General

How safe are my funds?

All money deposited with us is held by our partner banks as client safeguarded funds. In Europe our funds are held by investment-grade, regulated banks. As these funds are subject to client safeguarding rules, they are not covered to bank deposit insurance; rather they are held in ring-fenced accounts that are not available for bank use. There is no limit to the amounts protected by client fund safeguarding rules.

In addition, we have theft and fraud insurance in place to protect these funds further. In the United States, funds are held by investment-grade, regulated banks and covered by the Federal Deposit Insurance Corporation (FDIC)’s insurance program. Our digital cash is a digital representation of fiat money held with our partner banks, on a one-to-one basis.

Digital cash held in Fluid Accounts is subject to the same protections as fiat money deposited with us. Digital cash that is moved to Web3 wallets under a user’s control is, of course, not protected the same as money held by our bank partners.

Can anyone open a Traditional Account with you?

No. We offer only banking services in the jurisdictions in which we have partnerships. Residents in the European Union, Liechtenstein, Iceland, Norway and the United Kingdom can open traditional accounts with us. We will soon offer banking services in the United States. We are working on other jurisdictions.

Can anyone open a Fluid Account with you?

Fluid Accounts are the first digital cash account available globally, built for the digital age. Anyone can open a Fluid Account, except for residents of Restricted Countries (as listed in Annex 5 of the Terms).

What can I do with my Fluid Account?

You can send digital cash globally, for free (and it’s instant). You earn interest on your digital dollar deposits and you can spend digital cash on your Fluid Cards.

Do deposits in other currencies earn interest?

No, not at the moment. We expect to offer interest on our digital euros (DEUR), digital pounds (DGBP) and digital francs (DCHF) soon. Eventually, as we roll out up to 32 different currencies, we will offer interest on all of them.

How do you generate the interest for the Fluid Accounts?

Interest comes from our swap (exchange) operations. We use everyone’s digital cash to enable exchanges (e.g. USD to DUSD, DUSD to USD) and trading fees from our exchange infrastructure is the basis for paying interest.

What is digital cash?

Digital cash, for example digital dollars, is just as the name says: it’s a dollar, in digital form. It is a digital representation of fiat money held with our partner banks, on a one-to-one basis. So, digital cash is always worth the same as the traditional currency it represents. You can send digital cash to anyone around the world for free, instantly. You can spend it on your Fluid cards to buy things in the real world, like coffee or clothes. If you have a Traditional Account with us, you can swap digital cash for money in the account. If you have a Fluid Account, you can sell digital cash to us in return for traditional currencies.

Is your digital cash a crypto currency or a stablecoin?

No. Our digital cash is a digital representation of fiat money held with our partner banks, on a one-to-one basis. It is not a separate entity, like a crypto currency or a stablecoin.

Can I use your digital cash on-chain?

Yes. You can connect a Web3 wallet (like MetaMask) to both your Fluid Account and your Traditional Account with Fluid! For the first time ever we have integrated these two worlds, traditional and digital, in one super-app.

If I use digital cash on a blockchain, what happens if it gets stolen?

Usually it is gone forever. However, we will do everything we can to help, so contact support if you have a problem.

If I lose my digital cash in the digital world is it gone forever?

Not necessarily, since it is a digital representation of money held with our banking partners. There are circumstances where we can recover your digital cash. Contact support if you have a problem.

How do I get digital cash?

There are three ways to get digital cash: – By opening a Fluid Account, where you essentially purchase digital cash from us – By swapping your traditional currencies for digital cash (e.g. from USD to DUSD) – By purchasing digital cash on-chain.

Why would I open a Fluid Account rather than a Traditional Account?

There are some similarities between the accounts: funds in both accounts are held with partner banks and have insurance in place, you can spend funds in both on your cards, etc. The biggest difference is that digital cash offers more advantages than old fashioned money. For example, you can send it around the world instantly and for free. We also can pay an interest rate on your digital cash, because it is tied to digital operations, which we don’t do for money held in Traditional Accounts with us.

Are there some things that I can do with a Traditional Account that I cannot do with a Fluid Account?

Yes, with a Traditional Account you can access the traditional financial system. For example, you can only send Swift payments from a Traditional Account, not from a Fluid Account.

Are there some things that I can only do with a Fluid Account, not a Traditional Account?

Yes, you can only make digital payments from a Fluid Account, not a Traditional Account.

How do I get Fluid cards?

To get Fluid cards, you have to hold Fluid tokens. You can buy Fluid tokens on-chain or in the app. You also need to provide your ID, so we can identify you to issue a card.

Are you a bank?

No, Fluid Finance is a financial technology company. We offer banking services through our impressive partners.

Are you regulated?

No, Fluid Finance is not regulated. We offer regulated services through our payment, e-money, and banking partners.

Do I have to provide my ID to use Fluid’s products?

No, you can open a Fluid Account and use our digital cash without providing your ID. If you are a resident in one of the jurisdictions where we offer banking services, you can provide ID and open a Traditional Account. If you want a Fluid card, you also need to provide ID, of course.

How do you do Identity Verification?

In the simplest way possible, using sophisticated technology! Identity Verification with us takes less than a minute. You scan your face with your phone, scan your ID and upload a proof of address. That’s it.

Fluid Account

Can anyone use these accounts?

Yes, unless you are resident in a Restricted Country, as listed in Annex 5 of the Terms. Legally, you are purchasing digital cash from us (like our digital dollar, or DUSD). You make this purchase as described above.

Where are these accounts held?

Fluid Accounts are held in our secure internal ledger. The world currency (fiat) funds that the digital cash is based on is held with our investment grade, regulated bank partners.

Can digital cash be stolen from the Fluid Accounts?

No. Our digital cash is a digital representation of funds held with our partner banks. The accounts at the partner banks are held as client safeguarded funds, so they are protected in unlikely case of the bankruptcy of the bank. In addition, we have insurance policies in place against fraud and theft risk.

As the digital cash is a digital representations of cash held with partner banks, even if they were some how stolen from Fluid we could simply cancel them and issue new digital cash.

Note: if you transfer digital cash out of the Fluid world (meaning out of your Fluid Account) to your own Web3 wallet (meaning a wallet you control on the blockchain, such as MetaMask), then the digital cash moves to being completely under your control and is your responsibility. We do not guarantee the safety of digital cash that is transferred to your own control, of course.

Are these accounts custodial?

Yes. The Fluid Account is within the Fluid world; it is held in our internal ledger and subject to our control. Of course, the digital cash held in your account is protected by regulation and Swiss and foreign laws, but they are not solely under your control.

Can I transfer money from my Fluid Account to my Web3 wallet?

Yes. You can move your digital cash from your Fluid Account to your own wallet, like MetaMask, whenever you want.
Essentially, you can mint your own digital cash to use in crypto directly from your accounts. For the first time ever, you can be your own mint!

See details about how you can be the Mint:

What kind of ID verification information do you require?

There is no ID verification information required to create a Fluid Account.

You will need to provide ID verification information in relation to the amount of digital cash that you top up (purchase) for your Fluid Account. Per transaction per day, the requirements are:

  • Above $1,000 Identification
  • Above $5,000 Proof of address
  • Above $25,000 Source of funds

These ID verification processes are undertaken through specialist ID software and controlled by our in-house compliance experts.

In addition, we monitor transactions for suspicious activity and may ask you for explanations in regard to payments. We take a common sense approach to compliance and are looking for transactions that might genuinely be illegal; this is not just a box-ticking exercise for us.

The entire ID verification process is designed to be simple and usually takes less than a minute.

Can I hold other digital assets in my Fluid Account?

No. However, you can hold digital cash in your Fluid Account.
You will be able to hold other digital assets in your Fluid Accounts, including NFTs (this is in development).

What if you or the bank partner steals our money?

Well, we would probably go to jail. There is also theft insurance in place, in the unlikely event of something being stolen.

What if a court ordered the money to be frozen?

Fluid Finance would respect court rulings from Swiss courts or in any territory where we or our partner banks operate. We have sophisticated anti-money laundering software in place and report any suspicious activity to regulators and partner banks.

Are these Fluid Accounts likely to change banking as we know it?

Yes.

Can I open accounts for family or friends?

Yes. You simply need to provide their email address and you can open an account for them automatically. You can also send money to their account. They will be prompted to activate their account by email link.

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Can I send money from my Fluid Account to people who do not have a Fluid account?

Yes. For free. This is in development and will be launched soon.
You just need to know their email address.
The recipient will be prompted to set up their own Fluid Account by email link.

What if the recipient does not respond, or does not set up their own Fluid Account?

If the recipient does not respond within 7 days, then the money is returned to your account.

Can I pay merchants from my Fluid Account?

Yes. If the merchant is not a Fluid member yet, you can send them payment together with an email link to create an account. This is done from within the apps. This is in development and will be launched soon.

Where does the interest come from?

Fluid generates trading fees from its exchange operations and shares these fees with Fluid Account users as interest. Your digital cash holdings with Fluid help with exchange operations and you are rewarded with a share of the fees. It’s another example of our unique business model.

Do I need to do anything to get this interest?

No. Fluid’s interest rates are also free, and automatic. You receive this expected interest just by having a Fluid Account; there is nothing else that you need to do. There is no annual membership fee, nor do you need to move a certain amount of money into a savings account.

Do interest rates vary by currency?

Yes.

Is the interest guaranteed?

These interest rates are not guaranteed and they are not fixed. The interest rates are average expected rates that a depositor would receive over a year. The interest that you might receive is not guaranteed.

What is a target interest rate?

The interest rates mentioned in the app are target interest rates. They are our current best estimates of the average interest that would be paid on a Fluid Account over the course of a year. It is possible that these rates might be higher or lower, depending on the fees from our exchange operations.

Is it possible that I will earn less than the target interest rate?

Yes. If fees from exchange operations are lower than expected, then you would receive less interest than the target rate.

Is it possible that I will earn more than the target interest rate?

Yes. If fees from exchange operations are higher than expected, then you would receive more interest than the target rate.

Will the target interest rate change?

The target interest rate is set until 1 June 2023. It is possible that the actual rate of interest paid on Fluid Accounts will vary over time, but we will maintain the target interest rates for 1 year after our launch.

Are fees from exchange operations shared with others?

Yes. These fees are also paid to Fluid tokenholders.

Are interest rates likely to be less certain during your start-up phase?

Yes. Interest rates are likely to be more variable in the early stages, as we build our new business model. As we grow and adoption of the Fluid model increases, we expect our target interest rates to become more predictable.

Traditional Account

Can anyone open a Traditional Account with you?

No. We offer only banking services in the jurisdictions in which we have partnerships. Residents in the European Union, Liechtenstein, Iceland, Norway and the United Kingdom can open traditional accounts with us. We will soon offer banking services in the United States. We are working on other jurisdictions.

Can anyone use these accounts?

Yes, as long as you are lawfully resident in the jurisdictions in which we offer Traditional Accounts and undergo our simple, painless ID verification process.

Where are these accounts held?

The Traditional Accounts are held with our investment grade, regulated, partner banks in different jurisdictions.

Can I transfer money from my account to my Web3 wallet?

Yes. You can move your money from your Traditional Account to your own wallet, like MetaMask, whenever you want. Essentially, you can mint your own digital cash to use in crypto directly from your accounts. For the first time ever, you can be your own mint!

See details about how you can be the Mint:

What kind of ID verification information do you require?

You will need to provide ID verification information when you first create a Traditional Account by providing the information below.

  • Identification
  • Proof of address

These ID verification processes are undertaken using specialist ID software ID provider and controlled by our in-house compliance experts.

The entire ID verification process is designed to be simple and usually takes less than a minute.

Will I ever have to provide more information?

Maybe, depending on the transactions you do. Above certain amounts, typically $25,000, you may be asked to prove the source of funds, as is typical with all banks.

In addition, we monitor transactions for suspicious activity and may ask you for explanations in regard to payments. We take a common sense approach to compliance and are looking for transactions that might genuinely be illegal; this is not just a box-ticking exercise for us.

Can I hold digital assets in my Traditional Account?

No. However, you can hold digital cash in your Fluid Account.
You will be able to hold other digital assets in your Fluid Accounts, including NFTs (this is in development).

What if you or the bank partner steals our money?

Well, we would probably go to jail. There is also theft insurance in place, in the unlikely event of something being stolen.

What if a court ordered the money to be frozen?

Fluid Finance would respect court rulings from Swiss courts or in any territory where we or our partner banks operate. We have sophisticated anti-money laundering software in place and report any suspicious activity to regulators and partner banks.

Can I open accounts for family or friends?

Yes. For the Fluid Accounts, you simply need to provide their email address and you can open an account for them automatically. You can also send money to their account. They will be prompted to activate their account by email link.

For Traditional Accounts, there is also an invite feature. You also just need to know their email address. They will receive an email invitation to sign up for a Fluid Account (both digital and traditional).

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Can I send money from my Traditional Account to people who do not have a Fluid account?

No.

With Traditional Accounts you can only send money through the traditional banking system.

If you want to send money to someone who does not have an account with Fluid, you can do this through your Fluid Account. To do this, you just need to know their email address.
The recipient will be prompted to set up their own Fluid Account by email link.

Can I pay merchants from my Traditional Account?

Yes, you can pay them through the traditional banking system. This costs money and takes time.

You can also pay them through your Fluid Account, which is free and instant.

If the merchant is not a Fluid member yet, you can send them payment together with an email link to create an account. This is done from within the apps.

Cards

What are Fluid tokens?

Fluid tokens are unregistered equity shares in Fluid Finance SA, a Swiss company. They are ERC-20 tokens on the Arbitrum blockchain, which is a cool layer two scaling solution for Ethereum. We chose Arbitrum because it has cheaper fees and is much quicker than Ethereum while retaining the security benefits of Ethereum.

How can I buy Fluid tokens?

You can buy Fluid tokens in two ways:

  1. On Sushiswap, on the Arbitrum network
  2. In our apps (web and mobile)

See some video here about how to buy Fluid tokens.

Read more about Fluid tokens

How long is the Fluid token locked up?

To get a Fluid Card, you need to lock up the Fluid token for at least 1 year. The Fluid card “subscription” renews on an annual basis and you always need to be holding a Fluid token in order to have a Fluid Card.

How do I send you a Fluid token, so I can get a card?

If you already hold Fluid tokens, you can send them to our on-chain address.

Here is how you do it:

Send a single Fluid token to the address 0xFEBbe90156f6d4945D49b4dBCb6a8e201a2941D7. This is a Gnosis Safe contract where we will hold your Fluid tokens. Please do not send more than 1 Fluid token as it is unnecessary and you will lock more Fluid tokens for no reason. If you send less than 1 Fluid token, you can send the difference in another transaction.

Can I send a Fluid token to someone, so they can get a Fluid Card?

Yes, this is in development and will be available in the apps soon. Check the apps for details.

How do I get my Fluid token back?

Your Fluid Card subscription renews annually. If you don’t wish to renew you can cancel your subscription and your Fluid Card will be terminated. Fluid will then send your Fluid token back to you. Check the apps for details.

Which company issues EEA & UK cards?

Cards in the EEA and UK are issued by our partner Accomplish Financial Limited (“AF Payments”).

See our Terms or consult our Agreements in your profile in the app for further details.

Which company issues United States cards?

Cards in the United States are issued by Evolve Bank & Trust.

See our Terms or consult our Agreements in your profile in the app for further details.

Decentralized Trading

How do I buy ETH using Fluid’s on-chain DUSD?

Fluid’s digital cash can easily be traded into ETH using on-chain decentralized pools.

Here are the individual steps to acquire ETH using DUSD:

  1. Swap DUSD to DAI in our Balancer pool
  2. Swap DAI to ETH on a suitable DEX

You can check the contract address for DUSD on the Arbitrum explorer here.

What is the fee for swapping on the Balancer pool?

The fee to swap into DAI is 0.04%, subject to change in future.

Will you be adding additional currencies to your pools?

Yes, our DeFi offering will end up with 32 tokenized currencies, starting with on-chain pools for USD, EUR, GBP and CHF.

Can I provide liquidity to Fluid’s Balancer Pool?

Since we’ve opened up our Balancer pool to anyone, users can add liquidity themselves to the pool. This allows providers to benefit from a share of the pool fees.

The risk of impermanent loss is vastly reduced because this pool operates with a non-volatile pair (DUSD & DAI).

How do you guarantee that there is no price impact when buying or selling DUSD through your pools?

The Balancer pool operates using a concentrated liquidity model, which is perfectly suited for offering trades between DUSD and DAI.

This means that the liquidity pool is capital efficient with price impact being minimal to zero, unless the trade size happens to require the majority of the available liquidity inside the pool. In this scenario there will be some price impact, albeit less than what you would see with traditional price curves on AMMs such as Uniswap V2.

Is there price slippage when trading digital cash such as DUSD in the pools?

We don’t expect slippage when trading between DUSD and DAI because these tokens are non-volatile by nature.

Bridge to the digital world

Can I connect both my Traditional Account and my Fluid Account to my Web3 wallet?

Yes.

Can I connect any Web3 wallet?

Yes.

Can I connect an exchange wallet, like Coinbase or Binance, to Fluid?

No.

What should I do if I have an exchange wallet at Coinbase or Binance?

You should close it and get Fluid.

Can I connect my normal bank account to my crypto wallet?

No. Fluid is the only company in the world who offers this capability.

Do I have to verify my identity to open a Traditional Account with Fluid?

Yes, of course. ID verification is required for traditional banking features such an IBAN number and a debit card.

Do I have to verify my identity to open a Fluid Account?

No. Unless you send in over CHF 1,000 per transaction per day. In this case you have to do our simple, painless identification process.

Will Fluid likely replace crypto exchanges?

Yes.

What are the limits for on-ramping and off-ramping?

There are no limits.

How does your on- and off-ramp work for buying ETH?

You can use our on and off ramp in two ways:

  1. via the app (just small amounts at the moment; large amounts to come)
  2. via our revolutionary Oracle Price Pools.

How do I buy ETH in the app?

Small amounts, to allow new users to mint right away on Arbitrum

 

You can buy Arbitrum ETH (AETH) in the Fluid web app (coming soon to the mobile app), after you have connected your Web3 wallet.

This is offered to new users who do not hold AETH in their Web3 wallets.

 

Here are the steps to buy AETH in the app:

 

  1. Go to the Mint screen.
  2. Select Buy AETH for $10.

 

$10 will be deducted from the account balance of your Traditional Account or Fluid Account and you will receive the AETH in your Web3 wallet.

How do I buy ETH using Fluid’s on-chain DUSD?

Fluid’s digital cash can easily be traded into ETH using on-chain decentralized pools.

Here are the individual steps to acquire ETH using DUSD:

  1. Swap DUSD to DAI in our Balancer pool
  2. Swap DAI to ETH on a suitable DEX

You can check the contract address for DUSD on the Arbitrum explorer here.

What is the fee for swapping on the Balancer pool?

The fee to swap into DAI is 0.04%, subject to change in future.

Will you be adding additional currencies to your pools?

Yes, our DeFi offering will end up with 32 tokenized currencies, starting with on-chain pools for USD, EUR, GBP and CHF.

Can I provide liquidity to Fluid’s Balancer Pool?

Since we’ve opened up our Balancer pool to anyone, users can add liquidity themselves to the pool. This allows providers to benefit from a share of the pool fees.

The risk of impermanent loss is vastly reduced because this pool operates with a non-volatile pair (DUSD & DAI).

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