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Update on the COVID-19 crisis - How we work with cryptocurrency during the pandemic

Øyvind Kvanes23/01/2021

We are currently experiencing an increase in the demand, both from new and existing customers. There are many recurring questions and concerns, and we therefore want to give an update on how we operate during the challenging period of time we are now experiencing. We are experiencing increasing demand for the purchase and sale of cryptocurrencies from both new and existing customers during the current pandemic.

See frequently asked questions in our FAQ or contact us by phone or chat.

Withdrawal of Norwegian kroner

From March to July 2020, we removed our withdrawal fee on withdrawals in Norwegian kroner. We chose to do this because we wanted to make a small contribution to society during the pandemic. As of 1 August 2020, the withdrawal fee went back to normal.

We are open 24/7

Fortunately, the whole team is in good shape and we are running the stock exchange as usual. This means that the market is open 24/7 and we carry out both deposits and withdrawals as usual. It may take a little longer than normal to get an answer from us support, but we try our best to respond as quickly as possible.

Deposit of Norwegian kroner

Many people contact us now because they want to carry out purchases as quickly as possible. When it comes to deposits, we recommend immediate payment if there is an urgent need for credit, this works from several Norwegian banks. You will then usually be credited within an hour, including on weekends and in the evening.

If you want to buy cryptocurrency at a certain price, it is entirely possible to deposit money with us in advance. We have dedicated accounts in Sbanken for customer funds, so your funds are safe there for as long as you wish. This may be a better solution than waiting until the next day to be credited now that prices fluctuate so much.

It usually takes at least one business day before a regular deposit is credited, and unfortunately there is nothing we can do to make this go faster. Therefore, our advice is: Use immediate payment or have money in our account in advance to be ready to buy.

Withdrawal in Norwegian kroner

We send withdrawals as soon as possible after they are requested, and from today we do this free of charge! To make sure that you receive the money within the same day, we ask you to complete the withdrawal before 13:00. If withdrawals are made later than this, you may not receive the money until the next day. We are dependent on the banks conducting transactions as normal, but there is no indication that there are any problems with this now.

NOK exchange rate and volatility

Over the last few days the exchange rate of the Norwegian krone has fallen drastically. This has led to extraordinary situations that many find confusing. Even if the price of Bitcoin in EUR and USD falls or stays the same, the price of Bitcoin in NOK can actually rise considerably. It is highly unusual that the price of Norwegian kroner fluctuates as much as it does now, so be aware of this.

In addition, it is important to be aware that the price of Bitcoin can vary greatly from exchange to exchange during these times. You can check the price of Bitcoin via CoinGecko, which provides average Bitcoin prices from most of the world's stock exchanges. The price with us can be both higher and lower than what you will find on other exchanges. We would like more customers to use our API to automatically trade between us and other exchanges to increase liquidity with us.

Cryptocurrency transactions

We credit deposits after three confirmations, both for Litecoin and Bitcoin. This means that it usually takes about 30 minutes before a cryptocurrency transaction is credited. Recently, there has been a lot of traffic in the Bitcoin network, and thus some customers have experienced delays. Unfortunately, there is nothing we can do about the fact that this process takes longer than usual. If you submit from your own wallet, feel free to use a slightly higher fee than normal if it is urgent for you to sell. Mempool.space provides a straightforward overview of transactions that are waiting to be mined at any time.

Feel free to contact us if you have questions or other feedback to us. We do our best to provide the best possible services to everyone, also during this difficult period.

See frequently asked questions in our FAQ or contact us by phone or chat.