Where Kiwis build their digital asset portfolio

The professional, secure & easy way to buy Bitcoin, Ethereum & other value tokens

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FAQs

What should I know before I start?

  • Don't lose your keys
  • Although it is possible to track transactions on the Blockchain (the technology that enables cryptocurrencies to operate) you need keys to be able to access these transactions. When you create wallets for your different currencies, you will receive private keys. Private Keys are generally pass phrases of 12 to 24 words that you MUST write down in order. It is incredibly important that you WRITE THESE DOWN and keep them in a safe place. Never store these digitally, take a copy and store that in a different location. If you lose your private keys, you will lose all access to your cryptocurrencies with no way to retrieve them

  • Volatile investment
  • Cryptocurrencies and value tokens are one of the newest investments that there are and are currently largely unregulated. As they are an emerging asset class it means that there are no long-term norms and that the price of cryptocurrencies can swing wildly, sometimes based on little more than a speculative comment. As this asset class gains traction, it can be expected that this movements will become less volatile and frequent, however you should be prepared for the value of your investment to move up and down sharply in a short period of time. At first this can seem daunting. We recommend that you think hard about what you are willing to invest prior to investing in crypto assets and gain an appreciation of your risk tolerance prior to investing in cryptocurrencies. For further piece of mind, you may also like to consult a trusted financial advisor.

  • Beware of cowboys who are not registered Financial Services Providers
  • As an asset class, cryptocurrencies are a largely unregulated area globally. This is slowly changing, however where there is no regulation, you sometimes see unscrupulous people operating. Token Room is committed to providing you a secure way to invest in cryptocurrencies and value tokens. We have taken a belt and braces approach to building our offering to ensure you that we have done everything that we can do to be legitimate in an otherwise unregulated arena. We are a Registered Financial Services Provider and as such are obliged to abide by the Terms and Conditions outlined by this process. We are a member of the Financial Dispute Resolution Scheme and undergo Anti Money Laundering/Counter Financing of Terrorism (AML/CFT) compliance audits. We offer peace of mind.

  • What is crypto?
  • Crypto is a peer-to-peer public decentralised system that enables two or more parties to transact together and understand that no party was able to double spend -spend the money twice. This is carried out on a system known as a Blockchain that employs something known as Distributed Ledger Technology. 

    Bitcoin was the first such digital currency. It was released as a part of a white paper authored by an individual or a group using the pseudonym Satoshi Nakamoto. It was this white paper that introduced the world to Blockchain, distributed ledger technology and a digital payment platform that spawned Bitcoin. In order to do this some pretty advanced cryptography is used to ensure privacy and immutability. 

    Since that initial white paper an entire industry has evolved. There are in excess of 1200 different cryptocurrencies, some that look and act like cash we would spend at the corner dairy (these are what we term value tokens), others that are more akin to the milk tokens that people used to place in empty milk bottles for the milkman to replace on his run. Others underpin highly sophisticated financial instruments that delve into prediction markets to predict the future price of things based on sentiment.

    Token Room is pleased to be able to offer you the opportunity to purchase some of these cryptocurrencies now. You will find more details specific to the currencies we offer on our currency description pages. (BitcoinEthereumLitecoinRipple & Zcash)

  • What do I do with my tokens once I have them?
  • You can watch the value of them change overtime and view them as an investment. 2017 has been a boom year for cryptocurrencies and value tokens, who knows what the future may hold. You can see the individual growth of each value token we sell the currency description pages. (BitcoinEthereumLitecoinRipple & Zcash)

    In addition to seeing them as a long-term investment, value tokens can be used to transact online. More and more online retailers are accepting crypto currency all the time and even some bricks and mortar stores are adopting them as a payment option.

  • Why should I get involved?
  • This asset class is unlike anything that has ever been seen before. Although it’s seen huge growth in the last year with the market capitalisation growing from USD 30 billion to around USD 150 billion and numerous start-ups entering the domain, it’s still in its infancy. Cryptocurrencies give you the ability to buy products and services globally in minutes in an almost frictionless manner, bypassing the central currencies and established banking networks and their somewhat archaic infrastructure. Cryptocurrencies and Blockchain technology offer the new way to transact in the digital age.

  • I just don't get it
  • The language used in the Blockchain/ cryptocurrency space is not easy to understand. In fact, some of the early pioneers of Blockchain technology have stated that if they could do one thing again, simplifying the language would be high up on the list. Thankfully there is a lot more information out there now than there was 6 months ago, let alone two years ago. We have done our best to simplify our currency description pages (BitcoinEthereumLitecoinRipple & Zcash) for ease of understanding, so take the time to read through them.

    We think blockgeeks have helped demystify what this is all about, with these guys even offering online courses in blockchain if you are interested. If this is not enough we suggest doing further research and making sure that you are comfortable with what this is all about before you invest in this asset class.

  • I’m not happy with my cryptocurrency performance
  • All assets have periods where they go up, and periods where they go down. Often the higher the potential return, the higher the risk that you may suffer some loses. It’s important to do your homework and if you are unsure, get investment advice before buying cryptocurrencies and value tokens.

  • I’m just not sure that Token Room is right for me
  • Token Room is committed to providing a secure and professional service. We are active in the Blockchain community, a registered Financial Services Provider and a member of the Financial Dispute Resolution Scheme. We have invested time into setting things up in this way in order to give you peace of mind that we are not cowboys. No matter where you choose to use to buy cryptocurrencies, we strongly suggest that you look closely at whom you are buying from, are they a Registered Financial Services provider? and remain safe at all times. 

    You might also like to check out Why choose Token Room? for a full list of our benefits.

About

  • Why should I use Token Room?
  • Token Room is the ideal place to start building your digital asset portfolio, making the process as easy as possible. We provide a professional, secure and easy service, ensuring we are meeting, if not exceeding all legal obligations. 
    You simply order your currency through our website and we’ll take care of the purchasing of your cryptocurrencies on the international exchanges, the foreign currency transfers and sending the tokens to your wallet. 

    You might also like to check out Why choose Token Room? for the full list of our benefits.

  • I’m just not sure that Token Room is right for me
  • Token Room is committed to providing a secure and professional service. We are active in the Blockchain community, a registered Financial Services Provider and a member of the Financial Dispute Resolution Scheme. We have invested time into setting things up in this way in order to give you peace of mind that we are not cowboys. No matter where you choose to use to buy cryptocurrencies, we strongly suggest that you look closely at whom you are buying from, are they a Registered Financial Services provider? and remain safe at all times. 

    You might also like to check out Why choose Token Room? for a full list of our benefits.

  • What are Token Rooms hours of operation?
  • Our hours of operation are between 10am and 9pm Monday-Friday, these hours may vary based on the market and demand.

    We are also closed public holidays.

    Note: Orders are processed when the funds clear and are showing in our account and within our business hours.

    If the funds are not showing by the close of business, the order will be filled the next business day, assuming the funds have cleared and are showing in our account at this time also.

    Orders placed outside our business hours, weekends or public holidays will be processed the next business day, assuming also the funds have cleared and are showing in our account at this time. 

    As we are unable to process orders until the funds have cleared and are showing in our account, the amount of currency you receive may vary from what is calculated at the time you placed your order.

Token Room Registration & use

  • Do I have to verify my identity with Token Room
  • Yes.

  • Why do I have to verify my identity?
  • Token Room is a registered Financial Services Provider in New Zealand. This means that we are committed to adhering to New Zealand legislation around Know Your Customer (KYC), Anti Money Laundering and Counter Financing of Terrorism (AML/CFT). To fulfil these commitments we must verify the identities of our customers.

  • Why must I register?
  • The registration process enables us to meet stringent criteria around Anti Money Laundering and Counter Financing of Terror laws (AML/CFT). If another entity allows a more simplified account set up process, with less information required, they may not be meeting minimum standards, and we’d recommend you did some of your own research before signing up with them.

    In addition, our set up process means as we bring new offerings, we will not need additional information from you. All personal information is stored securely and we will not pass on your information to third parties for promotional or marketing purposes.

    For further details view our Terms & Conditions and Privacy Policy.

  • What documents do I need to provide in the registration process?
  • 1. Full Name
    2. Date of birth
    3. Phone Number
    4. Address 
    5. Valid New Zealand Photo ID (scanned copy of NZ passport detail page or NZ Drivers Licence only)
    6. New Zealand Bank statement or New Zealand Utility bill that is no more than three months old. This must feature the same name as the person registering and the same address you are registering at.

    *Please Note: You must be at least 18 years of age to register with Token Room

    Register now

  • I forgot my password
  • You can reset your login password for Token Room at the login page by clicking on the forgotten password link.

Cryptocurrency Wallets

  • Show me Crypto wallets at a glance
  • Cryptocurrency Wallets enable you to buy, store, receive and spend your cryptocurrency. A wallet holds the keys to access your cryptocurrency. These keys utilise sophisticated cryptography to ensure that the funds remain safe. There are a few types of wallet, but the most common types are software wallets and hardware wallets.

    Hardware wallets are more secure than software or computer wallets as they introduce a physical gap between your cryptocurrency and your computer. Everyone who has a significant amount of cryptocurrency should invest in a hardware wallet.

    In the event of loss it is possible to recover using a recovery phrase.

    Token Room is proud to be an authorised reseller of the highly regarded Ledger hardware wallets. We’re so confident in their security, we use them ourselves.

  • What is a wallet?
  • You use a cryptocurrency wallet to store your crypto/ value tokens, just like how you store your Fiat currency (NZD) and cards in a regular wallet. There are different types of wallets - these can be online, on paper, stored on your computer or in a secure hardware wallet.

  • Why do I need a wallet?
  • A wallet functions in the same way as the one in your pocket does, in that it holds your currency, in this case your cryptocurrency. With cryptocurrencies the wallets store your digital assets, some more securely than others. We recommend hardware wallets and you purchase the highly regarded Ledger wallets from us here.

  • What are the different types of Cryptocurrency wallets?
  • There are three types of wallets that enable you to store and access your digital currency, including software, hardware, and paper. 

    Software wallets are used on your PC/Laptop, mobile phone or online.

    Desktop: You download and install the wallet on your PC/Laptop. These can only be used from the computer that you download it to. These wallets are generally very secure, however if your computer is hacked or gets a virus you may lose access to your funds.

    Online: These operate in the cloud and are accessible from any internet-enabled device. Their chief benefit is convenience but your private keys are online and not controlled by you making them more susceptible to hacking.

    Mobile: You download an app that you can use on your phone. These are often light versions of desktop wallets due to space considerations. We believe that you should only store a small amount in these wallets based on security vulnerabilities that some phones have.

    Hardware wallets, like the Ledger, store the private key on the device. Hardware wallets have increased security as they transact online but store the keys offline. Transacting is simple. You attach your hardware wallet to your device, enter your pin, send currency and confirm. We like hardware wallets as you can easily transact and keep your money offline and away from danger.

    Paper wallets are easy to use and can provide a very high level of security if you use them securely. There is a misconception that simply by purchasing a printer and a ream of paper, that someone can replicate and exceed the security offered with hardware wallets. While this is possible, you should take some precautions such as, not generating paper wallets from a PC that is online - due to Malware concerns. 
    You need to be sure to store paper wallets in the way that you would store precious metals, jewels or cash (more like a safety deposit box than under the mattress). Many people who use paper wallets take the added precaution of laminating them, presumably to delay the deterioration process and protect them from water damage. If done correctly paper wallets can be a very secure way of storing your cryptocurrency.

    If you lose this piece of paper or it is damaged in a way that the key cannot be read, you have lost your cryptocurrency.

  • Which wallet is best for me?
  • Read through ‘What are the different types of cryptocurrency?’ wallets above and seriously consider your needs and what would work best for you. We strongly suggest spending a small amount of money to invest in a hardware wallet, if only to give peace of mind.

  • At what point should I purchase a hardware wallet?
  • We think the right time to invest in a hardware wallet is either straight away or if that is not an option, when the value of the tokens stored on your phone meets or exceeds the value of your phone/computer.

  • What is the Ledger cryptocurrency Wallet?
  • The Ledger Cryptocurrency Wallets are a Bitcoin, Ethereum and Altcoin hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. They connect to any computer using the USB port and utilise an extension on the Chrome browser.
    They are capable of storing all the currencies we currently sell. (BitcoinEthereumLitecoinRipple & Zcash)
    Buy now or learn more about the Ledger wallets 

  • I’m worried about the wallet setup process
  • The wallet setup process can appear a little daunting at first. We recommend that you watch the applicable video on our wallet setup page a couple of times to get used to the process. Make sure that you have a pen and paper handy to write down the pass phrase, take a copy of that (not digitally) and store it safely. When transferring cryptocurrencies for the first time we recommend starting out with a very small amount to ensure that things have been setup correctly. 

    If you are still unsure, get in contact we’re here to help; we are also able to offer one on one coaching for an additional fee.

  • What is a Public Key? What is a Private Key?
  • When you set up your digital or hardware wallet you are issued with two keys. The Public and Private Keys get more technical for things like digital contracts, however for the purpose of buying or selling, or transferring cryptocurrency the Keys are pretty simple.

    Public Key - this gives someone the means to transfer INTO your wallet – a deposit as such. The public key can only be used to make a deposit. It is not possible to access or withdraw your cryptocurrrency with a Public Key.

    A Public Key is required to receive your crypto currency. To find out how to set up your digital or hardware wallet and obtain your own Public and Private keys, see our Wallet Set Up page.

    Private Key – this you use to transfer OUT of the wallet. This you keep to yourself in a secure location and do not share with anyone under any circumstances. To find out how to set up your digital or hardware wallet and obtain your own Public and Private keys, see our Wallet Set Up page.

  • I lost my Ledger wallet or it was submerged in water (its gone or buggered)
  • Don’t panic. If you have a Ledger wallet and have kept your passphrase (keys), it is possible to recover your value tokens that were stored on the device, even if the device is lost or suffering from water damage. 

    Visit here to see on which devices you are able to recover your wallet

  • I lost my phone or computer and cannot access my software wallet
  • Don’t panic just yet, you should be able to access this once again if you have the passphrase (keys), however, this may depend on the software wallet that you have used. Refer back to the site which offers the wallet you were using, and search for the relevant instructions.

Purchasing crypto/value tokens from Token Room

  • What methods of payment do you accept?
  • We only accept payments via Payment Express bank to bank transfers from a New Zealand bank account. The account that you use must be the one you have provided via your Token Room registration.

  • Which banks can you accept payment from?
  • Token Room is able to accept bank to bank transfers via Payment Express from the major New Zealand trading banks. You will need to have an account at one of these banks in order to purchase crypto tokens from Token Room and the account name that payment is received from, must match the name of the registered user. Payments made via bank accounts in another name may result in the suspension of your account.

    Payment can be made via Payment Express on our website from the following banks: 
    ANZ 
    ASB 
    BNZ 
    Kiwi Bank 
    TSB 
    Westpac

  • How do I make a bank transfer to you?
  • Once you place an order and confirm, the Payment Express account 2 account payment portal will open. You will then be prompted to log in as you would when using internet banking and then authorise the payment. Please follow the prompts.

  • What happens if a transfer fails?
  • You will receive a transaction error message notifying you that the transaction has failed via the Payment Express Account2Account process and will be required to place your order again. If in doubt, please don’t hesitate to contact us and we can confirm whether or not an error has occurred.

  • Do you have minimum or maximum order amounts?
  • Our minimum order is $500 NZD per value token you select.

    The maximum order amount is $10,000 NZD. If your purchase exceeds this, please contact us first for prior approval.

  • Who can use Token Room?
  • In order to use Token Room you need to have a New Zealand bank account, be over 18 years old, hold a New Zealand Passport or New Zealand Drivers Licence and be able to comply with our registration requirements. 

  • How fast will I receive my tokens?
  • As soon as we have received confirmation the funds have cleared into our account, your order will be ready for processing. Once transferred you will receive a confirmation email and the funds will show in your wallet. During periods of high demand there maybe slight delays.

    Note this is dependent on the payment processing time of the bank to bank transfer.

    *Please note: Orders are processed when the funds clear and are showing in our account and within our business hours (10am - 9pm Monday- Friday, we are also closed Public holidays).

    If the funds are not showing by the close of business, the order will be filled the next business day, assuming the funds have cleared and are showing in our account at this time also.

    Orders placed outside our business hours, weekends or public holidays will be processed the next business day, assuming also the funds have cleared and are showing in our account at this time. 

    As we are unable to process orders until the funds have cleared and are showing in our account, the amount of currency you receive may vary from what is calculated at the time you placed your order.

  • I gave you the wrong wallet address. What now?
  • It is your responsibility to provide us with the correct wallet address at the time of placing your order. If you have placed an order with an incorrect address, please contact us IMMEDIATELY.

    There is no guarantee however your email will be viewed before the order is processed. If we have completed the transaction or have not viewed your correction before the order has been processed, we apologise, however there is nothing that we can do to assist to retrieve the funds. 

    Please be sure to check and recheck the address that you provide us.

  • How does the order process work?
  • Once logged in, you can add currencies to your shopping cart via the relevant currency page (BitcoinEthereumLitecoinRipple & Zcash), in either cryptocurrency value or NZD value.
    Within your shopping cart you are also able to add or alter all 5 currencies we offer.
    The minimum order amount is $500 NZD per value token you have selected.
    You will need to enter the wallet address that you want the value token to be sent to, THEN DOUBLE CHECK YOU HAVE ENTERED IT/THEM CORRECTLY.
    Check that you are happy with the complete order and then proceed to payment. 
    You will be prompted to confirm you have read, understood and accept our Terms and Conditions
    After the order has been submitted you will receive a confirmation of order email, followed by a 2nd email once we have transferred the value tokens to your wallet.

    *Please note: Orders are processed when the funds clear and are showing in our account and within our business hours (10am - 9pm Monday- Friday, we are also closed Public holidays).

    If the funds are not showing by the close of business, the order will be filled the next business day, assuming the funds have cleared and are showing in our account at this time also.

    Orders placed outside our business hours, weekends or public holidays will be processed the next business day, assuming also the funds have cleared and are showing in our account at this time. 

    As we are unable to process orders until the funds have cleared and are showing in our account, the amount of currency you receive may vary from what is calculated at the time you placed your order.

     

  • How fast will the bank transfer take?
  •  We accept payments via Payment Express Account2Account. This allows payments to come direct from your NZ bank account to ours.

    Once the funds are showing in our account, we will transfer your crypto currencies to your designated wallet.

    The time it takes for the bank transfer to be completed is entirely dependent on when your bank processes their transactions. No two banks are the same, processing times can vary from between two hours and the next business day.

    *Please note: Orders are processed when the funds clear and are showing in our account and within our business hours (10am - 9pm Monday- Friday, we are also closed Public holidays).

    If the funds are not showing by the close of business, the order will be filled the next business day, assuming the funds have cleared and are showing in our account at this time also.

    Orders placed outside our business hours, weekends or public holidays will be processed the next business day, assuming also the funds have cleared and are showing in our account at this time. 

    As we are unable to process orders until the funds have cleared and are showing in our account, the amount of currency you receive may vary from what is calculated at the time you placed your order.

  • What fees do you charge?
  • There are no hidden fees. Our fees are contained within the rate that we advertise and we have worked hard with our partners to ensure we offer competitive rates that would be hard to beat.

  • Do you sell other value tokens that are not listed?
  • As you know there are a lot of other tokens sold through Initial Coin Offerings (ICO’s). Currently we are only able to sell certain types of tokens that are defined as a currency, although we are currently working towards being able to sell a wider range of tokens and comply with security regulations in New Zealand. If there is a token that you would like to buy, yet is not currently offered by us, we are happy to assess if we can sell this to you on a case by case basis. Please email us at hello@tokenroom.co.nz with the type of currency you are wanting, the value you want and when you would want to place the order. 

    Please note: Custom orders must be a min of $1,000 per currency, responses and pricing if we are able to assist can take up to 48 hours. 

  • Is the price fixed at the time of purchase?
  • Crypto currencies can be very volatile. Token Room does all it can to process transactions as quickly as possible, however it is possible that the final amount credited will vary slightly from your order, as crypto currencies can be very volatile. This could result in you receiving less than anticipated amount or more than anticipated amount, due to a crypto currency shift. Please refer to our Terms and Conditions that states:

    Coin volatility disclaimer 
    You acknowledge as a customer of Token Room that due to the volatility in the price of [Tokens], the actual number of Tokens you receive may differ from the expected number based on the prices displayed on our website or communicated to you at the time you place an order. You will receive [Tokens] based on the Token Room is able to obtain when they are purchased by Token Room. You accept that Token Room is not liable if you receive fewer [Tokens] than you initially expected, due to changes in the price of [Tokens] after you have placed your order.

    *Please note: Orders are processed when the funds clear and are showing in our account and within our business hours (10am - 9pm Monday- Friday, we are also closed Public holidays).

    If the funds are not showing by the close of business, the order will be filled the next business day, assuming the funds have cleared and are showing in our account at this time also.

    Orders placed outside our business hours, weekends or public holidays will be processed the next business day, assuming also the funds have cleared and are showing in our account at this time. 

    As we are unable to process orders until the funds have cleared and are showing in our account, the amount of currency you receive may vary from what is calculated at the time you placed your order.

  • Why can’t I sell my crypto through you?
  • Token Room is committed to ensuring we are abiding by New Zealand rules and regulations (even if these are still under development). 
    We had initially intended to launch our full brokerage experience at once, however the Blockchain and cryptocurrency space is evolving so quickly, waiting was no longer an option.
    Token Room will be moving with the changes rather than waiting for the changes, whilst ensuring we are always aligned with current rules and regulations.

    If you are in a situation where you have crypto you want to sell and would like assistance, please contact us and we’ll see what we can do to help.

    Follow us on twitter to learn about future developments and services.

 

Important notice

New registrations are welcome, however purchasing via Token Room is temporarily disabled.

The Token Room team would like to thank all our current and future customers for your support whilst we work through our current banking challenges.

If you missed the news “Despite full disclosure with our bank from the outset and attempts to work with them to review and adapt our policies and procedures, they have declined to engage or review any of our policies and sadly we have been unable to resolve this matter at this time.”

Token Room is, and will continue to be committed to meeting and exceeding all of our current legislative requirements. We have extensive AML policies, procedures and Customer Due Diligence procedures in place. At times our vigilance in this area has frustrated some of you however, this was always performed to ensure that we were compliant and could continue enabling Kiwis to build their Digital Asset Portfolios

If you are not yet registered with Token Room, simply click the ‘I understand’ button below and begin the registration process.

Registered customers will be notified via email when this matter is resolved.

Stay tuned by following us on Facebook: https://www.facebook.com/tokenroom.co.nz/

Or following us on Twitter:

https://twitter.com/tokenroom

With thanks from Paul and the Token Room team

 

I Understand