SuperSimpleSwap performs non-custodial atomic swaps between
crypto and fiat using the OASIS protocol, developed by Nimiq, a cryptocurrency
and crypto payment system combining true decentralization and everyday ease-of-use.
INTRODUCING NIMIQ OASIS PROTOCOL
Frequently Asked Questions
Getting Started
What are the requirements to perform an in-wallet fiat (EUR) to crypto (BTC, BEP-20) atomic swap?
Not have exceeded the USD 1’000 per 30 days total swap amount limit.
If a fiat (EUR) to crypto swap fails, will the EUR be automatically refunded to my bank account?
Yes! Fastspot and OASIS are fully automated systems. The fiat money (EUR) you sent will be automatically refunded to your bank account. Always remember: Since Fastspot is using atomic swaps, the swap either happens as planned or it is reversed after timing out or failing and both swapping parties automatically retrieve their assets. Depending on what issue led to the time-out or failure of the swap, funds will automatically be refunded within 5 business days. For the very unlikely event of an unexpected system outage, please keep the displayed swap ID for reference.
What is an atomic swap?
An atomic swap is a smart contract technology that enables the exchange of one blockchain asset for another without using centralized intermediaries, such as exchanges.
Atomic swaps use Hashed Time-Lock Contracts (HTLCs) and can take place directly between blockchains of different cryptocurrencies, or they can be conducted off-chain, away from the main blockchain (learn more).
Fastspot makes use of HTLCs on the Bitcoin and Nimiq network, as well as the Nimiq OASIS based HTLCs for off-chain assets — i.e., fiat money (EUR) for bank accounts that are capable of instant wire transactions.
What does non-custodial mean?
Non-custodial for crypto wallets means that it is a type of Blockchain wallet that lets you be your own bank. The eFIN DEX contains a host of non-custodial wallets. This implies that you have full control over your funds and the associated private key (“Your keys, your coins”). Non-custodial exchange of assets means that you are not giving up control of your funds until it is guaranteed that you receive the other asset you are swapping them for. On the crypto side of the swap, this is enforced through cryptographic magic (HTLCs); and on the fiat side of the swap, through programmatic, verifiable commitment by the independent EUR HTLCs provider (ie. TEN31 Bank).
Why do the swap fees for BTC frequently appear so significant?
Bitcoin network transaction fees make up the largest portion of the fees in an atomic swap with BTC. As Fastspot relies on two near-instant on-chain transactions for the HTLC (in and out), fees are chosen such that the transaction is confirmed within the next block. Depending on the current usage of the network, Bitcoin network transaction fees can easily be EUR 10 or more. The Bitcoin network usage varies over time and usually is lower on weekends, allowing for cheaper swaps at certain times. This also demonstrates the advantages of Nimiq as a next generation blockchain protocol where network transaction fees and thus fees for an atomic swap with BEP-20 are close to zero.
Troubleshooting
As I try to enter an amount of EUR to swap, it changes to a smaller number. What is the issue?
The amount might automatically adjust to the maximum allowed based on the 30 day moving window limit. Note that any swap attempt will be deducted from the limit. It doesn’t matter if the swap succeeded or failed or was manually cancelled. The limit is reduced by the corresponding amount as soon as you click on the “Confirm Swap” button, in order to protect against atomic swap spam attacks.
My crypto to fiat swap appears successful but I have not yet received the bank deposit.
Your bank account may not be instant wire transaction capable and the deposit can take up to 5 business days to reflect in your bank account. You might have also provided a wrong or invalid IBAN number. In that case you will need to provide a new IBAN address through the wallet. Lastly, the recipient bank account may have reached its 30 day rolling swap limit. In that case you should automatically receive the deposit after your limit frees up.
My swap is not progressing, appears stuck or is taking longer than expected.
It is normal that the atomic swap can take up to a few minutes as the blockchain networks need to confirm the transactions. If you have waited for more than 10 minutes without closing your tab and can confirm that you have a working internet connection, try first to reload the page.
If you are swapping crypto to crypto and you were able to send out your crypto but the swap is stuck or failing, after time-out of the swap (90 minutes) your wallet will automatically or manually reclaim your crypto. If your crypto for the swap was not sent out in the first place, simply start over.
If you are swapping crypto to crypto, or crypto to fiat (EUR), after time-out of the swap (90 minutes) your wallet will automatically or manually reclaim your crypto.
If you are swapping fiat (EUR) to crypto (BTC, BEP-20) likely your bank transfer was not sent out in time, was not sent as an instant wire transaction, had the wrong amount, or had an incorrect or missing reference number in the note field. Please see What happens if my instant bank transfer is not recognized or was delayed?
What if I forgot to paste the OASIS code into the bank transfer purpose field?
What happens if my instant bank transfer is not recognized or was delayed?
If OASIS doesn't detect an incoming bank transaction that matches your atomic swap within the acceptable "instant" period, the atomic swap will simply time-out. Refund to the originating IBAN account happens automatically within 90 minutes if your bank supports instant transactions (IN and OUT). The refund can take around 5 business days if your bank did not support instant transactions and you still proceeded to submit the wire.
Please check if you might have exceeded the monthly swap limit. Currently, this limit is 1000 USD per rolling 30 day window. The limit might be raised in the future on a per person, KYC procedure related basis. Note that the limit may also be lowered in the future without notice, due to regulatory or other restrictions.
You might have accidentally sent a non-instant transaction. In order to use Fastspot, you need to send the fiat money with an instant or near-instant EUR bank transfer that arrives within 90 minutes of the swap automatically timing out. Don't worry, in that case you'll automatically receive a refund to your bank account.
Your bank might be doing system maintenance and wasn't able to send your transfer as an instant transaction. Don't worry, you'll automatically receive a refund to your bank account. Some banks currently don't support instant transactions outside of business hours.
If this happens repeatedly, please contact your bank and ask them about SEPA Instant support for your bank transfers.
You might have made a typo when typing in the reference number for the swap. Don't worry, you'll automatically receive a refund to your bank account.
Some online banking interfaces offer "payment reference" and "designated usage" fields. In some cases, Fastspot might not be able to detect one or another. (If you can only fill in one and it didn't work, it's most likely the other one. In case of doubt fill in both.) Don't worry, you'll automatically receive your money back into your bank account. Please feel free to try again!
If you receive an error message from your bank, please contact your bank and ask for details. If the money was sent anyway, it will either arrive in time or don't worry, you'll automatically receive a refund to your bank account.
If your transaction status is "pending", please wait for the swap to either be completed in time or to time-out. Don't worry, in case of a time-out you'll automatically receive a refund to your bank account.
If your Bank doesn't allow transactions to WEG Bank AG (= TEN31 Bank), please contact your bank and ask for details. If your bank should be requesting details about the receiving party, please enter "(Recipient) DZ Bank AG, (Street) Platz der Republik, (ZIP Code) 60325 (City) Frankfurt am Main". DZ Bank is one of the largest banks in Germany and acts as a central clearing institute. DZ Bank is also TEN31's clearing bank for SEPA Instant transactions.
I'm from France and can't use Fastspot with my French bank account. What can I do?
Some users from France have experienced problems with their banks sending instant transactions to the OASIS-EUR-HLTC. If your bank should be requesting details about the receiving party, please enter "(Recipient) DZ Bank AG, (Street) Platz der Republik, (ZIP Code) 60325 (City) Frankfurt am Main". We are currently investigating the reasons behind those issues and hope to solve them as soon as possible to the extent that we can control them. Please also see Why might OASIS not detect my incoming bank transfers?
The outgoing EUR wire transfer from my bank fails before or during signing in my online banking.
The issue here is on your bank side (nothing to do with Fastpost or OASIS). There are typically three main reasons for this:
Some banks' infrastructure does not allow their account holders to send instant transactions outside of certain business hours (could be restricted to 8am - 8pm for example). Try again during regular bank business hours.
Some banks perform batch jobs for regular outgoing wires that accumulated during the day. Such batch job processing can temporarily prohibit SEPA instant outgoing transactions. Try again later.
Some banks may have SEPA instant recipient lists that wrongly identify the TEN31 Bank account with DZ Bank as not SEPA instant capable.
In all cases, call your bank and ask them to catch up to the modern times!
I am waiting for my refund. What might be causing any delays?
A refund will only occur if the atomic swap you initiated failed or expired.
You sent funds from an account that is not SEPA Instant OUT capable. The funds will be returned to the originating IBAN as a regular SEPA transaction which can take 5 business days.
The account (originating IBAN) you sent funds from is not in your name. OASIS will automatically refund to the originating IBAN. If that account is in the name of a remittance or other payment service provider, the funds should typically arrive there in 5 business days and you need to contact that remittance or payment service provider for further credit to your account.
I have reviewed all answers but still need support with my swap. What can I do?
If you have reviewed all answers, waited for 5 or more business days and still face unexpected issues with the swap or didn't see a refund of your money, please go to this form to submit your special support case. Please provide as much information as you can, such as swap reference number, involved crypto account address, bank account number or hash of blockchain transaction.
