FREQUENTLY ASKED QUESTIONS
Whether you’re a new user or a seasoned trader you will find answers to all of your questions on this page. If you're new to Bitcoin/ALT coins you can find out how to buy Bitcoin/ALT coins using Monean Exchange from this handy guide. If you want to become a trader the selling Bitcoin/ALT coins online guide is for you. You can also ask a question on our forums or open up a support ticket to contact our support.
GET MORE HELP
If you're new to Monean Exchange and want to buy Bitcoins/ALT Coin, please take a look at our how to buy guide to learn how to buy Bitcoins.
If you are looking to sell bitcoins/ALT Coin please take a look at our how to sell Bitcoins/ALT Coin guide.
Please note that local trades do not have escrow enabled by default.
Next to each advertisement on the website the price of a Bitcoin/ALT Coin for that advertisement is shown as currency per Bitcoin/ALT Coin. For example, if we are buying Bitcoin/ALT Coin with the currency US dollars the price would be shown as 10420 USD / BTC. This means that if I wanted to buy 1 Bitcoin/ALT Coin it would cost me 10420 US dollars.
Can I buy less than 1 Bitcoin/ALT Coin?
Absolutely! In each advertisement you see what's called limits. That shows you the least and the most amount of Bitcoins/ALT Coin that you can buy from that advertisement.
One Bitcoin/ALT Coin can be divided into much much smaller pieces, the smallest piece is called one satoshi and is the same as 0.00000001 BTC.
That is why we recommend for you to get the best price to pay using a hard to reverse payment method, such as Cash Deposit, bank transfers and mobile payments (Like Qiwi in Russia). When you search to buy Bitcoin/ALT Coins, select All online offers as a payment method and you will see offers for all payment methods and you can choose one that is convenient for you and offers a better price.
What happens when I pay, and the seller doesn't give me my Bitcoins/ALT Coin? All our online trades are protected with escrow to prevent this from happening. When the trade is started, the Bitcoin/ALT Coin amount for the trade is taken from the sellers wallet and is held by Monean Exchange for the entire time of the trade. If the seller is trying to scam you, it's easy for you to open a dispute on the trade and our support staff will contact you to ask for proof that you have paid and then give the Bitcoin/ALT Coins to you.
Online trades occur online entirely through our trading platform without you ever meeting your trading partner. Escrow is automatically enabled and funded for Online trades, meaning that as a buyer you’re automatically protected by our escrow system. Most of trades on Monean Exchange are online trades.
Local trades are meant to be carried out face-to-face, and escrow is not automatically enabled. Because of this it is not safe to pay the seller using an online payment method in a local trade.
Online payment methods are, for example, bank transfers; PayPal; Gift card codes etc.
To send Bitcoin/ALT Coins from your Monean Exchange Wallet enter the receiving address and the amount you wish to send and click continue.
On the following page review the details, and enter your password (and your two-factor authentication code, if you have 2FA enabled) to send the transaction.
Please note that your Monean Exchange Wallet cannot be used in a few specific situations. For example, you cannot use it with sites like satoshidice that returns Bitcoin/ALT Coins to the sending address. Also newly generated Bitcoins from mining cannot be sent to your Monean Exchange Wallet.
To find your MoneanExchange.com receiving address you need to go to visit the Wallet page and click the Receive Bitcoin/ALT Coins button.
At the top of the page you'll find your receiving address. Please note that your receiving address changes after each transaction. We do this to protect your privacy. Your old receiving addresses will eventually expire. The expiring time for receiving addresses is 12 months.
Once you have your MoneanExchange.com receiving address, you can go to your other BitcoinALT Coins wallet and use this address to send Bitcoin/ALT Coins to your MoneanExchange.com address.
Please note that the minimum you can send to your Monean Exchange wallet is deposit fee. BitcoinALT Coins deposits smaller than that are not processed and cannot be recovered as they are used to pay the fee.
Transactions between Monean Exchange users are instantaneous.
Transactions you send from your Monean Exchange wallet are sent with a high priority fee to ensure they confirm within approximately 30 minutes (within the next three blocks).
I've waited 60 minutes and my transaction is still pending, now what?
Your Bitcoin/ALT Coins transaction was most likely sent with a fee that's too low or the Bitcoin/ALT Coins network might be experiencing congestion, in this case transactions will take much longer to go through.
Bitcoin/ALT Coins transactions have to be confirmed by the Bitcoin/ALT Coins network before they are usable from the wallet they are sent to. You can read more about confirmations on the Bitcoin/ALT Coins wikipedia.
To check the status of your Bitcoin/ALT Coins transaction
- You need to know the transaction id (TX ID) or the receiving wallet address (looks like: 1JF7RrjBzmVymz3cFeGWA7iVg3y6UXxyg) and the amount of Bitcoin/ALT Coins transferred. On MoneanExchange.com you can get the transaction information from your wallet transaction history page after you have sent the transaction.
- Go to Tradeblock.com.
- Type in the receiving address or the transactions ID (TXID) into the Search field. Use the Bitcoin/ALT Coins amount to quickly identify transactions if the receiving address has several transactions incoming.
- Click the transaction to view more information about it
- Look for where it shows you how many confirmations the transaction has.
- ...more than six confirmations: the receiving wallet has received the transaction. Please contact the provider of the wallet if the transaction still does not appear in the receiving wallet.
- ...0-6 confirmations or unconfirmed: the transaction has left the sending wallet and is still under way.
- ...you cannot find the transaction: the transaction never left from the sending wallet. Contact the provider of the sending wallet.
- A green dot means the user replies within 5 minutes to trades.
- A yellow dot means the user replies within 30 minutes to trades.
- A grey dot means the user takes longer than 30 minutes to reply to trades.
ABOUT BITCOIN/ALT COINS
You can read more in our related blogpost.
USING MONEAN EXCHANGE
- Enable two-factor authentication for your account. This protects you when a someone finds your password. With two-factor authentication enabled, it is not possible to log in to your account if someone knows only your password. Remember to write down the backup codes, preferably on paper, in case you lose your codes.
- Make sure Login guard is enabled. It protects you from logins from unknown web browsers. When Login Guard detects a login from a new web browser it asks you to confirm your browser by clicking a link sent to the email address you have used to register your account. Login Guard is automatically turned on for all new users. Read more about Login Guard
- Remember to use a strong password, one with at least 10 characters. To make it easier to remember difficult passwords we recommend you use a password manager such as KeePass ( ), KeePassX ( / ) or 1Password ( / ).
- Do not use the same password on other websites and do not give your password to other people, even your friends.
- Do not use an email provider that does not require a password, like yopmail, as it makes it possible to access your account without needing to know your password. If you want a secure, anonymous, email use a service such as Tutanota.
With Bitcoin/ALT coins, the owner of the wallet and the Bitcoin/ALT coins is responsible for his/her own security. If your user account is compromised you will lose your Bitcoin/ALT coins, and because Bitcoin/ALT coin coin transactions are NOT reversible it is not possible for Monean Exchange to help you get them back. That's why it's very important to follow the security tips given above.
What should I do if someone else has accessed my account?
- Immediately change your password.
- Immediately open up a support ticket explaining what happened and include your account name, the email you used to register on Monean Exchange, your name, IP address, phone number associated with your account and your recent site activity. You can find out your IP address by searching in Google for "What is my IP?".
When activating two-factor authentication it is very important that you write down the backup code and keep it in a safe place, preferably on paper. If you lose access to your two-factor codes you will not be able to log in to your account and it will require a two-factor reset which takes two weeks to process.
Activate mobile based two-factor authentication
- Visit the two-factor activation page and choose I want to use mobile app based two-factor authentication.
- Install the authentication app on your phone. Google Authenticator is available on Android, iOS and Windows Phone. You can find it from the app store.
- On the Monean Exchange web page, press Proceed to activation.
- Write down the backup code shown on the page and keep it in a safe place, preferably on paper. It's very important that you do this.
- Launch the Google Authenticator app on your smartphone and press Begin Setup.
- Select Scan Barcode from the mobile app.
- If you are asked, allow the application to take pictures and record video. After this you can scan scan the barcode shown on the Monean Exchange webpage.
- The 2FA codes will now start appearing in the Google Authenticator app. To complete the setup, take the code from the Google Authenticator application and enter it into the Monean Exchange website in the box Authentication code and press Enable two-factor authentication..
You're now all set and protected by two-factor authentication! Each time you log in to your account you will also be asked for a code that is shown in the authenticator application.
Activate paper based two-factor authentication
- Visit the two-factor activation page and choose I want to use paper codes based two-factor authentication.
- Click the link to open up your two-factor code list.
- Press ctrl + p (cmd + p on mac) on your keyboard to print the code table.
- Press Proceed to activation on the two-factor authentication page and enter the activation key from the top of the paper and the first two-factor authentication code from the table.
You're now all set and protected by paper-based two-factor authentication! Each time you log in to your account you will also be asked for a code that is shown in the authenticator application.
Once you've used up all your 90 codes from the paper based code table two-factor authentication will be automatically disabled from your account and you will need to activate two-factor authentication again.
You can only give one feedback to a user. The feedback can be one of four types: Trustworthy, Positive, Neutral, Block and Block without feedback. Once given, feedback will be visible on a user's public profile if certain conditions are met, otherwise the feedback remains unconfirmed. Unconfirmed feedback is only visible for the receiving user and to Monean Exchange administrators and does not affect the feedback score.
Users that have never traded can’t leave feedback, however if they mark each other as trusted or not trusted they are able to leave trustworthy, neutral or block feedback.
Explanation of feedback typesTrustworthy Giving trustworthy feedback increases the receiver's feedback score while at the same time marks the receiver as a trusted person. People who you mark as trusted can view your Trusted Only advertisements. You can find a list of people whom you've marked as trusted under your profile.
Positive Giving positive feedback increases the receiver's feedback score.
Neutral Giving neutral feedback doesn't affect the receiver's feedback score.
Block By blocking a user he can no longer contact you, and he receives negative feedback from you which lowers his feedback score.
Block without feedback This option blocks the user from contacting you, but his feedback score remains unaffected.
Feedback that has been given can be either confirmed or unconfirmed. Confirmed feedback is shown on a user's public profile and affects the user's feedback score. Unconfirmed feedback is only visible to the receiving user and moneanexchange.com administrators. For an unconfirmed feedback to become confirmed, one of the following conditions must be met:
- Trades between the user giving and receiving feedback must be more than 0.2 BTC
- The total trade volume of the feedback giver must be more than 5 BTC
- The feedback giver has verified his ID and a total trade volume of at least 0.1 BTC
moneanexchange.com never edits or removes feedback left by users. The only exception is feedback containing abusive, racist language, threats or exposes personal information.
Tick the box that says Enable Web notifications and when your browser asks you for permission to show web notifications, press accept. You're now all set and will start receiving web notifications.
You can take a look at all the browsers that are authorized by Login Guard to login to your account from the Authorized Browsers page in the security options. This page lets you revoke access from a browser if you do not recognize it, e.g. because the location is not yours.
If you have trouble getting access to your account using Login Guard you can open up a support ticket to get help.
- No direct or indirect personal attacks or insults will be allowed. Posts that antagonize, insult, belittle users or moderators will not be tolerated. Nor will racism, sexism, bigotry or foul language be accepted.
- No Bitcoin/ALT coin coin trades, or advertisements of any other kind may be posted to the forum.
- Posts talking about, referring to or suggesting tips etc. for illegal actions are strictly forbidden.
- Posts linking to copyrighted material or web pages containing guides on how to obtain or engage in actions which are illegal are strictly forbidden.
- Posts containing personally identifiable information (i.e. names, addresses, emails, phone numbers etc.) are not allowed.
- Posting links to phishing, scamming or hacking websites & guides is not allowed.
- Spamming the forums either with multiple topics or replies is forbidden.
- You are not allowed to ask for loans on the forums.
COMMON PROBLEMS & SOLUTIONS
If you do not wish to give the seller your ID, you can always cancel the trade and search for a trader with less strict requirements.
Always send your ID to the seller via the trade chat, our trade chat messages are kept encrypted on our servers and are deleted after 180 days. All photographs sent to the trade chat is also marked with a watermark to prevent misuse of the images.
If there are any issues with a trade and the seller won't release your Bitcoin/ALT coins, you can dispute the trade to have Monean Exchange support resolve it.
If you are buying or selling Bitcoin/ALT coins online, you can dispute the trade after 1 hour if you have marked the payment completed.
A dispute can no longer be started if the Bitcoin/ALT coins have been released from escrow or if it's a local trade without escrow enabled.
When a trade you're involved in becomes disputed, you'll receive an SMS notification and an email, in most cases simply starting the dispute is enough to get the attention of your trading partner. A disputed trade is usually resolved within 24-48 hours.
We reserve a small amount of Bitcoin/ALT coin coin from your wallet balance to pay the Bitcoin/ALT coin coin transaction fee to the Bitcoin/ALT coin coin network. Each Bitcoin/ALT coin coin transaction has to pay a small fee to the network to be confirmed no matter from where it's sent. We reserve this fee in advance to prevent your wallet balance from becoming negative. You can find a list of all of our fees on our fees page.
After you send in a trade request to the seller of Bitcoin/ALT coins, you have a time window to complete the payment before the trade is automatically canceled (the payment window varies depending on the payment method of the trade). During this time you need to complete your payment and press the I have paid button. The seller is notified that you've made the payment and the Bitcoin/ALT coins will be held in escrow until the seller releases them for you when seeing the payment in his/her account.
If you paid for the purchase, but did not mark the payment complete before the payment time window expired, please contact the seller through the trade. The Bitcoin/ALT coin coin seller has functionality to Reopen the purchase, this also re-enables escrow. You can contact the seller and your other existing trade contacts from the Dashboard in your Monean Exchange User Profile. Send a message to the seller and kindly explain the situation and why you couldn't complete payment within the time window.
If the seller does not respond to this request please contact Monean Exchange.com support using the Support request form and mention your trade contact id number.
If those searches come up empty, you can still try asking on our discussion forums if anyone knows to whom the address belongs, but chances are slim.
Please note that the same wallet can have multiple incoming addresses. The Bitcoin/ALT coin coin protocol ensures that Bitcoin/ALT coins are not sent to an address that does not exist, but they can be sent to addresses which are inactive or not controlled by anyone.
- Check that email in your user profile is correctly typed.
- Take a peek in your spam folder, the emails you're looking for may be in there.
- Sometimes an email provider may choose to block emails from a certain domain, you can try changing your email address to see if it helps.
- If you're still having problems receiving emails and can't log in to your account you can contact support by clicking here.
Below all the listings on the front page you can find a locations search field, type in your location into the field (city, country) and press enter. After the page reloads you will see ad listings for your location.
The Monean Exchange website is currently available in English, Spanish, French, Italian, Russian, Brazilian, Portuguese and Chinese.
You can change the language of the site from the footer, scroll down all the way to the bottom of the page and click the text next to the globe under the heading Services to see a dropdown of the languages on offer.
To re-activate your Two-Factor authentication codes with Google Authenticator you will need the backup code that you wrote down during the activation process.
- Find your Two-factor authentication backup code from when you first activated two-factor authentication.
- Install and launch the Google Authenticator app on your mobile device.
- Press Begin setup.
- Select the option Enter a provided key.
- Enter Monean Exchange as the account name.
- Enter your Two-factor authentication backup code in the key field.
- Leave the dropdown as Time based.
- Press add to re-activate your Two-factor authentication.
You can now use the code the app displays to authenticate your Monean Exchange account and log in.
If this did not work, or if you do not have the backup code written down, you cannot re-activate your two-factor authentication and must submit a two-factor authentication removal. You can find a link to submit it while logging in on the page that asks for your two-factor authentication code.
CREATING ADVERTISEMENTS AND TRADING Bitcoin/ALT coin coin
Becoming a pro trader is designation all traders strive for as it's a badge that only few can get. To be assigned the pro trader badge you need to have fulfilled all of the following criteria:
- Your ID must be verified
- Account registered more than 150 days ago
- At least 100 positive, confirmed feedbacks
- You need to have traded at least a total of 20 BTC
- Your trade volume for the past 30 days needs to be 2 BTC
When your account matches all the above requirements you will automatically receive the pro trader badge. You can click here to view your current trade statistics. Your account registration date and feedback can be viewed from your public profile page.
The green thumb is assigned automatically to your advertisements based on an algorithm. We don't want to share exactly what is required but the following things are looked at. Once your advertisement fulfils all the requirements, it will receive the green thumb.
- Number of trades and feedbacks score of your account
- Age of your account
- The payment method of your advertisement
- The popularity of the payment method
- Recent feedback on your account
- Total and recent amount of Bitcoin/ALT coins traded by you
- How long ago you completed your first trade.
The floating price is based on the
Monean Exchange_sellexchange rate variable. The seller can specify an additional margin on top of that.
You can use negative commission percentage too, if you want to sell below market price (or pay extra).
How can I mark someone as trusted? To add people to your trusted list, you can invite your friends by email, visit their public Monean Exchange User Profile or give trustworthy feedback after finishing a trade with them. You can find a list of people you trust under your profile.
Creating special deals for trusted people To create a trusted only advertisement, check the option on the advertisement edit form. The seller of Bitcoin/ALT coins decides trust. For a sell advertisement, only people who you have marked as trusted can access it. For a buying advertisement, only people who trust you can access it.
Whenever a user whom you have verified his real name opens up a trade with another trader it will show in the security box that you have verified the user's real name. This is a handy way to increase the trust of users.
This option is enabled by default for new accounts.
You can verify your company with Monean Exchange, this displays your companies name to your trading partner on the trade page in addition to your own real name.
To verify your company with your Monean Exchange account you will first need to verify your own ID through the normal ID verification process.
Once that is completed you will gain access to the company verification process, a link will appear on the ID verification page that will allow you to upload your verification documents.
To verify your company you will need to fulfil following requirements:
- You are the director of the company OR you are allowed to sign agreements on your company's behalf
- Your company must be searchable in your countries online company database
MONEAN EXCHANGE GLOSSARY
A Bitcoin/ALT coin coin address looks like a long string of random letters and numbers. Addresses are used when you want to send or receive Bitcoin/ALT coins. Each wallet has at least one receiving and one sending address. When you want to receive Bitcoin/ALT coins to your wallet you need to give the sender your receiving wallet address.
AML AND KYC
Anti Money Laundering and Know Your Customer is a group of laws in the United States that require Bitcoin/ALT coin coin sellers to know who their customers are. Certain sellers will ask for your identification to comply with these laws. Other countries around the world may have similar laws and requirements.
The Blockchain is the technology behind Bitcoin/ALT coins. It’s what makes it work. Bitcoin/ALT coin coin transactions are sent to the blockchain so that miners can put them into the blocks that they mine. Once a block containing your transaction is mined it has been added to the blockchain and your transaction receives one confirmation.
Not to be confused with the blockchain, blockchain.info is one of many websites that work as blockchain explorers. These websites allow you to ‘see’ the blockchain and what’s going on in it. In practical terms this lets you view your transactions and see if they are confirmed or not. You can also check to see how many unconfirmed transactions there are, the more the longer it will take for your transaction to become confirmed.
Bitcoin/ALT coin coin BLOCK
A Bitcoin/ALT coin coin block is one “link” in the blockchain. One block contains a group of Bitcoin/ALT coin coin transactions that have been confirmed. When Bitcoin/ALT coin coin miners ‘mine’ these blocks they calculate through computer algorithms which when put in the blockchain, confirms transactions. In turn miners receive transaction fees and newly created Bitcoin/ALT coins for confirming transactions.
BTC is the acronym for Bitcoin/ALT coin coin. Coin, coins et. al. are also slang terms for Bitcoin/ALT coin coin.
Two Bitcoin/ALT coin coin exchanges based in the U.S. that require you to verify your identity before being allowed to trade, along with other limitations.
COLD STORAGE/COLD WALLET
This refers to a way of storing Bitcoin/ALT coins in a safe and secure way, offline. This is also how the vast majority of Bitcoin/ALT coins MoneanExchange P2P/ALT coins hold on to are stored.
For a Bitcoin/ALT coin coin transaction to be completed it needs to be confirmed. Good habits are to wait for at least 3-6 confirmations before you can consider a transaction good. A confirmation happens when a transaction has been added to a block that Bitcoin/ALT coin coin miners successfully mine.Exchange
An exchange is a platform/service where users can change one type of currency for another.
Fiat comes from Latin and means “let it be done” or “it shall be”. It’s used as a term to mean all currencies that derive their value from governmental regulation or other central authorities.
The opposite of a cold wallet / cold storage. A hot wallet is located on a computer connected to the internet. At MoneanExchange P2P/ALT coins the hot wallet is where we store a small amount of Bitcoin/ALT coins at a time. It’s from here where your transactions are sent. We only keep a very small amount of Bitcoin/ALT coin coin here to protect ourselves from hackers.
This is what Bitcoin/ALT coin coin Miners do in order to confirm transactions and add them to the blockchain. When a Bitcoin/ALT coin coin miner mines, he uses computers to do difficult calculations which answers are easily proven to be correct. This way, when a miner completes a calculation anyone can easily see that the miner has actually done work. This work can then be used to create a Bitcoin/ALT coin coin block. What miners get in return from mining is new Bitcoin/ALT coins and transaction fees.
Multisignature, often heard in combination with wallet. A multisignature wallet is one that has several cryptographic keys concerned with it. This way if you have two of three keys, say, you can move money out of it. But with only one you cannot do anything.
Peer-to-Peer. It’s a form of network structure. Rather than having everything go via a centralized node, in a peer-to-peer structure everything goes from user to user. There’s no centralized part to rely on.
A satoshi is the smallest amount of Bitcoin/ALT coin coin that can be sent, or 0.00000001 BTC.
The pseudonym of the person who invented Bitcoin/ALT coin coin. No one knows who he is, but he does own quite a nice amount of BTC.
Single Euro Payment Area, SEPA transfers are a special kind of bank transfers within the EU.
A Bitcoin/ALT coin coin transaction, the actual act of moving Bitcoin/ALT coin coin from one wallet to another.
Since the Bitcoin/ALT coin coin miners work to confirm your transactions, they won’t do this for free. Rather you pay a tiny amount of Bitcoin/ALT coin coin to them to help them continue to confirm. This is why each time you move Bitcoin/ALT coin coin, it costs a tiny bit.
Transaction Id. This is a long string of numbers and letters that is the ID of a single transaction. It’s handy to know as you can paste this into a blockchain explorer and see what’s up with your transaction. It’s mainly used to see how many confirmations a transaction has.
The place where you store your Bitcoin/ALT coins. This can be quite confusing to new users, but a wallet is essentially just a Bitcoin/ALT coin coin address. A Bitcoin/ALT coin coin wallet can exist on a service such as MoneanExchange P2P/ALT coins, in an app on your phone or computer, or even on a piece of paper! As it’s just a series of numbers and letters it does not matter where it’s stored. It’s completely OK to use your MoneanExchange P2P/ALT coins account as your wallet when you’re still new. But when you start to accumulate more and more Bitcoin/ALT coin coin you way want to think of different ways to store them.