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.
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.
Enter the amount and sign the payment with BankID. If your bank does not support open banking, you can make a manual transfer.
How do I trade cryptocurrency?
On our website: 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 kroner available on your account before trading.
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.
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.
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.
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.
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?
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.
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.
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.