Frequently Asked Questions (FAQ)
Blockforia is a leading Bulgarian cryptocurrency exchange, established in 2022 by an experienced team of lawyers, technologists and Bitcoin maximalists. Blockforia is headquartered in Sofia, Bulgaria.
Blockforia strives to support customer registrations from as many countries as possible. However, our expansion into a jurisdiction is limited by our requirement to perform secure KYC and AML on all customers. Today, Blockforia supports secure online identification through a myriad of electronic solutions, including BankID (Norway and Sweden), MobileID (Finland), NemID (Denmark), OnFido (EU+) and others. Support for new jurisdictions is added regularly.
Depending on your jurisdiction, account registration can take anywhere from 5 minutes to 1 week. If you are in a jurisdiction that supports electronic ID solutions such as BankID or NemID, registration typically happens within minutes. You confirm your identity using the electronic system, and we perform the mandated KYC, AML, PEP and CTF checks in the background. If you’re registering from a jurisdiction which does not offer secure electronic ID authentication, your account opening will be subject to manual review. All reviews are performed on-site at our Bulgarian HQ.
Currently, Blockforia only supports the purchase, sale and transfer of Bitcoin (BTC). Please feel free to reach out to our support staff if you feel that a specific cryptocurrency is missing, or if you want to discuss a possible listing.
Blockforia offers all customers a free, virtual Bitcoin wallet. The virtual Bitcoin wallet is maintained by Blockforia centrally, mirroring the on-chain balance of each user. All customer funds are kept in cold storage. Transfers happens via the Bitcoin network, initiated from one of multiple hot wallets.
Depending on your account tier, there may be buy, sell and transfer limits associated with your account. As your account matures, account limits are raised and/or removed.
Depending on your jurisdiction, Blockforia supports most major debit and credit cards.
If you are performing an on-chain Bitcoin transfer on Blockforia for the first time, the transfer is subject to manual review. As such, it will be queued and be reviewed by one of our support staff, before it is performed. When your account has been confirmed and reaches sufficient security thresholds, Bitcoin transfers happen immediately. Please note that all transfers are subject to possible congestions on the Bitcoin network and may take time to confirm.
After your transaction has been reviewed, approved and initiated by one of our support staff, there is no way of canceling an on-chain Bitcoin transaction.
In addition to sending or receiving cryptocurrency through Blockforia, customers can purchase or sell a single cryptocurrency or convert one type of cryptocurrency into another type of cryptocurrency.
Blockforia establishes the exchange rate for cryptocurrency transactions by adding a margin, or spread , to the market exchange rate. Blockforia may also charge a separate fee (in addition to the spread) that is either a flat fee or a percentage of the transaction, as further described below.
Blockforia Fees may vary based on the customer location, payment method, and other circumstances. In some cases, Blockforia may charge an additional fee on transfers to and from the customer’s bank account. Blockforia will always notify the customer of all Blockforia Fees (not including the margin) and any other service fees that apply to each transaction immediately before the customer confirms each transaction and in the receipt Blockforia issues immediately after each transaction has processed.
Blockforia charges a spread of about 1% for cryptocurrency purchases and cryptocurrency sales. However, the actual spread may be higher or lower due to market fluctuations in the price of cryptocurrency between the time we quote a price and the time when the order executes.
Blockforia also charges a Service Fee (in addition to the spread), which is around 2%. In addition, Blockforia charges a variable debit- and credit card fees, depending on what fee is charged to Blockforia by the acquiring bank.
If you do not have an electronic ID such as BankID or NemID, or you are from a country which does not yet support this, you may apply for a Manual Account Opening. Please note that you will be required to positively confirm your identity, by means of passport, utility bill, proof of income and more.
Blockforia performs a host of manual and automatic compliance-based background checks on its customers. Such checks are government mandated and performed to ensure the safe operation of the Blockforia exchange. Amongst others, Blockforia screens all customers against Politically Exposed Persons (PEP) and international Sanction lists, in addition to performing various Counter Terrorism Financing (CTF) and Anti-Money Laundering (AML) checks. All background checks are done in collaboration with internationally renowned third-party intelligence agencies. In addition, Blockforia applies advanced blockchain compliance tools to monitor, analyze and security assess on-chain transactions.
We are terribly sorry to hear that your question was not answered in this FAQ. Please feel free to reach out to our Support staff, available on email at support@blockforia.com. They will get back to you within 1-5 business days.