Premise Wallet FAQ
of Colombia and South Africa only.
What is Premise Wallet and how can I get crypto with the wallet?
Premise Wallet is a virtual wallet that allows you to manage cryptocurrency. It’s built into the Premise app, which provides you opportunities to earn rewards by completing tasks and answering surveys. Premise Wallet is the easiest way to turn your task marketplace earnings directly into cryptocurrency. With Premise Wallet, you can earn, buy, send, and manage crypto from almost anywhere in the world – all in one app.
Is Premise free?
Both the Premise app and Premise Wallet in the app are free to use. However, converting your earnings into crypto or buying and selling crypto incurs a small transaction fee. We show you these transaction fees prior to confirming a transaction.
Where can I download the app?
How do I create a wallet account?
Once you’ve installed the Premise app on your smartphone and have created a Premise account and logged in, you’ll need to complete a few additional verification and KYC steps to activate Premise Wallet features.
Verification may include entering your full name, date of birth, address, and a photo of your government-issued identification. Verification may take up to 24 hours to complete. Check back in the app and look for a confirmation email to see when your wallet account has been approved for use.
Find Premise Wallet features under the ‘Wallet’ and ‘Crypto’ tabs in the Premise app.
Why does Premise ask for my personal information in the verification and KYC process?
Crypto businesses need to comply with anti-money laundering (AML) regulations. The purpose of the AML rules is to help detect and report suspicious activity such as money laundering and terrorist financing, securities fraud and market manipulation. Know Your Customer (KYC) is the first anti-money laundering (AML) due diligence stage. At Premise, we take the security of our community extremely seriously, which is why we review every single application to verify the identity of everyone.
We definitely understand the importance of feeling safe and secure especially when using a finance app. If you ever have questions, the team is always here for you, so feel free to visit the Help Center within the app or give us a shout via email at [email protected]
What security measures are taken to protect my information and the assets in my wallet?
Premise is committed to the security of our Contributors and their digital funds. We provide security in a number of ways.
- Two-Factor Authentication (2FA). Transactions from your wallet are protected by Two-Factor Authentication (2FA) via an authenticator app or with biometric data using your face and your fingerprint, ensuring that no one but you can transact with the wallet and the cryptocurrency stored on it.
- Responsible Digital Asset Management. Premise employs the most reliable, effective security technologies available. Your data and assets are safe with us and the majority of funds are kept in cold storage for additional safety. At Premise, security will always be a top priority in every decision we make.
What can I do with my wallet?
With Premise Wallet you can:
Which cryptocurrencies are available?
Premise Wallet supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC), and Tether (USDT).
Interested in using other cryptocurrencies? Let us know.
Are there tax implications for crypto transactions?
In some cases, yes. Selling crypto can result in tax liability depending on the laws in your country. Our partner, Prime Trust will issue the appropriate tax documents at the beginning of the calendar year pertaining to the previous year’s transactions.