sell each day. It takes time to send funds to the various exchanges, meaning we may "run-out" of Bitcoin at times, whilst we wait for funds to clear at the exchange.

7) Can you send my crypto-currency to my wallet ?

Yes. Please make sure your wallet ID is correct in your account details, as this is what we will use to send your crypto-currency. Once sent, transactions are irreversable. for larger orders, we may send a small amount first to confirm the details. We send out crypto-currencies after 5pm local time each day.

8) Is my crypto-currency in your Vault accounts secure ?

Yes, we use "Offline Cold Storage" for the majority of our crypto-currency. Whilst we keep a small balance at the exchange for daily trading, we keep the majority in a wallet that is secured using cryptographic keys known only to us. These are stored on a dedicated hardware device which is stored in our safes with our precious metals. It is not connected to any computers, or the internet, and even when connected to validate a transaction, the keys never leave the device. Backup security codes are also kept in other secure physical locations.

9) Are there any commissions or fees ?

The price you see is the price you pay, inclusive of all exchange fees, commisions and brokerage. However, if we send bitcoin to your wallet, then the bitcoin network will take a commission deducted from the bitcoin transfer, so you will receive slightly less than we send. This varies depending on the amount of bitcoin transactions being processed worldwide at the time, but is typically equivalent to $5-$10 depending on how busy the network is.

10) How do I sell my Bitcoin/Ethereum/Litecoin ?

If you have your crypto-currencies in our Vault Account, you can just phone your sell order, or do it in person in our stores. We can pay out by any of the usual methods (Cash, Cheque, Email Money Transfer etc)

If you have crypto-currencies in your own wallet, you need to send them to us first. Once they are confirmed received, we will call you to lock in the price and sell them.

To get an address to send your crypto-currencies to us...

  1. Log into you account on our web site by clicking LOGIN at the top of the page.
  2. Click on the MY ACCOUNT button at the top of the page.
  3. Under the My Orders section, click on the link Request Address to send Crypto-Currencies to us.
  4. Follow the instructions on-screen

Please allow approximately 1 hour from sending your crypto-currency for enough confirmations before we can confirm receipt.

11) Bitcoin Gold.

On 24th October, some developers split from the main Bitcoin blockchain, effectively starting a new bitcoin variant. This is generally referred to as Bitcoin Gold. In theory, everyone who owned bitcoin before the split now owns an equal amount of Bitcoin Gold. However in practice, the blockchain for Bitcoin Gold is currently not supported by the majority of hardware wallet providers and many exchanges. There are also practical problems with the implementation of Bitcoin Gold in that if someone sends Bitcoin Gold, they are vulnerable to also losing an equal amount of their bitcoin (there is no 'Replay' protection) This means that until such time as hardware wallet developers and exchanges can support Bitcoin Gold without risk of losing bitcoins, then we are unable to support it or trade it. Should Bitcoin Gold become supported by hardware wallet providers, then at that point we will be able to credit clients accounts with Bitcoin Gold. However we have not been give any timeframe as to when that may happen.

Terms Of Service - Please Read !

Due to the constant growth and change in the crypto-currency space, the operation of buying and selling is not without its challenges. Problems can and will arise. As such we have the following Terms Of Service when dealing wih crypto-currencies.

By using The Atlantic Gold and Silver Centre, accessing the website, or using any service provided by The Atlantic Gold and Silver Centre, you agree to the following terms of service. Continued use of the The Atlantic Gold and Silver Centre website demonstrates that you agree with our terms of service.

Throughout the following terms of service, The Atlantic Gold and Silver Centre may be referred to as "us", "our", "we", and "the website".Users of The Atlantic Gold and Silver Centre include but are not limited to registered members, as well as any visitor who uses the website in any way, shape or form. The term cryptocurrency may be used to describe any form of digital currency, including but not limited to Bitcoin and Ethereum.

By opening an account or accessing the The Atlantic Gold and Silver Centre Website, you agree to the following terms:

  1. The Atlantic Gold and Silver Centre will employ its best effort to execute and fulfill cryptocurrency trades on behalf of a user. However, we assume no liability for inability to execute trades for any reason including but not limited to exchange unavailability, uncleared funds, network connectivity issues, changes in regulations, changes in exchange rules.
  2. You accept both the Terms of Service and the Privacy Policy. These policies may be changed at any time, with or without notice. It is your responsibility to regularly review the policies of The Atlantic Gold and Silver Centre.
  3. You are a least 18 years of age, or the age of majority in your country.You must not be a resident or citizen of the United States of America or any territories of the United States of America.
  4. You accept that the purchase and sale of cryptocurrency (Bitcoin, Ethereum, etc.) involves risk. Due to the constant price fluctuations, you may increase or lose value in your assets at any time. You acknowledge that in no circumstance shall The Atlantic Gold and Silver Centre be responsible for any loss that you incur.
  5. Users agree that cryptocurrency prices are often unpredictable and experience swings due to a variety of reasons, including government interference, market conditions and speculation.
  6. The Atlantic Gold and Silver Centre does not set the current market price.
  7. Any trading decision based on information provided by The Atlantic Gold and Silver Centre shall be the responsibility of the user alone. The Atlantic Gold and Silver Centre assumes no responsibility for any action that is taken in the course of using the The Atlantic Gold and Silver Centre website.
  8. The Atlantic Gold and Silver Centre does not provide, offer or exchange securities, investment contracts or any other form of financial instrument that may be considered by law to be a "security".
  9. The Atlantic Gold and Silver Centre is not a bank, and therefore is not protected by CDIC. Fundings, whether they be in a national currency or digital cryptocurrency are not protected by any government insurance policy.
  10. The Atlantic Gold and Silver Centre is NOT a financial institution, bank, credit union, trust, or deposit business. We DO NOT take Deposits. We exist solely for the purposes of buying and selling gold, silver and cryptocurrencies.
  11. The The Atlantic Gold and Silver Centre website and any related service is provided "as is". We make no warranties, expressed or implied.
  12. Any user that breaks any law in their jurisdiction of residence or nationality by using any service provided by The Atlantic Gold and Silver Centre shall be liable for any damages incurred by The Atlantic Gold and Silver Centre as a result.
  13. Any user that breaks any law in their jurisdiction of residence or nationality by using any service provided by The Atlantic Gold and Silver Centre agrees to forfeit any assets within their The Atlantic Gold and Silver Centre account, at the discretion of The Atlantic Gold and Silver Centre or its employees.
  14. In the event that The Atlantic Gold and Silver Centre or its directors face legal action as a result of your actions, you agree cover any damages, including legal fees, that The Atlantic Gold and Silver Centre incurs as a result.
  15. To the full extent permitted by applicable law, You hereby agree to indemnify The Atlantic Gold and Silver Centre, and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of The Atlantic Gold and Silver Centre or its services, or from your violation of these Terms of Use.
  16. Market information on The Atlantic Gold and Silver Centre is not delayed. However, in the event of a network outage or similar situation, users acknowledge that The Atlantic Gold and Silver Centre bears no responsibility for any delays.
  17. It is the user's responsibility to secure his or her The Atlantic Gold and Silver Centre account. It is your responsibility to guard your password. Sharing your password with a third party constitutes a breach of this contract. Any loss that occurs as a result of negligent security practices, whether it be on the part of the user, or The Atlantic Gold and Silver Centre, will not be the responsibility of The Atlantic Gold and Silver Centre, its directors, associates or employees.
  18. The content and services provided by The Atlantic Gold and Silver Centre are for informational purposes only and are not intended to provide legal, financial, tax, accounting or investment advice. We assume no liability for any information provided by our employees, directors, or affiliates, regardless of its accuracy. Any action taken by a user is their decision, and users absolve The Atlantic Gold and Silver Centre of any liability for any outcome that may occur.
  19. The Atlantic Gold and Silver Centre is based in New Brunswick, Canada. We comply with all local laws. It is the responsibility of the user to ensure that they are in compliance with their local laws.
  20. In no event shall The Atlantic Gold and Silver Centre or its associates, affiliates, or subsidiaries be liable for any damages, including damage for loss of data or profit, arising out of the use of the services of materials provided by The Atlantic Gold and Silver Centre, even if The Atlantic Gold and Silver Centre is negligent in any way.
  21. You attest that you are not a criminal, are not associated with any criminal activity, and that all funds that are sent to The Atlantic Gold and Silver Centre are free from any criminal association, are not the proceeds of crime, and are not derived from any criminal activity.
  22. The Atlantic Gold and Silver Centre reserves the right to modify, add or remove any article from these terms, at any time, and at our sole discretion.

 

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