Frequently Asked Questions (FAQ)

Azondo is an Estonian cryptocurrency exchange, established in 2021 by an experienced team of technologists, entrepreneurs and Fintech experts. Azondo is headquartered in Tallinn, Estonia and has an international team which is spread all around the world. With Azondo we want to increase the acceptance of crypto currencies globally. Starting with cryptocurrencies has never been easier!

Azondo is ideal for anyone who wants to make friends and family familiar with cryptocurrencies, regardless of whether they know about cryptocurrencies themselves. The main advantage of Azondo is the ease of use. Buying cryptocurrencies with a credit card make it easier and gives you a lot of flexibility.

A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. Bitcoin is separated into two components. On the one hand, you have bitcoin-the-token, a code snippet that represents ownership of a digital concept. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are called “bitcoin“.

You can select your desired amount and your preferred payment method. After we receive the payment, you will get the Bitcoin credited to your wallet.

We are committed to creating a safe environment for our customers. Fraud checks and identity verification procedures are carried out by Azondo on each order to minimise negative impact from fraud, money laundering or identity theft for our customers.

Azondo 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 our clients. As of today, Azondo supports secure online identification through a myriad of electronic solutions, including BankID (Norway and Sweden), MobileID (Finland), NemID (Denmark), OnFido & Sum & Sub (EU+) and others. Support for new jurisdictions is added regularly.

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 Estonian HQ.

Currently, Azondo only supports the purchase, sale and transfer of the most popular cryptocurrency 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.

Azondo 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 Azondo. Azondo therefore sets and maintains the buy and sell prices on the platform. This model is similar to that of for example of the very well known cryptocurrency exchange Coinbase.com.

Yes, Azondo 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.

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.

Depending on your jurisdiction, Azondo supports most major debit and credit cards.

If you are performing an on-chain Bitcoin transfer on Azondo 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.

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.

In addition to sending or receiving cryptocurrency through Azondo, customers can purchase or sell a single cryptocurrency or convert one type of cryptocurrency into another type of cryptocurrency. Azondo establishes the exchange rate for cryptocurrency transactions by adding a margin, or spread , to the market exchange rate. Azondo 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. Azondo Fees may vary based on the customer location, payment method, and other circumstances. In some cases, Azondo may charge an additional fee on transfers to and from the customer’s bank account. Azondo will always notify the customer of all Azondo 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 Azondo issues immediately after each transaction has processed. Azondo 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. Azondo also charges a Service Fee (in addition to the spread), which is around 2%. In addition, Azondo charges a variable debit- and credit card fees, depending on what fee is charged to Azondo by the acquiring bank.

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.

Azondo performs a variety 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 Azondo exchange. Amongst others, Azondo 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, Azondo applies advanced blockchain compliance tools to monitor, analyze and security assess on-chain transactions.

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 support@azondo.com. They will get back to you within 1-5 business days.