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Bitwyre is a Jakarta-based crypto exchange platform that is secure and regulated by the Commodity Futures Trading Regulatory Agency (Bappebti). It is also a member of the cryptocurrency trading ecosystem (CFX, KKI, and ICC). Bitwyre spent three years developing a matching engine technology that operates on bare-metal servers. Founded by Dendi Suhubdy, Bitwyre is supported by over a decade of experience from top PhD talents. Bitwyre aims to bridge crypto and fiat in emerging markets, supporting retail traders and institutions with top-tier services and technology.
Like any other assets, Crypto Assets may experience significant value fluctuations, posing substantial economic loss risks when buying, selling, storing, or investing in them. Customers must assess whether trading or storing Crypto Assets is suitable for them, considering their financial situation. Information regarding the risks associated with using Bitwyre’s services is regularly updated. Customers must fully understand the risks before deciding to use Bitwyre’s services.
Bitwyre is not a broker, intermediary, agent, or advisor for the customer, and Bitwyre holds no obligations to the customer concerning any transactions or activities when the customer uses Bitwyre’s services. Bitwyre does not provide investment advice or consulting, and any communication or information provided by Bitwyre is not intended to be, and should not be considered, advice of any kind.
Information regarding the risks associated with using Bitwyre’s services is regularly updated. Customers must fully understand the risks before deciding to use Bitwyre’s services.
To register an Account and use Bitwyre's Services, Customers must:
Bitwyre reserves the right to modify the general requirements at its discretion. When possible, Bitwyre will provide prior notice of any changes. However, changes may be made without prior notice under circumstances such as:
To access Bitwyre’s Services and Platform, you must create and maintain an Account. All Bitwyre Accounts are provided at Bitwyre's discretion. Bitwyre reserves the right to reject Account applications without explanation or to limit the number of Accounts you may have. When creating an Account, Customers are required to provide information including, but not limited to:
By creating a Bitwyre Account, you agree to use the Account solely for yourself, unless you have written permission from Bitwyre to use it on behalf of a third party.
Each account has a Login and Password that are STRICTLY PERSONAL and CONFIDENTIAL. After the Customer creates an account password during registration, the Customer is prohibited from sharing the username and password with any third party and is fully responsible for any risks that may arise as a result of sharing the username and password with others.
To change the Account name, you must submit both the old and new account holder names, username, email, phone number, attached bank account details, and identification document numbers. To prevent fraud, we will perform a data verification process and confirm the changes first. Once the process is complete, your Account name will be updated as requested. Acceptable reasons for changing the Account name include errors in spelling.
Customers are required to update supporting data, such as phone numbers, emails, and other relevant information to the most current data. This is in line with Bitwyre’s Know Your Customer (KYC) principles. Updates should be made via email with the subject line 'Data Update,' indicating the data to be changed along with a reason for the update. The request must be accompanied by a soft copy of the identity document, username, full name, address, email, selfie photo, old data to be changed, and the updated information.
Changing the password is possible for security reasons, and the mechanism is available on both the Bitwyre Website and Platform. For security purposes, after changing the password, Customers will not be able to withdraw funds or Crypto Assets for 24 (twenty-four) hours.
Bitwyre may modify or discontinue part of or certain features of the Bitwyre Services at any time. In such cases, Bitwyre reserves the right to:
You agree that:
If Bitwyre believes your Account contains stolen or unlawfully owned assets, Bitwyre may withhold the affected funds and account until you provide satisfactory proof of legitimate ownership. Bitwyre will not mediate disputes regarding account assets.
By using Bitwyre’s Services, the Customer agrees to:
Except as otherwise stated by law or regulation, Bitwyre (including but not limited to its affiliates, shareholders, directors, commissioners, employees, and/or agents) will not be responsible for any loss, direct, indirect, or consequential, including but not limited to loss of profit, income, reputation, and/or data suffered by the Customer due to the Customer’s negligence in connection with the use of Bitwyre’s Services.
Bitwyre will not be liable for any direct or indirect losses (including loss of profits, business, or opportunities), damages, or costs arising from or related to these Terms and Conditions, including but not limited to:
The most up-to-date list of supported crypto assets can be accessed through the website or platform (Bitwyre.id).
The Customer accesses their account through the Platform/Website using their registered username and password.
After successfully logging in, the Customer will be directed to the dashboard. Here, the Customer selects the 'Deposit Funds' or 'Deposit' menu.
On the deposit page, the Customer selects an available payment method, such as a bank transfer.
The Customer fills in the deposit details, including the amount to be deposited and any additional information that may be required based on the chosen payment method.
After entering the details, the Customer will be asked to review the information entered and confirm the deposit. At this stage, the Customer will be shown an estimated processing time for the deposit.
The Customer then makes the payment following the instructions provided by the Platform/Website, such as transferring funds to the designated bank account or through online payment methods.
After the payment is made, the system will verify the deposit. This may take a few minutes to several hours depending on the chosen payment method.
Once verification is completed, the Customer will receive a notification that the deposit has been successful, and the account balance will be automatically updated.
Customers log into their account through the Platform/Site using their registered username and password.
After logging in successfully, customers will be directed to the dashboard. Here, they select the “Receive Crypto” menu.
Customers choose the type of crypto asset they want to receive, such as Bitcoin (BTC), Ethereum (ETH), or other supported crypto assets on the Platform/Site.
The Platform/Site will display a unique wallet address associated with the customer's account for the selected crypto asset. This address can be a string of characters or a QR code.
Customers provide the wallet address to the party sending the crypto asset. This can be done by copying the address or sharing the QR code.
The sender sends the crypto asset to the provided wallet address. This process depends on the blockchain network and can take several minutes to hours, depending on the type of asset and network conditions.
After the sending is done, the transaction will be verified by the blockchain network. Customers can monitor the transaction status using the transaction hash (transaction ID), which can be viewed through a blockchain explorer.
Once the transaction is verified and confirmed on the blockchain, the crypto asset balance in the customer’s account will be updated automatically. Customers will receive a notification that the crypto asset has been successfully received.
Log into your account on the Bitwyre platform (application or site Bitwyre.id) using your registered username and password.
After successfully logging in, customers will be directed to the dashboard. Here, they choose the crypto asset market they wish to trade, for example, BTC/USDT, ETH/BTC, etc.
Customers can view price charts, order books, and transaction history to conduct market analysis before trading.
Buy Order: Customers choose to buy the crypto asset by filling in the desired amount and price. Several types of orders can be used, such as market order (immediate purchase at market price) or limit order (purchase at a specific price).
Sell Order: Customers choose to sell the crypto asset by filling in the desired amount and price. Similar to the buy order, there are market orders and limit orders for selling.
Market Order: The order will be executed instantly at the current market price.
Limit Order: The limit order will be executed when the market price reaches the price set by the customer.
After the order is executed, customers will receive a transaction confirmation that includes details such as the amount of assets bought or sold, price, and transaction fees.
The balance in the customer’s account will be automatically updated based on the transaction results.
Customers can check their transaction history on the history page to view details of all trades that have been made.
Customers log into their accounts through the Platform/Site using their registered username and password.
After successfully logging in, customers will be directed to the dashboard. Here, customers select the 'Wallet' menu to view their balance and types of crypto assets owned.
Whenever there is a change in the crypto asset balance (deposit, withdrawal, or transaction), customers will receive notifications via email or the app to monitor their account activity.
Customers log into their accounts through the Platform/Site using their registered username and password.
After successfully logging in, customers will be directed to the dashboard. Here, customers select the 'Withdraw' menu.
On the withdrawal page, customers select the available withdrawal method, which is bank transfer.
Customers fill in the withdrawal details, including the amount of funds to withdraw and bank account information. Customers must also ensure that the information entered is correct and matches their verified account.
Two-Factor Authentication (2FA): Before proceeding, customers will be asked to enter a 2FA code as an additional security step.
Email/SMS Confirmation: Customers may also be required to confirm the withdrawal through a link sent to their email or a code sent via SMS.
After the security verification is complete, the withdrawal request will be processed by the system. Processing times may vary depending on the chosen withdrawal method and the withdrawal amount.
Manual Review (for large amounts): Withdrawals of large amounts may require manual review by the finance team to ensure security and compliance.
Once the withdrawal is processed, customers will receive a notification that the funds have been sent to the designated bank account or payment method. Customers can check the withdrawal status and transaction history through their account dashboard.
The funds will be credited to the designated bank account or payment method according to the applicable processing times. This may take several hours to a few business days, depending on the bank or payment service provider.
Customers log into their accounts through the Platform/Site using their registered username and password.
After successfully logging in, customers are directed to the dashboard. Here, customers select the 'Withdraw Crypto' menu.
On the withdrawal page, customers choose the type of crypto asset they wish to withdraw, such as Bitcoin (BTC), Ethereum (ETH), or other Supported Crypto Assets on the Platform/Site.
Customers input the withdrawal details, including the amount of crypto asset to withdraw and the destination Wallet address. Customers must ensure that the wallet address entered is correct and valid.
Two-Factor Authentication (2FA): Before proceeding, customers will be required to enter a 2FA code as an additional security measure.
Email/SMS Confirmation: Customers may also be asked to confirm the withdrawal via a link sent to their email or a code sent via SMS.
After security verification is complete, the withdrawal request will be processed by the system. Processing times may vary depending on blockchain network conditions and Platform/Site policies.
Manual Review (for large amounts): Withdrawals of large amounts may require manual review by the finance team to ensure security and compliance.
Once the withdrawal is processed, customers will receive a notification that the crypto asset has been sent to the designated Wallet address. Customers can check the status of the withdrawal and transaction history via their account dashboard.
Customers can verify the status of their withdrawal on the blockchain using the transaction hash (transaction ID), which can be viewed through relevant blockchain explorers.
| Transaction | Fee |
|---|---|
| Buy | 0.500% |
| Sell | 0.490% |
When conducting crypto asset transactions that meet certain thresholds, Bitwyre will collect information about the sender and receiver, including name, wallet address, home address, and identification number.
The collected information must be sent along with the transaction to the receiving VASP (Virtual Asset Service Provider) or relevant parties. This ensures that authorities can track the information when necessary.
Bitwyre is required to store records of sender and receiver information for a specified period in accordance with regulatory requirements.
Bitwyre collaborates with other VASPs and international regulatory authorities to ensure compliance with the Travel Rule across different jurisdictions.
Customers can submit complaints through various channels, such as email, phone, live chat, or the complaint form on the Platform/Website.
Before processing a complaint, the customer service team will verify the customer's identity to ensure security and privacy.
All complaints are recorded in Bitwyre's complaint management system, which includes details such as the customer’s name, account ID, date and time of the complaint, and a description of the issue.
Each complaint is assigned a unique ticket number, allowing both the customer and the customer service team to track its status and progress.
Complaints are forwarded to the relevant team for further analysis and investigation. For example, transaction-related complaints are sent to the finance team, while technical issues are handled by the technical team.
The assigned team gathers all necessary information to understand the issue, including transaction logs, communication records, and other evidence.
If necessary, a temporary solution is provided to the customer while the investigation is ongoing. This could include a temporary refund or temporary access to the account.
Based on the investigation results, the team determines the best solution for the issue. This could include a refund, error correction, compensation, or other appropriate actions.
The investigation results and proposed solution are communicated to the customer through the appropriate channels. The customer is given the option to accept or reject the solution.
Once the customer agrees to the solution, the necessary actions are taken to implement it, such as issuing a refund, correcting the transaction, or resolving technical issues.
The customer is provided with confirmation that the issue has been resolved and the necessary actions have been taken. The ticket is closed once the customer confirms they are satisfied with the resolution.
All complaints and their resolutions are periodically reviewed to identify trends and recurring issues.
Based on this evaluation, process improvements are implemented to prevent similar issues from occurring in the future. This may include additional staff training, system upgrades, or policy changes.
To prevent the aforementioned threats and uphold the principles of transparency, integrity, and accountability, Bitwyre is committed to maintaining a robust and comprehensive framework through the Anti-Money Laundering, Combating the Financing of Terrorism, and Prevention of the Proliferation of Weapons of Mass Destruction programs, or collectively referred to as the 'Program.'
Bitwyre has established Procedural Rules related to the Program that serve as a guide for handling complex financial transactions and ensuring that Bitwyre remains steadfast in preventing, detecting, and reporting suspicious activities related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Under these Procedural Rules, Bitwyre will conduct a KYC (Know Your Customer) process by requesting personal information from prospective customers, such as full name and identification number.
The KYC process is carried out for identification and risk assessment, as well as mitigating those risks to an acceptable level. Bitwyre's Procedural Rules classify customers based on risk levels: high risk, normal risk, and low risk, by considering the following factors:
Furthermore, Bitwyre will implement Customer Due Diligence (CDD) procedures and Enhanced Due Diligence (EDD) for higher-risk cases. CDD is conducted to obtain current information on the customer profile based on their risk classification, ensuring consistency between the customer profile and their transactions. CDD may be carried out on all or part of the information obtained. Bitwyre conducts CDD under the following conditions:
Additionally, Bitwyre may perform EDD if the prospective customer is a beneficial owner categorised as PEP or falls into the high-risk category. EDD verification includes, but is not limited to, collecting additional information related to identity data, sources of funds or wealth, the purpose of the transaction, and tighter monitoring of transaction patterns.
The Bitwyre Board of Directors has appointed personnel, as determined by the Board of Directors, to implement and control the application of the Program and its Procedural Rules, which will be audited from time to time.