General Support & FAQs - Mine Digital

Support

General FAQs

What are cryptocurrencies and blockchain assets?

Cryptocurrencies are a digital token that use blockchain technology to structure and define the token/asset and to create zero-trust transactions of the token/asset. Blockchain is a digital technology that creates and defines assets through the history of transactions recorded on the blockchain.

What is Mine?

Mine is Australia’s youngest digital asset broker, exchange and provider for insured custody of digital assets. Digital Asset exchanges are a place where transactions occur for people who wish to buy or sell digital assets, including digital tokens and cryptocurrency

Does Mine Digital buy and sell blockchain assets from other exchanges?

The Mine Digital Exchange uses an aggregated system of global liquidity and does not use bots to create or manipulate a market.

Do you have an API?

Mine Digital has an API that developers may use to access the exchange. Please find more information at API Documentation

Do you allow VPNs?

Users may be disqualified from using the exchange if they use a VPN or the Tor network

Do I need my own wallet?

No, you do not need your own wallet to transact on Mine. Your digital assets will be held with Mine until you are ready to transfer them to your own wallet if you desire.

Can I use this site to assist with the paying of ransomware?

No. This is against our terms and conditions. Users discovered to be dealing with ransomware will have their accounts closed.

Trading

Can I cancel a trade?

Yes, cancelling an order can be achieved through the ‘orders’ tab in the exchange, and by selecting and cancelling the order in the buy/sell window. Orders that have been filled cannot be cancelled.

How are large instructions handled?

Cryptocurrency transactions that are large relative to available liquidity may be best fulfilled through our OTC service.

Please contact Mine Digital at support@minedigital.exchange for more information on efficiently transacting large volumes.

How do I buy or sell digital assets?

The Mine Digital Exchange facilitates the trade of digital assets. Each user must create an account, perform checks to confirm their identity and fund their account with either fiat currency or digital assets.

After successfully opening and funding an account the user is able to place orders on the exchange. When that order transacts, they will have bought or sold the digital asset that they had nominated in the order process.

What is a limit order?

A limit order is a type of order on the Mine Digital Exchange. A limit order transacts with the market at the price that is nominated in the order creation process.

Although a limit order provides control over which price the user transacts at, it provides less certainty that the order will transact at all. Whether the order is filled or not is a function of the behaviour of the overall market

What is a market order?

A market order is a type of order on the Mine Digital Exchange. A market order transacts at the best available price on the exchange at the time that the order is generated.

The market order also transacts with the volume of cryptocurrency available at that price when the order is generated. If the users order has a greater volume than the counter-party they transact with at the first price, it will also transact at the second available price. A market order continues this process until the volume has been filled. The price that a user transacts at with a market order is volume-weighted to each price level that they transact at.

What is the destination tag for Ripple (XRP) deposits?

When you enter the payment in / funds / XRP window the destination tag will be available with the Ripple address.

What is the order book?

The order book is the list of bids and offers that sit on the exchange. The order book is made up of users’ bids(offers) to purchase cryptocurrency. These bids(offers) are limit orders with an established price level and amount of cryptocurrency, also known as volume.

Security

How do I verify my account?

Mine Digital uses sophisticated techniques to fulfil its identification obligations to clients as well as Know Your Client (KYC) and Anti Money Laundering (AML) laws.
During the account registration process, Mine Digital will ask for proof of identification to perform checks on the documents that have been provided. Mine Digital have developed privacy policies in how your information and data is recorded and kept. For more information please see our privacy policy.

Why must I verify my account?

Mine is an Australian company, subject to Australian laws and regulations. In addition to this, we are subject to international KYC and AML/CTF standards.

How do I enable additional security to my account?

2FA (two-factor authentication) is enabled on users accounts in the signup process

Is the Mine platform safe and secure?

Mine has been developed in partnership with financial services companies with deep industry and technological experience. Our platform is world-leading in site security, utilising hot/cold wallets and secure physical vaults.
In managing digital assets since 2014, there have been no breaches of our security protocol since. Our privacy policy may be found here.

How do I change my name listed in my account?

It may not be possible to change the name listed on your account. For more information please email support@minedigital.exchange.

How do I change my password?

To change your password, select the ‘user’ tab and select ‘settings’. You will have the option to select ‘password’ where you can enter your current password to nominate a new password. You may change your password here. Mine Digital recommends that you select a password that is unique to the Mine Digital site. Your password should be at least 8 characters long, include capitals and lowercase letters, numbers and ! @ # $ % ^ & * _.

How do I change my email address?

To change your email address, make a request to support@minedigital.exchange. We will walk you through the email change process.

My two-factor code has stopped working and I can’t log in

Please immediately contact support at: support@minedigital.exchange

I have lost my phone / two-factor code and no can no longer log back in

Please immediately contact support at: support@minedigital.exchange

Should we store our blockchain assets on your site?

In order to transact on the exchange, fiat or crypto currency must be held in your account.

Do you manage a full reserve?

Assets held in user accounts or represented in the exchange are held on trust.
Users on Mine Digital deposit digital assets and cash into their accounts to be used on the exchange. User wallets are owned by the user and Mine Digital does not have legal ownership of cryptocurrencies, or access to cryptocurrencies. Therefore, exchange assets are representative of currency held on the exchange.

Withdrawals, Deposits & Fees

How do I deposit (receive) funds?

To deposit fiat currency, select the ‘funds’ tab and the ‘payment in’ option. That window will allow the option to nominate Australian or United States Dollars. The transaction details will appear in the next screen and an email will be sent to your address with the proper bank account information.

How do I withdraw (send) digital assets?

To withdraw digital assets, select the ‘funds’ tab and the ‘payment out’ option. That window will allow the option to select your digital asset of choice and the option of transferring out to a wallet or send the payment out via email.

How do I deposit (receive) digital assets?

To deposit digital assets, select the ‘funds’ tab and the ‘payment in’ option. That window will allow you to select a digital asset and the wallet address for that digital asset will appear. Sending digital assets to that address will credit your account.

I can’t see my blockchain assets on the blockchain

Please immediately contact support at: support@minedigital.exchange

Why has my deposit not been credited to my account?

This could be for a number of reasons, please contact Mine at contact@minedigital.exchange with all of the information around your request.

What are Mine’s fees?

Mine use a Maker / Taker model for fees.

If you are making a price (have a limit order) you pay 10 basis points.

If you are taking a price (use a market order) you pay 20 basis points.

For Corporate, High Value and VIP accounts, please contact support@minedigital.exchange.

Account Setup

Can I create a test or demo account?

Yes, we offer demo accounts to new users that want to test out the platform.

Can I create multiple accounts?

Yes, clients can have more than one account under certain circumstances. Please contact support@minedigital.exchange to find out more.

Can I open a corporate account?

Yes, corporate accounts are available. All Directors and any shareholders with more than 25% are required to submit KYC information.

Can I open a corporate account?

Yes, corporate accounts are available. All Directors and any shareholders with more than 25% are required to submit KYC information.

Glossary

HODL

An alternative term for “Hold” as in “do not sell your position” born out of an unfortunate misspelt post on a forum in 2013. Now an accepted form of jargon in the crypto community and a source of amusement among the trading world.

Mick – I’m a bit worried about this sell off Jim, what do you think of the price action here?

Jim – I’m not selling Mick, hodl bro, HODL!

n00b or newb

Somebody with little to no investment or trading experience in the crypto space who often purchases at the top of the market and when seen in large numbers investing in a single coin, can be a leading indicator to a crash in that particular coin.

Rick – hey Bill have your heard of this new thing called Bitcoin?

Bill – your such a n00b Rick.

Rekt

A colloquial term used in the crypto community to describe the state of your investment portfolio during a drawdown. An abbreviation of the word “wrecked” – rekt is a term often used by traders in frustration of losses, large or small, to draw attention to their plight.

Brett – how are you left in that ripple sell-off Andrew?

Andrew – got rekt dude, off to Bunnings to buy a length of rope…

Shill

A term of derision largely associated with unethical behavior and people during the capital drives for Initial Coin Offerings (ICOs) over the past few years. Vast swathes of investment capital that was purportedly going to make investors huge returns instead evaporated into the ether

Jon – hey Matt do you know anyone we can shill Wanchain to? Raise fees are 8%!

Matt – yeah I will line up some n00b for this shitcoin.

Shitcoin

A poorly constructed and sometimes fraudulent coin which typically lists with an enormous price spike before going to zero or close to zero value over the subsequent few trading sessions. The source of much frustration, mistrust and lawsuits within the crypto community.

Ben – what’s your thoughts on Bridge?

Daniel – .it looks like a real shitcoin