The platform is open to everyone. You can make a friend or family member your advisor.
BitDirect only offers BTC services and plans to build other products and services in this space.
While it is not possible for your advisor to move any funds without you co-signing the transaction, it is essential that the client knows and trusts their advisor to prevent them from restricting access to your funds for whatever reason. Should the advisor limit access to your funds, you can change advisor.
BitDirect charges 0.25% per annum (accrued daily) of the bitcoin under management.
The advisor can charge between 0% to 8% per annum (accrued daily) of the bitcoin under management. These fees are in addition to the funds set by BitDirect mentioned above.
The advisor can charge each client customized rates. The client is notified of each rate change if the advisor amends their rate.
Blockchain fees are incurred by the client whenever fee payments or withdrawals are processed.
Blockchain fees vary depending on how much demand there is for block space. The norm is in the region of a few US Cents up to a few dollars. Below is a calculator where live blockchain fees can be estimated: https://bitcoiner.live/
The advisor can process the fees on an ad-hoc basis. However, if there has been an extended period when the fees have not been processed, certain functionality of the advisor’s platform might be restricted until the outstanding fees are cleared. BitDirect will provide 7 days notice prior to restricting any services. The client is also prompted to settle any outstanding fees whenever they perform a transaction on the platform.
Each advisor and each client must abide by regulations in their jurisdiction. BitDirect is a SaaS platform that manages financial relationships between advisors and their clients.
KYC is the responsibility of the advisor.
BitDirect will pay 0.05% of bitcoin under the management of the referred advisor to the referrer. Fees are only paid when BitDirect has received our fees. Referral fees are paid by BitDirect and are not included in the fees section.
The referral bonus is paid when the accrued bitcoin referral fee exceeds 0.05 BTC
Unfortunately, once an advisor has registered, there is no method to update the account or alter the referral link. The client must delete their account and re-register with the correct referral link.
To maintain privacy, we do not publicize an advisor’s referral fee information to the referrer.
All an advisor needs to do is register with BitDirect and register their hardware device on the platform, and they can begin to add clients.
After the advisor has registered their hardware device, they must send their client registration link to all interested parties. The link is in the “Client” section. A new wallet is created when their clients have registered and have added their hardware device.
- Set up Clients on the BitDirect platform.
- Set up Clients with their Hardware Devices and provide information on how the device works, security best practices, and general bitcoin information.
Buy / Sell Bitcoin, either done by:
a) A corporate account at an exchange and conduct the transactions on the client’s behalf.
b) Talking the client through setting up an exchange account in their name and how to perform the Buy / Sell function.
- Approve transactions when a client wishes to move or sell their funds.
- Restore a new Hardware Device in the event of a loss.
- Set the fees they charge their client.
- Provide bitcoin advice.
BitDirect operates a “one strike and you’re out policy regarding advisors losing their hardware device and recovery seed. The advisor initiates the lost device procedure on the BitDirect platform in the event of a loss. This will allow the client to withdraw their funds to an alternative advisor. BitDirect and the Client will co-sign the transaction.
BitDirect is a custody-only platform, and all advisors are encouraged to set up a corporate account at their local exchange, or if you are a Client, set up a regular client account at the local exchange to buy and sell bitcoin.
The client initiates all withdrawal requests. The advisor co-signs transactions for approval as a secondary step.
No it is not. There is no ability for the advisor to enter a third-party address to send your funds elsewhere. The advisor can only approve or deny transactions, process fees and help restore a new hardware device with BitDirect in the event of a loss.
Prospective clients need to speak to people that could be advisors in their immediate circles of influence. BitDirect will launch an Advisor Directory at a later stage.
You need to discuss this with your advisor through your usual communication channels. The advisor will be able to amend the fee, and you will be notified when the fee is altered.
KYC is the advisor’s responsibility, and there is no KYC on the BitDirect platform.
It is possible to change your advisor directly through the BitDirect platform. BitDirect will co-sign your transaction to move your funds to the new advisor.
You can move your funds to a new advisor through the BitDirect platform. BitDirect will co-sign the transaction to transfer the funds to either an external wallet or a new advisor.
Yes, this can be done from the Withdrawals section on the website. Your advisor can also cancel the transaction before it is approved if there is an error.
It is essential that you update your new device with your new 2FA as soon as possible. You will need your hardware device to do this.
This to ensure that your wallet is configured correctly and there is no malware on your PC or you have received a spam email. Please also confirm with your advisor. This task needs to be only completed once.
Once BitDirect has been notified that a client has become deceased, the estate executor needs to provide BitDirect with all the required documentation relating to the deceased’s estate.
- Death Certificate
- Last Will and Testament & Probate Documents (if applicable)
- A letter signed by the beneficiaries named in the Probate Documents instructing us on what to do with the balance of the account.
Once approved, BitDirect and the Advisor will sign a transaction to distribute the funds to the beneficiaries.
Purchase a hardware wallet from each of the three main wallet providers:
- ColdCard.com (coming soon)
The hardware device stores your private key and makes sure that the key is never exposed to the internet. The transaction is passed into the hardware device for signing. Your private key remains safe within the hardware device at all times. Please view the Trezor.com and ledger.com websites, there are also YouTube videos explaining how the devices operate.
Specific hardware devices provide the option for an additional 25th seed word to be included for added security. This operation is not compatible with BitDirect. If you have performed this operation, please complete the “Lost Device” function again, and set up the device without the 25th seed word.
No, it is not. Once your private key is created within your hardware device it is impossible to extract the private key or the seed phrase.
You can use your existing hardware device and do not need to purchase a new one. Your funds that are held in your “single signature hardware account” will still be visible and operate as normal. Multi-signature wallets are not visible with Ledger or Trezor software.
Yes you can. BitDirect plans to introduce the ability for additional users can be added by the advisor. If this is something that you think you would use, then please use separate devices — a single device for the Advisor role, and a different device for the Client role. If you do not plan to have multiple advisor users, please use the same device for the Advisor and Client logins.
Yes. We advise that people purchase 2 hardware devices, and insert the recovery seed into each device. The second device should be stored securely, separately from the recovery seed. You would have three backups (2 hardware devices and one recovery seed).
For Clients there is the ability to log in and restore a new device. BitDirect and the Advisor will co-sign a transaction to move your funds to a new hardware device.
It is one hardware device per account.
It is advisable to setup your wallet in Electrum as well as BitDirect, to ensure your wallet is configured correctly. In addition, performing a small test transaction through the BitDirect platform to be 100% sure your wallet is working is also recommended.
There is an alternative check where you place your redeem script for each of your public addresses here: https://coinb.in/#verify
The output should show that the setup is a 2-of-3 multi-sig, and your public addresses should match those within BitDirect.
Bitdirect only holds a single key of the 2-of-3 multi-signature relationship. This makes it impossible for BitDirect to make off with or freeze client funds.
BitDirect is BIP-48 compatible, which means the Advisor and the Client can withdraw their funds through a third-party wallet (like Electrum) without any involvement from BitDirect