Karatbit FAQs

Karatbit Exchange

What is KARATBIT?

KARATBIT represents a platform which encompasses all features of a digital economic system based on cryptocurrency. The KARATBIT platform consists of core elements such as an e-wallet, a cryptocurrency exchange, and a native token. Additionally, it provides related features and services such as market cap rankings, token listing and merchant tools (namely, a payment gateway or point of sale), a merchant list, and an early version of a cryptocurrency-friendly marketplace. All of the above aim to facilitate the mass adoption of cryptocurrency. KARATBIT is continuously adding new features and services.

What is KBC token?

It is our very own gold backed cryptocurrency.

How can I use KARATBIT?

On KARATBIT you can deposit, buy, sell, trade, exchange and withdraw cryptocurrencies and fiat money, and participate in trading promotions and token sales.

How can I register a new account on KARATBIT.COM?

Registering a new account on KARATBIT.COM is simple:

  1. Go to KARATBIT.COM and click “Register” in the upper right part of the screen;
  2. Fill in the fields in the account registration form, including your email address, username, and password. You are required to create a username and password, so please make sure that the password is strong, and that you store your keys in a safe place (on your computer or a piece of paper);
  3. Read, understand, and agree to the Terms & Conditions. Check the boxes that say “By clicking the checkbox you agree to the terms and conditions” and “I’m not a robot;”
  4. Click “REGISTER ACCOUNT;”
  5. Check your email. You will receive a confirmation email from KARATBIT in your mailbox. Open it and click on the confirmation link inside to finish your account registration; Note that you will be receiving a confirmation email for each login action on your account.
  6. You're all set! Log in to your account with the username and password.

Your cryptocurrency wallets will be created automatically once the account is registered. To use the platform, you will be required to submit personal information and some documents for verification.

How can I login to Karatbit with my existing Karatbars username and password?

If one has a karatbars account, there is no need to register for a new account in Karatbit to start using it.

  1. Go to KARATBIT.COM and click “Login” in the upper right part of the screen;
  2. Click on the "Sign In with Karatbars" button
  3. A window will popup prompting you to enter your username and password (note, if you have a pop-up blocker installed, it may prevent this window from opening. Please allow it.)
  4. Enter your Karatbars credentials and click "Login"

You're all set. You will be taken in to the Karatbit homepage.

I signed up with Karatbit without using my Karatbars credentials / before registering with Karatbars. Is there any way to link Karatbit to my Karatbars account?

It is really easy to link your Karatbars account to a registered Karatbit account, simply do the following:

  1. Go to KARATBIT.COM and click “Login” in the upper right part of the screen;
  2. Type in email address and password that you registered with and click "Login". If you have 2-Factor Authentication enabled, go to step 3, else move on to step 4.
  3. Enter the 2-Factor Authentication code sent to your mobile device in the "Secret Code" field.
  4. You should be at the Home Page. Click on Settings / Karatbars Authentication / Karatbars
  5. Enter your Karatbars username and password and click "Login".

You're all set.

Oops, I linked the wrong Karatbars account to my Karatbit account. What do I do? Or how do I know if I linked my account correctly?

If inadvertently connected the wrong Karatbars account to a Karatbit registered account, or just want to check to confirm that your account is in fact linked, simple do the following:

  1. Go to KARATBIT.COM and click “Login” in the upper right part of the screen;
  2. Type in email address and password that you registered with and click "Login". If you have 2-Factor Authentication enabled, go to step 3, else move on to step 4.
  3. Enter the 2-Factor Authentication code sent to your mobile device in the "Secret Code" field.
  4. You should be at the Home Page. Click on Settings / Karatbars Authentication / Karatbars
  5. A window will popup with 2 buttons. 'Continue as (username)' which shows the username currently linked. Or 'Use another account'.
  6. If the correct account is linked, simply close the popup window. If in fact it is the wrong username, click on 'Use another account' and enter the intended username and password.

You're all set.

How can I enhance the security of my account?

Here are some ways to improve your security:

  • Always use two-factor authentication on your accounts (including e-mail).
  • Use a different password on all platforms.
  • Use an encrypted email service.
  • Avoid using public Wi-Fi.
  • Store only the amount of coins that you are trading on the exchange and move long-term holdings to offline wallets.

How can I make a deposit to a crypto wallet?

To deposit to your wallet, please follow the steps below:

  1. Log in to your account and click on “Wallet” in your account dashboard;
  2. Choose the cryptocurrency you wish to deposit;
  3. A deposit address will appear in the pop-up window along with a QR-code. If depositing from an app on your smartphone, go to step 4. If depositing from an online wallet service provider via web browser, go to step 5.
  4. Open your crypto app, select send, then scan the QR-code with your smartphone. Go to step 6.
  5. In another browser tab, login to your external wallet provider, select the relevant menu to "Send funds". Paste the address from step 3 into the receiver's field, in addition to the desired amount to send, then Accept (or whatever is the relevant button to perform the action). Some may have a preview page to confirm transaction as well as their own 2FA, if activated.
  6. Return to the Karatbit Dashboard and refresh the screen. Sometimes it may take a little while to receive funds in the wallet, depending on blockchain activity in the relevant crypto. Be patient and it will appear.

How can I make a deposit to the USD wallet?

There are two ways to deposit to the USD wallet, either via wire transfer or via Unival (instructions in another section). For depositing USD via wire transfer, please follow the steps below:

  1. Log in to your account and click on “Wallet” in your account dashboard;
  2. Click the Deposit button next to the USD wallet;
  3. Wire Transfer Instructions will appear for either USD or EUR (Calculated in USD) deposits, along with reference number. Copy and Paste this information to make arrangements with the relevant banking facility.
  4. Give the bank time to complete the transaction, which may take a few days. Be patient and it will appear.

How can I make a deposit to the USD wallet using Univals (UNV)?

There are two ways to deposit to the USD wallet, either via wire transfer (instructions in another section) or via Unival. A Unival or UNV is a unit of exchange for Karatpay cashgold, where 0.1g cashgold = 1 UNV. One obtains UNV by obtaining Cashgold on Karatbars.com and loading them on the Karatpay ewallet. Once this is done, to deposit to the USD wallet using Univals, please follow the steps below:

  1. Log in to your account and click on “Wallet” in your account dashboard;
  2. Click the Deposit button next to the Unival wallet;
  3. A window will popup requesting the amount of UNV to deposit. Type in the figures of the required amount, adding '0's at the end until the display matches the amount desired to deposit.
  4. Click on the Deposit UNV button.
  5. A window will popup to facilitate karatpay payment (If one has popup blockers, this one should be Allowed.)
  6. Confirm the total amount of UNV to be paid, then enter the KaratPay email address and password of the account from which the payment is to be made.
  7. Once payment is successful, close the window. Return to "Wallet" in your account dashboard.
  8. Click on the Exchange to USD button
  9. Enter the desired amount of UNV to convert. The equivalent USD amount will be displayed. Adjust the UNV as required until the desired USD amount is shown.
  10. Click on Convert. The amount will immediately be added to the USD balance.

Note that the immediacy of updating USD from Univals makes this option much faster than the Wire Transfer approach. Another incentive for those desiring to trade in crypto to register with Karatbars.

I deposited a small amount and the balance is showing zero. Have I lost it? What is the required minimum deposit?

The minimum amount that you can deposit is 0.005 BTC or 0.1 ETH. If your deposit is lower than that, the amount will not be reflected in your wallet balance. To be able to see or use your funds, you will have to make a deposit that is equal or higher than the minimum amount. For example, if you attempt to deposit 0.003 BTC, you will need to make another deposit for at least 0.002 BTC before the total 0.005 BTC is reflected in your wallet balance.

How can I make a withdrawal?

To make a withdrawal to your Wallet, please follow the steps below:

  1. Log in to your account and click on 'Wallet' in your account dashboard;
  2. Choose the cryptocurrency you wish to withdraw and click the withdraw icon;
  3. Copy and paste the receiver’s public withdrawal address;
  4. Enter in your 2 Factor Authentication token from your Google Authenticator app;
  5. Check your email linked to KARATBIT account to which we've sent a withdrawal confirmation link. Click on this link to confirm transaction;
  6. You will receive another email from us confirming that your withdrawal is complete. You’re done!

How can I activate 2FA?

To activate 2FA please take the following steps:

  1. Log in to your account on KARATBIT.COM
  2. Click 'Security' on the left-side menu on your Dashboard.
  3. Enter your password and click 'Submit'.
  4. Scroll down to the bottom of the Security page and click 'Activate 2FA'. NOTE: For extra security, you may consider a backup of your 2FA key by taking a screenshot of the QR code before scanning it and store the image in a secure location on your computer, or by writing down the seed/private key that is displayed with the QR code.
  5. Install the Google Authenticator mobile app from GooglePlay or iTunes.
  6. Open the app and click '+', then choose 'Scan barcode'. Once you've scanned the barcode from your KARATBIT account, you'll be able to see the verification code in your Google Authenticator mobile app.
  7. Make sure that the time on your smartphone and PC is synchronized. Check the date and time settings on your devices for that.
  8. Enter the code from the mobile app in the Two-Factor Authentication field inside your account on karatbit.com. Once you’ve succeeded, you'll see the following text under the Two-Factor Authentication field: "2-Factor Authentication is currently enabled on your account".
  9. Enter the code from the mobile app in the Two-Factor Authentication field inside your account on KARATBIT.COM\. Once you’ve succeeded, you'll see the following text under the Two-Factor Authentication field: "2-Factor Authentication is currently enabled on your account"

How can I de-activate 2FA?

You can deactivate 2FA by following the steps below:

  1. Select "Security" and go to "Two Factor Authentication."
  2. Press "Deactivate 2FA."
  3. Enter your previous 2FA code and click "Confirm."
  4. You will see a barcode to scan. Below the barcode, click “First, show private key for back up" to receive the recovery code.

Note: If you have lost or replaced the device which previously received your 2FA codes and is locked out of your account, our support team will need to manually reset it. Please allow 2-5 business days for support to process the request, as our staff receives a high volume of requests daily. In the future, please back up your 2FA key when you enable it.

My 2FA is not working

Please try the following:

  • Try clearing your cache or using a different web browser.
  • If you are entering the code and the time has finished on Google Authenticator, try to enter the old code again, even though the authenticator has given you a fresh new code. Sometimes helps to click the enter button again.
  • If you have lost or replaced the device which previously received your 2FA codes and are locked out of your account, our support team will need to manually reset it. Please allow 2-5 business days for support to process the request, as our staff receives a high volume of requests daily.

In the future, please back up your 2FA key when you enable it.

How can I cancel an order?

To cancel an order, please follow these steps:

  1. Select the trading pair with the open order from the exchange list;
  2. Scroll down to “MY OPEN ORDERS;”
  3. Select the order that you want to cancel;
  4. Click on the “X” on the right.

Which verification documents should I provide?

For account verification purposes, we only accept passports, driving licenses, utility bills, internet bills, and bank statements.