Cryptocurrency

Welcome to the World of Cryptocurrency

EPIC Members are sometimes extremely savvy investors. Many of you are already dealing in the world of Cryptocurrency. Others are just now jumping in or beginning to see if Crypto is right for you. In an effort to safeguard our Members while giving you an avenue to invest in Crypto, we have partnered with BankSocial. Below is an FAQ that answers most of your questions about Crypto, how it works, and how to buy, sell, and purchase with it.

For those of you who are new to Crypto remember; it is a decentralized banking system so it can be more volatile than traditional markets. Some nations still don’t recognize Crypto while others have embraced it. And please remember your Crypto gains are taxable and your Crypto savings are not insured like traditional holdings. Crypto represents a brand-new world in investing. EPIC will continue working to stay up on changes in this environment and give our members the best information and support possible as you build your best financial futures.

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Why does EPIC want a Crypto Partner?

EPIC Federal Credit Union has partnered with BankSocial to offer our Members a safe and convenient way to buy and sell Cryptocurrency. For those already buying and selling in the Crypto Space, we chose this format because we wanted our Members to buy and sell Crypto through a resource that has been vetted, screened and is secure. This helps safeguard our Members from any scams and illegitimate dealers now working in the Crypto Space.

Why partner with BankSocial?

BankSocial is a division of Fivancial. They’re a digital finance platform built on the blockchain. Theirs is a Self-Custody Crypto Exchange. They are a licensed Money Service Business that must comply with AML Regulations such as BSA and the US Patriot Act. Also, with deep Credit Union roots, BankSocial understands both EPIC FCU and our Members.

What is Cryptocurrency?

Cryptocurrency, also known as Crypto, is a form of digital money that can be bought and sold using the internet. These funds are decentralized, meaning that investors may deal directly with one another outside of the normal centralized financial institution exchange.

How does Cryptocurrency work?

Crypto transactions are processed via the blockchain using wallets. On the BankSocial platform, Members can purchase Crypto via credit card or debit card. Once purchased, Crypto is transferred to the wallet address the Member owns. The Member can then use his/her address, and the corresponding Crypto held there, to purchase items or other Crypto from other individuals or businesses.

What is blockchain technology?

Blockchain is an immutable digital ledger of transactions maintained by a network of computers which offers a secure way for individuals to conduct transactions with one another.

What is a Cryptocurrency Wallet?

A Cryptocurrency Wallet is comprised of a set of private keys and public addresses. Public addresses are used when buying and selling Crypto, much like how a credit card account number is used when depositing or withdrawing funds from your Credit Union account. Funds cannot be removed from an address without the corresponding private keys. Wallets can come in the form of apps (like BankSocial wallet) or hardware wallets like “Ledger/Trezor” (which looks like a USB stick).

Why are there so many steps to identify myself?

BankSocial operates as a currency exchanger and money transmitter and is, therefore, registered as a Money Service Business. As such, BankSocial is required by federal law to know their customers (KYC) and federal law mandates the KYC process that BankSocial uses. This process ensures compliance with federal regulations and helps protect you and your Cryptocurrencies.

What happens after I complete the verification process?

You should receive both a welcome email from BankSocial (noreply@banksocial.io) and a verification email from KYCAID (the KYC department at BankSocial) within 15-30 minutes. The verification email will detail whether the verification process was successful or not.

What should I do if the verification process fails?

Contact BankSocial customer support for more information. Additionally, the verification email will contain a link to redo the process.

What is the difference between a Custodial and Non-Custodial Exchange?

BankSocial is a Non-Custodial exchange. This means the Member owns their keys and their Crypto. This is a key differentiator as exchanges such as Coinbase are custodial, meaning the exchange owns the Member’s keys and Crypto. If a custodial exchange were to go bankrupt, the Member would lose all their Crypto. With BankSocial, the Member owns the keys and has total control of their Cryptocurrency.

What methods can I use to purchase Cryptocurrency?

You may use Debit Cards or Credit Cards (Visa, Mastercard and American Express only).

Can I buy Crypto without a wallet?

No. You must have a wallet to buy Crypto. If you do not have a wallet, you can create one at the time of purchase by selecting ‘create a wallet’.

If I lose my keys, how can I recover them?

Neither EPIC FCU nor BankSocial has access to your keys. If you lose the keys, then you have lost your Crypto. We suggest keeping your keys written on paper and kept in a secure location such as a safe and not stored on your computer. We also suggest you memorize your keys.

Does EPIC FCU or BankSocial have access to my Cryptocurrency or my Wallet?

No, you own your Crypto and the private keys to your Wallet. We have no access to these items.

How long before my Crypto gets to me?

Your Crypto will be delivered to your Wallet in 10–15 minutes or less after your purchase. If the purchase is taking longer, please contact BankSocial Support.

How do I sell my Crypto?

At this time you do not have the ability to sell your Crypto through BankSocial. This feature will be released in the very near future. For now, customers wishing to sell their Crypto can send their Crypto to an address at another exchange like Coinbase.

How can I track my order?

After you complete your purchase, click on your “Dashboard” and select the “Exchange” tab to review your purchase history.

How can I check my balance and transfer funds in my wallet?

Your balance and all transactions that have been completed, will be shown in your Wallet where you hold your Crypto.

Important Notes:

You are free to use your Crypto however you wish, wherever Crypto is accepted. No, your Cryptocurrency is NOT federally insured at this time.

Registration, Verification & Glossary of Crypto Terms

Politically Exposed Person, (PEP): These are the individuals, immediate family members, and close associates entrusted with a prominent public function

Anti-Money Laundering, (AML): Federal mandates which require financial institutions and Money Service Businesses to detect and prevent money laundering. Also, commonly referred to as BSA (Bank Secrecy Act) or BSA/AML.

Know Your Customer, (KYC): The federally mandated process of identifying and verifying a customer’s identity at the time of account opening and maintaining such verification throughout the account relationship.

Are you ready to invest in the world of cryptocurrency? With a better understanding of what EPIC FCU and BankSocial offer, you can make informed choices for you and your family.