We do not charge any additional fees. The price you see before you buy on the screen is what you will pay. You will also know exactly the number of bitcoin you will get. Our price usually ranges around 4.58 percent above US bitcoin price. Please make sure you check the price before you buy.
How do we compare to the online exchanges? We do not have hidden fees. Most exchanges charge you fees to deposit and withdrawal, a transaction fee on top of the price and then make you pay for miners fee. We don’t charge you anything on top of the price indicated on the screen. Again, the price you see is what you pay.
Do you accept 1000 notes?
We accept 50, 100 and 1000 notes. We used to accept $10 notes then spend $27 to send the bitcoin so it is not practical.
Can you tell me what is the current price?
The price on the machine is pegged to the various exchanges and fluctuates every 5 -10 mins.
How do I know your selling price?
The selling price is shown on the machine screen before you purchase your bitcoins.
How can I sell my bitcoin?
Hong Lim Complex
There are two machines, the 24/7 is currently one-way. The second machine inside the office is available only during office hours between 9am to 5pm. We buy bitcoin enough to fill demands for the Bitcoin ATMs. You can sell bitcoin, min SGD50.
The machine is currently two-way. You can buy and sell bitcoin or etherium. Again we only buy enough to fill demands.
I put in some cash into your machine and I did not get my bitcoin in seconds.
We are sorry for your inconvenience. When the inventory is low or the machine is almost sold out, the last few transactions will not be processed immediately. The bitcoins will be sent manually in 1 or 2 business days after we have reconciled.
What if I want to withdraw cash?
In bitcoin’s term you are selling bitcoin for SGD. Please see point #8.
What is your rate if I sell to you?
Normally we buy at market (spot rate) minus around 3.58 percent.
Do you sell Etherium and other altcoins?
Yes, we are selling ETH at our office and at Tampines One.
Can you recommend a bitcoin wallet?
Any bitcoin wallets can be used with our Bitcoin ATM when you are buying bitcoin. However, when you are selling bitcoin or cashing out, you will need to use a local wallet; not connected to an online exchange. Why? The local wallet will add the transaction fees on top of the amount you need to send, so the amount received by the machine will be correct.
An exchange wallet will deduct the fees from the amount specified, as a result, the machine will not receive enough bitcoin to dispense the cash. Research your bitcoin wallet carefully some charge a hefty fee do take the time to make certain you choose wisely. Use only wallets you can download from your phone’s official App Store (for iPhone Users) or Play Store (for Android Users). You can start your research on GreenAddress and Bread.
What if I can’t scan my QR code?
Normally there are three reasons why customers have problem when the machine is in operations: 1) phone screen isn’t bright enough 2) QR Code is not clear 3) Not a bitcoin wallet.
Your machines are down?
The machine at Hong Lim Complex is always up during office hours. However, sometimes at night it would go to blank screen mode. We are in the process of repairing it. The Tiong Bahru Plaza and Tampines One machine are working all the time. For update on machines status, please follow us on twitter @bitcoinatmsg.
The machine is online but isn’t accepting any notes, why?
Please do not buy from us if you don’t understand bitcoin and the risks involved. We cannot guarantee anything other then the fact that once you put money in the machines we will send your bitcoin according to the price at the time of transaction (immediate). We pay adequate to high transaction fees for each trade. However, we cannot guarantee that the miners will process the transactions in a timely manner. Your transaction could be stuck as, “unconfirmed” for a long time. Please be mindful of how bitcoin works. Do not buy from us if you are unsure of the risks.
When will you be able to respond to my inquires?
Under normal bitcoin market conditions we will reply to you within 24 to 48 hours. This time frame is much longer during recent surge in demands, high fees and network congestions.
Can I get my money back?
Yes, technically it is a possible, but it is not that simple, and never happened before. Why? Once you purchase from the machines, bitcoin would be sent to you almost instantly, (we no longer have access to the bitcoin sent) the transaction is live on the network as unconfirmed, miners will need to confirm it as part of the blockchain, this process can take up to 2 weeks, normally it doesn’t.
After the 2 weeks, the transaction will be dropped if it fails to be confirmed. At that time, we could issue a refund in cash for the amount you have paid. We normally pay adequate to high fees, for the miners to process the transactions, so our transactions has never failed to be confirmed.
The most important part to keep in mind is that Bitcoin is a peer to peer distributed network of independent nodes that works together, once a transaction has been sent, there is no way to recall or cancel the transaction.
What if I want to buy large volume can you make sure you have enough stocks?
First quarter of 2018, if you are buying 1.5 btc or more and you want to lower your cost of buying, please connect with our Direct Buy Desk (DBD) by messenger or telegram.
How can I get access to your exclusive VIP, insiders information on what’s happening so I can stay informed?
I’ve sent an email/FB Message/Contact Form/Twitter post, when will someone get back to me?
During normal condition expect a reply between 1-2 days, except weekends, high congestions please increase time to 3-5 days.
How do we compare to OTC?
The term OTC or over the counter meaning you place an order to buy bitcoin with someone directly. In recent months we are seeing a surge of OTC providers. While some of these are crediable many are not. The crediable few make money by selling in volume like 100 bitcoin per transaction.
We were approached by a few smaller provider, less credible and uses bait and switch method to con us, promising to supply us with unlimited supply of bitcoin, we are always in the market to buy, after going thru lengthy forms, gave up all of our corporate details and waited for days for approval, the first transaction had a small fee of about 1 percent above market. That is the bait because it is believable.
The switch is, subsequent orders all had hidden fees 3 to 4 percent. This is a classic bait and switch practice, made illegal in the States, we found this to be the case in many of these OTC shops. We think some of these OTC shops only wants our pacticular personal details and not interested in selling bitcoin.
Do we make sales call to customers?
Still, more aggressive OTC shops will pretend that they are us, we had one customer compained that she had been harrased with endless phone calls asking her to buy bitcoin, she quickly realised that it wasn’t coming from us. We do not make direct calls to customers, we do not know who you are, for the most part.
The bottom line is if they can con us, we think you need to be extra careful, please be alert.