Frequently Asked Questions

What is Bits of Gold?

Bits of Gold is a privately held Israeli company that serves as the oldest and largest Bitcoin service provider in Israel. Established in 2013, the company co-founded the Israeli Bitcoin union and Bitcoin embassy. Since then Bits of Gold has been an active member in the Israeli and international Bitcoin community.

What are your opening hours?

Sunday to Tuesday 9:30AM - 18:00PM.

Friday 9:30AM - 13:00PM.

Do you recommend investing in Bitcoin or Ethereum?

We do not provide investment counseling services in this field.

How do I open a wallet?

Our company website refers users to a Bitcoin wallet called Blockchain.info and to an Ethereum wallet called MyEtherWallet. We do not provide technical support for opening wallets. Volunteers at the Bitcoin embassy offer technical support between 5-7 pm on Ahuzat Ha'Bayit St. #1, Tel Aviv.

Where can I find the wallet's address?

When clicking the Request button in the wallet's website or app, a long address of letters and numbers will appear. This is the wallet's address for receiving Bitcoin or Ethereum. Please note the Ethereum wallet address begins with a 0x sequence.

How do I purchase Bitcoin and Ethereum?

The process of purchasing Bitcoin and Ethereum is similar. You begin by selecting the desired currency, Bitcoin or Ethereum. You then specify the amount you wish to convert, and whether you would like that amount to appear in a digital currency, NIS, Dollars, or Euros. Next, you fill out your digital wallet address, where the coins will be deposited. Finally, you select your preferred form of payment - credit card, cash, or bank transfer.

How do I make a purchase using a bank transfer?

The Bits of Gold bank account details will appear throughout the ordering process in order to complete a bank transfer transaction. You will be asked to include your ordering number in the transfer details, as well as upload a photo of the bank transfer reference. The locking rate of bank transfer orders is determined only during the Company's Business Hours (as defined above), at each round hour after completion of the transfer of funds to Bits of Gold's bank account and the identification of the funds by the Company. The identification process will take place by the user uploading a reference number and a reference copy of the transfer to the Company's website. The Company reserves the right to set the exchange rate upon identification without the reference number and the reference copy of the transfer, if it succeeds in recognizing the transfer without the aforementioned

How do I pay in cash?

You can pay in cash up to 5,000 ILS per client per day by using the ATM machine at the Bitcoin embassy on Ahuzat Ha'bayit St. #1 Tel Aviv, or up to 10,000 ILS per client per day through one of the GMT money exchange branches throughout the country. In both cases you will need to bring identification with you.

In order to pay in cash at the ATM machine, arrive at the embassy during its opening hours, press "Start", allow the machine to scan the Bitcoin wallet QR code that appears on your phone, insert the cash, and receive a direct Bitcoin transfer to your wallet. The commission rate is 4.95%.

Otherwise, you can place a cash payment order through our website, visit one of the GMT Company's money exchange branches, and ask to transfer the cash to Bits of Gold. GMT transfers the money to our company, whereupon we transfer the Bitcoin to the wallet address you filled out when placing the order online. It is important to first place an order online and only then deposit the cash at the branch. Our commission rate is 4.95% and the GMT branch charges an additional 3% commission, with a minimum commission charge of 30 NIS.

You can find the full list of GMT branches on our website once you finish placing your cash order. The locking rate of cash payment orders through GMT is determined on the hour, once the payment appears in the company's account during the company's working hours.

How do I pay with a credit card?

We are in the midst of upgrading our credit card payment process. As a result, we are temporarily referring clients to an external website called CoinMama, an Israeli company with which we work. For further information regarding their services and commissions please visit their website.  

Can I pay in dollars?

Normally, the answer is no, unless you plan on making a large purchase. If the transaction exceeds 100,000 dollars, please visit our company's offices in order to receive further details and fill out the necessary forms.

What are your commission rates?

When buying via bank transfer, Bits of Gold charges a 4.95% commission from the total amount of the transaction, including VAT. Credit card and cash transactions may entail additional commission rates charged by external companies. For example, when paying in cash at the Bitcoin ATM, the commission is 4.95%. When paying in cash at one of GMT's money exchange branches, you will be charged an additional 3% commission.

Is there a discount on the commission rate?

Generally, there are no discounts, unless the transaction amounts to hundreds of thousands of shekels. If you wish to inquire further regarding a possible commission discount for large transactions (over 100,000 NIS), please contact Chen, the Operations Manager.

Which Bitcoin and Ethereum currency do you use?

The cost of buying and selling digital coins includes commission rates and VAT. The NIS amount is converted according to the average exchange rate that appears in the continuously updated tradeblock.com website. When placing an order to purchase Ethereum the process is quite similar, aside from the fact that Ethereum is purchased after converting the NIS amount to Bitcoin, based on the current Ethereum-Bitcoin exchange rate that appears in the regularly updated bitfinex.com website.

What is a reference number?

Areference number is a bank approval for money transferred from your bank account to the Bits of Gold bank account. You can view the reference number in your current account, in the line that displays the amount of money transferred.

What is a reference photocopy?

A reference photocopy is a picture of the bank's confirmation of the money transfer. You can view the confirmation of the money transfer at the end of the process on the bank's website or app, and then produce a copy of the confirmation with a screenshot, or by requesting the document from a representative at the bank that performed the bank transfer. The reference photo should be uploaded to the Bits of Gold website upon completing your order.

What is an IBAN transfer?

The IBAN system enables the immediate transfer of money in shekels between banks in Israel, within up to two hours from the moment the request is accepted. The IBAN number is an international code used to identify clients. The IBAN number consists of 23 characters including the number of the bank, the branch, the client's bank account number, the country code and the check number. You can make an IBAN transfer with the help of a banker at your bank account's branch for the cost of 6 NIS.

When will the bank transfer I made be received?

Bank transfers are received based on the client's respective bank. Internal bank transfers (Leumi or Poalim) reach our bank account straight away, notwithstanding the rare occasion where the banker's approval is required. Rates are locked on the consecutive hour, provided that the transfer was successfully identified (in other words, if a reference photo was uploaded and the amount transferred was identical to the amount that appears in the order). IBAN transfers operate similarly to internal bank transfers, aside from the fact that they require a banker's approval, and therefore take nearly an hour to be completed.

Interbank transfers, such as Discount to Leumi, are completed after one workday. Any bank transfer made before 6 pm, provided that it is approved by a banker, is completed the following morning, which is why the locking rate will be determined at that time. A bank transfer that is made after 6 pm will be handled by the client's bank the following workday, and will therefore reach Bits of Gold two days later.

For example, a transfer made on Tuesday at 8 pm will reach Bits of Gold on Thursday morning and the locking rate will be determined by the first locking rate of the day. A bank transfer made on Thursday after 6 pm, or on Friday, will most likely reach the Bits of Gold bank account on Sunday, or even Monday, depending on the operating hours of the client's bank branch.

When will I receive the Bitcoin in my wallet?

After Bits of gold confirms the money transfer and the rate is locked, the Bitcoin or the Ethereum will be transferred to the client's wallet within several hours, and no later than two workdays, depending on the workload. There may be additional delays due to high traffic.

Can I sell Bitcoin through Bits of Gold?

Yes, you can sell Bitcoin and receive shekels in return, by way of a bank transfer or cash. In order to sell the Bitcoin, you must place a selling order and send the Bitcoin to the Bitcoin address that appears on your order. Once you send the Bitcoin you will receive an e-mail updating you on the sum you are due to receive following the sale. Please note, the sale is your sole responsibility, and once you make the sale it cannot be canceled. Therefore, please make certain you understand all of the terms of use before conducting the sale. The Bitcoin wallet to which you send the Bitcoin is disposable and will only serve you for one sale. For further sales you must place new orders. The commission rate for the sale is 4.95%.

In order to make a bank transfer, you can fill out the bank account details and receive the money through a bank transfer that will be completed during the banks' working hours.

In order to receive cash, fill out "cash" in place of the fields requesting your bank account details. Several hours later you will receive a text message with a code, which you can then bring to one of the GMT branches to collect cash.

Can I receive a receipt for my payment to Bits of Gold?

Yes. We e-mail electronic invoices following every transaction. The invoice is for the commission we charge for our transaction services, and it includes VAT.

I am a business owner in Israel. Can I receive Bitcoin through Bits of Gold?

Yes, of course! Please contact us at info@bitsofgold.co.il or call: 03-613-3034 for further information.