Frequently Asked Questions (FAQ)
What is Omnidrive and where is it based?
Omnidrive is a leading Lithuanian cryptocurrency exchange, established in 2021 by an experienced team of lawyers, technologists and Bitcoin maximalists. Omnidrive is headquartered in Vilnius, Lithuania.
What countries does Omnidrive allow registrations from?
Omnidrive strives to support customer registrations from as many countries as possible. However, our expansion into a jurisdiction is limited by our requirement to perform secure KYC and AML on all customers. Today, Omnidrive supports secure online identification through a myriad of electronic solutions, including BankID (Norway and Sweden), MobileID (Finland), NemID (Denmark), OnFido (EU+) and others. Support for new jurisdictions is added regularly.
How long does it take to open an account?
Depending on your jurisdiction, account registration can take anywhere from 5 minutes to 1 week. If you are in a jurisdiction that supports electronic ID solutions such as BankID or NemID, registration typically happens within minutes. You confirm your identity using the electronic system, and we perform the mandated KYC, AML, PEP and CTF checks in the background. If you’re registering from a jurisdiction which does not offer secure electronic ID authentication, your account opening will be subject to manual review. All reviews are performed on-site at our Lithuanian HQ.
What assets classes are available on Omnidrive?
Currently, Omnidrive only supports the purchase, sale and transfer of Bitcoin (BTC). Please feel free to reach out to our support staff if you feel that a specific cryptocurrency is missing, or if you want to discuss a possible listing.
What type of exchange is Omnidrive?
Omnidrive operates on the Over-The-Counter (OTC) model, meaning that it is not an open exchange marketplace, but a private buyer and seller of Bitcoin. All trades happens on the books of Omnidrive. Omnidrive sets and maintains the buy and sell prices on the platform. This model is similar to that of for example American Coinbase.com.
Does Omnidrive support Lightning Network?
Yes, Omnidrive supports the Lightning Network. The Lightning Network is a “layer 2” payment protocol that operates on top of a blockchain-based cryptocurrency. It is intended to enable fast transactions among participating nodes and has been proposed as a solution to the Bitcoin scalability problem. It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds. Lightning Network implementation also simplifies atomic swaps.
Does Omnidrive offer a wallet service?
Omnidrive offers all customers a free, virtual Bitcoin wallet. The virtual Bitcoin wallet is maintained by Omnidrive centrally, mirroring the on-chain balance of each user. All customer funds are kept in cold storage. Transfers happens via the Lightning network, initiated from one of multiple hot wallets.
Are there buy, sell and transfer limits on Omnidrive?
Depending on your account tier, there may be buy, sell and transfer limits associated with your account. As your account matures, account limits are raised and/or removed.
Can I pay with a debit or credit card?
Depending on your jurisdiction, Omnidrive supports most major debit and credit cards.
How long does it take to perform a Bitcoin transfer?
If you are performing an on-chain Bitcoin transfer on Omnidrive for the first time, the transfer is subject to manual review. As such, it will be queued and be reviewed by one of our support staff, before it is performed. When your account has been confirmed and reaches sufficient security thresholds, Bitcoin transfers happen immediately. Please note that all transfers are subject to possible congestions on the Bitcoin network and may take time to confirm.
Can I cancel a Bitcoin transaction?
After your transaction has been reviewed, approved and initiated by one of our support staff, there is no way of canceling an on-chain Bitcoin transaction.
What is the fee schedule of Omnidrive?
In addition to sending or receiving cryptocurrency through Omnidrive, customers can purchase or sell a single cryptocurrency or convert one type of cryptocurrency into another type of cryptocurrency.
Omnidrive establishes the exchange rate for cryptocurrency transactions by adding a margin, or spread , to the market exchange rate. Omnidrive may also charge a separate fee (in addition to the spread) that is either a flat fee or a percentage of the transaction, as further described below.
Omnidrive Fees may vary based on the customer location, payment method, and other circumstances. In some cases, Omnidrive may charge an additional fee on transfers to and from the customer’s bank account. Omnidrive will always notify the customer of all Omnidrive Fees (not including the margin) and any other service fees that apply to each transaction immediately before the customer conﬁrms each transaction and in the receipt Omnidrive issues immediately after each transaction has processed.
Omnidrive charges a spread of about 1% for cryptocurrency purchases and cryptocurrency sales. However, the actual spread may be higher or lower due to market fluctuations in the price of cryptocurrency between the time we quote a price and the time when the order executes.
Omnidrive also charges a Service Fee (in addition to the spread), which is around 2%. In addition, Omnidrive charges a variable debit- and credit card fees, depending on what fee is charged to Omnidrive by the acquiring bank.
I do not have an electronic ID – can I still apply for an account?
If you do not have an electronic ID such as BankID or NemID, or you are from a country which does not yet support this, you may apply for a Manual Account Opening. Please note that you will be required to positively confirm your identity, by means of passport, utility bill, proof of income and more.
What types of KYC, AML, CTF and PEP checks does Omnidrive perform?
Omnidrive performs a host of manual and automatic compliance-based background checks on its customers. Such checks are government mandated and performed to ensure the safe operation of the Omnidrive exchange. Amongst others, Omnidrive screens all customers against Politically Exposed Persons (PEP) and international Sanction lists, in addition to performing various Counter Terrorism Financing (CTF) and Anti-Money Laundering (AML) checks. All background checks are done in collaboration with internationally renowned third-party intelligence agencies. In addition, Omnidrive applies advanced blockchain compliance tools to monitor, analyze and security assess on-chain transactions.
My question is not answered here. What do I do?
We are terribly sorry to hear that your question was not answered in this FAQ. Please feel free to reach out to our Support staff, available on email at email@example.com. They will get back to you within 1-5 business days.