Block Trade Exchange Limited (BTX) Fact Sheet

An Algorithm values and adjusts the Qoin value regularly based on:

  • Number of Merchants
  • Average annual revenues of each Merchant
  • Average available capacity of each Merchant
  • Number of Qoins minted and in circulation
  • USD Currency fluctuations
  • BTX is a DCE (Digital Currency Exchange) provider registered with AUSTRAC, under number 100635628. BTX has been approved by the Qoin Association as the first DCE to trade Qoin.
  • BTX is exclusively trading Qoin and no other digital currencies at the time of launch. It is foreseen that BTX may accept Bitcoin and Ethereum in 2021.
  • A DCE provider is an individual, business or organisation that exchanges:
    • Money (Australian or foreign currency) for digital currency
    • Digital currency for money (Australian or foreign currency)
    • Digital currency for an alternative Digital currency as part of operating a digital currency exchange business.
  • In simple terms a DCE is a marketplace platform that facilitates the buying and selling of digital currencies like Qoin.
  • DCE providers must be registered with AUSTRAC
  • Buyers and Sellers will trade in ‘Qoin Blocks’, an innovative and transparent blockchain initiative that groups Qoins together into different block sizes.
  • In BTX, a BUYER and a SELLER will be able to select a BLOCK size from $100 - $10,000, depending on buyer demand.
  • BTX offers an OTC (Over the Counter) service for large trades exceeding $50,000.
  • The BTX shareholder is Blockchain Investment Group Pty Ltd “BCI”, an Australian investment company. BCI is also the shareholder of BPS Financial Limited “BPS”. 

    Tony Wiese and Raj Pathak are the Directors of BTX, BCI, BPS and Qoin Association Limited.

  • BTX opened December 12, 2020.
  • BTX has a Management Team responsible for the operations of the business. Some of the administration functions may be outsourced.
  • BTX have negotiated an entry point through the Qoin Wallet App. There will be an “Exchange” button quick link from the BROWSER/HOME tab of the Qoin Wallet App, which directly links you to BTX.
  • Every wallet holder will be required to register with BTX and complete KYC (Know your Customer).
  • On registration with BTX the User must accept the Terms of Use and the Privacy Policy.
  • Under the DCE Registration with Austrac, KYC must be completed by all Users prior to transacting.
  • KYC is a mandatory process to identify and verify the identity of a BTX User.
  • BTX is required to ensure that all Users are verified, and their identity is confirmed.
  • KYC: First Name, Last Name, Date of Birth, Residential Address, Australian Drivers Licence or Medicare Card.BANK: Australian
  • Bank Account (BSB, Account Number and Account Name). Your bank account details are required to verify you are the owner of the nominated bank account for settling the BUYING or SELLING of blocks. Only bank accounts in your name can be verified. Business bank accounts will not pass KYC.
  • Austrac is the Australian Government agency responsible for detecting, deterring and disrupting criminal abuse of the financial system to protect the community from serious and organised crime.
  • Austrac regulates AML (Anti Money Laundering) and CTF (Counter Terrorism Financing)
  • The pricing will be market driven. BTX will publish the BUY and SELL prices on its website and on BTX inside the Qoin Wallet App. Prices will be based on the demand of the buyers and supply of the sellers.
  • The number of people who wish to BUY Qoin through BTX (BUYERS), will influence the market price.
  • The number of holders of Qoin who wish to SELL their Qoin (SELLERS), will influence the supply of Qoin that is available to buy.
  1. Download the Qoin Wallet App from the App stores.
  2. Register yourself in the Qoin Wallet.
  3. Click on the EXCHANGE button on the BROWSER/HOME tab.
  4. Sign in with your Qoin username and password.
  5. Accept the BTX Terms of Use and Privacy Policy.
  6. Once you have registered with BTX (Steps 1-5 as per above), Complete the KYC component, and confirm your wallet addressPlease ensure that your details exactly match the details on your drivers licence.
  7. Select the BUY button on the BTX Homepage.
  8. Select which BLOCK size you wish to purchase.
  9. The BUY BLOCK sizes will range from $100 to $10,000 however may vary depending on the Seller demand each day. Blocks will include an OTC option.
  10. On the “Order Confirmation” page, you will see the order summary and will be asked to accept the Terms and Conditions and tap on “Checkout”.
  11. You will receive an order confirmation and your unique BTX bank accountdetails to transfer your funds into. This account is specifically assigned to you as an individual. These details can also be found under “My Account” in the BTX menu.
  12. Payment must be made from a bank account in your name that matches your KYC. If the funds are received from a bank account that does not match the KYC information, funds may be suspended pending review.
  13. You will receive an email confirmation with an order number for your reference.
  14. Payment must be received in BTX’s bank account within 48 hours or the order may be cancelled.
  15. On verification of your payment, the number of Qoin relevant to your BLOCK order will be transferred into your Qoin Wallet via the Blockchain.Please allow 3 business days for this to occur.
  1. Download the Qoin Wallet App from the App stores.
  2. Register yourself in the Qoin Wallet.
  3. Click on the EXCHANGE button on the BROWSER/HOME tab.
  4. Sign in with your Qoin username and password.
  5. Accept the BTX Terms of Use and Privacy Policy.
  6. Once you have registered with BTX (Steps 1-5 as per above), Complete the KYC component and confirm your wallet address. Please ensure that your details exactly match the details on your drivers licence.
  7. Select the SELL button on the BTX Portfolio “Home” page.
  8. Select which BLOCK size you wish to sell.
  9. You will be directed to the “Verify Bank Account Details” page::
    • Each customer is allocated a unique BTX bank account.
    • To activate your account please transfer $0.01 from your personal bank account to your BTX account. (These details can be seen again in “My Account” in BTX.)
    • When BTX receives the deposit of $0.01 and confirms the bank account is in your personal name and matches the “KYC”, your account will be activated. We will send an email update within a few days. The personal name of the bank account must match the KYC details you initially verified.
  1. You are now ready to Sell
  2. Select the SELL button on the BTX Portfolio “Home” page.
  3. Select which BLOCK size you wish to sell.
  4. The SELL BLOCK sizes will range from $100 to $10,000 however may vary depending on the Buyer demand each day. Blocks will include an OTC option.
  5. On the “Order Confirmation” page, you will see the order summary. Tap to confirm your correct bank account and then Confirm Sell Order.
  6. A pop up will appear asking you to approve the transfer of Qoin from your Qoin Wallet via the Blockchain, to BTX.
  7. The transaction details will appear and ask you to confirm. This completes the SELL transaction.
  8. You will receive an email confirmation with an order number for your reference.
  9. On verification of your SELL transaction, BTX will transfer the funds into the verified SELLER bank account within 3 business days.

PLEASE NOTE THAT AS PER THE TERMS OF USE SELLERS ARE LIMITED TO SELL ONE BLOCK PER 24 HOUR PERIOD. SELL LIMITS ARE REVIEWED FREQUENTLY BASED ON THE DEMAND FROM BUYERS

  • BTX charges no fees but covers its costs by the margin between the BUY and SELL price.

  • Every Exchange or ATM has a daily withdrawal limit. Likewise, BTX also has a daily limit. 
  • The Transaction limits for SELLING will be set daily based on BUYER Demand. 
  • SELLERS will be able to sell Qoin limited to the volume of daily Qoin BUYERS within a 24 hour timeframe.
  • The OTC transactions are facilitated by the BTX Trading Desk for larger than $50,000 transactions. 
  • A person must be over the age of 18 to register on BTX.
  • BTX will initially only be operating and/or dealing with Australia and New Zealand consumers. (NZ pending legal advice)
  • BTX may open the Exchange for other countries from 2021.
  • If a BUYER or SELLER has not completed the obligations of a BUY or SELL order within 48 hours (2 business days) orders may be cancelled. 
  • All completed orders are final.
  • There are no refunds of any Fiat (Cash/AUD) or returns of any Qoin once the order has been completed.
  • Ensure your order is checked prior to Confirming the Order.

Buying
and Selling

with BTX

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