Frequently Asked Questions

How can we help you?

General

What is Firi?

What is Firi?

Firi is a Norwegian cryptocurrency exchange. We are registered with Finanstilsynet.

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How much does it cost to use Firi?

It is free to create an account on Firi, and it is always free to deposit funds to our exchange, both in cryptocurrencies and NOK.

We charge a fee for trade and withdrawals.

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What cryptocurrencies can I trade at Firi?

Today we offer bitcoin, litecoin, ethereum, DAI, XRP, cardano, polkadot, solana and usd coin.

We are continuously considering adding other types of cryptocurrency to the exchange.

Read more about our cryptocurrencies

Is Firi safe to use?

Firi is safe and easy to use for everyone.

We are registered with Finanstilsynet as a cryptocurrency exchange and custodial solution in Norway.

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My Account

Registration and authentication

How do I register and create an account with Firi?

You can register with Vipps or username and password here.

Follow the further instructions.

What is 2FA / two-factor authentication?

Two-factor authentication (2FA), or two-step verification, is an extra layer of security in addition to passwords when you log in to various platforms.

The most well-known two-factor authentication in Norway is BankID. Here you enter both username and password, but you must also use a password calculator or your phone. It takes two factors to log in - something you remember (a password or code) and something you have (a phone, computer, password calculator or similar).

If you choose to register with MiraiEx by username and password, you must also use 2FA. In this case, you need an app that generates 2FA-codes, such as Google Authenticator or Authy.

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What do I do if I have lost my 2FA or cannot log into my account?

If you no longer have access to your phone or other device you use for two-factor authentication, please contact us in our chat or e-mail support@firi.com and explain the situation.

We will help you proceed to access your account.

How do I create a strong password?

- A password should have at least 12 characters. Firi requires 14 characters for extra security

- Use both lowercase and uppercase letters in the password

- Use numbers and special symbols in the password

- Do not use personal information in the password

- Remember to keep different passwords on different accounts

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Why can I not log in with email and password?

If you are registered with Vipps, you do not have a username and password. You also do not have the option to log in with 2FA.

How do I change “My Profile”?

We collect all information from Vipps and BankID.

To change this information, we recommend that you contact your bank and update your BankID. Once you have updated your BankID, let us know about the changes in order for us to update your information. You can contact us in chat or by email to support@firi.com. After these steps, you can reverify your Firi account, and your profile will be updated.

How do I close my account?

To close your account, please contact us in our chat or support@firi.com

Why is there a difference between "profit/loss" and "my holdings" in the overview?

I deposited 50.000 kroner and did one purchase of BTC. The net profit for my accounts shows +1.400 kroner, but “My holdings” displays a net value of 50.800 kroner. Why is there a difference?

“My holdings” reflects the current net value of your crypto holdings. The profit and loss (PNL) calculation, however, takes a snapshot of the value of your crypto holdings daily at midnight.

If you made a trade in the morning, the value of this trade may have increased or decreased by a small amount before your daily value was stored at midnight. This can lead to a small difference between the estimated net value in kroner that you see for your accounts and the net value in kroner shown under “My holdings”.

“My holdings” will always reflect the current net value of your crypto holdings, calculated using the latest market prices for the cryptocurrencies you own. We always use prices from Firi’s own market, therefore you may see differences in crypto prices compared to other exchanges. Please note that for your Main account you can choose whether or not to include your NOK/DKK balance when calculating the net value if your holdings.

Security

Security and storage of cryptocurrency

How does Firi store and secure cryptocurrencies?

We store customer funds both hot and cold (hot storage / cold storage). For this we use what we firmly believe is the safest and most secure alternative available on the market, namely Fireblocks and multisignature wallets.

Hot storage means that the cryptocurrency is stored on a device connected to the internet. Here we store as little of the funds as possible, but enough so that customers can make withdrawals quickly and easily. We store most of the customer funds cold at all times, meaning they are in no way connected to the internet. This is also the safest way to store crypto.

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How can my next of kin access my funds if something should happen to me?

First, we recommend letting relatives know that you have invested in cryptocurrency and what platform you use to store it.

Should such a situation where next of kin need access to your account arise, we ask relatives to contact us in our chat or e-mail support@firi.com

Trading

Buy and sell cryptocurrency, advanced trading and price

How do I get started with investing in cryptocurrency?

1. Register with Vipps!

The first step is to sign up with Vipps, which is very quick and easy. We receive all the information we need from your profile at Vipps.

2. Verify yourself with BankID

Step two in our onboarding process is to fill in a KYC form and sign this form with BankID. This we are required to do due to Hvitvaskingsloven.

3. Make your first deposit with Open Banking

With open banking, it is quick and easy to make bank deposits.

Do as follows:

  1. Select the bank you want to pay from.
  2. Give access to the account you want to pay from with BankID.
  3. Enter the amount and sign the payment with BankID. If your bank does not support open banking, you can make a manual transfer.
  4. Ready!

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How do I trade cryptocurrency?

On our website (Norway): Click "Buy and sell" on the left side of the website or click Advanced Trading.

In the app: You can either click on the two arrows at the very bottom of the overview, or click on the selected cryptocurrency.

You need to have Norwegian/Danish kroner available on your account before trading.

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Who determines the price of cryptocurrencies on Firi?

It is our customers who control the prices for the various cryptocurrencies.

When customers use Advanced Trading on our website, they can define how much they want to buy and sell for.

To do this, you must place an order. You can see all the orders in "Ordrebok" in Advanced Trading, and here you also get an overview of what price customers have set.

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Why is there a difference in the exchange rate at Firi and other exchanges?

It is the customers who determine the exchange rate at each individual exchange. The price you get when you google 1 BTC to NOK, for example, is based on one of the major international exchanges.

We must also take into account that the dollar exchange rate varies between different banks. It is not certain that the price you are given at another exchange or at Google is the real price you actually pay in Norwegian kroner.

At Firi, there is no exchange between currencies, and you always get a real price in NOK.

Furthermore, your bank will charge a currency surcharge to exchange your Norwegian kroner for foreign currency when you use foreign exchanges. This fee can get up to 2 percent. This means that if you buy bitcoin for 10 000 NOK at a foreign exchange, you need to pay up to 200 NOK in fees. This fee does not exist when trading at Firi.

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Why does it seem that Firi has higher fees than other exchanges?

This is because we do not incur any invisible fees in our cryptocurrency exchange rate as many other exchanges do. We want to be completely transparent, and it is important for us that the customers know exactly what they are paying for.

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Why do I pay a withdrawal fee?

When you transfer bitcoin or ethereum, you also have to pay a fee to the miners who perform the transactions. For the miners to see any value in doing this job, they must of course get something in return for it. The sender, in this case Firi on your behalf, decides how much they want to pay in fees. The miners, for their part, will always prioritize those who pay the most. When many want to transfer cryptocurrency at the same time, there will be a price war, and the fees will increase.

We set our fee to find the perfect balance between efficiency and price. Read more.

What is Advanced Trading?

In Advanced Trading, you have the option of placing orders where you define the price of the cryptocurrency you want to trade.

Advanced Trading is only available on our website.

How do I place an order in Advanced Trading?

To place an order in Advanced Trading, you must first choose which market you want to trade in. You do this right next to our logo.

Then you place an "order" of x number of cryptocurrencies at the price you want to buy/sell at. This can be found in the boxes at the bottom right of Advanced Trading.

The order remains in place until it is completed or until you delete it.

Note that “Price” shows the cost of the whole coin, and “Total Price” shows the total cost of your trade minus the fee.

How do I delete an active order in Advanced trading?

Active orders can be found in the box at the bottom left and you can delete the order by checking the box.

What is spread?

Spread is the difference between the purchase offer at the highest price and the lowest sale price offer in our Order book.

For example, a spread can be 2500 NOK - the amount of money between the lowest price someone is willing to sell for and the highest someone is willing to buy for right now.

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Transfer

Deposit and withdrawals

When will I receive my deposit?

Deposits through Vipps, MobilePay or card will appear in your Firi account in seconds.

You will usually receive bank deposits made with a payment solution from Neonomics within 1 working day. The day and time you deposit money will determine how quickly you receive the funds.

If your bank does not support our open banking solution, you can make a manual bank transfer.

Unlike transfer with our open banking solution, we do not receive transaction information immediately when you transfer manually.

We have to wait for this information from your bank, which usually comes the working day after you deposit money. When our bank has received this information, you will receive the deposit.

Read more here

When will I receive my withdrawal?

Withdrawals of Norwegian kroner are usually deducted from our account within 1 working day. After this, it is up to the banks and their transfer time. The money is usually in your account within 1-3 business days.

Why are some banks blocked from withdrawals?

Some banks, like Nordnet and Bank Norwegian, do not have unique account numbers for each customer. These banks require you to add a unique ID number (KID) to the transfer information, in order to uniquely identify the recipient. This is not possible when making a withdrawal from Firi.

If you want to transfer money to such a bank, you first have to make a withdrawal to your personal bank account, and then transfer from there to Nordnet or Bank Norwegian.

How long does it take to make a transfer?

Withdrawal of cryptocurrency is usually done immediately.

In some cases, a transfer will require a longer processing time, and it will then be labelled as "Forespurt/Requested" until it has been sent. It usually takes 10 minutes to receive the first confirmation, however, it may take a while longer if there is a lot of traffic on the network.

How long it takes for the cryptocurrency to appear with the recipient also depends on how many confirmations the recipient requires. Sending the cryptocurrency usually takes 30 minutes to a few hours.

When can I expect to receive crypto sent from an external wallet?

Usually, you can expect to receive the cryptocurrency to your Firi account within 30 minutes after it is sent from an external wallet.

In some cases, it may take longer to receive the cryptocurrency. This depends on a few different factors, but mainly on which crypto you receive and the traffic in the network. Unfortunately, this is out of Firi's control.

It may also take a while longer if we have to process the transfer manually.

Which transfer network should I use?

Always use the official transfer network when transferring cryptocurrency.

At Binance and Trust Wallet, among others, you need to choose network, and here we list the official networks:

Ethereum transfer network: Ethereum (ETH) ERC20

Bitcoin transfer network: Bitcoin (BTC)

Litecoin transfer network: LTC

XRP transfer network: XRP. NB! Remember the destination tag

DAI transfer network: Ethereum (ETH). DAI is an ERC20 token, i.e. a token on the Ethereum blockchain.

Cardano transfer network: Cardano

Polkadot transfer network: Polkadot

Solana transfer network: Solana

USD Coin: Ethereum (ETH). USDC is an ERC20 token, i.e. a token on the Ethereum blockchain.

NB! We do not support BEP2 or BEP20

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What do I do if I have sent cryptocurrency through the wrong network?

Contact us in our chat or by e-mail: support@firi.com

We will not always be able to see where the misplaced cryptocurrency came from, and it can be very hard to find out. Therefore, we will only try to recover misplaced transactions if the value is over 5 000 NOK and if you let us know within 10 days after the transaction. We cannot guarantee that we will be able to recover the funds, but we will try our best.

We charge a 10% fee for this task.

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Why am i not allowed to transfer money to gambling websites?

Norwegian banks are prohibited from allowing the deposit of money to and the receipt of payments from gambling that is not licensed in Norway.

The ban applies to both transactions directly to and from gambling companies and to companies that mediate transfers on behalf of gambling companies.

Even though we are not a bank, we also adhere to this legislation. We refer to our terms of use and, in particular, Section 2.3.

If you use your Firi account for transfers to or from gambling, the funds will be sent back and the account will be closed.

Corporate account

About corporate accounts

How do I create a corporate account?

  • All beneficial owners of the company must create an account and verify their identity with us. See the criteria here.
  • The company must be created and listed in the Norwegian corporate registries (Brønnøysundregistrene)
  • The managing user of the corporate account has to validate their identity as well.

Fill in this form: https://forms.gle/1LDhUB3Vd14UCXBR7

Crypto tax

Tax on cryptocurrencies

What should I pay in tax when owning cryptocurrency in Norway?

Cryptocurrency is considered wealth, and must therefore be reported in your tax return every year. Every time you trade with Firi, this is a realization of gain or loss, and must therefore be taxed or deducted.

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How do I calculate tax on cryptocurrencies?

If you only invest and trade with Firi, we will do the tax calculation for you.


On our website: Profile (your name) -> Tax calculation

In app: Profile -> My details -> Tax calculation

If you use other exchanges outside of Firi, we recommend using a third-party solution, such as Kryptosekken.

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Can I postpone reporting my crypto taxes until I withdraw the money from Firi to my bank?

(This answer is for Norwegian customers).

No. Postponed taxation, like you have on a share savings account (ASK), does not apply to crypto. The tax rules for ASK say that you can withdraw up to the amount you originally deposited, without paying any tax on the original amount. For crypto it’s different. Tax is calculated on all realizations (sales) regardless if you leave the money in your Firi account, if you reinvest in crypto, or if you withdraw money to your bank.

You can read more about share savings account (ASK) here.

How is unrealized loss calculated?

I lost 30.000 kroner last year, but the tax calculation only shows 5.000 kroner in loss. Why is this?

Many people wonder why they get a different number than what they expect under "Loss" when using our tax calculator. We will explain the calculation here.

Let’s say you deposited 80.000 kroner in January, bought bitcoin for the entire amount the same day, and made no further trades in 2021. If bitcoin dropped in price so that your bitcoins were worth 50.000 kroner on December 31st, your net worth has decreased with 30.000 kroner, but since you haven’t sold any bitcoin there is no taxable loss. This is called unrealized loss, since you have not sold (realized), and this loss should not be reported in your tax return.

This is the same with regards to gains. If the price of bitcoin increased throughout the year, so that your bitcoins were worth 120.000 kroner on December 31st, your net worth has increased with 40.000 kroner. Since you haven’t sold any bitcoin you have unrealized gains, which should not be reported in your tax return.

What are the tax rules for crypto as a gift?

To give away a gift card for cryptocurrency, you as a donor must already have cryptocurrency in your Firi account. For example, if you create a 0.1 ETH gift card, this amount will be deducted immediately from your account and the cryptocurrency will be withheld until the recipient redeems the gift card. Only then does the crypto amount enter into the recipient's Firi account.

Tax rules for recipients of gift cards:
For tax purposes, the recipient of the gift card "inherits the acquisition value from the donor. This means that if the recipient later sells his 0.1 ETH, this will trigger a tax claim. If the price of ether (Ethereum) has risen from the time the donor bought the crypto, then the recipient receives a price gain and must pay tax on this. If the price of ether has decreased from the time the donor bought the crypto, the recipient is entitled to a tax deduction on the loss.

Tax rules for those who give gift cards

As a giver, this only affects your crypto-asset value. You own and must tax the cryptocurrency until the recipient redeems the gift card. If the recipient does not redeem the gift card within six months, the amount is released and made available again in your crypto account.


Firi calculates the tax for you
Fortunately, Firi's tax calculator handles all this for both donor and recipient. Go to the menu option "Tax calculation" to see and download the documentation the Tax Administration needs to calculate your tax. You are responsible for registering assets, gains, losses and income on cryptocurrency in the tax return.

Firi Reward

Firi Fordel, rewards, referral bonuses, links and codes

What is Firi Reward?

Our loyalty program, Firi Reward, gives you the opportunity to earn rewards in various cryptocurrencies, merch, recruit friends and earn bitcoin and several other exciting benefits.

Firi Reward is completely free of charge for all of our customers, and you are automatically included in the loyalty program when you register with us.

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I have referred a friend - When will I receive my referral bonus?

Payment of the bonus for the recruiter is collected for the entire month and is paid at the turn of the month.

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I have been referred but not received a bonus

To receive a bonus, you must have registered with a referral code or link. You can earn up to 200 NOK. You will earn 40 kroner in BTC as a welcome bonus. The next bonus of NOK 40 in ETH will be earned when you have deposited 500 NOK.

My referral code is not registered at my friend’s account

Our systems are automated and all registrations with a valid referral link will give a bonus without us having to do anything. In most cases where the bonus is not registered, it is because the referral has not used the link or not completed the BankID verification.

Please ask the person in question to contact us. We cannot disclose or make changes to other people's accounts without their consent.

I have referred more than 50 friends to Firi - what do I do now?

You can earn referral bonus for up to 50 friends each year with Firi Reward. If you invite over 50 people a year to Firi, then you should consider applying to become an ambassador.

As an ambassador for Firi, you can invite as many friends and acquaintances as you wish to Firi, and you will receive a referral bonus for these referrals. In addition, you will get the opportunity to choose your own referral code.

You are the perfect Firi ambassador if you are passionate about crypto and blockchain technology, and if you want to share your passion with absolutely everyone. Our ambassadors must use and enjoy using our platform.

Read more and apply here

Savings plan

Savings plan

What is Kryptosparing? (Crypto Saving)

With Kryptosparing you can create a savings account in our app, where you choose between either setting up automatic withdrawals from your online bank, making individual transfers or transferring internally from your main account on Firi to your savings account.

When you set up automatic withdrawals from your online bank, you choose which amount you want to save in, whether you want to withdraw daily, weekly or monthly, and in which cryptocurrencies you want to save.

The amount deducted from your account is in Norwegian kroner, and an automatic purchase is then made of the cryptocurrencies you want to save in. We exchange at our market's best price.

What is the smallest amount possible to save?

The minimum amount for the savings plan is NOK 10 for each one of the different cryptocurrencies you choose to save in, and NOK 100 in total.

For example, if you want to save in both bitcoin, ethereum and cardano, the distribution could look like this:

Bitcoin: At least NOK 30
Ethereum: At least NOK 30
Cardano: At least NOK 40

On the other hand, if you only want to save in bitcoin, for example, the minimum amount is still NOK 100.

You set up how much you want to save in which cryptocurrency under Distribution when you set up a savings plan with us.

Sums under NOK 10 will not be exchanged, but will be added to your next deposit to the savings account.

For example, if you have chosen to save NOK 60 in bitcoin, NOK 60 in ethereum and NOK 5 in cardano, then you will not be able to automatically buy cardano until the next deposit above NOK 10.

KYC

Why we need to know our customer

Why do Firi have to go through KYC (Know your customer) processes?

As a cryptocurrency exchange registered with Finanstilsynet, we are required to obtain information from our customers.


When you create an account with Firi, we will ask you questions about who you are, how much you earn, how much you intend to invest, where your money comes from etc. We are obliged to obtain this information under Hvitvaskingsloven. This requirement also applies to banks, real estate agents and the rest of the financial industry. We, like everyone else, have a duty to take care of our customers, and uncover money laundering, financing of terrorism and illegal transactions through our platform. Our most important values are safety and trust, so by knowing our customer we can also prevent our customers from being scammed by third parties.

Why do I need to verify my account?

When you register at Firi, you must also verify your identity with BankID. The purpose of this is to ensure that you are who you say you are and that you are over 18 years of age. Furthermore, and in accordance with Hvitvaskingsloven, you must verify your identity in order for us to ensure that you are not exposed to or commit criminal economic activity such as money laundering.

What is KYC (Know your customer)?

KYC is a set of processes where we verify the customer's identity and ensure that the customer is acting legally. As reporting entities under Hvitvaskingsloven, we must comply with a number of requirements to prevent and detect attempts at money laundering and other criminal activities.

How is KYC carried out?

The first step in carrying out KYC is confirmation of identity using BankID.

The second step is to fill out a customer control questionnaire. This is quick and easy to fill out. We are required to ask you where your capital comes from, the purpose of the customer relationship and trades, as well as other relevant information.

The third step is a voluntary update of the customer control questionnaire. You also have the opportunity to add additional information here.

We only allow users who have confirmed their identity with BankID and filled out the customer control form to use our services.

How and for how long is information used for KYC stored?

We store this information encrypted in our database and only our customer service representatives can access it.

We are required to keep copies of documents and collected data for five years after the customer relationship has ended or the transactions have been completed.

Why do I have to share private, financial information with Firi?

We have a duty under the Anti-Money Laundering Act to request personal questions about your income, your investment plans, where the funds come from, etc. This way you can feel safe when using our platform.

Why do you ask for extra documentation?

Occasionally, customers are asked to upload additional documentation for customer control. This could be because some of your answers in the questionnaire or some of your transactions have broken a pattern. Here are some examples:

a. You have stated that you will deposit less than 10 000 NOK a year with Firi, but you suddenly make a deposit of 200 000 NOK.

b. You have stated that your funds come from your pension, but you make monthly deposits of 50 000 NOK.

c. Abnormally large deposits/withdrawals are made.

d. You answer the questionnaire that you are a politically exposed person.


This extra information will ensure that our customers are not exposed to criminal economic activity.

Why is my account blocked for trading and withdrawals during KYC?

This is to ensure that the customer is not exposed to or commits illegal activities, such as money laundering or fraud. This does not mean that we are suspecting our customer of anything, but it is an additional security measure.

What happens if I refuse to answer the questionnaire or upload additional documentation?

If we do not obtain documentation about the customer, we are obliged to refuse to establish the customer relationship or to terminate the customer relationship. When the customer's user account is closed, the funds in the account will be exchanged for Norwegian kroner and returned to the owner's bank account. This applies if the funds have not been frozen by the authorities.

Why do you ask if I am politically exposed?

If you hold a political position, you are more exposed to money laundering and corruption than others. This also applies to family members and relatives of politically exposed persons. Of course, this does not mean that you cannot use Firi, however, we will give you additional follow-ups.

Why do some transactions take a while?

We need to double check transactions from time to time, especially if they break a pattern. Of course, this does not mean that we suspect the customer of anything, but it is our duty to ensure our customers’ safety.

Usually, there is a natural explanation for the broken pattern.

What happens if Firi discovers a transaction that is suspicious or unusual?

If we discover a suspicious transaction, we will take immediate action.

This is what happens:



a. The system tells us about the transaction, and we investigate the matter further.

b. You will be asked about the transaction.

c. The user account can be temporarily blocked for trading and withdrawals.

d. You may need to upload additional documentation.

e. In most cases, the customer's explanation and documentation are sufficient for us, and the customer can continue trading on Firi.

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