What checks are conducted in the KYC process?
Fuze carries out standard KYC checks in line with regulatory requirements. This involves collection identifying information, verifying the same against actual documents, and screening the information against sanctions lists etc.
Secondly, in order to ascertain risk, our team will ask you to furnish information about the source of your funds, and information about your business activities if you’re registering as a legal entity.
The third and final component in the process is verifying your bank and wallet addresses that will be used for transactions.
How much time does the KYC process take?
Due to the multiple steps involved, the KYC process can take up to 7 working days. In some cases if extra checks are needed, we will reach out to you for further information and keep you updated about the progress.
What is the wallet whitelisting process?
Fuze’s wallet whitelisting process consist of two steps. First, we screen your address to ensure it doesn’t have any direct or indirect links to known illegitimate wallet addresses. Second, we verify that the wallet address is your own and in your control. In order to establish this, we will ask you to send a specific quantity of tokens to our address.
Why does the external wallet I add to Fuze need to be controlled by me?
The reason for this rule is two-fold. One, we strongly believe in conforming to the regulatory guidelines around anti-money laundering. Due to the nature of crypto-currencies - this meant restricting the types of wallets that could be linked to Fuze.
That being said, it is technically possible to whitelist wallets that belong to third-parties. But given the large sums involved in OTC transactions - these transactions would then be subject to more checks and verification in order to comply with regulations. This is the second reason. We think these extra steps would harm the overall experience, and limiting transactions to first-party wallets(wallets that belong to you) lets us avoid it. However, we are actively exploring ways to enable third-party wallet transfers while solving for the above reasons. We will keep you updated when we start allowing it.
How much time does the wallet whitelisting process take?
Due to the multiple steps and manual intervention involved, whitelisting a wallet can take upto 7 working days.
Are there any extra charges?
When you see a quote, that is the full and final price, inclusive of all taxes etc.
What is the use of quotes?
Quotes lets you know how much you’re going to get charged before you order. This protects you against price changes in extremely volatile markets, especially when you’re placing large order. If you were to make a large order in a normal spot market, the price you pay for every subsequent partial fill would keep climbing. Hence, you’d only know the average price you got after the order is completed.
Can I get quotes for longer than 10 seconds?
Fuze does not offer that functionality at the moment. A 10 second price lock is among the highest in the industry. However, if you have a strong use-case for a higher time duration or you are getting higher price locks elsewhere, do let us know and we could structure a bespoke solution for you.
When do I get access to what I’ve bought or sold?
Our settlement cycles currently happen over a 24 hour period. So every 24 hours, all the buys and sells are netted, and the actual fiat and tokens are moved.
All your buys, sells and swaps over a 24 hour period are added up and settled. For example, if bought $100 and sold $50 - a net amount of $50 will deducted from your balance, and the net quantity of tokens will be added your token balance.
How often does a settlement happen?
Settlements take place once in 24 hours. We are actively looking at ways to increase the frequency of settlements. Also, please keep in mind that you can trade on notional values. For example, if you sell BTC worth $100, that $100 is instantly available to you to make further purchases. The total of your buys and sells will be adjusted against each other. While you can use it to make further trades, you will not be able to withdraw the $100 to your bank account until after the settlement is done.
Can I request for a settlement to happen sooner?
In case you plan to make a really large order, or other exceptional scenarios, we could help. Do write to us with specific details and we could make accommodations for you.
How do I initiate a fiat deposit?
You can initiate a fiat deposit via the OTC web app. You will be asked to specify the amount, and the bank account from which you’ll be making the deposit. Once you do, a deposit id is generated for tracking purposes. You should paste this deposit id in the transaction remarks section when you initiate the bank transfer. This will help us identify the transaction on our statement.
We check our bank account for fresh deposits every 12 to 24 hours. Hence the time taken for a deposit to reflect will be 12 to 24 hours plus the time taken for the actual transfer to be processed by the banks.
What is the fiat withdrawal process?
You can initiate a fiat withdrawal via the OTC web app. You’ll be asked to specify the amount, and the bank account to which you want the amount sent. Please keep in mind that the amount is blocked instantly, and will therefore not be available for trading.
Our finance team will review the details and initiate the withdrawal from our bank within 12 to 24 hours. Once this is done, you will see the updated status on the OTC web app.
Why is my deposit not reflecting in the pre-funded balance?
Fuze’s finance team checks if the deposit amount has hit it’s bank account. Only then do they update the balance available for trade. This process can take 12 to 24 hours, plus the time it takes for the actual transfer to be processed by the banks. During this time, your deposit will still be shown as pending, and the amount will not reflect in your fiat balance.
Why am I not allowed to withdraw the total balance?
You may have made trades that have not been settled yet, or you may have other withdrawal requests - these amounts would be blocked and you won’t be able to withdraw them. The unsettled amounts are shown under the fiat balances page. In the transaction list on the same page, you can also see if there are any pending withdrawal requests.