Frequently Asked Questions (FAQ) in Bitlevex

Account

Multiple Account Policy

PLEASE NOTE: At this time, BITLEVEX does not allow multiple accounts!

We will automatically detect and disable new accounts linked to existing customers. Bitlevex understands that users may have opened duplicate accounts and have funds stuck in a disabled account. If you have an account disabled due to having opened multiple accounts you will need to open a ticket and work with our support team to consolidate your accounts.

At this time there is a significant wait time to have accounts consolidated. Requests for consolidation will be processed in the order they were received.

Please do not open duplicate requests as this will slow down the processing time for yourself and others.

Steps to follow for help:

• Open a support request here
• Once your ticket is submitted, you will receive a response requesting the information we need from you in order to enable your account.  Please make sure to read our response carefully and provide all the necessary information.

How to prevent phishing attacks?

One of the ways that online hackers and scammers try to get information from customers is through phishing. 

Phishing is a fraudulent practice that can happen through different means of communication, including emails, SMS texts, social media posts, and URL advertisements. These attackers will brand themselves and pretend to be BITLEVEX in order to obtain sensitive information, such as passwords and 2FA codes. 

To help identify what these may look like, are some examples of different phishing scams:

Email
When hovering over the hyperlink in this email example above, you will find that it directs you to a page that is not BITLEVEX.com. This is an immediate red flag — do not engage with these emails.

Always double-check who the email sender is. It may appear to be coming from "BITLEVEX," but you will find that the email address above is not from a sender with a @BITLEVEX.com email address. Official communication will come from an email address ending in @BITLEVEX.com only. Any variation from this may be indicative that the email you received is malicious in nature.

Website
Take note of the URL: www-BITLEVEX.com. The landing page may look familiar, but the dash between “www” and “BITLEVEX.com”  in the URL signifies that this is not www.BITLEVEX.com. Scammers can create fake websites asking for sensitive information to gain control of your accounts.

If someone claiming to be from BITLEVEX asks you for this information, it is a scam.

TIP: Utilizing your browser’s bookmark function to access BITLEVEX websites is a good way to safeguard any URL typos.

SMS
If you receive a text message reporting that you’ve received digital currency that you did not authorize, it is likely a phishing attempt. BITLEVEX does not send out texts to verify transactions. Notice that the links here do not direct you to www.BITLEVEX.com. Do not click these links.

Reporting Phishing 
Please report any BITLEVEX phishing sites you encounter! 

If you are a victim of a phishing attack, please immediately take action to secure your account by changing your email and BITLEVEX password. If you have further questions or suffered a financial loss due to this attack, please submit a support ticket here. 

Closing your Account

We very are sorry to hear you would like to close your BITLEVEX account.  Please be aware that once an account is closed it cannot be reopened.

If you still choose to close your BITLEVEX account, please follow this link and open a new support request. We require a 48-hour hold on account closure tickets to avoid accounts being accidentally closed.

Upon closing your BITLEVEX account, we may retain certain information as required by law or for our legitimate business purposes (i.e. historical transaction information). We may also retain cached or archived copies of information about your account for a certain period of time.

For your convenience, we will attach your full order, deposit, and withdrawal history once the account closure has been completed.
 

Disabled Account

If your account is disabled, please open a support request to enable your account.

Possible reasons your account may be disabled:

• You requested that your account get disabled

• We suspected your account was hacked and disabled it for you

• You attempted to verify your account with an identification document that has already been used or is invalid

• Your account was involved in irregular trading activity

• You violated the BITLEVEX terms of service

Securing Your Account

The first thing you should look to do when setting up your BITLEVEX account is to ensure that you have proper security measures put in place. Securing your BITLEVEX account does not require much effort and a couple of clicks can go a long way in making sure your account remains protected. 

1. Enable 2-factor authentication (2FA available soon)
 
The first thing to do is make sure that you sign up using a password that is unique to your BITLEVEX account, and complement it by enabling two-factor authentication. We recommend users to use Google 2FA or U2F and a password manager to assist with this. Storing a physical copy of your 2FA backup key will allow you to reset your 2FA in the event that you lose access to your phone. Take care when storing digital copies of backup keys, if you choose to do so.

These two simple security measures alone can go a long way in securing your funds and should act as the foundation for any further security configurations.


2. Whitelist withdrawal addresses (available soon)
 
Limit withdrawals to a single whitelisted address per currency and disable withdrawals for some currencies altogether. For example, if you only trade/hold Bitcoin, whitelist your external Bitcoin address and disable withdrawals for all other addresses. This will prevent malicious actors from withdrawing your funds (to an address that isn’t yours), should your account be compromised.

When whitelisting withdrawal address, please note that you must whitelist or disable withdrawals for all currencies for the security feature to have an effect. For example, if you leave XRP withdrawals open, someone would simply need to exchange all your funds to XRP to bypass restrictions. We only allow a single whitelisted address per currency.


3. Whitelist IP addresses (available soon)

Specify one or more IP addresses that will be whitelisted. When this feature is enabled, only connections from the whitelisted addresses will be able to access the account and all connections from non-whitelisted addresses will be refused. You can provide one or more IP addresses and/or specify an IP range. 

Important: You can lock yourself out of your account if you are not careful. Please be sure you are on a static IP address (most users are not) and that you fully understand this feature. If you have a dynamic IP address or need to access the account using multiple devices/locations, we would advise against this feature.


4. Lock withdrawals for new IP addresses (available soon)
 
Temporarily disable withdrawals whenever a new IP address is detected. When a previously unused IP address is used, withdrawals will be disabled for 24 hours. If you have a dynamic IP address you should not enable this option as it will result in a new withdrawal hold being put in place every time a new IP address is used to access the account.


5. Set up a withdrawal confirmation phrase (available soon)

Add a secret confirmation phrase to the withdrawal confirmation image to ensure that your withdrawal details have not been tampered with or compromised by malware, malicious actors or man-in-the-middle attacks.

 
6. Disable ‘Keep Session Alive’ (available soon)

‘Keep Session Alive’ is a feature put in place to allow traders to remain logged in during long trading sessions. Whilst acting as a helpful feature if you maintain control of the device it can bring with it an unnecessary risk when using a public or shared computer. Disabling this feature will ensure that you are logged out after 30 minutes of inactivity.

In addition to the steps above, we highly recommend for users to store all funds that are not needed for trading or funding in an offline wallet, to which you possess full control of the private key. Avoid accessing BITLEVEX on a rooted (i.e. jailbroken) device or public wifi.

Lastly, protect your computer. Make sure that your software is up to date and routinely use antivirus and malware protection to scan your devices.

When using cryptocurrency-related services, it is imperative that you take certain precautionary measures. Type in domains yourself (as opposed to clicking links) or bookmark trusted sites. Do not disclose sensitive account information to anyone (including BITLEVEX staff) and do not open attachments from suspicious sources.

Account Hacked / Unauthorized Login

If you believe your account has been compromised and you dont have access to it anymore, please contact us immediately here.

Please be aware that there are phishing sites on the Internet that look like BITLEVEX.  These sites are fake and harvest your credentials which can then be used to login into your account.  These sites will capture many different things such as Username, password, 2FA code, and possibly even ask you for your email and password for it. 

BITLEVEX will never ask you for your email username and password, so please never enter those on any login that looks like a BITLEVEX site. Make sure that you are visiting https://www.bitlevex.com

Many users will still use the same passwords and email combinations they use on other sites as well as weak passwords to protect their accounts. BITLEVEX keeps your user information secure and has never leaked any passwords. However, many sites in the Crypto world have been hacked and the hackers have databases that they attempt to use to login to accounts. This is why we suggest using a unique password for logging in at Bitlevex for your own security. 

Trading

What Are Options? 

Options are contracts that give the bearer the right, but not the obligation, to either buy or sell an amount of some underlying asset at a pre-determined price, referred to as the strike price, at or before the contract expires.

Each option contract will have a specific expiration date by which the holder must exercise their option. The stated price on an option is known as the strike price.

Call and Put Options:

• A call can mean two things. It can refer to an option contract giving the owner the right, but not the obligation, to buy a specified amount of an underlying security at a specified price within a specified time. It can also refer to a call auction, a time when buyers set a maximum acceptable price to buy, and sellers set the minimum satisfactory price to sell a security on an exchange. Matching buyers and sellers in this process increases liquidity and decreases volatility. The auction is sometimes referred to as a call market.
• A put is an options contract that gives the owner the right, but not the obligation, to sell a certain amount of the underlying asset, at a set price within a specific time. The buyer of a put option believes that the underlying stock will drop below the exercise price before the expiration date. The exercise price is the price that the underlying asset must reach for the put option contract to hold value.

What Is an Expiration Date?

An expiration date in options is the last day that an option contract is valid. On or before this day, investors will have already decided what to do with their expiring position.

Before an option expires, its owner can choose to exercise the option, close the position to realize their profit or loss or let the contract expire worthless.

What Is an Option Premium?

An option premium is the current market price of an option contract. It is thus the income received by the seller (writer) of an option contract to another party.

European and American options

The European options can only be exercised on the expiration date, not before.

The American options can be exercised on or before the expiration date.

At the moment, we only consider European options

The price (premium) for the European options contract shall be calculated using a variation of the Black Scholes Model, see https://www.investopedia.com/terms/b/blackscholes.asp
 

Withdrawal fees at Bitlevex

Withdrawal

Please note that we may charge a transfer fee to cover the expenses. Currently, withdrawal is only in BITCOIN. 

Fees

5% withdrawal fee

If you have any other additional questions about our withdrawal fees or any other questions about BITLEVEX, please open a support ticket here or open live chat on the bottom right corner of your screen. 

Additional fees regarding withdrawal

If BITLEVEX service is being used as a cryptocurrency exchange, BITLEVEX will process the payment manually, rejecting the previous request, and make a new transaction with a 15% fee included in the payment. For example, A client makes a deposit, conducts no trading activity, and requests a withdrawal. The client will be subjected to additional fees, that have to be paid from the amount requested to be withdrawn. The withdrawal will be paid to the same address, that has been specified on the withdrawal request time. Please contact support if you want to use the service like this.