FAQ

To make an exchange, follow these steps:

1. Select the Desired Exchange Direction:
2. Review the Exchange Rules: Familiarize yourself with all the rules for the selected exchange direction.
3. Fill in Sender and Receiver Details: Enter the necessary details for the sender and receiver, and confirm your request.
4. Contact the Operator: Get in touch with the operator for further instructions (depending on the chosen direction) or to ask any questions you may have.
5. Pay and Complete the Exchange: Make the payment and complete the exchange process.

Please double-check the details you provide when creating the request. We are not responsible for errors made on your side.

The exchange rate is the price at which one currency can be exchanged for another. It represents the value of one currency in terms of another currency. Exchange rates are crucial for determining how much of one currency is needed to purchase a certain amount of another currency. Our service uses cryptocurrency exchanges like Binance.com and Whitebit.com to form the current rate. Please note that the service hedges request at market orders, and volatility can be up to 5%. For fiat currencies, the rate is formed based on the market rate. In cases of high volatility, the cross-rate can be formed based on the xe.com service rate.

Transaction processing takes some time. Due to the high volatility of cryptocurrencies, speed is crucial; however, the final rate may vary either positively or negatively. We guarantee the best rate at the moment of the exchange operation.

Once an exchange request is created, we fix the fee for the entire period of the active request. The rate is fixed based on the following criteria:

• Cryptocurrency:
  • At the moment of payment confirmation and AML check
  • At the moment of payout
• Cash (Fiat):
  • After counting and verifying the cash

Please understand that sending and confirming a transaction takes some time, so due to market volatility, you may receive slightly more or less than expected.

*If payment takes longer than the allotted time in the request and the client does not provide payment confirmation, the request will be deleted, and the fee will not be fixed.

*If the client sends the funds but does not provide confirmation within the allotted time, the fee will be calculated based on the payment confirmation.

Details on rate fixing can be found below in the "Rate Fixing Rules" section.

The process of exchanging cryptocurrency consists of several stages, each of which incurs different fees. Here are the possible fees:

• Network transaction fee when the client replenishes the account
• Trading fees charged by our liquidity providers
• Network fee for sending exchanged funds to the client
• Service fee for the provided services

Fees vary depending on the currency and exchange amount. For each exchange, 001k.exchange finds the fastest and most beneficial way for the user to complete the exchange. It is crucial for us that the final amount you receive is as close as possible to the calculated amount. Therefore, we carefully calculate all possible fees for each transaction and include them in the estimate.

Details on fees can be found below in the "Rate Fixing Rules" section.

The processing speed depends on the chosen type of cryptocurrency and the fee incurred for its delivery, which can vary from a few minutes to several hours. The higher the fee, the faster the transaction is processed. The processing speed also depends on the time required for the block to be created and confirmed in the blockchain network. If the transaction is large (more than 1 BTC or equivalent), it may take a bit longer to process, depending on the transaction size and block capacity.

When receiving cryptocurrency, the new owner cannot immediately use it. Once a transaction is made, it is sent to the network for execution and must be included in a block to become legitimate. The process of including a transaction in the found block is called transaction confirmation. Inclusion in 1 block = 1 confirmation. When the required number of confirmations is reached (each coin requires a different number of confirmations; details can be found in the Rate Fixing Rules section), the transaction is considered confirmed. This confirmation system ensures that transactions are secure and cannot be reversed or altered once included in the blockchain.

TXID (Transaction ID) is a unique hash code assigned to each transaction in the cryptocurrency blockchain. TXID is used to identify and track a specific transaction in the blockchain. When a transaction is created and sent to the network, it receives a unique identifier generated using a hashing algorithm. TXID is a string of letters and numbers; for example, in Bitcoin, it is a 64-character hash that looks like this:

b6f6991d6d12d909c78f93344a06a3d8f658cf0dbe6e2a25d6c9b21990fc5bf4

The user who sent the transaction can check its status by entering the TXID in a blockchain explorer to ensure the transaction is included in the block and get information about the number of confirmations.

The exchange is performed by an operator in a semi-automatic mode and takes from 5 to 20 minutes after payment is received for the request, depending on the load on our operators. Other reasons why your request may be taking a long time:

• Unpaid Request: If you have not paid the request and have not contacted the operator, the request is not considered paid. If you accidentally closed the page, contact our online support, and we will help you with this issue.
• Insufficient Funds: Check if the funds were debited from your account during the transfer. You may have forgotten to account for the PS or Bank fee, and you did not have enough funds for the transfer. Or, for technical reasons, the PS or Bank did not process your transfer. Be attentive! If the payment for the request is not received shortly after its creation, we will move it to the deleted requests.
• Incorrect Sender Details: Incorrect details may also delay processing your request. Carefully check the details when filling out the request. If there is an error, we will not be able to transfer funds to you, and the request will be moved to Errors. Contact us by email or through our website's online support to resolve this issue as quickly as possible. Once you provide the correct details, we will process your request promptly.
• Incorrect Recipient Details: Before sending funds to us, check if you copied our details correctly. We are not responsible for errors made on your part.
• Failed AML Check: If the transaction did not pass the AML check, please contact the operator.

If you send an asset that is not supported by 001k.exchange (the full list of supported assets is available [here](link to the list)), we, unfortunately, cannot guarantee a refund. Ensure that funds are sent to the address specified in the request and match the chosen network. If funds are sent to the wrong address or another network's address, we unfortunately cannot assist you. Keep this in mind to ensure your transaction always proceeds safely and without issues.

Each exchange direction has criteria for the minimum amount required for the exchange. If the amount you want to exchange is below the minimum, please contact our manager, and we will try to assist you.

Blockchain transactions are irreversible. If the funds have been sent, no one can cancel the transaction. Therefore, please carefully check all payment details before sending funds to anyone, including us or anyone else.

You can track the status of your application in your Personal Account in the "History" section. Additionally, if the status of your application changes, you will be notified via the email you provided when creating the application.

There can be various reasons. To successfully complete the exchange, please make sure you have done everything correctly:

• Check if you have correctly specified your transfer details (wallet, account, or card). If you provided incorrect details, your application will be moved to the "Erroneous" section, after which you will receive an email explaining the reason.
• Before transferring funds to us, check if you have correctly copied our details. We are not responsible for errors not caused by us.
• When transferring to our details, make sure that the funds have been debited from your account. If we do not see the funds from you, the application will be deleted.
• There may be a delay in the transfer on the part of the Payment System or Bank. In this case, we are unable to expedite the process, so you just need to wait. To find out the reasons for the delay, you can call or write to the Payment System or Bank support.

All reasons are individual, so if your reason does not fall under any of the above, you can email us or contact our online support on the website. We are always happy to help!

In case of any operations on the website after updating the functionality, you may have old files on your computer or other device. We ask you to update Cookies and Cache so that all functionalities work fully and without errors.

To use 001k.exchange, clients do not need to create any accounts. However, by creating an account, the client will always have access to their exchange history, can change user data, and much more, which adds comfort and speed to using our service.

However, there are some exceptions. 001k.exchange uses an automated risk management system to check all transactions. Each case is reviewed individually. In accordance with European AML directives, KYC rules, and platform requirements, we may ask you to provide a scan of your ID, valid in your country, as well as some additional information about the origin of funds if any of the aforementioned rules and regulations are violated.

Card verification is the process of confirming that the card (or account) belongs to its owner. This is a mandatory condition, without which you will not be able to exchange funds on our service. The conditions for card verification are simple and do not require much effort. For verification, you need to photograph only the front side of your card against the background of our website. The verification process will take a few minutes and is required only once for each new card. The photo should clearly show the card number and the cardholder's name, and in the background (behind the card) there should be a visible monitor with the 001k.exchange website opens on the created application page.

• You sent a deposit in the wrong network, provided that this asset is supported by our service.
• You created a transaction with the wrong coin.
• You selected a specific amount and then sent a different one.
• You sent several deposits for the same transaction.
• You sent a deposit significantly later than the exchange was created or completed.

• You sent a deposit for exchange at a fixed rate after the rate expired, provided that the rate decreased during this time.
• You made a transaction using the wrong contract address.

In such cases, we recommend contacting our support service.

If you have not yet sent the funds, there is no need to cancel the transaction; simply create a new application or cancel the application by clicking on the "Cancel Application" button (possible only if the application is in the "Unpaid" status). If you have already sent the funds for exchange or provided incorrect details for receiving funds, immediately contact our support service for assistance. Please note that blockchain transactions are irreversible. If the funds have been sent, no one can cancel the transaction. Therefore, carefully check all payment details before sending funds to anyone, including us or anyone else.

AML stands for "Anti-Money Laundering." It is a set of legislative and organizational measures aimed at preventing the use of financial systems for money laundering or financing terrorism. These measures include customer verification (KYC - Know Your Customer), monitoring financial transactions, and reporting suspicious activities.

The administration of the 001k.exchange service, due to the risk of crimes related to money laundering and financing of terrorist activities, has developed a mechanism for detecting such transactions and other illegal activities. For these purposes, the 001k.exchange service uses the web.amlbot.com service.

The administration of the 001k.exchange service constantly monitors all client transactions to identify abnormal or suspicious operations. For these purposes, the 001k.exchange service also uses the web.amlbot.com service.

By implementing robust AML procedures, we not only fulfill regulatory obligations but also contribute significantly to global efforts to combat financial crimes. These procedures help maintain the integrity of financial systems, protect customers from fraud, and support trust and stability in the financial sector. More detailed information about the procedure for checking transactions that fall under AML can be found here.

We take all necessary measures to protect your information from unauthorized access, alteration, disclosure, or destruction. We use modern technologies and organizational measures to ensure data security.

We store your personal information only as long as it is necessary to fulfill the purposes described in this Privacy Policy and in accordance with legal requirements and GDPR rules.

If you have been a victim of theft and suspect that the stolen funds were transferred to a deposit address at 001k.exchange, you should open a ticket with the support service and provide us with the following information:

• A detailed description of how and when the theft occurred.
• A list of all blockchain transactions and addresses involved (with clickable links).
• Information about initiated cases with local or international law enforcement agencies.

If substantial evidence is provided that the funds were indeed stolen, 001k.exchange will make every effort to temporarily freeze the assets. During the process, the police or law enforcement agencies must provide us with a report on the ongoing case within 14 days after you sent the request to the support service.

Please note that we can only return frozen funds upon request from law enforcement agencies. The request must have a clear intention to return the funds and contain information about the transaction in question.

Please send a digital copy of the request to [email protected].

Please note that the transaction may be stopped after the trading stage, depending on the timing of receiving the report on the stolen funds. In such cases, we can return the funds in the asset to which the exchange was made (in currency).

The service uses cryptocurrency exchanges binance.com, whitebit.com, to generate the current rate. The exchange rate is fixed at the moment of receiving a certain number of confirmations in the corresponding network exclusively during the working hours of the service, and only after providing proof of sending to our operator within 30 minutes from the moment of creating such an application. The required number of confirmations depending on the currency and network is indicated below.

Please note that the service hedges orders using a market order; exchange rate volatility can be up to 5%.

The amount to be received is calculated based on the actual payment amount of the application received to the service account 001k.exchange.

When exchanging cryptocurrency for cash USD, the amount to be received by the user in cash USD (A) is calculated by the formula:

(X–Y)*Z = A

where:

• X is the cost of the cryptocurrency on exchanges at the time it is credited to the service account 001k.exchange;
• Y - service commission 001k.exchange;
• Z — number of coins sent.

When exchanging cryptocurrency for cash EUR, AED, CAD, EUR, BAT, CHF, and other local currencies, the amount of cash (B) the user will receive is calculated using the formula:

((X-Y)/E )*Z = B

where:

• X - the cost of cryptocurrency on exchanges at the time it is credited to the service account 001k.exchange;
• Y - service commission 001k.exchange;
• E - cost of EURO to USD according to the market course; subject to strong volatility, the cross exchange rate can be fixed at the service rate www.xe.com;
• Z is the number of coins sent.

When exchanging cryptocurrency for cash in local currencies, the amount of cash (C) the user will receive is calculated using the formula:

((X-Y)/K)*Z = C

where:

• X — the cost of cryptocurrency on exchanges at the time it is credited to the service account 001k.exchange;
• Y — service commission 001k.exchange;
• K - the cost of the local currency to USD at the market rate;
• Z - the number of coins sent.

Service commission 001k.exchange (I) is calculated using the formula:

(P/L- 1)*100= I (%)

where:

• P - the cost of 1 coin on the service website 001k.exchange at the time it is credited to the service account 001k.exchange;
• L - the cost of the cryptocurrency on exchanges at the time it is credited to the account service 001k.exchange.

Attention!
When exchanging cash to cryptocurrency, the exchange rate is fixed after receiving confirmation of payment for the application during service business hours (the cross-rate of fiat currencies is calculated at the market rate; subject to strong volatility, the cross-currency rate can be fixed at the service rate www.xe.com).