FAQ

Frequently Asked Questions

 

faq

 

1. What are Bitcoins?

Significant tech changes occurred with Personal computers in 1975, the Internet in 1993 and Bitcoin started to happen in 2014. Here is a short video explanation. However, it is the first open source digital currency “for the people, by the people”!!! Bitcoin is (not just) the first digital currency that you can take internationally without agents or cash-sniffing dogs to stop you. The risk is governments not being able to stop legal action and Bitcoin growing as a currency. Bitcoin will be cheaper for users and merchants abroad. Bitcoin is a digital currency, a protocol, and open-source software and enables instant worldwide peer to peer transactions for little or no processing fees and no risk of chargebacks or fraud while being immune to seizure or confiscation. As an open-source software it means all users have access to all of the source code all of the time. Bitcoin uses peer to peer technology to operate with no central authority; managing transactions and issuing Bitcoins are carried out collectively by the network. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment systems. Bitcoin was released in January 2009 by Satoshi Nakamoto. It was then valued at $0.03 per Bitcoin. It is growing and supported by a vibrant economy of developers, exchanges, businesses and users. Here is the total value of Bitcoins in circulation (Market Cap) today. Supply of Bitcoins is limited to 21 Million. Cryptography is well established and a fundamental technology used in online banking. But unlike fiat currency with central banks and online banking; Bitcoin has been able to construct a currency and payment network with open-source software using heavily peer reviewed cryptographic ciphers that removes the need to trust a central authority. Consequently, many people trust Bitcoin because it requires absolutely no trust of any third party. Provided that Bitcoin does become the de facto programmable currency of the Internet, transaction volume and sheer interest alone will keep its value above zero. It has been said that “It’s probably easier and cheaper to counterfeit hundred-dollar bills than it is to counterfeit Bitcoin”. Bitcoin is one of the first implementations of a concept called cryptocurrency. This math-based currency is a new form of money that uses cryptography to control its creation and management, rather than relying on central authorities.

 

2. What is the historic/current price of a Bitcoin?

The price of a Bitcoin can vary based on which exchange it is valued on. We use https://bitcoinaverage.com/#USD  as the benchmark price throughout our site because it is an average index price sourced from the top 14 or so exchanges listed here by volume. It also quotes the Bitcoin value in your selected fiat currency. Our price ticker widget data on the pink panel of our site is derived from this same source, you can see that if you click on it. Latest BTC/USD price chart. Use this converter for calculating conversion between fiat and BTC.

 

3. What are the risks of owning Bitcoins?

Turning to more fundamental security and the theft-related risks that may affect the cryptocurrency (or at least its reputation), many experts describe Bitcoin as safer than gold — in other words: “You have got to break into a bank and then break a password.” However the security of your Bitcoin savings is of course only as robust as your password. “If you use a bad password, and are lax about it’s secrecy then your Bitcoins may get stolen,”. The exchange that hold your Bitcoins may cease operating (as in the case of MT Gox). Open markets feature necessary business failures so that resources can be better managed else where. These are not the fault of the currency but the models those businesses operate!  Bitcoins are volotile and may fall in value compared to what you bought them at. Governments around the world may declare them illegal, although no Government have done that yet, in fact they have started drawing up legislation to acknowledge their use in the economy! The risks are small relative to the inevitable hyper inflation of debt laden fiat currencies, as in these cases.

 

4. What are the benefits of Bitcoins?

        • Payment freedom – It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin allows its users to be in full control of their money.
        • Very low fees – Bitcoin payments are currently processed with either no fees or extremely small fees. Users may include fees with transactions to receive priority processing, which results in faster confirmation of transactions by the network. Additionally, merchant processors exist to assist merchants in processing transactions, converting bitcoins to fiat currency and depositing funds directly into merchants’ bank accounts daily. As these services are based on Bitcoin, they can be offered for much lower fees than with PayPal or credit card networks.
        • Fewer risks for merchants – Bitcoin transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
        • Security and control – Bitcoin users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Bitcoin payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Bitcoin users can also protect their money with backup and encryption.
        • Transparent and neutral – All information concerning the Bitcoin money supply itself is readily available on the block chain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Bitcoin protocol because it is cryptographically secure. This allows the core of Bitcoin to be trusted for being completely neutral, transparent and predictable.
        • Dis-intermediates -It encourages removal of anyone that does not add value to the service. E.g be your own secure bank without banks. This eliminates the trust we purchase from a middleman, e.g bank, government, insurer, broker; allowing removal of non value adding middle men for transference of property rights.
        • Largest p2p network ever -The Bitcoin intrinsic value is in the protocol (technology) on which other services will be developed e.g  Contracts without lawyers.  This is known as Bitcoin 2.0 is likely to disrupt our society and economy positively in ways we can’t imagine.
        • Deflationary in nature -Limited in supply to 21 million Bitcoins, means their value is likely to keep rising long term. Since their inception in 2009 their value has increased 1000’s of percent relative to fiat currencies, as can be seen here. Bitcoin supply is more limited than gold, meaning it’s price is likely to exceed gold! . As can be seen here.
        • Here are more benefits central banks fear

 

5. Who is the Bitcoin economy made up of?

There are 4 main constituencies that Participate in expanding the value of Bitcoin economy. Those constituencies are (1) Consumers that pay with Bitcoin. (2) Bitcoin exchanges and merchants, that accept it as payment for goods, services and exchange for other currencies. (3) “Miners” who run the computers that process and validate all the transactions and enable the distributed trust network to exist. (4) Developers and entrepreneurs that are building new products and services on top of the Bitcoin network. This is known as Bitcoin 2.0, it has arrived! Bitnation is an example of a Distributed Organisation incorporated on the Bitcoin blockchain. It offers a full range of services traditionally done by governments!

 

6. What gives Bitcoins their intrinsic value?

Some would say it is the energy and expensive specialized computer hardware used in solving the mathematical problem to authenticate transactions. Also remember the Bitcoin protocol is the largest p2p network ever. It’s community is one of it’s greatest value! Bitcoin 2.0 allows many services to be developed that will truly create a collaborative decentralized economy!

 

7. How do I know if the Bitcoin economy is growing?

Macroeconomic trends influencing Bitcoin adoption include: Capital and currency controls leading to capital flight, Currency devaluation, increased inflation and increased taxation, Dramatic growth in barter transactions and shadow economy. Without a doubt the 4 constituents that drive Bitcoin economy growth is becoming larger every day as adoption increases globally. Here is an insight into the Bitcoin community. This is most evident if you consider these statistics. Click on each chart to see the growth up to today! Here is the Coinbase current report on the state of Bitcoins.

 

8. What are the differences between Bitcoin and Fiat Currency economies?

A deserving answer is the insightful interview of the founder of Blockchain.info where Bitcoin vs The Federal Reserve is discussed.

 

9. What is FinTech?

Financial Technology (FinTech) is an application of Business Process Outsourcing (BPO). This specific form of outsourcing involves the creation of software and other technological processes that allow an organization to streamline financial operations, either customer-facing or back office, as well as improve operational performance. FinTech companies provide a wide range of finance related software and processes for companies such as decision support, risk management, portfolio re-balancing, compliance, performance attribution, systems integration, HR, admin, accountancy, electronic transfers and payments. FinTech enables companies to gain the best-in-class methodologies without requiring organizations to devote additional internal technological resources or personnel. Many of these solutions reduce costs, while dramatically improving service levels. As companies seek to lower costs, improve productivity and increase profits while complying with constantly evolving regulations; FinTech enables companies to outsource value-added, customer-centric functions while reducing investments in operations. We strive for continued innovation of our FinTech orientated services to enhance consumer and business client performance.

 

10. What are the benefits of using TechMonegy Ltd? 

Why do you need to spend your precious time on such a complicated and in 95%  of cases unprofitable pursuit as trading? It’s very time consuming and requires lots of special knowledge and efforts. But still it can be incredibly profitable if trading is performed by our proven strategies. Leave this job to our professionals who you can copy trades from automatically so you devote this spare time to your family, friends, hobbies, and travelling. No doubt Forex trading is a risky process, but our trade history is profitable. Uniquely you can earn in Bitcoins!

You can start accepting Bitcoins personally and for your business services with our service. We are not just a faceless company, you can attend one of our seminars to learn all about our services and have your questions answered. The other great advantages offered customer support, transparent reports, no tax deduction. TechMonegy Ltd guarantees that no information about its clients will be disclosed to any requesting authority unless obliged to do that by a judgment of  a Cyprus court. Those who seek the maximum anonymity of large amounts of investment should consider transacting through anonymous electronic payment systems.

TechMonegy Ltd encourages the Bitcoin 2.0 disinter-mediating of middle men companies that do not add value to client/supplier transactions.

 

11. Other than as a client, what opportunities do you have for me to be involved with your company?

Please view our Recruitment page for the latest positions you can apply for. If you are a business or individual wishing to promote our services to earn an income for yourself, then you can sign up as our Affiliate.

 

12. How can I buy/sell Bitcoins?

A) To buy over $20,000 worth of BTC using wire transfer:

You can open an account with www.coinbase.com and deposit $USD via wire transfer from your bank to theirs. From within your BTC accounts the wire transfer has been halted; they require you to upload your passport and proof of address. Be patient the above funding process can take 2 weeks. Once you have satisfied brokers bank AML and KYC procedure, your account should be funded to buy BTC.

To deposit into your Trade Copy Hero© account with FX Choice; you can deposit using any major method (depending on your jurisdiction, with bank transfer/SWIFT accepted from all jurisdictions), in GBP, USD, AUD, CAD, EUR and request FX Choice to withdraw (4% deduction for conversion) from your Wallet into cBTC to your newly opened Sub MAM trade account. Withdraw can happen in reverse process.

 

B) Consider these BTC buying methods:

 http://www.coindesk.com/information/how-can-i-buy-bitcoins/ (using card or paypal)

Here are some trusted Exchanges

  • ANXPRO is one of the top exchanges and the only exchange that supports all major currencies (USD/EUR/GBP/HKD/CAD/AUD/SGD/JPY/NZD/CHF/CNY) – conveniently fund your account via SEPA, international wire transfer, local banking or in-store cash and ATM deposits, with same day processing.
  • Bitinvest is the leading bitcoin exchange in Brazil. Bitinvest provides a fast, safe and easy solution to buy and sell bitcoin.
  • Coins.ph is Philippines’ leading Bitcoin wallet – the simplest and safest way to use Bitcoin.
  • Unocoin is a simple, secure and seamless way to store, buy and sell Bitcoins in India. Merchant gateway integration services by Unocoin enable online merchants to accept Bitcoins as a medium of payment without getting exposed to chargebacks, volatility and transaction fee.
  • Volabit is the easiest and most reliable way to buy bitcoins in Mexico.

 

 How do you Buy Bitcoins anywhere?
  • Bitstamp is one of the largest and most trusted exchanges and accepts SEPA and international wires from most countries in the world. LocalBitcoins is ideal if you want to pay for BTC in cash.

 

How do you Buy Bitcoins in United States?
  • Coinbase: buy and sell Bitcoin directly from your US bank account with ACH.

 

 How do you Buy Bitcoins in Europe?
  • Safello: buy and sell Bitcoin in 11 countries, using Sofort, SEPA and wire transfer.
  • Kraken: buy and sell Bitcoin and other cryptocurrencies with SEPA or wire transfer.

 

 How do you Buy Bitcoins in Brazil?
  • Bitinvest: buy and sell Bitcoin fast with an online bank transfer.
  • Mercado Bitcoin: buy and sell Bitcoin with an online bank transfer.

 

 How do you Buy Bitcoins in Canada?
  • Sources you can use https://www.buybitcoinworldwide.com/canada/ to buy and sell Bitcoin directly.

 

 How do you Buy Bitcoins in China?
  • BTC-China: buy and sell with a bank transfer or voucher.

 

 How do you Buy Bitcoins in India?
  • Unocoin: buy and sell Bitcoin instantly with an online bank transfer.

 

 How do you Buy Bitcoins in Indonesia?

 

 How do you Buy Bitcoins in Mexico?
  • Volabit: buy and sell Bitcoin with an online bank transfer or cash deposit.

 

 How do you Buy Bitcoins in Philippines?
  • coins.ph: buy and sell Bitcoin with an online bank transfer, cash deposits or through ATM’s.

 

 How do you Buy Bitcoins in South Africa?
  • BitX: buy and sell Bitcoin with an online bank transfer.

 

Direct selling points
 Bitcoin ATM’s
  • Bitcoin ATM’s are slowly spreading across the world. Check the Bitcoin ATM map if there’s a location near you.

 

 Peer-to-Peer exchange
  • If you truly want to embrace the peer-to-peer concept of Bitcoin or if there is no exchange in your country, you can also buy Bitcoins from another person. LocalBitcoins is a marketplace for trading Bitcoins locally to cash or an online payment method of your choice.

  You Buy and Sell Bitcoins through the p2p network of LocalBitcoins with these 3 steps:

                • CREATE ACCOUNT – With LocalBitcoins, from here click green, “sign up free” button and complete. Make a note of your email and password that you have completed.
                • MAKE REQUEST TO BUY BITCOINS – INTERNATIONAL, with LocalBitcoins: This is a website that will help you locate sellers of BTC in your area or city, or online sellers of BTC. Try and find lowest price seller with sufficient BTC.
                • COMPLETE PAYMENT TO SELLER – The idea is to go to a seller locally, pay the seller in a face to face transaction, and the seller will deposit the BTC into your wallet instantly. One of the good things about LocalBitcoins.com is that there is a customer rating system similar to the one at eBay. Customers can leave feedback, so you have an idea of how other people viewed the buying experience from any particular seller. LocalBitcoins, like the name says, is aimed at helping you find a local seller from which you can buy BTC face-to-face in cash. However, the site also has a section that provides contact information from online sellers of BTC, so that could be an option if you don’t have any sellers conveniently located near you. It may be necessary to do more than one purchase, due to the seller not wanting to sell or having the amount of BTC your require.  See these instructions on how to buy. For specific support or dispute with seller, contact here.
                • Use your BTC.

BTC can be sold for Fiat currency using the same methods as above.

You can also follow these video instructions for LocalBitcoins:

 

13. Does the country I live in take a Permissive, Contentious or Hostile legal view of Bitcoins?

The easiest way to explore the evolving regulatory landscape of virtual currency for each country and to view it’s position in answer to above is to visit here.

 

14. Should I pay taxes in my country?

TechMonegy Ltd recommends its clients to contact their national taxation expert or tax authority to guide them through the taxation questions as all taxation issues are regulated by the clients’ country law. This may be a good source on the Bitcoin tax position, click on the listed country to find full up to date details. TechMonegy Ltd guarantees that no information about its clients will be disclosed to any requesting authority unless obliged to do that by a judgment of  a Cyprus court. Those who seek the maximum anonymity of large amounts of investment should consider transacting through anonymous electronic payment systems.

 

15. Are my Bitcoins safe/guaranteed in case of insolvency by the broker (FX Choice) holding  my funds?

FX Choice Limited is authorised and regulated by the IFSC (Licence number: IFSC/60/191/TS/16). In addition to standard fund safety precautions; FX Choice/TechMonegy Ltd; Trade Copy Hero© Client Agreement exclusively states funds are segregated and not subject to Rehypothication or pledging in un related activities. Have survived the test of time and critical events (such as the Swizz Central bank causing CHF 30% move in 1 day) that highly regulated broker shave failed!

 

16. What can I do with my Bitcoins?

A) Client can then sell BTC easily using methods in FAQ 12.

B) Instead clients can spend BTC through e.g these vendors including renting apartmentsbuying precious metals or even buy anything you want using your BTC here or on this marketplace.  More and more vendors are accepting BTC.

C) Or spend part of profit and reinvest remainder using Trade Copy Hero©.

 

17. What are QR Codes?

They are the 2 dimensional square boxes used around this website as well as many other places. We use them to identify Bitcoin addresses (you can even use your web cam from within blockchain.info to scan it) and Business card details among other uses. Not all apps work as intended. So here is an example of how to scan one using RedLaser a proven and preferred free QR/Barcode scanner/shopping app for iPhone, Windows Phones, and Android that has been downloaded over 27 million times.

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A highly rated app for Android phones is i-nigma QR & Barcode Scanner.
For other platforms your mobile phone runs you can select one of the recommended apps from this review.

 

18. Where can I find the most comprehensive source of Q&A’s about Bitcoin?

A broader set of industry aggregated Q&S’s are available here.

 

19. What classifies a US applicant?

Why; The US Government’s Foreign Account Tax Compliance Act (FATCA) will take effect from 1st January 2013. FATCA requires non-US financial institutions, or as FATCA calls them “foreign financial institutions” (FFIs), and other financial intermediaries to help prevent tax evasion by US citizens. FFIs will also be obliged to withhold and pay to the IRS tax equal to 30% with regards to payments that relate to US sourced income and are made to an account that is held by a recalcitrant account holder or a non participating FFI. Note that the penalties for non compliance will include the position of a 30% withholding tax on any incoming payments relating to US sourced income. It is therefore anticipated that financial institutions will have to conform to the new compliance realities and undergo extensive internal research on their clients accounts to identify US citizens and determined there tax status. Trade Copy Hero© can facilitate for US applicant.

What; The classification of a US applicant is any one that answers FALSE to any of the following:

a) I am not a U.S. citizen (including dual citizen) or resident.

b) My birthplace is not in the U.S.

c) I do not have a current U.S. mailing or residence address (including a U.S. post office box or U.S. “in-care-of” address).

d) I do not have a current U.S. telephone number.

e) I do not have standing instructions to transfer funds to an account maintained in the United States.

f) I do not have currently effective power of attorney or signatory authority granted to a person with a U.S. address.

g) I do not have an “in-care-of” or “hold mail” address that is the sole address for the Account Holder. The Investor needs to note that in the case of a Pre-existing Individual Account that is a Lower Value Account, an “in-care-of” address outside the United States is not to be treated as U.S. indicia.

h) I do not possess substantial U.S. ownership (U.S. person owns more than 10% of the shares of a corporation {vote or value} or of a partnership or of a trust).

 

20. Why does Trade Copy Hero© strategies only trade the Forex market?

The Forex market offers excellent liquidity with over $4 trillion traded every market day. Coupled with a 24hr market environment and tighter spread relative to volatility and price, means our trading strategies have the best possible profit potential.

 

21. I don’t know anything about the Forex or Bitcoin market. Can I still benefit from using  “Trade Copy Hero©” services?

Yes, intended for the investors who don’t have time to trade or don’t have any previous knowledge or experience with regard to trading the Forex market, or Bitcoin and have not been able to accomplish profitable results (95% of traders fall into this category).

 

22. What is the logic behind the Trade Copy Hero© portfolio of strategies?

The trading methodology is a combination of proprietary and unique algorithms that make up Trade Copy Hero© portfolio of strategies. They are implemented on a fully automated basis. Profitable results are always our goal while taking minimum levels of risk.

 

23. What kind of volatility or draw down might I experience Trade Copy Hero© portfolio of strategies?

Simply, there is volatility in active short term Forex trading. Draw downs in your total account value at some point in time, perhaps even the day you start, is an absolutely normal part of short term active trading in the Forex market. Overall profitability is much more important than short term fluctuations in system performance.

 

24. What broker should I use to participate in Trade Copy Hero©?

Trade Copy Hero© is available only when you open the following broker account with one of these brokers through this link.

 

25. Is the trading in my account fully automated when using Trade Copy Hero©?

Yes, the Myfxbook technologically advanced Trade Copier places (Opens, Trails, Closes with SL and TP built in using Market and Limit orders) trades in real time automatically in your MT4 or cTrader Forex trading account.

 

26. Can I close trades early on Trade Copy Hero© service if I want to?

Yes, this should work.

 

27. Do I need a VPS (Virtual Private Server) to Trade Copy Hero© service?

No, VPS service is not required as the specialized copier technology used places and manages trades even if your MT4 account is not open and running.

 

28. Can I use Trade Copy Hero© on more than one account?

Yes. You just need to open another account and select to have it managed respectively.

 

29. Can I use Trade Copy Hero© on a demo account as well as a live account?

Yes,account must be opened from here.

 

30. Can I add or withdraw funds from my account?

You may add or withdraw funds from your account at any time. This is handled directly with the broker where your account is set up and is subject to the policies of that brokerage. Trade Copy Hero© and TechMonegy Ltd do not handle or have access to your funds. It is your account and you are in control of it.

 

31. What is the minimum Startup capital for Trade Copy Hero©?

10 BTC or equivalent fiat amount. Note in the near future these minimum amounts may go up.

 

32. Does TechMonegy Ltd have access to my funds?

No, we do not have access to your funds and cannot transfer, deposit, or withdraw your money. TechMonegy Ltd; The Strategy Provider is in the business of developing and providing off-exchange foreign currency FX trading signals and strategies. Myfxbook is CySec regulated and a licensed “portfolio manager”; and is in the business of introducing Forex accounts and providing services to customers who may be interested in opening and maintaining accounts trading in Forex. Certain customers of Myfxbook may wish to utilise the trading signals generated by Strategies developed by the Strategy Provider. The information on this site is not directed at residents of the United States or sanctioned countries and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

 

33.  Can I place my own manual trades on the account that I have set up ?

Yes. However best to allow our professional trades apply only and not to intervene if you want to replicate our results.

 

34. Is there an Incentive Fee % I have to pay for Trade Copy Hero© ?

No. Trade Copy Hero©  is not acting as a money manager. For providing signals to Myfxbook, TechMonegy Ltd receive up to 0.5 per round mini lot per profitable trade for each of their clients that “AutoTrade” our signals.

 

35. Who do I receive the monthly account statement from?

From your own broker.

 

36. OK, I’m ready. How do I get started with Trade Copy Hero©?

Just go here, read and sign up and follow directions.

 

37. How is Trade Copy Hero© different than Binary trading?

Don’t be fooled by Binary system offers, they are all flash and no bang. Higher spread, lower reward to risk. Bucket shop unregulated brokers. They don’t work. Plain and simple. Forex works and is where the money is. Binary is just betting against the broker. It’s like a casino, the house always wins. You are safer in Forex trading.

 

38. What if I have more questions?

If you have any more questions related to our services that are NOT answered above or on service pages, please Contact Us.

 

 

 

 

Risks
Investor’s capital is at risk. Trading in leveraged investments may result in losses that exceed initial deposits. Trading in leveraged investments may not be suitable for all investors as they involve a high degree of risk. Past Performance is no guarantee of Future Performance. Note: Tax rules are subject to change and vary according to each individual’s circumstances. Independent advice should be sought if necessary.
TechMonegy Ltd does not offer financial advise. Trade Copy Hero© does not manage Forex accounts (but only provides signals for automated copying) and has no control over your account. Subscriber accepts all execution risks when subscribing to Trade Copy Hero©. This is not a solicitation to invest and you should carefully consider your financial situation for suitability or discuss with a financial adviser prior to making any investment.

 

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