Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by lots of people running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency.
BTC Monk Bitcoin Exchange is an online trading platform that allows users to trade bitcoins with each other in real time, 24/7/365. We are incorporated in the province of British Columbia, Canada and operate under a valid money services business (MSB) licence issued by Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
After you have deposited funds you may place a live order. Please go to the Trade page and choose the type of order you would like to create: Instant or Limit. Your order will execute automatically when a matching order appears in the order book.
To cancel your open order go to Open Orders and click the Cancel button. Please note that if your order has already been executed partially, only the remaining amount will be cancelled and restored in your balance.
An instant order, also known as a market order, is a type of order that executes instantly by going through the open orders in the order book until the full amount is fulfilled. In case of buying, you enter the fiat amount you would like to spend, and your order will go through the order book starting from the lowest asking price. When you place an instant sell order by specifying the amount of bitcoins you want to sell, it goes through the order book starting from the highest bid.
Instant orders do not appear in the order book as they are executed instantly.After you have deposited funds you may place a live order. Please go to the Trade page and choose the type of order you would like to create: Instant or Limit. Your order will execute automatically when a matching order appears in the order book.
A limit order is an order that lets you set the minimum price you would like to sell your bitcoins for or the maximum price you want to buy bitcoins for. When a matching order appears in the order book your order executes automatically in full or partially, depending on the matching order amount.
One of our priorities is security of all the customer data. BTC Monk has a valid SSL certificate that encrypts all the connections by default. In addition, we implement various software solutions, such as CloudFlare, to further secure our platform from cyberattacks.
Customers' personal data and verification documents are stored on secure encrypted hard drives and are never shared with any third parties except when it is required by law.
We offer multiple deposit options. Please go to the Deposit page and choose the option of your preference. Clear instructions on how to deposit will follow afterwards.
A third-party withdrawal is a withdrawal performed on behalf of another party such as an individual or an organization. Such withdrawals are not allowed. You can only withdraw funds to a bank account that belongs to you exclusively.
Please use our password reset feature on the Login page. You will receive an email with further instructions.
2-Factor-Authentication (2FA) provides an additional layer of security by requesting a one-time password each time you perform an action such as login or withdrawal.
We highly recommend that you enable the 2FA option for your BTC Monk account to prevent cyberattacks. Please go to the Settings page in your account to do so.
BTC Monk requires 3 network confirmations for bitcoins to appear in your account. It may take from 15 minutes to 1 hour to clear depending on the network performance. We recommend that you pay a miner’s fee to ensure faster processing.
No. Bitcoin withdrawals are free of charge.
BTC Monk has developed an extensive Know Your Custom (KYC) / Anti-money Laundering (AML) policy to comply with international AML laws. Identity verification is a standard procedure required from all the entities that operate as money services businesses (MSB).
BTC Monk is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as an MSB and follows all the guidelines provided.