What is Bitcoin?
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network is sharing a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses.” – Bitcoin.org
What are cryptocurrencies?
“A digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency is that it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.” – Investopedia
This is the difference between fiat currencies and cryptocurrencies. Fiat is centralized and controlled by a government, and cryptocurrencies are decentralized with a public ledger.
What is account verification?
According to our Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies, we are required to ensure that we only deal with legitimate individuals who trade with legitimate funds. To do this, we need to verify your account, hence “account verification.” In this process, you will be asked to submit ID documents as well as bank account details.
Only accounts that have been verified and approved can deposit and withdraw fiat.
What documents are needed for account verification?
For individual account verification, we need the following two documents:
• Personal ID: valid national ID, passport, or driver’s license.
• Proof of address: any kind of official document that is no older than 3 months and shows your current address (bank statement, utility bills, etc.)
How do we store and protect users' personal information and ID documents?
All uploaded documents and personal information are stored in secure databases accessible only to limited authorized personnel.
What is two factor authentication?
Two-factor authentication (also known as 2FA) is a method of confirming a user’s claimed identity by utilizing a combination of two different components. Two-factor authentication is a type of multi-factor authentication.
Who are we?
Mango Markets Pte. Ltd. is a Bitcoin exchange incorporated in Singapore with strategic alliances with local partners in Australia and Venezuela. Our team combines years of experience in the development, implementation and scaling of blockchain technology and cryptocurrencies.
What countries do we support?
We accept users from all over the world. However, the only way to join our platform is by invitation or referred by an existing member and we reserve the right to deny access to users if they reside in countries that represent high fraud risk.
What currencies do we support?
The only fiat currency we accept is the Venezuelan Bolivar. All transactions in our platform are between Bitcoins and Bolivares.
Will we integrate other fiat currencies or cryptocurrencies?
We have plans to incorporate Ethereum. We are constantly monitoring the cryptocurrency ecosystem and will consider adding other cryptocurrencies that reach a high level of trading volume.
We are also evaluating the possibility of enabling the deposit and withdrawal in other fiat currencies for users residing outside of Venezuela.