Below you can find our handy FAQ section. If you don’t find what you’re looking for go ahead and contact us, our customer support team would be happy to help you.

Getting Started

A financial custodian is a company that has physical possession of your financial assets. It is a financial institution that holds your money and investments for convenience and security. 

The custodian is often referred to as the gatekeeper of assets whose function is to track monies and assets moving into and out of the account; and they are entrusted to render regular financial valuation of such assets held in custody through the Custodian Agreement.

A custodian financial institution holds customers’ securities for safekeeping to prevent them from being stolen or lost. They may hold stocks or other assets in electronic or physical form.

The fastest solution in order to register for a Wallex Custody account is to click directly on the link:  https://my.wallexcustody.com/log-in or on the Sign Up tab on Wallex CUSTODY page https://wallexcustody.com/. In order to activate your account, please fill in the registration form completing all the required fields with your personal data.

Sign Up Form

Choose between a Personal or Corporate profile type. Fill in the online form with your personal data and be sure to enter the correct data relating to your identity document which you will use for the account registration. Make sure that the identity document is a valid document for travelling abroad such as an identity card or passport. The physical address is where you are registered or where the company is registered in case you will be operating a Corporate account.

Please note that there are restrictions on some countries and if you are a citizen of a forbidden country, your registration request will not be approved. 

You can find the AML/CTF regulations and restricted businesses and countries on the following link:

https://wallexcustody.com/wp-ontent/uploads/2021/08/AML_CTF_WC-1.pdf

Once your account is activated and approved by the compliance officer, click on the Log In button and login with your credentials, username and password which you entered during the registration process. 

When registering you need to choose between a Personal and a Corporate account.

  • Personal: Client is an individual who will be depositing/withdrawing personal funds.
  • Corporate User: Client is an Entity depositing/withdrawing corporate funds on behalf of the Entity.

If you are not sure what type of User you are and you need some assistance, please contact us at support@wallexcustody.com.

Once you have registered on the platform, you can not change the type of User you are. If you have opened a Personal account, you can not switch it to Corporate. However, what you can do is to register again and make a second account for yourself, a Corporate one. 

The procedure is the same as opening a Personal account, but from the menu you need to choose a Corporate account and fill in all the necessary information applying to the Company identity.

As soon as your registration request has been approved, you will receive a notification email indicating your account has been activated. In this mail you will find the link so that you can start completing the verification process and uploading the required documents for KYC/KYB. 

If you have not received your account activation email, the two most likely reasons are that your email has been moved to your spam folder, or that you gave us the wrong email during account sign up. Please check and contact us at support@wallexcustody.com

Your case is currently under review. Due to our strict KYC/AML compliance regulations and in order to provide all our customers with the highest levels of security, each profile must undergo an extensive review before they can be approved. It is possible that we may require some additional information. We will contact you shortly.

Account Management

In order to make a deposit to your Wallex Custody account, please choose the section Transfers from your Dashboard and then click on Incoming Wire Transfer. Select the account on which you would like to make a deposit EUR/USD/GBP/AUD/CAD/MXN, then press Continue.

The following page specifies the bank details to be indicated on the platform from which you are depositing to your account. 

Please, enter the code indicated on the screen as Reference/Message, the reason for the transfer. This indicates to us the transfer is coming from your unique ID and will ensure the prompt allocation of the deposit. 

Once the deposit has been received, you will be able to see your funds credited to your Wallex Custody account indicated in the Reference. From Accounts on your Dashboard, you can also select your various accounts opened with us and check their movements.

Be informed that if all the required information is provided – Amount; Currency; Recipient’s name; Type (Person or Company); IBAN; Address; City; State; Postal Code; Country; Description – the transfer will take from 3 to 5 business days to be credited to your Wallex Custody account.

The processing time depends on the Beneficiary/Intermediary Bank’s:

  1. Time and day the user made the actual bank transfer from his account
  2. Bank holidays
  3. Location of the user
  4. The bank’s due diligence

Should you find yourself in the unfortunate case of not receiving your funds in the estimated time, we would request from you a copy of the transfer in order to be able to do a detailed investigation.

We kindly ask you to provide a copy of the transaction to our email address: support@wallexcustody.com, which will enable us to investigate the case and update you with information as soon as possible. 

Keep in mind that it is important to fill in the complete and correct information when you request a FIAT deposit transfer, especially the Reference. If we receive an incoming transfer with no Reference information – that is, your Wallex Custody account number -, the transfer will be in pending status until you present to us the required documents and proof of the transaction. 

When you send money to your Wallex Custody account with the wrong beneficiary details, note that this amount will be blocked in the bank. The amount will normally be credited back to your account after two weeks.

In appropriate cases, must contact the issuing bank for a refund of the amount sent.
As soon as you receive the amount, you can send it to your Wallex Custody account with the correct data required.

A Bank Reference Code (ref-code) is a transaction reference/confirmation you receive when you make a deposit. You can find this ref-code in your online banking for each transaction you have made. 

To expedite processing, paste the bank ref-code number in your custody platform transaction and submit it.

Please note that the reference code for USD transfers must include both the indicated code QCCUS6G2C and the Beneficiary Account Number in the platform so that a prompt allocation of resources can be ensured.

If you would like to make an Outgoing transfer from your Wallex Custody account to an external bank, the procedure is the following:

Make a click on Transfers which you can select from the Dashboard Menu and choose the option Outgoing Wire Transfer.

Then choose the desired account from which you would like to execute the transfer. Specify the exact Amount and the Currency. Then fill in all the required fields with the correct bank details and beneficiary’s information. It is important to enter the following information so that your transfer can be processed successfully. 

Make sure you have completed all the fields regarding BENEFICIARY BANK and  BENEFICIARY CUSTOMER.

The final step is to select Continue in order to execute the transfer.

The Outgoing Wire Transfers can take from 3-5 business days to be processed depending on Beneficiary/Intermediary Bank processing times.

The payment processing speed depends on the following:

  1. Time and day the user made the transfer – Working days, holidays and weekends
  2. Location of the user
  3. The bank’s due diligence

Please, have in mind that all the transfer information has been reviewed by Wallex Custody and at any time we may request additional information in order to process your request successfully. 

Please provide us with the requested documents/bank details in order to process your transaction

The transfer information has been reviewed by WallexCustody and in case of a missing/wrong beneficiary data, your transfer request will be cancelled. Please note that you must enter the complete address of the beneficiary including: neighbourhood, street, number, city, state and postcode.

In order to obtain this information, you need to contact the beneficiary.
Only the Beneficiary can provide you with the correct data required for a successful transaction.

In order to make a transfer to another user in WallexCustody, you should access your account and follow these instructions:

First you need to select Transfer from the Dashboard Menu and then choose Transfer between users.

After that, you must follow the instructions below:
The account from which you want to debit the amount 

  • Specify the Amount and the Currency
  • Fill in the Recipient’s account number
  • Add the transaction reference in the section Description

Please, check if all the information entered is complete and correct.

As your final step, select Continue.

Once you log in to your profile, Check the Dashboard Menu on the left side of the page. Afterwards, click on Transfer, and then on Transfer Between Accounts

Once you have entered the section, fill out all the necessary information about the transaction you wish to execute, which includes:

  • The account from which you wish to debit the amount and the one you wish to credit to. 
  • The exact amount and the FIAT currency. 
  • A short description of the transaction. 

For any additional information, please contact us at support@wallexcustody.com.

OTP’s are one-time passwords which are used for transaction validation and serve as an additional security measure to execute a transaction in a secure and safe way.

You will receive TANs once you have successfully registered and your account has been verified. If you wish to receive additional TANs, please contact us on the Messages section, which you will find on the Dashboard Menu

Please, keep in mind that it is extremely important to save them at the moment of receiving them as they disappear immediately after being opened.
If you do not manage to save them, we may be able to generate new ones, but it is mandatory to keep them.

Cryptocurrency operations

A cryptocurrency is a digital or virtual currency that is secured by cryptography which records the transactions and manages the issuance of new units, which makes it nearly impossible to counterfeit or double-spend. This rule implies that it is hypothetically resistant to any kind of government impedances or control as they are not issued by any central authority.

Below you’ll find the two definitions commonly used in the world of Financial Technology:

  • Fiat is the financial term that describes any traditional government-backed currency such as US dollars, Euros, Mexican pesos, etc. When you’re “depositing fiat” or “making a fiat transfer” it simply means transferring money from or to your regular bank account to your Wallex Custody account.
  • Digital assets is an all-encompassing term for today’s digital currencies or coins – all Bitcoin, Ethereum and the hundreds of others available to buy and sell. When you are “holding digital assets” or want to “custody digital assets” it simply means you’re storing your various types of coins or digital currencies in highly secure wallets that are a part of Wallex platform.

Block chain is a digital database containing information such as records of financial transactions that can be simultaneously used and shared within a large decentralized, publicly accessible network. Decentralized blockchains remain permanent, which means that all the information entered is irreversible, for cryptocurrency it implies that all transactions and financial processes are recorded and accessible for everyone.

Many cryptocurrencies are decentralised networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

Each block in the blockchain contains its own hash, along with the hash of the block before it, as well as the time stamp. 

For a cryptocurrency transfer processed out successfully, it carries its own number of transactions, which serves as proof of the transfer so that your wallet is credited with the corresponding amount. 

As long as there is an existing transfer on the blockchain, it is referred to a unique id number of transactions called hash – this code is a long sequence composed of numbers and digits. This hash contributes to validating and finding any transaction on the blockchain network.

Altcoins are all cryptocurrencies excluding Bitcoin.

A Crypto address is a unique identifier that serves as a virtual location where the cryptocurrency can be sent. People can send the cryptocurrency to Crypto addresses similarly to the way fiat currencies can be sent to account numbers. However, the Bitcoin address is not intended to be permanent, but just a token for use in a single transaction. Unlike a digital wallet, a Bitcoin address cannot hold a balance.

The address itself consists of 26-35 alphanumeric characters. This string is the public half of an asymmetric key pair. The standard format for a Bitcoin address is P2PKH (pay to public key hash). Digital wallets generate addresses through cryptographic operations: The software generates a private key through an asymmetric signature algorithm and then derives the public key from the private one. The user signs with the private key and verifies that signature with the public key.

Cryptocurrency transaction time depends on the type of cryptocurrency you are processing.

In regards to Bitcoin transactions they may take from 10 to 20 minutes to be validated and completed, for the rest of the coins the needed time on average can be up to 1 hour. 

The exact time, of course, depends on how soon the transaction is registered and approved in the blockchain network.

The minimum amount for withdrawal depends on cryptocurrency and is usually equivalent to 0.0001 BTC plus blockchain network commission.

In order to make a Crypto deposit to your Wallex Custody wallet, please complete the following procedure: 

Firstly, when you log into the platform, you should select Accounts from the Dashboard Menu, which you will find on the left side of the page. From there, you can choose between your available WallexCustody accounts. 

Please, click on your Crypto wallet –  this wallet consists of a fairly long sequence of numbers and letters, it can be easily recognized among the rest of the accounts.

Afterwards, when you copy your wallet you can use it in order to make a Crypto transfer from another platform to WallexCustody. 

Do not hesitate to contact us on support@wallexcustody.com if you have any additional questions.

If you would like to make a Crypto transfer from your Wallex Custody account to an external wallet, please, send us a message by choosing Messages from the Dashboard Menu, which you will find on the left part of the site. 

The message must include complete instructions of the transaction you wish to execute: 

  • The exact amount of Crypto you wish to transfer.
  • The Crypto wallet from which you want to transfer the amount, which you can find by clicking on Accounts in the Dashboard Menu. platform. You should remove it in order to use it outside of the platform.  
  • The receiver wallet of the operation – the wallet to which you would like to make the deposit. 

As soon as your request has been successfully executed, you will be provided with the hash of the transfer as a confirmation. 

If you would like to request a Crypto exchange from one of your accounts, please follow the steps below in order to execute the exchange successfully.

Once you log in to your profile, Check the Dashboard Menu on the left side of the page. 

Afterwards, click on Transfer, and then on Transfer Between Accounts. 

Once you have entered the section, fill out all the necessary information about the transaction you wish to execute, which includes:

  • The account from which you wish to exchange the amount 
  • The one you wish to exchange to. 
  • The exact amount and the currency. 

If you need any further assistance, we kindly ask you to contact us at support@wallexcustody.com and we will assist you further to process your exchange.

Vault

Wallex Vault can serve for hold the Custody Assets in segregated accounts in its books, to arrange for the Securities to be deposited in its vault or otherwise held by or to its order as it may think proper for the purposes of providing for their safekeeping, and to record the amounts and locations thereof.
With Wallex Vault you can access your important information 24 hours a day, seven days a week. Also, your important financial information remains safe and secure, but they are also always within reach.

Wallex Vault represents a savings account that allows you to deposit money, keep it safe and withdraw the funds when necessary. You can take advantage of it like advantage because your funds are kept separate from your main Wallex Custody account, so you’re not tempted to spend.

Every time you log into the Vault, you have immediate access to detailed financial information. You can view a simple-to-understand summary of all your financial Vault accounts, detailed records of your assets and important financial reports.

Keeping money elsewhere that you don’t plan to spend in the immediate future is unsafe, and using this type of savings account has a psychological benefit: It’s tempting to spend money in hand. A saving account, however, can be a means of setting aside funds to reach longer-term goals.

Our institution allows you to open more than one savings account, which can be handy if you want to keep track of your savings progress on multiple goals. For instance, you could have one savings account to save for a big trip while a separate one holds surplus cash from your checking account.

Some savings vehicles, like certificates of deposit, don’t allow access to your money without a penalty before the account’s maturity date. But with Wallex Vault, you’ll have easier access to the funds in your account. And you may be able to transfer the funds to your checking account.

The accessibility of a savings account can make it an ideal emergency fund — you can put money away but access your money when you really need it.

Not all online encryption systems are equal. Vault Accounts is focused on maintaining the highest level of online security.

Wallex Vault gives you the unique opportunity to earn not only on Fiat  but as well on Crypto Currency Account. The wide variety of choice makes it easy for you to save your funds in the preferred currency at any time. 

Fiat Accounts available at WallexCustody you can hold in EUR, USD, GBP, while Crypto portfolio consists of BTC, ETH, BCH, XRP, EURST, USDT. 

Wallex Vault is easily accessible for every client as the minimum deposit required is only equivalent to 5 000.00 EUR. 

Register now and start earning from your deposits.

The fastest and easiest way to register for a Wallex Vault is to click directly on this link: https://vault.wallexcustody.com/ by clicking “Signup” on the upper right corner and selecting the Vault option. 

In order to activate your account, please fill in the registration form completing all the required fields with your personal data.

Make sure that you enter the data of your identity document correctly, as it is essential for the completion of your registration and the operation of your profile. The accepted types of identity documents are a valid identity card or a valid passport. The physical address requested in the registration form is your address of registration. In case of a Corporate registration, it is the company registration address.

Please note that certain countries are a part of our restricted countries list and registrations of citizens of these countries will not be approved.

When registering you need to choose between a Personal and a Corporate account.

  • Personal: Client is an individual who will be depositing/withdrawing personal funds.
  • Corporate User: Client is an Entity depositing/withdrawing corporate funds on behalf of the Entity.

If you are not sure what type of User you are and you need some assistance, please contact us at support@wallexcustody.com.

Once you have registered on the platform, you can not change the type of User you are. If you have opened a Personal account, you can not switch it to Corporate. However, what you can do is to register again and make a second account for yourself, a Corporate one. 

The procedure is the same as opening a Personal account, but from the drop-down menu you need to choose a Corporate account and fill in all the necessary information applying to the Company identity.

As soons as your registration request has been approved, you will receive a notification email indicating your account has been activated. In this mail you will find the link so that you can start completing the verification process and uploading the required documents for KYC/KYB. 

If you have not received your account activation email, the two most likely reasons are that your email has been moved to your spam folder, or that you gave us the wrong email during account sign up. Please check and contact us at support@wallexcustody.com

In order to make a deposit to your Wallex Vault account, please choose the section Transfers from your Dashboard and then click on Incoming Wire Transfer. Select the account on which you would like to make a deposit, then press Continue.

The following page specifies the bank details to be indicated on the platform from which you are depositing to your account. 

Enter the code indicated on the screen as Reference/Message as the reason for the transfer. This indicates to us the transfer is coming from your unique ID.

Escrow

Escrow is the use of a third party capable of holding assets on behalf of two parties who are in the process of completing a transaction. The asset could be money, funds, stocks etc. The third-party holds these, often called the escrow agent, until instructions regarding disbursement are received, or as per predefined timeline. Thus, an escrow account is the third party account which holds the asset until the conclusion of a specific event or time.

The Escrow Account helps you manage large expenses like property taxes and insurance premiums so you don’t have to save for them separately. You can make 1 combined mortgage and escrow payment each month and we deposit a portion into your escrow account. 

Escrow greatly simplifies the homebuying experience: without it, you’d be held responsible for sending timely and accurate payments to each and every party involved in the transaction.

Escrow accounts are established for payment of property taxes or insurance. When your property tax and insurance bills are due, we pay them on your behalf.

The fastest and easiest way to register for a Wallex Escrow is to click directly on this link: https://escrow.wallexcustody.com/ by clicking “Signup” on the upper right corner and selecting the Escrow option. 

In order to activate your account, please fill in the registration form completing all the required fields with your personal data.

Make sure that you enter the data of your identity document correctly, as it is essential for the completion of your registration and the operation of your profile. The accepted types of identity documents are a valid identity card or a valid passport. The physical address requested in the registration form is your address of registration. In case of a Corporate registration, it is the company registration address.

Please note that certain countries are a part of our restricted countries list and registrations of citizens of these countries will not be approved.

  • Property taxes
  • Homeowners insurance
  • Mortgage insurance (if it’s required)
  • Flood insurance (if it’s required)

It doesn’t pay:

  • Interim tax bills, special or added tax assessments, or any other fees that are not included in your property tax bill
  • Homeowners association fees
  • Premiums for non-required insurance policies, such as separate personal property insurance
  • Supplemental tax bills

You’ll pay these separately.

A shortage occurs when your escrow account lacks the necessary funds to pay the property tax and/ or insurance premiums.

A shortage is often caused by an unexpected increase in your annual property taxes or insurance premium(s). 

If a shortage occurs, and you do not elect to pay it in full in a lump sum payment, the amount of the shortage will be divided into 12 monthly payments and added to your monthly mortgage payment.

An overage occurs when your escrow analysis is performed and it is determined that there are more funds in your escrow account than are needed to pay your insurance and property tax obligations for the year. 

As long as your mortgage payments are current, and the overage is $50 or more, the escrow overage will be refunded to you. 

Otherwise, the overage will remain in your escrow account.

The Principals to the Escrow Buyer, Seller, Lender, Borrower cause Escrow instructions, most usually in writing, to be created, signed and delivered to the Escrow Officer.

 If a broker is involved, he will normally provide the Escrow Officer with the information necessary for the preparation of your Escrow instructions and documents.

The Escrow officer will process the Escrow, in accordance with the Escrow instructions, and when all conditions required in the Escrow can be met or achieved, the Escrow will be “closed.” 

Each Escrow, although following a similar pattern, will be different in some respects, as it deals with YOUR property and the transaction at hand.

The duties of an Escrow Holder include:

  • following the instructions given by the Principals and parties to the transaction in a timely manner;
  • handling the funds and/or documents in accordance with instructions;
  • paying all bills as authorized; responding to authorized requests from the Principals; 
  • closing the Escrow only when all terms and conditions have been met;
  • and distributing the funds in accordance with instructions and providing an accounting for the same Closing or Settlement Statement.

An Escrow Cushion is an extra amount that may be allowed by federal or state law to satisfy any potential increases in your insurance premiums and / or property taxes while minimizing the impact on your monthly mortgage payment.

Utilizing funds collected in this cushion can assist in maintaining a positive balance in your escrow account. 

You have the right to cancel this at any time.

Your new monthly mortgage payment is determined by adding the following items together:

Principal & Interest – The principal element of your payment is that amount required by your Note to reduce the total balance of your account.

The interest element is the amount required by your Note to repay the interest that has accumulated on your account for the month.

Required Escrow – 1/12th of the total amount needed to pay your property tax and / or homeowner’s insurance premium(s) for the year, plus a possible cushion amount.

Shortage Payment – The amount necessary to repay an escrow account shortage, if necessary.

The conditions of your Note will not change from servicer to servicer. The unpaid balance in your escrow account will be transferred to the new servicer. You will receive a “goodbye letter” from SPS and a “hello letter” from the new servicer. Both of these notices address escrow.

Your mortgage requires you to keep the property insured at all times and to pay your taxes. 

If you do not pay the escrow portion of your monthly payment, you could lose your property to tax sale or your property could be uninsured. 

SPS may, but is not obligated to, pay the amounts out of our operating funds, on your behalf.

If we do, you will be in default and we may charge interest on these amounts at your Note rate.

When registering you need to choose between a Personal and a Corporate account.

  • Personal: Client is an individual who will be depositing/withdrawing personal funds.
  • Corporate User: Client is an Entity depositing/withdrawing corporate funds on behalf of the Entity.

If you are not sure what type of User you are and you need some assistance, please contact us at support@wallexcustody.com

Once you have registered on the platform, you can not change the type of User you are. If you have opened a Personal account, you can not switch it to Corporate. However, what you can do is to register again and make a second account for yourself, a Corporate one. 

The procedure is the same as opening a Personal account, but from the drop-down menu you need to choose a Corporate account and fill in all the necessary information applying to the Company identity.

In order to make a deposit to your Wallex Escrow account, please choose the section Transfers from your Dashboard and then click on Incoming Wire Transfer. Select the account on which you would like to make a deposit, then press Continue.

The following page specifies the bank details to be indicated on the platform from which you are depositing to your account. 

Enter the code indicated on the screen as Reference/Message as the reason for the transfer. This indicates to us the transfer is coming from your unique ID.

Security and Privacy

Please note that we have implemented a Two-Factor Authentication in order to improve security on your account by adding an extra layer. 

Configuring Two-Factor Authentication on Login will require a one-time security code in addition to your password each time you log in. 

To enable the security feature, enable the authenticator and then follow the simple instructions that will appear on screen

Configure Google Authenticator:

  1. Install/Open Google Authenticator app. 
  2. Scan the QR code with your mobile device. Once this is complete, you’ll see your Account ID appear in your app with 6 numbers that update randomly every 30 seconds. This is the code that will be required in step 3 and for each login attempt. 
  3. Enter the 6 digit code in the field below and click the Verify Code button.

If you have forgotten your password and cannot access your account, you can click on “Forgot your password?”, which you will find under the gaps for your username and password on the main page. 

Once you click on it, you will receive instructions on your personal email in order to recover and change it to a new one. This way we ensure that the person who is going to use the account is registered with the same email. If you do not receive these instructions in your email, please check the Spam folder. 

When you have completed this step, you can easily log in again into your profile. 

Keep in mind that if you enter an incorrect password several times, your account will be temporarily blocked. You can unlock it by following the same steps mentioned above.

In case of 3 times having the wrong password/username, your profile will be blocked for a few hours for security reasons.

Please note that if you would like to activate it either you need to log in with the correct credentials or make a click on “Forgot password” and renew your password following the instructions on your mail.

For more information on how to reset your password, please visit   What to do if I forget my password? Please refer to the “Password Reset” section.

If you have any additional questions, please do not hesitate to reach out to your Account Representative at support@wallexcustody.com anytime.

We take reasonable security measures consistent with applicable law to protect the security of your Personal Information from being accidentally lost, or used or accessed in an unauthorized way. We limit access to your personal information to those who have a genuine business need to know it. Those processing your information will do so only in an authorized manner and are subject to a duty of confidentiality. We also have procedures in place to deal with any suspected data security breach. We will notify you and any applicable regulator of a suspected data security breach where we are legally required to do so.

If you are a former customer of WallexCustody, your information is treated in the same manner as the information of current customers. WallexCustody offers several options for accessing and, if necessary, correcting your account information. You can review your information using your statements, or through our automated telephone or Internet services. You may also write or call us with your request for information. If we serve you through an affiliate, please contact them directly.

Support

We know how much customer service matters and our customer support team is available 24/7, ready to help and answer your questions! 

You can reach out to us via the internal chat option or if you prefer send us an email at support@wallexcustody.com and we will get back to you as soon as possible (our average response time is less than 10 min).

The internal chat is accessible once you log in to your profile, check the Dashboard Menu on the left side of the page, click on the Messages section and shoot us a message. 

Your satisfaction is of the highest importance to us, as we consider our Clients the most valuable assets of our company. We will do our best to assist you.