How it work

First things first: Things you can do at Virtual Currency Exchange

As a verified user, you will be able to trade, transact with, accept and store bitcoin. You can send bitcoin to your friend's email address (who may not have an Virtual Currency Exchangewallet), request bitcoin from a friend (who may not have an Virtual Currency Exchangewallet), and address book option to store multiple wallet addresses, even generate paper wallets to keep your bitcoin safe and then easily import those addresses to your address book. Now you may also top-up your mobile/DTH directly from your Virtual Currency Exchangeaccount by paying through bitcoin.

REGISTRATION AND VERIFICATION

How to get started

Registration

On the home page, enter a valid email id and password of your choice and hit REGISTER NOW button. A validation email with a link will be sent to the email id entered, once clicked on the link to verify your email, you will be directed back to Virtual Currency Exchange.com to continue with the registration process. Please read and accept the terms and conditions to complete your registration.

Verification

Once registration is complete, your account is in an 'unverified' status. To start the verification process once logged in, go to the 'Edit Profile' page on 'Account Settings' (menu on the left) and enter the requested details. Name (as mentioned in your PAN card), PAN number, phone number and your address. In the subsequent form, upload a scanned copy of your PAN card and a valid address proof with a photograph. Please note the scanned copies should be clear and legible. This will move your account status to 'Verification Pending'. You will receive a phone call verification from one of our team members for verification, once completed your account will be verified and ready for use.

Verified accounts

Once your account has been verified, you will be able to buy and sell 10 BTC/ day with no limits on sending and receiving BTC. Regular and continued buy/sell transactions over a period of 60 days will upgrade your account to our premium 'Gold Member' service with lower transaction fees and higher buy/sell limits. The last step would be to add your bank account details to your profile by visiting Account Settings > Bank Accounts.

dEPOSITING/RECEIVING AND SENDING/WITHDRAWING BITCOIN

Your Virtual Currency Exchangeaccount comes with a bitcoin "wallet"

Wallet

Once you are a verified member, you will receive a wallet address which can be seen on the "Send/ Receive Bitcoin" page. This wallet address is unique to your account.

Deposit / Receive bitcoin in your Virtual Currency Exchangewallet

You can start receiving bitcoin to your Virtual Currency Exchangewallet address (on the "Send/Receive Bitcoin" page). We use Bitgo service to receive bitcoin deposits to your Virtual Currency Exchangewallet. This process takes not more than a minute or two, with the rare exception of upto two hours. Please note the bitcoin can be sold or sent to another recipient only after the deposit has 3 confirmations which takes approximately half an hour. In the "Account Settings" page under "Notifications", the user may avail the option to receive an email notification whenever a deposit is made.

Send / Withdraw bitcoin from your Virtual Currency Exchangewallet

The bitcoin you may have stored in your Virtual Currency Exchangewallet can be sent to yourself (another bitcoin wallet address), or to a friend's bitcoin wallet address or even to an email address that is registered on Virtual Currency Exchange. You may also send bitcoin as a gift to an email id of your loved ones (in India) who may not have a Virtual Currency Exchangewallet (this email would also include an introduction to bitcoin and the process to claim the bitcoin sent to them). When sending bitcoin from "Send/Receive Bitcoin" webpage, you will notice there is an option to either type in a bitcoin address or an email id of the recipient, or a bitcoin address from your own address book. Next, enter the BTC amount you wish to send. You can also add a note for your recipients reference. Finally, hit the 'Send Money' button. Depending upon the amount of bitcoin you are trying to send, the server may mark the transaction as pending for admin approval or until we feed extra bitcoin to fulfil the transactions from our offline wallets.

If you send bitcoin as a gift to an email id that is not registered on Virtual Currency Exchange, you will then receive a message when the recipient registers on Virtual Currency Exchangeand claims the bitcoin/gift. If the recipient fails to claim those bitcoin/gift in 7 days, you will get a new message which will allow you to reclaim those bitcoin.

Requesting Bitcoin to your wallet

You can request bitcoin from a friend who may not yet be registered with Virtual Currency Exchangeusing their email id. An email is also sent to them regarding your request which would also include an introduction to Bitcoin and the process to fulfill your Bitcoin request.

BUYING AND SELLING BITCOIN

A simple process

Buying Bitcoin

Once you are a verified member, you will be able to buy bitcoin on Virtual Currency Exchange. Click on 'Buy/Sell Bitcoin' link, goto "Buy Bitcoin" page and enter how many bitcoin you would like to buy or for how much in INR. You would be paying for the bitcoin using your INR balance and this process is instanteneous.

You can either opt to receive the bitcoin on your Virtual Currency Exchangewallet or to a different wallet address (bitcoin address) that you can provide while purchasing. You will have to confirm the purchase in the confirmation window before your order gets placed.

Buying Bitcoin

You can only sell those bitcoin stored in your Virtual Currency Exchangewallet. If your wallet has insufficient BTC to be sold, please make sure it is replenished before you put out a sell order. You will need to add your bank details before you proceed to 'Sell bitcoin'. This will be the bank account where you will receive INR after the successful sale. The name on the bank account should be the same as your name in your Virtual Currency Exchangeprofile (initials,expansion or abbreviations are acceptable). The bank should have an IFSC code for us to pay you using NEFT/RTGS. You can find the IFSC code on the bank cheque or by contacting your bank. Once you have added a bank account, go to "Sell Bitcoin" page and enter how much bitcoin you are willing to sell. Lastly confirm your sale in the confirmation box. We need upto 3 working days to process your order. Once processed, most payments are made via NEFT/RTGS which is usually credited on the same working day but can take a maximum of 1 working day.

Depositing and withdrawing INR

OUR SERVICES

Virtual Currency Exchangestill has many more services to come... and we keep adding new ones

Two Factor Authentication

You can set up double authentication by using the Google authenticator. You need to have your mobile phone generate a unique 6 digit code to login and spend funds. Google authenticator is available for Android, iOS devices and Blackberry devices.

Paper wallets

Visit 'Paper/Import Address' webpage to generate offline paper wallets (public & private key pair) that you can print and store safely. These addresses are generated using the client side javascript. This means that our servers would be unaware of the address your browser generates for you. Before you use the address on the paper wallet, make sure you have taken a print out. Once you hit the 'Print' button, you will have an option to add that address to your address book along with a nickname to it. Your address book will be visible when you send bitcoin from your wallet. A 'nickname' to all addresses in your address book will prove to be helpful for future reference.

Notifications

To enable/disable receiving email notifications regarding activity on your account, please go to Account Settings -> Settings web page to have this set up. You may enable notifications for deposits, withdrawals or even for purchase and sale of bitcoin, OTP through email. There maybe further notification options added in the future.