Frequently asked questions
Koinz Trading is a company dealing in the sale and purchase of bitcoins.
In addition to this, Koinz Trading is also involved in bitcoin mining.
Koinz Trading makes it possible to exchange bitcoins 7 days a week at our office in Lelystad. This can be done by bank transfer or cash. It will be possible to purchase and sell bitcoins on our updated website 24 hours a day.
In some cases, we are required to verify a form of identification
No, Koinz Trading does not hold your bitcoins for you. You save your bitcoins in your bitcoin wallet. When you purchase bitcoins, we will need your bitcoin address so we can send the bitcoins to your wallet.
It is possible to use our services from all around the globe. You do not necessarily have to pay in Euros.
Yes, we are happy to provide everyone with a high standard of support. That’s why we are available from 08:00 to 22:00 on weekdays and from 10:00 – 21:00 at weekends to answer all your questions.
We are available from 08:00 to 22:00 on work days and from 10:00 – 21:00. at the weekend. You can reach us via live chat and telephone. You can also email us 24 hours a day.
For you, nothing will change because all of your bitcoins are in your bitcoin wallet. If you purchased a bitcoin mining machine from us, this machine will be forwarded to you.
We currently accept the following payment options: IDEAL, bank transfer and cash. It will also be possible in the near future to use PayPal, PaySafe, Credit Card, Bancontact, Sofortbanking, Giropay, Netelleren and MyBank. This will be possible when our updated website is online.
We strive to send the bitcoins within 5 minutes of completion of payment. There are some exceptions, such as when you pay by bank transfer. In this case we will wait until we receive the payment before sending you your bitcoins.
We recommend that you create a wallet through Blockchain or Coinbase. This can be done on your mobile, computer or tablet.
Once you have completed your payment, we will ask you to check the bitcoin address specified by yourself once again. If this is correct, you can authorise the order. If you find that the address is incorrect, do not authorise your order. Contact us so we can edit the address.
Unfortunately, it is not possible to customise the bitcoin address when bitcoins have already been sent during a bitcoin transaction.
At Koinz Trading, you may. Please contact a member of Koinz Trading’s office staff first.
Yes, you can contact one of our office staff for an appointment or advice.
Bitcoin is not a legal means of payment. In fact, digital currency does not even fall under the Dutch Financial Supervision Act (Wft). We do however need to report income or capital to the tax office. The following explains how and where to declare it.
Income tax on Bitcoin payments (Box 1): If you live in the Netherlands, you must report all earnings which make up your income. Even when you live abroad but still receive an income from the Netherlands, you may have to report these earnings. This also applies when income is obtained in forms other than legal tender. This includes bitcoin. When you are paid in bitcoins, the revenue department sees this as a payment in kind. In order to correctly indicate these earnings with inland revenue, you should convert all bitcoins received into euro at the rate listed at the time of receipt.
Trading in bitcoin or mines? What about VAT? (Box 1, 2 and VAT) When you mine or trade bitcoins with the aim of making a profit, this will be considered to be a business. In this case, you must also register with the Chamber of Commerce as an business owner. Not a business owner but have, for example, recently acquired bitcoins through mining? You should indicate these as an asset. After all, it is adding to your income. When you are logged in as a business owner, you will be liable for value added tax (VAT). However, bitcoin is exempt from VAT by decree of the European Court of Justice. In practice, this means that you are not entitled to a VAT refund on incurred costs. However, there is an exception. When bitcoin is being sold outside of the EC (European Community), the tax authorities distinguish between inside and outside the EC. You can get tax back up to the turnover percentage for transactions outside the EC. For example, miners can deduct 100% of all VAT paid for the purchase of equipment and electricity with their VAT return if they, for example, sell all their bitcoins to an American party.
Investment / Savings and ROC Tax (Box 3) If you own bitcoins as savings or, for example, place your earnings in trust, you must indicate this in your tax return. When you sell your bitcoins, tax administration sees this as a simple currency-to-currency exchange. You are actually only changing the method of carrying these assets, and your tax value remains the same. You own bitcoins and have simply converted them into euros. You do not therefore have to pay additional income tax. After all, this is not about making a profit! You pay ROC tax on your assetts, but only on total assets exceeding €25,000. Tax administration assumes a 4% return on your assets and will charge tax at a rate of 30% tax. This can be calculated to 1.2%. For example: On January 1 you own € 50,000 in bitcoins: the first € 25,000 is tax exempt, and you pay 1.2% for the remaining € 25,000, which amounts to € 300 ROC tax. As of January 1, 2017, these rules will change making them more beneficial for anyone with less than €500,000 in assets.