General Questions

  1. What is Gimibits?

    Gimibits is a Mobile Cryptocurrency Trading Platform for Nigeria. Earn up to 100x returns trading when the market is going up or down by using Up/Down, easily trade NGN for cryptocurrencies, and safely store and transfer your assets.

  2. What markets can I trade?

    A detailed list of all available pairs and instruments can be found here.

  3. How to invest? How do I start?

    To begin trading, you will first need to fund your account. There are two options to fund your account:

    • Direct crypto deposits from your personal BTC wallet to your Gimibits wallet. Currently supported currencies: BTC, BCH, LTC & DASH.
    • Deposits NGN into our Bank Accounts and we'll credit the same to your Gimibits wallet. Then, you can buy BTC using NGN.

  4. How much money can I make?

    Your profits will depend on your patience, trading decisions and the success of your trading strategies.

  5. Can you trade for me?

    Not at the moment

  6. Are there any fees when trading?

    Detailed information regarding fees can be found here. Gimibits charges on trades and withdrawals.

  7. Where do you get your prices for currencies?

    We act as an STP broker and receive quote from a number of liquidity providers; prices provided will vary in accordance with the prices of connected liquidity providers. Customer orders are placed directly on connected liquidity providers.

  8. Do you have apps for iOS, Android, PC?

    Yes, feel free to download the iOS App or Android App. The web version of the platform is under development.

  9. Do you have an affiliate program?

    Yes, our affiliate program will allow you to invite friends to try out the platform. Affiliate partners receive payouts of up to 30% of trading fees paid by their referrals. Currently, we have only one level for simplicity.

  10. How can I earn without investing?

    If you are looking for ways to profit without investing, Gimibits allows you to earn through our affiliate program and promotions. Affiliates earn 30% of trading fees paid by referrals, while promotions allow you to earn real cash prizes and tradable bonus funds for our Up/Down product. You can find information about our promotions here.

  11. Can I create a demo account for paper trading?

    While we don't have a testnet yet, you can earn tradable bonus funds for free through various promotions. You can set up an account with a minimum deposit of NGN 500 of any transferable asset.

  12. Can I connect via API?

    At the moment, an API interface is not available.

  13. What is the minimum and maximum investment per trade?

    Detailed information regarding the minimum/maximum order size and exposure limits for all available instruments can be found on the 'Fees' page

  14. Do I need to provide documents to start trading?

    Documents are required for NGN deposits, and spot trading. No documentation is required to use the Up/Down product at this moment.

  15. What is the Bonus Wallet?

    Funds from the Bonus Wallet can be used to trade Up/Down, but cannot be withdrawn. When using Bonus funds as collateral, fees and losses will first be realized from your main Up/Down balance before the Bonus amount is used up.

Depositing funds

  1. How do I make a deposit?

    You can deposit NGN to our bank account (address available on Deposit Page of NGN under Transfers) or any one of the transferable crypto assets. These can either be found in the 'Transfer' tab in the app footer, or through the 'Wallet' section.

  2. Can I change account balance currency?

    Yes, you can choose between BTC and NGN.

  3. Can I deposit via a bank account?

    Yes, you can deposit directly to our bank account and have the same amount transferred NGN Gimibits wallet once the transaction is processed by us.

  4. Can I deposit with PayTM?

    PayTM payments are not available. We will endeavour to add as many payment options as possible in the future.

  5. How long does a deposit take?

    While most NGN deposits are processed within 10 minutes, they can take up to a maximum of 24 hours under normal circumstances.

  6. What is the minimum deposit to start trading?

    The minimum deposit is NGN 500 equivalent.

  7. My deposit is 'Completed' but I do not see my funds

    Kindly, contact support in this case. Click Here

Withdrawing funds

  1. What is the minimum and maximum amount for a withdrawal?

    There is a minimum withdrawal amount of BTC 0.0006

  2. What is the withdrawal fee?

    You can checkout the withdrawal fees here.

  3. Are there any limits on withdrawals?

    There are no withdrawal limits for cryptocurrencies currently, you can find NGN withdrawal limits on the KYC page.

  4. How can I add my withdrawal address?

    Copy the wallet address where you want the amount transferred. Go to the withdrawal section in the Transfers page, paste and input the amount you want to withdraw.

  5. How fast is my withdrawal processed?

    Withdrawals are usually processed within 10 minutes, but can take up to an hour for cryptocurrencies. NGN withdrawals can take up to 24 hours under normal circumstances.

  6. How can I check the status of my withdrawal? Can I Cancel my withdrawal?

    You can check the status of your withdrawal in the Transaction section of the History page. Cancellation can be done within 1 hour from the time of initiation.

  7. Can I withdraw to my bank account?

    Yes, you can but only whatever you have in your NGN wallet. You'll have to update your bank account (available under the settings section).

  8. I didn't receive a withdrawal confirmation email

    Otherwise, contact support. Click Here

Account and security

  1. Why it is important to secure access to your email?

    Email is our primary form of ID. Losing access to your email may result in you being unable to access your Gimibits account. We strongly recommend doing KYC for Trading.

  2. How can I secure my Gimibits account?

    We recommend using a unique Email+Password combination that you are not using for other services.

  3. Can I change my email?

    As your email is the only form of ID at Gimibits, it is not possible to change account email. You may make another account, and resubmit your KYC documents if necessary.

  4. How to disable email notifications?

    Currently, you cannot.

  5. I forgot my password. What do I do?

    Use the 'Forgot Password' page on the login screen

  6. I lost or reset my phone. What do I do?

    You can re-download the app from a different device and sign in to your account.

  7. Someone accessed my account but it was not me

    Contact Support as soon as this happens Click Here

  8. Can I see a detailed report of all trading activity on my account?

    Yes, check under the Trades Section of the History page

  9. How to open Gimibits support live chat?

    Use the Telegram icon on the bottom-right handed corner which links to our group. Admin and Other members will respond to your queries as soon as possible.

Trading

  1. What are Long and Short positions?

    A Position can be either Long or Short. Short-selling will be selling high and re-selling low. This methodology exploits foreseen market decrease. Long-selling is purchasing low and re-selling high. This system benefits from foreseen market rise. A trade size that is negative will open a short position, and a trade size that is positive will open a long position.

  2. How do I increase and decrease my position?

    Long positions are increased by adding positive trades (i.e. like opening another long trade), and short positions are increased by adding a negative trade (i.e. like opening another short trade). The opposite is true for decreasing position sizes.

  3. What is leverage?

    Leverage mirrors the ratio of personal funds required to open and keep up a position in contrast with the size of that position. For instance, 1:100 leverage implies that, if utilizing $1,000 of your own assets, you will have the option to exchange with up to $100,000. Additionally, a place of $100 would require just $1 of your own assets.

  4. Can I change my leverage?

    Yes, you can continue to change your leverage upwards or downwards as long as you do not exceed the maximum available leverage. Please note that we do not recommend to utilize 100% of Available margin as this creates a significant risk of even the smallest negative P/L resulting in liquidation of the position

  5. What is price spread?

    Price Spread (or Bid-Ask spread) is the distinction between the Bid and the Ask price of an asset. When buying, you will get the Ask price; when selling, you will get the Bid price. Ask price is usually higher than the Bid price, and the contrast between these 2 variables is the Spread.

  6. What is slippage?

    Slippage is the contrast between the expected price, and the real execution price of a market order. Similarly any market request, Slippage may happen during times of high volatility, when liquidity in order books is inadequate to execute exchanges at the trigger value (Bid/Ask), bringing about a price gap.

  7. How long can I keep a position open?

    Positions do not have a time limit and can remain open indefinitely, at this moment. An overnight interest rate component will be added in the near future.

  8. Why is my order rejected?

    Orders can be rejected for numerous reasons, such as available margin being insufficient or markets for the selected instrument being closed, etc. The 'Messages' widget contains all system messages with a detailed explanation of why an order was rejected.

  9. Can I use Stop Loss/Take Profit?

    Yes. You can use STOP orders for Up/Down, which function as both a Stop Loss and Take Profit.

  10. Why was my Stop Order filled at a different price?

    Stop orders are delayed orders that are triggered when the ASK/BID price of an asset reaches the price specified in your Stop order. Once your Stop is triggered, it becomes a Market order and is filled as such, taking into account the Spread for a given order size.

  11. What is liquidation?

    Liquidation is the programmed closing of an open position at market price, if margin necessities are not kept up. Liquidation may happen if available margin arrives at near 0%, as available margin is not adequate to continue further losses.

  12. How can I increase my Available Margin?

    Available margin can be increased at any time by closing any position and/or transferring more funds to your Up/Down wallet.

  13. Which margin system is available, Cross-margin or Isolated margin?

    At Gimibits we employ a Cross-margin system. This system offers more flexibility when trading and provides traders with more opportunities to adapt to different market trends and movements.

  14. Does Unrealized P/L include fees incurred for a trade?

    Yes, Unrealized P/L includes the fees required to close the position at the current market price.

  15. What are the fees?

    Itemized data in regards to Fees and Overnight Financing rates for every accessible pair can be found on the Fees Page.

  16. What is a Trading day?

    A Trading day is a 24-hour time frame which starts at 00:00 IST and closures at 23:59:59 IST. A Trading day is utilized to decide when Overnight Financing is charged and when a DAY request is dropped if not filled.