FAQ

What is Terrabit?

Terrabit also known as Earth’s Exchange, derives its name from the Latin word “Terra” which means Earth.
Terrabit is a highly secure and super-fast centralised cryptocurrency exchange. We aim to escalate the adoption of Cryptocurrency so that you and the rest of the world can achieve financial freedom and inclusion. Think global and trade local with our fiat-based markets.

Who Can Trade on Terrabit?

Anyone who desires to trade can do so on Terrabit exchange!

The Basics

Getting Started

How to buy Cryptocurrency in four easy steps.

Step 1: Sign up with Terrabit
Visit our signup page to create a Terrabit account.

Step 2: Verify your identity
See our detailed guide to having your identity verified.

Step 3: Deposit money into your Tettabit wallet
Refer to our guide on how to add money to your Terrabit wallet to buy Cryptocurrency.

Step 4: Buy Cryptocurrency
Refer to our buying cryptocurrency guide to purchase your Cryptocurrency.

How do I deposit money?

Before making a deposit so that you can buy Cryptocurrency, you must verify your identity.

Once your identity has been verified, you can proceed to make a deposit to your local currency wallet. It may take up two business days for your money to reflect in your local currency wallet.

 

Here’s how to do it:

1. Open the Terrabit app and sign-in

2. Tap Wallets on the Menu

3. Select your local currency wallet

4. Tap the Top Up option

5. Select the method with which you would like to top-up your wallet

6. Follow the next steps displayed to you

You can also buy a set amount of Cryptocurrency—or specify your amount—by tapping the desired amount on the Home screen. If you already have a balance in your local currency wallet, you will be able to buy Cryptocurrency instantly. If not, you will be prompted first to make a deposit.

Different payment methods are available in each country. Please read and follow the instructions carefully, remember to take note of your BX reference number which will be used as the beneficiary reference when you make payment to your local currency wallet.

In some countries, we may ask you to use a unique reference to help us track your deposit. Enter this reference with your bank when making the deposit to ensure it reflects on our bank statement.
Depending on your country, we may also ask you to send a unique deposit amount to help us identify your deposit. This amount will be slightly more than the deposit amount you entered.

How do I buy or sell Cryptocurrency with Terrabit?

To buy Cryptocurrency with Terrabit you would first need to have verified your identity, a simple process to let us know it’s you who is using your Terrabit account.

Next, you will need to make a deposit. When you sign up for Terrabit you receive:

1. A local currency wallet (for example, a wallet that holds € if you’ve been verified to use Terrabit in the EU)

2. A cryptocurrency wallet that holds currencies such as Credit, Ethereum, Bitcoin.

Your deposit will be made to your local currency wallet, and once that money reflects, you will be able to buy Cryptocurrency with that balance. Once the Cryptocurrency has been purchased it will be stored securely in your cryptocurrency wallet.

This is the standard way to buy Cryptocurrency with Terrabit. Learn more about making a deposit before you buy Cryptocurrency.

If you already have a balance in your local currency wallet you will be able to immediately buy Cryptocurrency by simply tapping on the amount you’d like to buy from the Home screen—or specifying your amount—then following the steps to pay. You’ll instantly have Cryptocurrency in your Terrabit wallet.

Alternatively, you can buy Cryptocurrency directly with your credit card, debit card or with Google Pay. If you do not yet see the feature to instantly buy Cryptocurrency using this method, please be patient as we are continually expanding to new regions.
Another way to buy Cryptocurrency is by using the Terrabit Exchange, an advanced feature available for Credit, Bitcoin and Ethereum and customers in South Africa, Nigeria, other African Countries, Asia, USA, EU countries

Using the Terrabit Exchange, you can place limit orders. This allows you to select a price at which you want to buy your Credit, and this order stays pending until the market (a Credit seller in this case) reaches your price.

How do I deposit Naira into my Local Currency Wallet and then Buy Credit?
  1. The first step is to locate the menu. Click on User Control.
  2. After clicking on User Control, You will see several options there. Click on Bank Accounts. Then Create a Bank account. Then fill in your bank details and save.
  3. Go back to Terrabit Menu, click on User Control. Under it you see several options go to Wallets. Click on wallets you will see My Wallets, Deposits History, Withdrawals History. Please click on My Wallets.
  4. Then you locate the search option and type Naira.
  5. You will see two options; Nigerian Naira and Nigerian Naira Token. Please click the first option which is Nigerian Naira.
  6. The Nigerian Naira option you will choose deposit option.
  7. Fill the form. Under deposit with select Paystack. Fill the amount of Naira you want to deposit. Tick Check to accept deposit’s policy.
  8. Choose either to use Card to pay or bank account. Fill the details appropriately. You will receive OTP code on your phone which you will use to verify your payment. Once OTP code is verified, money is withdrawn from your bank account and deposited to Terrabit Local Currency Wallet.
What is MiniPos and how do I transfer my Credit to MiniPos?

MiniPos is a mining hub where your Credit is sent to, for mining. Mining at MiniPos is automated. Every Credit is mined hourly, and rewards are credited to your primary wallet based on the amount of Credit transferred to MiniPos for mining.

These steps will help guide you on how to transfer your Credit from your primary wallet to MiniPos.

  1. Go to the dashboard and click on MiniPos and then click on Credit.
  2. Fill the form. Select the option; from Primary Wallet (at the top) to MiniPos (at the bottom). Enter amount Credit you want to transfer to MiniPos.
How do I withdraw my Credit from MiniPos to Primary Wallet?
  1. From the dashboard click on MiniPos. Then click on Credit.
  2. Fill the form. This time around select the option; From MiniPos to Primary Wallet. Enter the amount you desire to transfer out of MiniPos to the Primary Wallet.
    Note: Every transfer out of MiniPos will pend for thirty days (30) after which credit will be sent to the Primary wallet. Also, there will be no mining rewards during the thirty (30) days.
How do I receive Credit or any Cryptocurrency on Terrabit?
  1. You can receive Credit or any Cryptocurrency by going to the dashboard.
  2. Click on Receive on the dashboard menu.
  3. You can either let the person scan your QR bar code. This will automatically display your wallet address and details then the sender can send Credit to you. The same goes with the other Cryptocurrencies listed there.
  4. You can also copy your wallet address and send to whoever that wants to send Credit to you.
  5. You can also use your user name or email address to also receive Credit or any other Cryptocurrency from anyone you wish you receive from.
How do I send Credit or any Cryptocurrency on Terrabit?
  1. Locate the Dashboard menu. Click on send. Choose Credit or any Cryptocurrency of your choice.
  2. In the space provided enter the receiver’s wallet address you wish to send Credit or any Cryptocurrency to. Enter amount and send.

You can send Credit to the receiver’s wallet address, email address or username.

Using Instant Buy and Sell

How do I sell my Credit?
  1. From the dashboard menu click on sell. Click on Select base coin and choose a base coin.
  2. Write the amount of Credit you want to sell.
    You will see displayed the amount you will be receiving and the current price of credit.
    Click sell now.

You can also sell Credit or other Cryptocurrency on the Terrabit exchange. There you place a sell order of your choice and wait for a buyer who wishes to buy at your price.

How do I also buy Credit directly from Terrabit Dashboard?
  1. You can buy Credit directly by going to the dashboard. Click on Buy located at the dashboard menu.
  2. Click on select base coin. Then choose a base coin. Enter the amount of Credit you wish to buy and click buy now.
How do I do my KYC on Terrabit?
  1. After you must have logged in. At the top where your name is written click on your name, from the options provided, choose verify KYC and click on it. This will take you to a form. Write your full names as found in both your id card and your Terrabit registered account. Both must correspond accurately for your KYC to be approved.
  2. Upload the front page of your id card with your name boldly written as found in your registered account.
  3. Upload the back page of your id card. Then submit.
How do I enable two-factor authentication?

For an introduction to two-factor authentication (2FA), Your Cryptocurrency is valuable. Protecting it with 2FA is strongly recommended. Here’s how to set it up for your Terrabit wallet.

  1. Open the Terrabit app and sign-in
  2. Tap Profile from the Menu
  3. Go to Security and tap Two-factor authentication
  4. Follow the next steps

You’ll also need to set up an authentication app for your mobile device. Choose between Google Authenticator or Authy application on your phone. Get them here:

  • Authy for Android
  • Authy for iOS
  • Google Authenticator for Android
  • Google Authenticator for iOS
  • Blackberry users can navigate to m.google.com/authenticator (for Google Authenticator) or sign up for an Authy account to receive authentication codes over SMS.
  • Microsoft mobile device users, please find assistance here.

 

Now that you’ve installed your authenticator app, scan the QR code in your Security settings on the Terrabit app. An alternative method is to copy your recovery code from Terrabit and paste it into your authenticator app. Your authenticator app should now display a six-digit one-time code. Enter this code in the Terrabit app to finish the setup. Two-factor authentication is now enabled. From now on, when you sign-in to Tettabit or do transactions, we’ll ask you for your 6-digit authentication code. Simply open your authenticator app to find the code. If you ever lose or replace your phone, you can set up your authenticator app again with your recovery code, migrate your authenticator settings with Authy or, do an account recovery.

How do I trade on Terrabit Exchange?
How does a limit order work and what are “maker” and “taker” orders?

A limit order is an order placed on the Terrabit Exchange to buy or sell Cryptocurrency at a specific price.

A buy order will only be executed at the limit price (or lower)

A sell order will only be executed at the limit price (or higher)

If you place a buy order at a price below all of the pending sell orders, it will be pending. You are then waiting for the price of cryptocurrency to decrease and for a seller to sell cryptocurrency at the price of your order before Cryptocurrency filled. Your buy order is considered Cryptocurrency because it didn’t fill immediately. If it is eventually filled, you will be charged a maker fee.

If you place a buy order at the same price, or at a price above any pending sell orders, and it is filled immediately, your buy order is considered a taker order. If it is filled, you will be charged a taker fee. Similarly, the maker/taker fees also apply to sell orders. Please read more about how fees are determined on the Terrabit Exchange.

How does the Terrabit Exchange work?

An exchange, like the Terrabit Exchange, is simply a platform that connects potential buyers with potential sellers. It allows them to exchange things like products, stocks, currencies and in this case: cryptocurrency. Please note Terrabit doesn’t buy or sell cryptocurrency, neither do we set the rate of exchange, we’re simply a platform to connect buyers and sellers.

 

Sell orders and asks

On one side of the Terrabit Exchange, there is a seller. The seller has Credit (CREDIT) and is interested in selling it for local currency, in this case, South African Rand (ZAR). The seller goes to the Terrabit Exchange and makes a Credit deposit. They have 100,000 Credit they are interested in selling. They then create an order to sell their 100,000 Credit with the instruction of “I want to get 7000 ZAR for my 100,000 Credit” – this is called an ask. This is known as market making, since they are making an order and adding liquidity to the Terrabit Exchange (in the form of the Credit which hasn’t been traded).

 

Buyers and bid order

On the other side of the exchange, you have a potential buyer. The buyer goes to the Terrabit Exchange, makes a local currency deposit, the money to be used to buy Credit. Now the buyer can do one of two things:

  1. They can close an existing order (pay the 7000 ZAR for 100,000 Credit), or they can create a new order (called a bid) by saying, for instance: “I only want to pay 6000 ZAR to buy 100,000 Credit”
  2. Creating a new bid order. This is also seen as market making, since they are adding liquidity to the exchange in the form of the local currency, not yet traded.

 

So now, we have two orders on the exchange. On the one side someone is saying that they will only sell their 100,000 Credit for 7000 ZAR and on the other side someone is saying that they will only buy 100,000 for 6000 ZAR. In this scenario the market hasn’t met, since the buyer and seller don’t agree on the price. The buyer wants to pay too little (in the seller’s view) and the seller is asking too much for their Credit (according to the buyer).

 

More supply & demand

As long as there is supply and demand for the items being bought and sold (Credit and local currency) more buyers and sellers will go to market and create their own orders, at prices higher or lower than the previous orders. Eventually, the point will come where the market meets, where there is a buyer and a seller that agrees on a price.

So, let’s say we have another seller with 100,000 Credit and they say: “I have 100,000 Credit I want to get 8000 ZAR for it”. Along comes a buyer that says: “I want 100,000 Credit and I will pay 8000 ZAR for it.” In this scenario, the buyer will get what they want (100,000 Credit), the seller will get what they want (8000 ZAR) and that specific order is closed. The market has been met.

The previous orders will still be open until a buyer, willing to spend 7000 ZAR and a seller, willing to accept 6000 ZAR for those trades, comes along. 

One thing to note is that in order to provide these exchange services, platform integration, customer support, security and make sure that the people trading on the exchange are credible, the platform (in this case Terrabit) will charge a small fee. 

Terrabit follows the popular maker/taker fee model. Our pricing model levies no fees for market makers and a nominal fee for market takers.

Withdrawal with Credit doesn’t attract any fee or commission but for other Cryptocurrencies trading with credit will attract little fee.

The Terrabit Exchange interface explained

If you’ve used the Terrabit Exchange before, when you sign-in to your Terrabit account the default Home screen will be presented to you as the Terrabit Exchange. Follow these steps to switch it back:

  1. Tap the Menu
  2. Scroll down to Exchange
  3. Click on Exchange

 The Terrabit Exchange interface consists of the following components:

  • Order book
  • Candle/line/depth charts
  • Recent trades list
  • Buy/sell order form
  • Open/completed orders list
  • Currency pairs

The order book

The order book lists the current limit orders resting in the market. Red represents sell orders (or asks) and green represents buy orders (or bids). As traders place buy and sell orders in the market at different prices, the order book is updated. Orders are executed when prices match and the market price is determined. When you view the order book, the spread represents the difference between the highest bid and the lowest ask.

 

Charts

There are four chart views you can toggle between.

  1. The candle chart depicts price range movements during specified time periods
  2. The depth chart is a graphical representation of the pending limit orders in the order book
  3. The line chart is a simpler representation of price movement over time
  4. Tradingview, currently available when using the Terrabit Exchange on web, which gives you the ability to customise your exchange experience to your liking.

 

Recent trades

The recent trades section lists, chronologically the most recent trades executed in the market. The three columns represent the time, price and volume of each trade.

 

The order form

The dynamic order form is used for placing orders. When an order is placed, it goes to the order book and the open orders list. Once the order is matched (or partially matched) it will be listed in the Recent Trades section tab.

If you click on a sell order in the order book, the order form will auto-complete to match those orders and buy the Credit available up to the specific ask price. Similarly, if you click on a buy order in the order book, the order form will auto-complete to match those orders and sell your Credit down to the specific bid price.

 

Open orders

Once you’ve placed a limit order, it will be displayed in the Open Orders section. From here you can stop these orders if they have not yet executed.

 

Completed orders

Switching to the Completed Orders view allows you to view your own trade history.

 

Currency pairs

When using the Terrabit Exchange, you’re able to switch between different currency pairs based on the country you’ve been verified to use Terrabit in. For example, if you’ve been verified to use Terrabit in Nigeria, you will have the option to toggle the currency pairs, for example, Credit/NGN, ETH/Credit and ETH/NGN. To change a currency pair on theTerrabit Exchange, open the app and tap the home screen with Exchange view enabled. You can use the currency pair selector at the top-left corner of the screen.

What are the fees for trading on the Terrabit Exchange?

Terrabit has a maker/taker fee structure for customers who trade using the Terrabit Exchange. For Credit there are no fees for withdrawals.

Your fee is determined by your trade volume over the last 30 days, excluding the current day. Your 30-day total trade volume is calculated by our system each day at midnight, 00h00 GMT.