Frequently asked questions

Discovering Bitcoin is the start of a journey. Let us join you as you embark into a new world of investment.

Getting Started

To create an account Amber requires your:

Full legal name,
Date of birth,
Email address,
Mobile phone number.

To be able to use Direct Debit as a funding method you will also be required to provide:

Residential Address,
Authorisation to have your account debited

At the moment Amber is only available in Australia. Don’t hesitate to let us know on Twitter or Facebook what other countries you would like to see Amber be made available in.

Transactions

When you place a purchase, the BTC is purchased at the current price in almost instantly. The ‘Bitcoin allocated, settlement pending’ status indicates that Amber is waiting for the funding transaction from your bank to settle.
The period a transaction will spend in this state is variable and is typically 3-5 days although some transactions have been known to take longer due to the open hours and settlement processes of your bank. If more than 7 days has elapsed, please don’t hesitate to contact support.

Purchase limits vary depending on whether you have verified your identity, and/or verified your bank account(s). Listed below is a brief summary of what limits are applied when using Direct Debit as a funding method:

Your identity as well as the bank account you would like to direct debit have not been verified:
1. Total account balance limit is $250
2. Bitcoin purchase limit is $50 per transaction


Your identity has been successfully verified but the bank account you would like to direct debit has not been verified:
1. Total account balance limit is $500
2. Bitcoin purchase limit is $100 per transaction


Your identity has not been verified but the bank account you would like to direct debit has been successfully verified:
1. Total account balance limit is $9,999
2. Bitcoin purchase limit is $2,500 per transaction


Both your identity and the bank account you would like to direct debit has been successfully verified:
1. No account balance limit
2. Bitcoin purchase limit is $2,500 per transaction


If purchasing via Electronic Funds Transfer (EFT), there are no purchase limits even when identity and bank account are unverified.

Please note: To withdraw AUD or send Bitcoin, you will need to have your identity verified, and bank account verified.

If purchasing via EFT, there are no purchase limits.

Please note: To withdraw AUD or send Bitcoin, you will need to have your identity verified, and bank account verified.

Exchange Fees:
Exchange fees are linked to your membership tier.
Amber Basic members: 2% of Bitcoin purchases or sales.
Amber Black members: 0% of Bitcoin purchases or sales.

Direct Debit Fees:
Additionally if direct debit is used to fund purchases or deposits it attracts a $0.25 provider fee per transaction. You can avoid this fee by purchasing Bitcoin or funding your AUD account via electronic funds transfer (EFT). To utilised EFT simply send funds to Amber from your bank account using the unique transaction descriptions provided in the EFT purchase menu. This can be accessed tapping ‘Buy’ on the dashboard, and tapping ‘EFT Purchase’

Withdrawal Fees:
AUD withdrawals are free
Bitcoin withdrawals incur a flat 0.0003BTC (30,000 sats) transaction fee.

Withdrawals

Amber applies a hold on sending Bitcoin from an Amber account for the first 30 days from when the account is first funded. This measure is to prevent the use of fraudulent funds. Amber can conduct enhanced due diligence and verification to expedite this process, however it is at Amber’s full discretion to enforce or waive this restriction.

To send Bitcoin, open your Bitcoin account by tapping the orange card on the dashboard. Then, tap ‘send’ up the top right.
Please note, you can only send Bitcoin for ‘Successful’ purchases, which will show up as green in your transaction history. If your purchase is still ‘Pending’ (Orange), you will need to wait for settlement which typically takes 2-4 days.

To withdraw AUD, open your AUD account by tapping the blue card on the dashboard. Then, tap ‘withdraw’ up the top right.
Please note, if your funds are still in BTC, you will need to sell your BTC before you can withdraw to your linked bank account. You can sell by tapping the ‘Sell’ button on the dashboard.

Amber cold stores customer’s Bitcoin in multi-sig collaborative custody wallets. This procedure provides greater security of your Bitcoin. As such, all Bitcoin send requests are batched and sent once a day. Therefore, Bitcoin should land in your wallet within 1 business day of sending.

Identity verification is required for both AUD and Bitcoin withdrawals.

For Bitcoin purchased with direct debit (Via your linked bank account), that bank account will need to be verified in order to withdraw.

For Bitcoin purchased via EFT (Electronic Funds Transfer), Bank Account Verification is not required to withdraw via Bitcoin, since it was not purchased with a linked account. If you have funds in your Amber account via EFT and you would like to withdraw it to a newly linked account, you will need to complete verification for that account.

Linked Accounts

Amber provides the ability to link up to 2 accounts. Each account must be verified seperately. If you would like to swap and account you must add the new account and verify it before you will be able to delete the first which also must be validated. If you run into problems with this process, please contact support.

When you send Bitcoin, it will automatically pre-fill your current linked address. You will also have the option to enter in a new BTC address, via pasting or via QR code. Once you send Bitcoin, that address will automtaically become your new linked BTC address.

Security

Amber cold stores customer’s Bitcoin in multi-sig collaborative custody wallets. This procedure provides greater security of your Bitcoin.

As a registered digital currency exchange provider, we must perform identity verification on all users, regardless of the value of their transactions. This is an obligatory process in order to comply with Australian law.

Identity verification is a quick process, which can be completed via the ‘Profile’ section of the app.

Membership

Amber Black membership enrolment is handled on the Amber website. Head to amber.app/amber-black to sign up.

To cancel your Amber Black membership please contact support. Amber is able to cancel your membership completely free if you contact us within your trial period. Memberships that have already been charged for are unfortunatelly non-refundable. You will however continue to have access to the membership benefits for the duration of the current membership period.

Unfortunatelly Amber doesn’t not offer refunds for cancelled memberships once the free trial has ended. Amber is able to cancel your membership completely free if you contact us within your trial period. Memberships that have already been charged for are unfortunatelly non-refundable. You will however continue to have access to the membership benefits for the duration of the current membership period.

Account Tier Status

Amber users are given access to an array of features and account limits that are grouped into tiers. These tiers are based on a blend of rules and requirements involving both usage of the app and customer verification.

New users start at Tier 0. As you complete account verification, KYC and use the app, your account tier status will be adjusted. As you change tiers, you will receive confirmation emails telling you what your new account tier status is.

Changing tiers is based on user activity and the verification requirements Amber needs to legally adhere to. As you complete account verification, KYC and use the app, your account tier status will be adjusted upward. If suspicious or fraudulent activity is detected, the tier status will be lowered.

Amber must adhere to a series of legal requirements in order to provide our service and as such, the initial tiers have mandatory identification and account verification requirements. Thereafter we manage limits and access to ensure fraudulent behaviour is minimised.

Mandatory verification requirements for each tier
Status Tier01234
Identity (KYC) 
Bank account (BAV)  

High limits, additional transaction features and payment sources are available on higher tiers.

Transaction features
Status Tier01234
Pull Payments
Credit Card
Direct Debit
Apple/Google Pay   
Push Payments
EFT (Electronic Funds Transfer)
PayID
Withdrawals
AUD Withdrawals  
BTC Withdrawals  

Balance limits vary, depending on the tier the user qualifies for.

Balance Limits
Status Tier01234
Pull Payment Limit ^$250$500$1,000$1,0001,000
Push Payment Limit *UnlimitedUnlimitedUnlimitedUnlimitedUnlimited

^ Pull payments refer to Credit Card, Apple Pay, Google Pay and Direct Debit payment sources

* Push payments refer to EFT (Electronic Funds Transfer) and PayID payment sources

Deposit limits vary, depending on the tier the user qualifies for.

Deposit Limits
Status Tier01234
Direct Debit$250$500$1,000$1,000$1,000
Credit Card$250$500$2,500$5,000Unlimited
Apple/Google Pay$0$0$0$2,500Unlimited
Push Payment Limits *UnlimitedUnlimitedUnlimitedUnlimitedUnlimited
BTC Exchange LimitsUnlimitedUnlimitedUnlimitedUnlimitedUnlimited

* Push payments refer to EFT (Electronic Funds Transfer) and PayID payment sources

Withdrawal limits vary, depending on the tier the user qualifies for.

Withdrawal Limits
Status Tier01234
AUD Withdrawal$0$0$9,999$9,999Unlimited
BTC Withdrawal$0$0$9,999 of BTCUnlimitedUnlimited

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